☒ | QUARTERLY REPORT PURSUANT TO 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 |
Cayman Islands | N/A | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | ROSEU | Nasdaq Global Market | ||
Class A ordinary shares, par value $0.0001 per share | ROSE | Nasdaq Global Market | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | ROSEW | Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
September 30, 2022 (Unaudited) | December 31, 2021 | March 31, 2023 (Unaudited) | December 31, 2022 | |||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash | $ | 201,733 | $ | 658,747 | $ | 45,935 | $ | 96,119 | ||||||||
Prepaid expenses and other assets | 212,580 | 369,137 | ||||||||||||||
Prepaid expenses | 14,122 | 104,905 | ||||||||||||||
Due from affiliates | 25,000 | 25,000 | 25,000 | 25,000 | ||||||||||||
Total current assets | 439,313 | 1,052,884 | 85,057 | 226,024 | ||||||||||||
NON – CURRENT ASSETS | ||||||||||||||||
Prepaid expenses – non-current assets | — | 104,905 | ||||||||||||||
Investments held in Trust Account | 147,502,308 | 146,627,729 | 2,883,002 | 148,742,661 | ||||||||||||
Total Non – Current Assets | 147,502,308 | 146,732,634 | 2,883,002 | 148,742,661 | ||||||||||||
TOTAL ASSETS | $ | 147,941,621 | $ | 147,785,518 | $ | 2,968,059 | $ | 148,968,685 | ||||||||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDER’S DEFICIT | ||||||||||||||||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT | LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT | |||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Accounts payable and accrued expenses | $ | 133,543 | $ | 51,264 | $ | 343,845 | $ | 223,997 | ||||||||
Total current liabilities | 133,543 | 51,264 | 343,845 | 223,997 | ||||||||||||
LONG TERM LIABILITIES | ||||||||||||||||
Derivative warrant liabilities | 797,250 | 6,528,456 | 797,250 | 1,328,750 | ||||||||||||
Deferred underwriting fee payable | 7,187,500 | 7,187,500 | 1,500,000 | 7,187,500 | ||||||||||||
Total long-term liabilities | 7,984,750 | 13,715,956 | 2,297,250 | 8,516,250 | ||||||||||||
Total liabilities | 8,118,293 | 13,767,220 | 2,641,095 | 8,740,247 | ||||||||||||
COMMITMENTS AND CONTINGENCIES (NOTE 6) | ||||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 14,375,000 shares at redemption value of $10.26 and $10.20 per share at September 30, 2022 and December 31, 2021, respectively | 147,502,308 | 146,625,000 | ||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 256,894 and 14,375,000 shares at redemption value at March 31, 2023 and December 31, 2022, respectively | 2,883,002 | 148,742,661 | ||||||||||||||
SHAREHOLDERS’ DEFICIT | ||||||||||||||||
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding at September 30, 2022 and December 31, 2021 | — | — | ||||||||||||||
Class A ordinary shares; $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding (excluding 14,375,000 shares subject to possible redemption) at September 30, 2022 and December 31, 2021 | — | — | ||||||||||||||
Class B ordinary shares; $0.0001 par value; 20,000,000 shares authorized; 5,031,250 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 503 | 503 | ||||||||||||||
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding at March 31, 2023 and December 31, 2022 respectively | — | — | ||||||||||||||
Class A ordinary shares; $0.0001 par value; 200,000,000 shares authorized; 4,000,000 and 0 shares issued and outstanding (excluding 256,894 and 14,375,000 shares subject to possible redemption) at March 31, 2023 and December 31, 2022 | 400 | — | ||||||||||||||
Class B ordinary shares; $0.0001 par value; 20,000,000 shares authorized; 1,031,250 and 5,031,250 shares issued and outstanding at March 31, 2023 and December 31, 2022 respectively | 103 | 503 | ||||||||||||||
Additional paid-in capital | — | — | — | — | ||||||||||||
Accumulated deficit | (7,679,483 | ) | (12,607,205 | ) | (2,556,541 | ) | (8,514,726 | ) | ||||||||
Total shareholders’ deficit | (7,678,980 | ) | (12,606,702 | ) | (2,556,038 | ) | (8,514,223 | ) | ||||||||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT | $ | 147,941,621 | $ | 147,785,518 | $ | 2,968,059 | $ | 148,968,685 |
