QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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PART 1 — FINANCIAL INFORMATION
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Item 1.
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1
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1
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2
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3
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4
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5
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Item 2.
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18
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Item 3.
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21
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Item 4.
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22
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PART II — OTHER INFORMATION
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Item 6.
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23
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24
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June 30, 2023
(Unaudited)
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December 31,
2022
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ASSETS
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CURRENT ASSETS
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Cash
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$
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$
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Prepaid expenses
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Total current assets
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NON – CURRENT ASSETS
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Investments held in Trust Account
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Total Non – Current Assets
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TOTAL ASSETS
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$
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$
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LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT
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CURRENT LIABILITIES
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Accounts payable and accrued expenses
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$
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$
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Total current liabilities
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LONG TERM LIABILITIES
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Derivative warrant liabilities
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Deferred underwriting fee payable
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Total long-term liabilities
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Total liabilities
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COMMITMENTS AND CONTINGENCIES (NOTE 4)
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Class A ordinary shares subject to possible redemption, $
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SHAREHOLDERS’ DEFICIT
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Preference shares, $
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Class A ordinary shares; $
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Class B ordinary shares; $
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Additional paid-in capital
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Accumulated deficit
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(
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)
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(
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)
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Total shareholders’ deficit
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(
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)
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(
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)
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LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT
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$
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$
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For the Three Months Ended
June 30,
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For the Six Months Ended
June 30,
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|||||||||||||||
2023
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2022
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2023
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2022
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OPERATING EXPENSES
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General and administrative expenses
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$
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$
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$
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$
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Loss from operations
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(
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)
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(
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)
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(
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)
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(
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)
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Other income:
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||||||||||||||||
Earnings on investments held in Trust Account and other interest
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Recovery of offering costs allocated to warrants
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Change in fair value of warrants
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Total other income
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Net (loss) income
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$
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(
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)
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$
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$
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$
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Weighted average shares outstanding of Class A ordinary shares subject to redemption
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Basic and diluted net income per share, Class A ordinary shares subject to redemption
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$
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$
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$
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$
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Weighted average shares outstanding of Class A and Class B ordinary shares not subject to redemption
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Basic and diluted net (loss) income per share, Class A and Class B ordinary shares not subject to redemption
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$
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(
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)
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$
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(
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) |
$
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$
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Class A ordinary shares
subject to possible redemption
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Class A ordinary shares not
subject to possible redemption
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Class B
ordinary shares
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Additional
paid-in
capital
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Accumulated
deficit
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Total
Shareholders’
Deficit
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|||||||||||||||||||||||||||||||
Shares
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Amount
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Shares
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Amount
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Shares | Amount | |||||||||||||||||||||||||||||||
Balance, January 1, 2023
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$
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$
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$
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$ | $ |
$
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$
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(
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)
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$
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(
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)
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|||||||||||||||||||
Redemptions
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( |
) | ( |
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Recovery of Deferred Underwriter Commissions
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— | |||||||||||||||||||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value
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—
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—
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— |
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(
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)
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(
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)
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Reclassification of Class B shares to Class A shares
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( |
) | ( |
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Net income
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—
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—
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Balance, March 31, 2023
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(
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)
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(
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)
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|||||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Redemptions
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( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Net loss
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance, June 30, 2023
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$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) | $ |
( |
) |
Class A ordinary shares
subject to possible redemption
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Class A ordinary shares not
subject to possible redemption
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Class B
ordinary shares
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Additional
paid-in
capital
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Accumulated
deficit
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Total
Shareholders’
Deficit
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|||||||||||||||||||||||||||||||
Shares
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Amount
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Shares
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Amount
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Shares | Amount | |||||||||||||||||||||||||||||||
Balance, January 1, 2022
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$
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$
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$
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$ | $ |
$
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$
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(
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)
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$
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(
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)
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|||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Net income
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— | — | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2022
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(
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)
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(
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)
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|||||||||||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value
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— | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||
Net income
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—
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—
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Balance, June 30, 2022
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$
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$
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$
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$ | $ |
$
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$
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(
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)
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$
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(
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)
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For the Six Months Ended June 30,
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||||||||
2023 | 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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Net income
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$
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$
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||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
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||||||||
Earnings on investments held in Trust Account
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(
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)
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|||||
Recovery of offering costs allocated to warrants
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( |
) | ||||||
Change in fair value of warrants
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(
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)
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(
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)
|
||||
Changes in operating assets and liabilities:
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||||||||
Prepaid expenses
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||||||
Accounts payable and accrued expenses
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Net cash provided by (used in) operating activities
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(
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)
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|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Cash withdrawn from Trust Account in connection with redemption
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||||||||
Reinvestment of dividend income on Trust Account
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( |
) | ||||||
Net cash provided by investing activities
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||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Redemption of Class A common stock subject to possible redemption
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( |
) | ||||||
Net cash used in financing activities
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( |
) | ||||||
NET CHANGE IN CASH
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$
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(
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)
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$
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(
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)
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CASH, BEGINNING OF PERIOD
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||||||
CASH, END OF PERIOD
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$
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$
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||||
Non-cash investing and financing activities:
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||||||||
Reclassification of Class B shares to Class A shares
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$
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$
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||||
Impact of the recovery of deferred commission by the underwriters
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$
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$
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Remeasurement of redeemable Class A ordinary shares to redemption value
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$
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$
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• |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
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•
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Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for
identical or similar instruments in markets that are not active; and
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•
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Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which
one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the
fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
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Net loss
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$
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(
|
)
|
|
Less: Accretion of temporary equity to redemption value
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(
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)
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Net loss excluding accretion of temporary equity to redemption
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$
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(
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)
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Class A shares
subject to
redemption
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Class A and
Class B shares
not subject to
redemption
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Total
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||||||||||
Weighted Average Shares outstanding
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|||||||||
Ownership percentage
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%
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%
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||||||||
Total loss allocated
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$
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(
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)
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$
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(
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)
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$
|
(
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)
|
|||
Less: Accretion allocated based on ownership percentage
|
(
|
)
|
(
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)
|
(
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)
|
||||||
Plus: Accretion applicable to Class A redeemable shares
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|
|||||||||
Total income (loss) by class
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$
|
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$
|
(
|
)
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$
|
(
|
)
|
||||
Weighted Average Shares outstanding
|
|
|
|
|||||||||
Income (loss) per share
|
$
|
|
$
|
(
|
)
|
Net income
|
$
|
|
||
Less: Accretion of temporary equity to redemption value
|
(
|
)
|
||
Net income excluding accretion of temporary equity to redemption
|
$
|
(
|
)
|
Class A shares
subject to
redemption
|
Class A and
Class B shares
not subject to
redemption
|
Total
|
||||||||||
Weighted Average Shares outstanding | ||||||||||||
Ownership percentage
|
|
%
|
|
%
|
||||||||
Total income allocated
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$
|
|
$
|
|
$
|
|
||||||
Less: Accretion allocated based on ownership percentage
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Plus: Accretion applicable to Class A redeemable shares
|
|
|
|
|||||||||
Total income by class
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$
|
|
$
|
(
|
)
|
$
|
|
|||||
Weighted Average Shares outstanding
|
|
|
|
|||||||||
Income per share
|
$
|
|
$
|
|
Net income
|
$
|
|
||
Less: Accretion of temporary equity to redemption value
|
(
|
)
|
||
Net income excluding accretion of temporary equity to redemption
|
$
|
|
Class A shares
subject to
redemption
|
Class B shares
not subject to
redemption
|
Total
|
||||||||||
Weighted Average Shares outstanding
|
|
|
|
|||||||||
Ownership percentage
|
|
%
|
|
%
|
||||||||
Total income allocated
|
$
|
|
$
|
|
$
|
|
||||||
Less: Accretion allocated based on ownership percentage
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Plus: Accretion applicable to Class A redeemable shares
|
|
|
|
|||||||||
Total income by class
|
$
|
|
$
|
|
$
|
|
||||||
Weighted Average Shares outstanding
|
|
|
|
|||||||||
Income per share
|
$
|
|
$
|
|
Net income
|
$
|
|
||
Less: Accretion of temporary equity to redemption value
|
(
|
)
|
||
Net income excluding accretion of temporary equity to redemption
|
$
|
|
Class A shares
subject to
redemption |
Class A and
Class B shares
not subject to
redemption
|
Total
|
||||||||||
Weighted Average Shares outstanding | ||||||||||||
Ownership percentage
|
|
%
|
|
%
|
||||||||
Total income allocated
|
$
|
|
$
|
|
$
|
|
||||||
Less: Accretion allocated based on ownership percentage
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Plus: Accretion applicable to Class A redeemable shares
|
|
|
|
|||||||||
Total income by class
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$
|
|
$
|
|
$
|
|
||||||
Weighted Average Shares outstanding
|
|
|
|
|||||||||
Income per share
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$
|
|
$
|
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•
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in whole and not in part;
|
•
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at a price of $
|
•
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upon a minimum of
|
•
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if, and only if, the last reported sale price (the “closing price”) of our Class A ordinary shares equals or exceeds $
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets:
|
||||||||||||
U.S. Money Market Funds
|
$
|
|
$
|
|
$
|
|
||||||
Liabilities:
|
||||||||||||
Warrant Liability - Public Warrants
|
$
|
|
$
|
|
$
|
|
||||||
Warrant Liability - Private Warrants
|
$
|
|
$
|
|
$
|
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets:
|
||||||||||||
U.S. Money Market Funds
|
$
|
|
$
|
|
$
|
|
||||||
Liabilities:
|
||||||||||||
Warrant Liability - Public Warrants
|
$
|
|
$
|
|
$
|
|
||||||
Warrant Liability - Private Warrants
|
$
|
|
$
|
|
$
|
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
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Item 4. |
Controls and Procedures
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Item 6. |
Exhibits.
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Amendment No. 1 to The Sponsor Support Agreement, dated as of July 31, 2023, by and among Rose Hill Acquisition Corporation, Rose Hill Sponsor LLC,
Inversiones e Inmobilaria GHC Ltda and Prize SuperFoods (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on August 4, 2023.
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Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
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Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
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Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
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Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
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101.INS*
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
101.SCH*
|
Inline XBRL Taxonomy Extension Schema Document.
|
101.CAL*
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF*
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB*
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE*
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
104*
|
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document, which is contained in Exhibit 101).
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
ROSE HILL ACQUISITION CORPORATION
|
||
Date: August 15, 2023
|
By:
|
/s/ Felipe Canales
|
Name:
|
Felipe Canales
|
|
Title:
|
Co-Chief Executive Officer and Director
|
|
(Principal Executive Officer)
|
||
Date: August 15, 2023
|
By:
|
/s/ Marco Simental
|
Name:
|
Marco Simental
|
|
Title:
|
Co-Chief Executive Officer and Director
|
|
(Principal Executive Officer)
|
||
Date: August 15, 2023
|
By:
|
/s/ Albert Hill IV
|
Name:
|
Albert Hill IV
|
|
Title:
|
Co-Chief Financial Officer and Director
|
|
(Principal Financial and Accounting Officer)
|
||
Date: August 15, 2023
|
By:
|
/s/ Juan Jose Rosas
|
Name:
|
Juan Jose Rosas
|
|
Title:
|
Co-Chief Financial Officer and Director
|
|
(Principal Financial and Accounting Officer)
|