☒ | 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 | 98-1594494 | |
(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 | ||
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | VCXAU | The Nasdaq Stock Market LLC | ||
Class A ordinary shares, par value $0.0001 per share | VCXA | The Nasdaq Stock Market LLC | ||
Warrants, each whole warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | VCXAW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
Item 1. | ||||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | 14 | |||||
Item 3. | 17 | |||||
Item 4. | 17 | |||||
Item 1. | 17 | |||||
Item 1A. | 17 | |||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
21 |
Assets: | ||||
Due from related party | $ | 1,650 | ||
Deferred offering costs | 153,826 | |||
Total Assets | $ | 155,476 | ||
Liabilities and Shareholder’s Equity: | ||||
Accrued offering costs | $ | 60,750 | ||
Promissory note - related party | 81,457 | |||
Total current liabilities | 142,207 | |||
Commitments and Contingencies (Note 6) | 0 | |||
Shareholder’s Equity | ||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0 | |||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; NaN issued and outstanding | 0 | |||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,666,667 shares issued and outstanding (1) | 767 | |||
Additional paid-in capital | 24,233 | |||
Accumulated deficit | (11,731 | ) | ||
Total shareholder’s equity | 13,269 | |||
Total Liabilities and Shareholder’s Equity | $ | 155,476 | ||
Assets: | ||||
Cash | $ | 1,663,667 | ||
Prepaid expenses | 232,767 | |||
Total current assets | 1,896,434 | |||
Investments held in Trust Account | 200,001,259 | |||
Total Assets | 201,897,693 | |||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | ||||
Accrued offering costs | $ | 215,132 | ||
Total current liabilities | 215,132 | |||
Deferred underwriting commissions | 7,000,000 | |||
Total liabilities | 7,215,132 | |||
Commitments and Contingencies (Note 6 | 0 | |||
Class A ordinary shares subject to possible redemption, 20,000,000 shares at redemption value of $10.00 per share | 200,000,000 | |||
Shareholders’ Deficit | ||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0 | |||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 655,000 non-redeemable shares issued and outstanding (excluding 20,000,000 shares subject to possible redemption) | 66 | |||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,666,667 shares issued and outstanding (1) | 767 | |||
Additional paid-in capital | 0 | |||
Accumulated deficit | (5,318,272 | ) | ||
Total shareholders’ deficit | (5,317,439 | ) | ||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 201,897,693 | ||
(1) | Includes up to 1,000,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 6 ). |
For the three months ended June 30, 2021 | For the period from February 10, 2021 (Inception) to June 30, 2021 | For the Three Months ended September 30, 2021 | For the period from February 10, 2021 (Inception) through September 30, 2021 | |||||||||||||
Formation and operating costs | $ | 34 | $ | 11,731 | $ | 306,845 | $ | 318,576 | ||||||||
Loss from operations | (306,845 | ) | (318,576 | ) | ||||||||||||
Other income | ||||||||||||||||
Interest earned on investments held in Trust Account | 1,259 | 1,259 | ||||||||||||||
Total other income | 1,259 | 1,259 | ||||||||||||||
Net loss | $ | (34 | ) | $ | (11,731 | ) | $ | (305,586 | ) | $ | (317,317 | ) | ||||
Basic and diluted weighted average shares outstanding (1) | 6,666,667 | 6,666,667 | ||||||||||||||
Basic and diluted net loss per share | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||||
Basic and diluted weighted average Class A ordinary shares outstanding | 10,434,783 | 4,137,931 | ||||||||||||||
Basic and diluted net loss per share, Class A ordinary shares | (0.02 | ) | (0.03 | ) | ||||||||||||
Basic and diluted weighted average Class B ordinary shares outstanding (1) | 6,666,667 | 6,666,667 | ||||||||||||||
Basic and diluted net loss per share, Class B ordinary shares | (0.02 | ) | (0.03 | ) | ||||||||||||
(1) | Excludes an aggregate of up to 1,000,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note |
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Shareholder’s Equity | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Shareholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Shares (1) | Amount | Shares | Amount | Shares (1) | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balance as of February 10, 2021 (Inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | — | $ | — | — | $ | — | $ | — | $ | — | $ | 0 | |||||||||||||||||||||||||||
Class B ordinary shares issued to Sponsor | 7,666,667 | 767 | 24,233 | 0 | 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Class B ordinary share issued to Sponsor | — | — | 7,666,667 | 767 | 24,233 | — | 25,000 | |||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | 0 | (11,697 | ) | (11,697 | ) | — | — | — | — | — | (11,697 | ) | (11,697 | ) | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 7,666,667 | $ | 767 | $ | 24,233 | $ | (11,697) | $ | 13,303 | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 (unaudited) | — | $ | — | 7,666,667 | 767 | 24,233 | (11,697 | ) | 13,303 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | 0 | (34 | ) | (34 | ) | — | — | — | — | — | (34 | ) | (34 | ) | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 7,666,667 | $ | 767 | $ | 24,233 | $ | (11,731) | $ | 13,269 | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 (unaudited) | — | $ | — | 7,666,667 | 767 | 24,233 | (11,731 | ) | 13,269 | |||||||||||||||||||||||||||||||||||||||
Sale of 655,000 Private Units | 655,000 | — | — | 6,549,934 | — | 6,550,000 | ||||||||||||||||||||||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | — | — | — | — | (6,574,167 | ) | (5,000,955 | ) | (11,575,122 | ) | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | 0 | (305,586 | ) | (305,586 | ) | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 (unaudited) | 655,000 | $ | 66 | 7,666,667 | $ | 767 | $ | 0 | $ | (5,318,272 | ) | $ | (5,317,439 | ) | ||||||||||||||||||||||||||||||||||
(1) | Includes up to 1,000,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note |
Cash flows from operating activities: | ||||||||
Net loss | $ | (11,731) | $ | (317,317 | ) | |||
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 | 11,697 | 11,697 | ||||||
Operating costs paid by Sponsor loan | 34 | 34 | ||||||
Interest earned on investments held in Trust Account | (1,259 | ) | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (232,767 | ) | ||||||
Accrued expenses | 215,132 | |||||||
Net cash used in operating activities | 0 | (324,480 | ) | |||||
Cash flows from investing activities: | ||||||||
Principal deposited in Trust Account | (200,000,000 | ) | ||||||
Net cash used in investing activities | (200,000,000 | ) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from initial public offering, net of costs | 196,000,000 | |||||||
Proceeds from private placement | 6,550,000 | |||||||
Repayment of promissory note | (87,369 | ) | ||||||
Payment of deferred offering costs | (474,484 | ) | ||||||
Net cash provided b y financing activities | 201,988,147 | |||||||
Net change in cash | 0 | 1,663,667 | ||||||
Cash, beginning of the period | 0 | 0 | ||||||
Cash, end of the period | $ | 0 | $ | 1,663,667 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | $ | 13,303 | ||||||
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordi na ry shares | $ | 13,303 | ||||||
Deferred offering costs included in accrued offerings costs | $ | 60,750 | ||||||
Deferred offering costs paid by Sponsor under the promissory note | $ | 79,773 | ||||||
Deferred offering costs paid by Sponsor loan | $ | 79,773 | ||||||
Deferred underwriter fee | $ | 7,000,000 | ||||||
For the Three Months Ended September 30, 2021 | For the period from February 10, 2021 (inception) through September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss | $ | (186,459 | ) | $ | (119,127 | ) | $ | (121,526 | ) | $ | (195,791 | ) | ||||
Denominator: | ||||||||||||||||
Weighted Average Shares Outstanding | 10,434,783 | 6,666,667 | 4,137,931 | 6,666,667 | ||||||||||||
Basic and diluted net loss per share | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.03 | ) |
Gross proceeds from IPO | 200,000,000 | |||
Less: | ||||
Ordinary share issuance costs | (11,575,122 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 11,575,122 | |||
Contingently redeemable ordinary share | $ | 200,000,000 | ||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||
Description | ||||||||||||
Funds that invest in U.S. Treasury Securities | $ | 200,001,259 | $ | 0 | $ | 0 |
* | Filed herewith. |
** | Furnished. |
10X CAPITAL VENTURE ACQUISITION CORP. II | ||||||||
Date: | January 31, 2022 | By: | /s/ Hans Thomas | |||||
Name: | Hans Thomas | |||||||
Title: | Chief Executive Officer | |||||||
(Principal Executive Officer) | ||||||||
Date: | January 31, 2022 | By: | /s/ Guhan Kandasamy | |||||
Name: | Guhan Kandasamy | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Financial and Accounting | ||||||||
Officer and Duly Authorized Officer) |