Three Months Ended September 30, | Nine Months Ended September 30, | For the Period from March 29, 2021 (inception) through September 30, | For the Three Months Ended March 31, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
General and administrative expenses | $ | 190,628 | $ | 27,654 | $ | 801,774 | $ | 35,135 | $ | 261,708 | $ | 285,168 | ||||||||||||
Loss from operations | (190,628 | ) | (27,654 | ) | (801,774 | ) | (35,135 | ) | (261,708 | ) | (285,168 | ) | ||||||||||||
Other income: | ||||||||||||||||||||||||
Earnings on investments held in Trust Account and other interest | 662,697 | — | 875,598 | — | 400,820 | 14,780 | ||||||||||||||||||
Recovery of offering costs allocated to warrants | 270,725 | — | ||||||||||||||||||||||
Change in fair value of warrants | 2,523,296 | — | 5,731,206 | — | 531,500 | 2,951,706 | ||||||||||||||||||
Total other income | 3,185,993 | — | 6,606,804 | — | 1,203,045 | 2,966,486 | ||||||||||||||||||
Net income (loss) | $ | 2,995,365 | $ | (27,654 | ) | $ | 5,805,030 | $ | (35,135 | ) | ||||||||||||||
Net income | $ | 941,337 | $ | 2,681,318 | ||||||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares | 14,375,000 | — | 14,375,000 | — | ||||||||||||||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.17 | $ | — | $ | 0.31 | $ | — | ||||||||||||||||
Weighted average shares outstanding of Class B ordinary shares | 5,031,250 | 4,375,000 | 5,031,250 | 4,375,000 | ||||||||||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | 0.12 | $ | (0.00 | ) | $ | 0.25 | $ | (0.00 | ) | ||||||||||||||
Weighted average shares outstanding of Class A ordinary shares subject to redemption | 1,825,572 | 14,375,000 | ||||||||||||||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to redemption | $ | 0.30 | $ | 0.14 | ||||||||||||||||||||
Weighted average shares outstanding of Class A and Class B ordinary shares not subject to redemption | 5,031,250 | 5,031,250 | ||||||||||||||||||||||
Basic and diluted net income per share, Class A and Class B ordinary shares not subject to redemption | $ | 0.08 | $ | (0.14 | ) |
Class A ordinary shares Redeemable | Class B Ordinary shares Non-Redeemable | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Deficit | Class A ordinary shares subject to possible redemption | Class A ordinary shares not subject to possible redemption | Class B ordinary shares | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31,2021 | 14,375,000 | $ | 146,625,000 | 5,031,250 | $ | 503 | $ | — | $ | (12,607,205 | ) | $ | (12,606,702 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | 14,375,000 | $ | 148,742,661 | $ | — | $ | — | $ | 5,031,250 | $ | 503 | $ | — | $ | (8,514,726 | ) | $ | (8,514,223 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Redemptions | (14,118,106 | ) | (146,259,586 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recovery of Deferred Underwriter Commissions | — | — | — | — | — | — | — | 5,416,775 | 5,416,775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 17,509 | — | — | — | (17,509 | ) | (17,509 | ) | — | 399,927 | — | — | — | — | — | (399,927 | ) | (399,927 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification of Class B shares to Class A shares | — | — | 4,000,000 | 400 | (4,000,000 | ) | (400 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 2,681,318 | 2,681,318 | — | — | — | — | — | — | — | 941,337 | 941,337 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 14,375,000 | 146,642,509 | 5,031,250 | 503 | — | (9,943,396 | ) | (9,942,893 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 197,982 | — | — | — | (197,982 | ) | (197,982 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 128,347 | 128,347 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 14,375,000 | $ | 146,840,491 | 5,031,250 | $ | 503 | $ | — | $ | (10,013,031 | ) | $ | (10,012,528 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 661,817 | — | — | — | (661,817 | ) | (661,817 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 2,995,365 | 2,995,365 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 14,375,000 | $ | 147,502,308 | 5,031,250 | $ | 503 | $ | — | $ | (7,679,483 | ) | $ | (7,678,980 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 256,894 | $ | 2,883,002 | $ | 4,000,000 | $ | 400 | $ | 1,031,250 | $ | 103 | $ | — | $ | (2,556,541 | ) | $ | (2,556,038 | ) |
Class A ordinary shares Redeemable | Class B ordinary shares non-redeemable | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, March 29, 2021 (Inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B ordinary shares to sponsor | — | — | 5,031,250 | (1) | 503 | 24,497 | — | 25,000 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (7,481 | ) | (7,481 | ) | |||||||||||||||||||
Balance, June 30, 2021 | — | $ | — | 5,031,250 | (1) | $ | 503 | $ | 24,497 | $ | (7,481 | ) | $ | 17,519 | ||||||||||||||
Net loss | — | — | — | — | — | (27,654 | ) | (27,654 | ) | |||||||||||||||||||
Balance, September 30, 2021 | — | $ | — | 5,031,250 | $ | 503 | $ | 24,497 | $ | (35,135 | ) | $ | (10,135 | ) |
Class A ordinary shares subject to possible redemption | Class B ordinary shares | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, January 1, 2022 | 14,375,000 | $ | 146,625,000 | 5,031,250 | $ | 503 | $ | — | $ | (12,607,205 | ) | $ | (12,606,702 | ) | ||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 17,519 | — | — | — | (17,519 | ) | (17,519 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 2,681,318 | 2,681,318 | |||||||||||||||||||||
Balance, March 31, 2022 | 14,375,000 | $ | 146,642,519 | 5,031,250 | $ | 503 | $ | — | $ | (9,943,406 | ) | $ | (9,942,903 | ) |
For the Three Months Ended March 31, | ||||||||||||||||
For the nine months ended September 30, 2022 | For the period from March 29, 2021 (inception) through September 30, 2021 | 2023 | 2022 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net income (loss) | $ | 5,805,030 | $ | (35,135 | ) | |||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||
Net income | $ | 941,337 | $ | 2,681,318 | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Earnings on investments held in Trust Account | (874,579 | ) | — | — | (14,765 | ) | ||||||||||
Recovery of offering costs allocated to warrants | (270,725 | ) | — | |||||||||||||
Change in fair value of warrants | (5,731,206 | ) | — | (531,500 | ) | (2,951,706 | ) | |||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses and other assets | 261,462 | — | 90,783 | 47,120 | ||||||||||||
Accounts payable and accrued expenses | 82,279 | 35,135 | 119,848 | 52,543 | ||||||||||||
Net cash provided by (used in) operating activities | 349,743 | (185,490 | ) | |||||||||||||
Net cash used in operating activities | (457,014 | ) | — | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
Cash withdrawn from Trust Account in connection with redemption | 146,259,586 | — | ||||||||||||||
Reinvestment of dividend income on Trust Account | (399,927 | ) | — | |||||||||||||
Net cash provided by investing activities | 145,859,659 | — | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Redemption of Class A common stock subject to possible redemption | (146,259,586 | ) | — | |||||||||||||
Net cash used in financing activities | (146,259,586 | ) | — | |||||||||||||
NET CHANGE IN CASH | $ | (457,014 | ) | $ | — | $ | (50,184 | ) | $ | (185,490 | ) | |||||
CASH, BEGINNING OF PERIOD | 658,747 | — | 96,119 | 658,747 | ||||||||||||
CASH, END OF PERIOD | $ | 201,733 | $ | — | $ | 45,935 | $ | 473,257 | ||||||||
Supplemental disclosure of noncash activities: | ||||||||||||||||
Proceeds from notes payable—related party paid directly for deferred offering costs | $ | — | $ | 163,502 | ||||||||||||
Deferred offering costs included in accrued offering costs and due to affiliates | $ | — | $ | 236,368 | ||||||||||||
Payment of deferred offering costs by the Sponsor in exchange for the issuance of Class B ordinary shares | $ | — | $ | 25,000 | ||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||
Reclassification of Class B shares to Class A shares | $ | 400 | $ | — | ||||||||||||
Impact of the recovery of deferred commission by the underwriters | $ | 5,416,775 | $ | — | ||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | $ | 877,308 | $ | — | $ | 399,927 | $ | 17,519 |
Gross proceeds | $ | 143,750,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (6,842,500 | ) | ||
Class A ordinary shares issuance costs | (10,030,391 | ) | ||
Plus: Accretion of carrying value to redemption value | 19,747,891 | |||
Class A ordinary shares subject to possible redemption as of December 31, 2021 | $ | 146,625,000 | ||
Plus: Remeasurement of Class A ordinary shares to redemption value | 17,509 | |||
Class A ordinary shares subject to possible redemption, as of March 31, 2022 | $ | 146,642,509 | ||
Plus: Remeasurement of Class A ordinary shares to redemption value | 197,982 | |||
Class A ordinary shares subject to possible redemption, as of June 30, 2022 | $ | 146,840,491 | ||
Plus: Remeasurement of Class A ordinary shares to redemption value | 661,817 | |||
Class A ordinary shares subject to possible redemption, as of September 30, 2022 | $ | 147,502,308 |
Net income | $ | 2,995,365 | ||
Less: Accretion of temporary equity to redemption value | (661,817 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | 2,333,548 |
Class A | Class B | Total | ||||||||||
Total number of shares | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Ownership percentage | 74 | % | 26 | % | ||||||||
Total income allocated | $ | 2,218,789 | $ | 776,576 | $ | 2,995,365 | ||||||
Less: Accretion allocated based on ownership percentage | (490,235 | ) | (171,582 | ) | (661,817 | ) | ||||||
Plus: Accretion applicable to Class A redeemable shares | 661,817 | — | 661,817 | |||||||||
Total income by class | $ | 2,390,371 | $ | 604,994 | $ | 2,995,365 | ||||||
Weighted Average Shares outstanding | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Income per share | $ | 0.17 | $ | 0.12 |
Net income | $ | 5,805,030 | ||
Less: Accretion of temporary equity to redemption value | (874,579 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | 4,930,451 |
Class A | Class B | Total | ||||||||||
Total number of shares | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Ownership percentage | 74 | % | 26 | % | ||||||||
Total income allocated | $ | 4,300,022 | $ | 1,505,008 | $ | 5,805,030 | ||||||
Less: Accretion allocated based on ownership percentage | (647,836 | ) | (226,743 | ) | (874,579 | ) | ||||||
Plus: Accretion applicable to Class A redeemable shares | 874,579 | — | 874,579 | |||||||||
Total income by class | $ | 4,526,765 | $ | 1,278,265 | $ | 5,805,030 | ||||||
Weighted Average Shares outstanding | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Income per share | $ | 0.31 | $ | 0.25 |
Net income | $ | 941,337 | ||
Less: Accretion of temporary equity to redemption value | (399,927 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | 541,410 |
Class A shares subject to redemption | Class A and Class B shares not subject to redemption | Total | ||||||||||
Weighted Average Shares outstanding | 1,825,572 | 5,031,250 | 6,856,822 | |||||||||
Ownership percentage | 27 | % | 73 | % | ||||||||
Total income allocated | $ | 250,623 | $ | 690,714 | $ | 941,337 | ||||||
Less: Accretion allocated based on ownership percentage | (106,477 | ) | (293,450 | ) | (399,927 | ) | ||||||
Plus: Accretion applicable to Class A redeemable shares | 399,927 | — | 399,927 | |||||||||
Total income by class | $ | 544,073 | $ | 397,264 | $ | 941,337 | ||||||
Weighted Average Shares outstanding | 1,825,572 | 5,031,250 | 6,856,822 | |||||||||
Income per share | $ | 0.30 | $ | 0.08 |
Net loss | $ | (27,654 | ) | |
Less: Accretion of temporary equity to redemption value | — | |||
Net loss excluding accretion of temporary equity to redemption | $ | (27,654 | ) |
Net income | $ | 2,681,318 | ||
Less: Accretion of temporary equity to redemption value | (17,509 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | 2,663,809 |
Class A | Class B | Total | ||||||||||
Total number of shares | — | 4,375,000 | 4,375,000 | |||||||||
Ownership percentage | 0 | % | 100 | % | ||||||||
Total loss allocated | $ | — | $ | (27,654 | ) | $ | (27,654 | ) | ||||
Less: Accretion allocated based on ownership percentage | — | — | — | |||||||||
Plus: Accretion applicable to Class A redeemable shares | — | — | — | |||||||||
Total loss by class | $ | — | $ | (27,654 | ) | $ | (27,654 | ) | ||||
Weighted Average Shares outstanding | — | 4,375,000 | 4,375,000 | |||||||||
Loss per share | $ | — | $ | (0.00 | ) |
Net loss | $ | (35,135 | ) | |
Less: Accretion of temporary equity to redemption value | — | |||
