☒ | 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 | 98-1586159 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Class A ordinary shares, $0.0001 par value per share | DNAA | Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
24 | ||||
ASSETS | ||||
Current assets | ||||
Cash | $ | 223,538 | ||
Prepaid expenses | 19,600 | |||
Total Current Assets | 243,138 | |||
Deferred offering costs | 388,190 | |||
TOTAL ASSETS | $ | 631,328 | ||
LIABILITIES AND SHAREHOLDER’S EQUITY | ||||
Current liabilities | ||||
Accrued expenses | $ | 88 | ||
Accrued offering costs | 285,873 | |||
Advance from related party | 25,692 | |||
Promissory note – related party | 300,000 | |||
Total Current Liabilities | 611,653 | |||
Commitments and Contingencies (Note 6) | 0 | |||
Shareholder’s Equity | ||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | 0— | |||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 shares issued and outstanding | 0— | |||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,325,000 shares issued and outstanding (1) | 633 | |||
Additional paid-in capital | 24,367 | |||
Accumulated deficit | (5,325 | ) | ||
Total Shareholder’s Equity | 19,675 | |||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $ | 631,328 | ||
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 145,044 | $ | 428,189 | ||||
Prepaid expenses | 524,750 | 504,034 | ||||||
Total Current Assets | 669,794 | 932,223 | ||||||
Non-current prepaid insurance | — | 247,500 | ||||||
Marketable securities held in Trust Account | 250,371,095 | 250,008,324 | ||||||
TOTAL ASSETS | $ | 251,040,889 | $ | 251,188,047 | ||||
LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 17,465 | $ | 5,000 | ||||
Accrued expenses | 7,405,342 | 1,979,837 | ||||||
Promissory note - related party | 250,000 | — | ||||||
Due to related party | 80,127 | 10,000 | ||||||
Total current liabilities | 7,752,934 | 1,989,837 | ||||||
Deferred underwriting fee payable | 7,700,000 | 7,700,000 | ||||||
Total Liabilities | 15,452,934 | 9,689,837 | ||||||
Commitments and Contingencies (Note 6) | 0 | 0 | ||||||
Temporary Equity | ||||||||
Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value as of June 30, 2022 and December 31, 2021 | 250,371,095 | 250,008,324 | ||||||
Permanent Deficit | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 0— | 0— | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 640,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) as of June 30, 2022 and December 31, 2021 | 64 | 64 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,250,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 625 | 625 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (14,783,829 | ) | (8,510,803 | ) | ||||
Total Permanent Deficit | (14,783,140 | ) | (8,510,114 | ) | ||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | $ | 251,040,889 | $ | 251,188,047 | ||||
Three Months Ended June 30, | For the Period from February 25, 2021 (Inception) Through June 30, | |||||||
2021 | 2021 | |||||||
Operating and formation costs | $ | 143 | $ | 5,325 | ||||
Loss from operations | (143 | ) | (5,325 | ) | ||||
Net loss | $ | (143 | ) | $ | (5,325 | ) | ||
Weighted average shares outstanding, basic and diluted (1) | 5,500,000 | 5,500,000 | ||||||
Basic and diluted net loss per ordinary share | $ | (0.00 | ) | $ | (0.00 | ) | ||
For the Three Months Ended June 30, 2022 | For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2022 | For the Period from February 25, 2021 (Inception) Through June 30, 2021 | |||||||||||||
Operating and formation costs | $ | 2,071,642 | $ | 143 | $ | 6,273,026 | $ | 5,325 | ||||||||
Loss from operations | (2,071,642 | ) | (143 | ) | (6,273,026 | ) | (5,325 | ) | ||||||||
Other expense: | ||||||||||||||||
Interest earned on marketable securities held in Trust Account | 337,595 | — | 362,771 | — | ||||||||||||
Net loss | $ | (1,734,047 | ) | $ | (143 | ) | $ | (5,910,255 | ) | $ | (5,325 | ) | ||||
Weighted average shares outstanding, Class A ordinary shares | 25,640,000 | — | 25,640,000 | — | ||||||||||||
Basic and diluted net loss per share, Class A ordinary shares | $ | (0.05 | ) | $ | — | $ | (0.19 | ) | $ | — | ||||||
Weighted average shares outstanding, Class B ordinary shares | 6,250,000 | 5,500,000 | 6,250,000 | 5,500,000 | ||||||||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.05 | ) | $ | (0.00 | ) | $ | (0.19 | ) | $ | (0.00 | ) | ||||
Temporary Equity | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Permanent Deficit | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance – January 1, 2022 | 25,000,000 | $ | 250,008,324 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | — | $ | (8,510,803 | ) | $ | (8,510,114 | ) | |||||||||||||||||||
Remeasurement for Class A ordinary shares to redemption valu e | — | (8,324 | ) | — | — | — | — | — | 8,324 | 8,324 | ||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (4,176,208 | ) | (4,176,208 | ) | |||||||||||||||||||||||||
Balance – March 31, 2022 | 25,000,000 | $ | 250,000,000 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | — | $ | (12,678,687 | ) | $ | (12,677,998 | ) | |||||||||||||||||||
Remeasurement for Class A ordinary shares to redemption value | — | 371,095 | — | — | — | — | — | (371,095 | ) | (371,095 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (1,734,047 | ) | (1,734,047 | ) | |||||||||||||||||||||||||
Balance – June 30, 2022 | 25,000,000 | $ | 250,371,095 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | — | $ | (14,783,829 | ) | $ | (14,783,140 | ) | |||||||||||||||||||
