QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one redeemable warrant |
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-tenth of one Class A ordinary share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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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19 |
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23 |
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24 |
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25 |
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25 |
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25 |
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26 |
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27 |
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28 |
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29 |
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30 |
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31 |
March 31, 2022 (unaudited) |
December 31, 2021 |
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Assets |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expenses — current |
— | |||||||
Due from related party |
— | |||||||
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Total Current Assets |
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Non-current assets: |
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Marketable securities held in trust account |
— | |||||||
Prepaid expenses — noncurrent |
— | |||||||
Deferred offering costs associated with the proposed public offering |
— | |||||||
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Total Non-current Assets |
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Total Assets |
$ |
$ |
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Liabilities and Shareholder’s Deficit |
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Current liabilities: |
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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Promissory note — related party |
— | |||||||
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Total Current Liabilities |
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Deferred underwriter fee payable |
— | |||||||
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Total Liabilities |
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Commitments and Contingencies |
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Class A ordinary shares, $ |
— | |||||||
Shareholder’s Deficit: |
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P reference s hares, $ |
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Class A ordinary shares, $ |
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Class B ordinary shares, $ |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
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|
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Total Shareholder’s Deficit |
( |
) |
( |
) | ||||
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|
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Total Liabilities and Shareholder’s Deficit |
$ |
$ |
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Insurance expense |
$ | |||
Dues and subscriptions |
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Legal and accounting expenses |
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Bank fees |
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Total operating expenses |
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Operating loss |
( |
) | ||
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Other income: |
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Unrealized gain on marketable securities held in trust account |
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Net loss |
$ |
( |
) | |
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Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to redemption |
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Basic and diluted net income per Class A ordinary shares subject to redemption |
$ |
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Basic and diluted weighted average shares outstanding, non-redeemable Class B ordinary shares |
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|
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Basic and diluted net loss per non-redeemable Class B ordinary shares |
$ |
( |
) | |
|
|
Class A ordinary shares subject to possible redemption |
Class B ordinary shares |
Additional paid-in capital |
Accumulated deficit |
Total shareholder’s deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 1, 2022 |
$ | $ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Issuance of Class A ordinary shares in IPO |
— | — | ||||||||||||||||||||||||||
Sale of private placement warrants |
— | — | — | — | ||||||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to redemption to redemption value |
— | — | — | ( |
) | ( |
) | ( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||
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Balance — March 31, 2022 (unaudited) |
$ |
$ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Cash flow from operating activities: |
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Net loss |
( |
) | ||
Adjustments to reconcile net loss to net cash |
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Insurance expense amortization |
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Dues and subscriptions expense amortization |
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Unrealized gain on marketable securities held in trust account |
( |
) | ||
Changes in operating assets and liabilities |
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Prepaid expense |
( |
) | ||
Accrued expenses |
( |
) | ||
Accrued offering costs |
( |
) | ||
|
|
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Net cash used in operating activities |
( |
) | ||
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Cash flow from investing activities: |
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Investment of cash in trust account |
( |
) | ||
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Net cash used in investing activities |
( |
) | ||
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Cash flow from financing activities: |
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Proceeds from issuance of Class A ordinary shares |
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Proceeds from sale of private placement warrants |
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Payment of underwriting fee |
( |
) | ||
Payment of promissory note — related party |
( |
) | ||
Due from related party |
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Deferred offering costs |
( |
) | ||
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|
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Net cash provided by financing activities |
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Net Change in Cash |
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Cash — Beginning of the period |
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Cash — End of the period |
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Supplemental disclosure of non-cash financing activities: |
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Initial fair value of Class A ordinary shares subject to possible redemption |
$ | |||
|
|
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Remeasurement of Class A ordinary shares subject to possible redemption |
$ | |||
|
|
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Deferred underwriter fee payable |
$ | |||
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|
Three Months Ended March 31, 2022 |
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Net loss from beginning of year through date of initial public offering |
$ | ( |
) | |
Net income from date of initial public offering through March 31, 2022 |
( |
) | ||
|
|
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Total income year to date |
( |
) | ||
Remeasurement of temporary equity to redemption value |
( |
) | ||
|
|
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Net loss including remeasurement of temporary equity to redemption value |
$ |
( |
) | |
|
|
Three Months Ended March 31, 2022 |
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Class A Redeemable |
Class B Non-redeemable |
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Total number of shares |
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Ownership percentage |
% | % | ||||||
Allocation of net loss — from beginning of year through date of initial public offering based on ownership percentage |
$ | $ | ( |
) | ||||
Allocation of net loss — from date of initial public offering to period end based on ownership percentage |
( |
) | ( |
) | ||||
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|
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|
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Total loss allocated by class |
( |
) | ( |
) | ||||
Less: remeasurement of temporary equity allocation based on ownership |
( |
) | ( |
) | ||||
Plus: remeasurement of temporary equity applicable to Class A redeemable shares |
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Total income (loss) by class |
$ |
$ |
( |
) | ||||
|
|
|
|
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Weighted average shares outstanding |
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Income (loss) per share |
$ |
$ |
( |
) | ||||
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• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | 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 |
• | 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 calculations derived from valuation techniques in which one or more significant inputs or significant value drivers are observable. |
Gross proceeds from initial public offering |
$ | |||
Less: |
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Fair value allocated to public warrants |
( |
) | ||
Fair value allocated to rights |
( |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
( |
) | ||
Plus: |
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Re-measurement on Class A ordinary shares subject to possible redemption |
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|
|
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Class A ordinary shares subject to possible redemption at redemption value |
$ |
|||
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
Exhibit No. |
Description | |
31.1* | Certification 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 | |
32.1* | Certification Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS* | XBRL Instance Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (Embedded as Inline XBRL document and contained in Exhibit 101). |
* | Filed herewith. |
** | Furnished. |
Consilium Acquisition Corp I, Ltd. | ||||||
Date: May 16, 2022 | By: | /s/ Charles Cassel | ||||
Charles Cassel | ||||||
Chief Executive Officer and Chief Financial Officer |