Net loss excluding accretion of temporary equity to redemption | $ | (35,135 | ) |
Class A | Class B | Total | Class A shares subject to redemption | Class B shares not subject to redemption | Total | |||||||||||||||||||
Total number of shares | — | 4,375,000 | 4,375,000 | |||||||||||||||||||||
Weighted Average Shares outstanding | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||||||||||||||
Ownership percentage | 0 | % | 100 | % | 74 | % | 26 | % | ||||||||||||||||
Total loss allocated | $ | — | $ | (35,135 | ) | $ | (35,135 | ) | ||||||||||||||||
Total income allocated | $ | 1,986,161 | $ | 695,157 | $ | 2,681,318 | ||||||||||||||||||
Less: Accretion allocated based on ownership percentage | — | — | — | (12,970 | ) | (4,539 | ) | (17,509 | ) | |||||||||||||||
Plus: Accretion applicable to Class A redeemable shares | — | — | — | 17,509 | — | 17,509 | ||||||||||||||||||
Total loss by class | $ | — | $ | (35,135 | ) | $ | (35,135 | ) | ||||||||||||||||
Total income by class | $ | 1,990,700 | $ | 690,618 | $ | 2,681,318 | ||||||||||||||||||
Weighted Average Shares outstanding | — | 4,375,000 | 4,375,000 | 14,375,000 | 5,031,250 | 19,406,250 | ||||||||||||||||||
Loss per share | $ | — | $ | (0.00 | ) | |||||||||||||||||||
Income per share | $ | 0.14 | $ | 0.14 |
• | if, and only if, the last reported sale price (the “closing price”) of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities — Warrants — Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders. |
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
U.S. Treasury Securities | $ | 147,502,308 | $ | — | $ | — | ||||||||||||||||||
U.S. Money Market Funds | $ | 2,883,002 | $ | — | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Warrant Liability - Public Warrants | $ | 431,250 | $ | — | $ | — | $ | 431,250 | $ | — | $ | — | ||||||||||||
Warrant Liability - Private Warrants | $ | — | $ | 366,000 | $ | — | $ | — | $ | 366,000 | $ | — |
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
U.S. Treasury Securities | $ | 146,627,729 | $ | — | $ | — | ||||||||||||||||||
U.S. Money Market Funds | $ | 148,742,661 | $ | — | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Warrant Liability - Public Warrants | $ | 3,521,156 | $ | — | $ | — | $ | 718,750 | $ | — | $ | — | ||||||||||||
Warrant Liability - Private Warrants | $ | — | $ | — | $ | 3,007,300 | $ | — | $ | 610,000 | $ | — |
December 31, 2021 | ||||
Share Price | $ | 9.92 | ||
Exercise Price | $ | 11.50 | ||
Redemption trigger price | $ | 18.00 | ||
Term (years) | 5.79 | |||
Probability of Acquisition | 100.00 | % | ||
Volatility | 8.2 | % | ||
Risk Free Rate | 1.32 | % | ||
Dividend Yield | 0 |
Derivative warrant liabilities at March 29, 2021 (inception) | $ | — | ||
Issuance of Private Warrants—Level 3 measurements | 5,843,800 | |||
Change in fair value of derivative warrant liabilities with Level 3 inputs | (2,836,500 | ) | ||
Derivative warrant liabilities at December 31, 2021 with Level 3 inputs | $ | 3,007,300 | ||
Transfer out of level 3 | (3,007,300 | ) | ||
Derivative warrant liabilities at September 30, 2022 with Level 3 inputs | $ | — |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 6. | Exhibits. |
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. | |
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. | |
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. | |
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. | |
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 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. | |
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: | By: | /s/ Felipe Canales |
Name: | Felipe Canales | |
Title: | Co-Chief Executive Officer and Director | |
(Principal Executive Officer) | ||
Date: | By: | /s/ Marco Simental |
Name: | Marco Simental | |
Title: | Co-Chief Executive Officer and Director | |
(Principal Executive Officer) | ||
Date: | By: | /s/ Albert Hill IV |
Name: | Albert Hill IV | |
Title: | Co-Chief Financial Officer and Director | |
(Principal Financial and Accounting Officer) | ||
Date: | By: | /s/ Juan Jose Rosas |
Name: | Juan Jose Rosas | |
Title: | Co-Chief Financial Officer and Director | |
(Principal Financial and Accounting Officer) |