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholder’s | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance — February 25, 2021 (Inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Issuance of Class B ordinary shares to Sponsor (1) | 6,325,000 | 633 | 24,367 | — | 25,000 | |||||||||||||||
Net loss | — | — | — | (5,182 | ) | (5,182 | ) | |||||||||||||
Balance – March 31, 2021 | 6,325,000 | $ | 633 | $ | 24,367 | $ | (5,182 | ) | $ | 19,818 | ||||||||||
Net loss | — | — | — | (143 | ) | (143 | ) | |||||||||||||
Balance – June 30, 2021 | 6,325,000 | $ | 633 | $ | 24,367 | $ | (5,325 | ) | $ | 19,675 | ||||||||||
Cash Flows from Operating Activities: | ||||
Net loss | $ | (5,325 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares | 5,000 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (19,600 | ) | ||
Accrued expenses | 88 | |||
Net cash used in operating activities | (19,837 | ) | ||
Cash Flows from Financing Activities | ||||
Advance from related party | 25,692 | |||
Proceeds from promissory note – related party | 300,000 | |||
Payment of offering costs | (82,317 | ) | ||
Net cash provided by financing activities | 243,375 | |||
Net Change in Cash | 223,538 | |||
Cash – Beginning of period (inception) | 0— | |||
Cash – End of period | $ | 223,538 | ||
Non-Cash financing activities: | ||||
Deferred offering costs included in accrued offering costs | $ | 285,873 | ||
Deferred offering costs paid directly by Sponsor in exchange for the issuance of Class B ordinary shares | $ | 20,000 | ||
Temporary Equity | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Permanent Equity | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance – February 25, 2021 (inception) | — | $ | — | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | — | — | 6,325,000 | 633 | 24,367 | — | 25,000 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (5,182 | ) | (5,182 | ) | |||||||||||||||||||||||||
Balance – March 31, 2021 | — | $ | — | — | $ | — | 6,325,000 | $ | 633 | $ | 24,367 | $ | (5,182 | ) | $ | 19,818 | ||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (143 | ) | (143 | ) | |||||||||||||||||||||||||
Balance – June 30, 2021 | — | $ | — | — | $ | — | 6,325,000 | $ | 633 | $ | 24,367 | $ | (5,325 | ) | $ | 19,675 | ||||||||||||||||||||
For the Six Months Ended June 30, 2022 | For the Period from February 25, 2021 (Inception) Through June 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (5,910,255 | ) | $ | (5,325 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Formation costs paid by Sponsor in exchange for issuance of Founder Shares | — | 5,000 | ||||||
Interest earned on marketable securities held in Trust Account | (362,771 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (20,716 | ) | (19,600 | ) | ||||
Non-current prepaid insurance | 247,500 | — | ||||||
Accounts payable and accrued expenses | 5,442,970 | 88 | ||||||
Advance from related party | 70,127 | — | ||||||
Net cash used in operating activities | (533,145 | ) | (19,837 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Advance from related party | — | 25,692 | ||||||
Proceeds from promissory note – related party | 250,000 | 300,000 | ||||||
Payment of offering costs | — | (82,317 | ) | |||||
Net cash provided by financing activities | 250,000 | 243,375 | ||||||
Net Change in Cash | (283,145 | ) | 223,538 | |||||
Cash – Beginning of period | 428,189 | — | ||||||
Cash – End of period | $ | 145,044 | $ | 223,538 | ||||
Non-Cash investing and financing Activities: | ||||||||
Offering costs included in accrued offering costs | $ | — | $ | 285,873 | ||||
Offering costs paid by Sponsor in exchange for issuance of Founder Shares | $ | — | $ | 20,000 | ||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | 362,771 | $ | — | ||||
Gross proceeds | $ | 250,000,000 | ||
Less: | ||||
Class A ordinary shares issuance costs | (12,488,190 | ) | ||
Plus: | ||||
Remeasurement of carrying value to redemption value | 12,496,514 | |||
Class A ordinary shares subject to possible redemption, December 31, 2021 | $ | 250,008,324 | ||
Plus: | ||||
Remeasurement of carrying value to redemption value | (8,324 | ) | ||
Class A ordinary shares subject to possible redemption, March 31, 2022 | $ | 250,000,000 | ||
Plus: | ||||
Remeasurement of carrying value to redemption value | 371,095 | |||
Class A ordinary shares subject to possible redemption, June 30, 2022 | $ | 250,371,095 | ||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | For the Period from February 25, 2021 (Inception) Through June 30, 2021 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net loss per ordinary share | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net loss, as adjuste d | $ | (1,394,198 | ) | $ | (339,849 | ) | $ | — | (143 | ) | $ | (4,751,927 | ) | $ | (1,158,328 | ) | $ | — | $ | (5,325 | ) | |||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 25,640,000 | 6,250,000 | — | 5,500,000 | 25,640,000 | 6,250,000 | — | 5,500,000 | ||||||||||||||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.05 | ) | $ | (0.05 | ) | $ | — | (0.00 | ) | $ | (0.19 | ) | $ | (0.19 | ) | $ | — | $ | (0.00 | ) | |||||||||||
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description | Level | June 30, 2022 | December 31, 2021 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities held in Trust Account | 1 | $ | 250,371,095 | $ | 250,008,324 |
(1) | 8-K filed on July 2, |
(2) | Incorporated by reference 8-K filed on April 22, 2022. |
SOCIAL CAPITAL SUVRETTA HOLDINGS CORP. I | ||||||
Date: August | By: | /s/ Chamath Palihapitiya | ||||
Name: | Chamath Palihapitiya | |||||
Title: | ||||||
(Principal Executive Officer) | ||||||
Date: August | By: | /s/ James Ryans | ||||
Name: | James Ryans | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |