☒ | 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 on which registered | ||
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 | ☒ |
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Item 2. | ||||||
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Item 3. | ||||||
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Item | 25 | |||||
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Item 3. | ||||||
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Item 4. | ||||||
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Item 5. | ||||||
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Item 6. | ||||||
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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 | ||
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 619,285 | $ | 1,358,622 | ||||
Prepaid expenses | 96,077 | 183,695 | ||||||
Total current assets | 715,362 | 1,542,317 | ||||||
Investments held in Trust Account | 200,295,699 | 200,005,484 | ||||||
Total Assets | $ | 201,011,061 | $ | 201,547,801 | ||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,003,939 | $ | 130,384 | ||||
Accrued expenses | 4,297,453 | 1,063,040 | ||||||
Total current liabilities | 6,301,392 | 1,193,424 | ||||||
Deferred underwriting commissions | 7,000,000 | 7,000,000 | ||||||
Total Liabilities | 13,301,392 | 8,193,424 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 20,000,000 shares issued and outstanding at redemption value of approximately $10.01 and $10.00 per share as of June 30, 2022 and December 31, 2021, respectively | 200,195,699 | 200,000,000 | ||||||
Shareholders’ Deficit: | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0ne issued or outstanding as of June 30, 2022 and December 31, 2021 | — | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 655,000 shares issued and outstanding (excluding 20,000,000 shares subject to possible redemption) as of June 30, 2022 and December 31, 2021 | 66 | 66 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,666,667 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 667 | 667 | ||||||
Accumulated deficit | (12,486,763 | ) | (6,646,356 | ) | ||||
Total shareholders’ deficit | (12,486,030 | ) | (6,645,623 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 201,011,061 | $ | 201,547,801 | ||||
For the three months ended June 30, 2021 | For the period from February 10, 2021 (Inception) to June 30, 2021 | |||||||
Formation and operating costs | $ | 34 | $ | 11,731 | ||||
Net loss | $ | (34 | ) | $ | (11,731 | ) | ||
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 | ) | ||
For the Three Months Ended June 30, | For the Six Months Ended June 30, 2022 | For the Period From February 10, 2021 (inception) Through June 30, 2021 | ||||||||||||||
2022 | 2021 | |||||||||||||||
General and administrative expenses | $ | 3,948,741 | $ | 34 | $ | 5,814,923 | $ | 11,731 | ||||||||
Administrative expenses—related party | 60,000 | — | 120,000 | — | ||||||||||||
Loss from operations | (4,008,741 | ) | (34 | ) | (5,934,923 | ) | (11,731 | ) | ||||||||
Other income: | ||||||||||||||||
Income from investments held in Trust Account | 270,074 | — | 290,215 | — | ||||||||||||
Total other income | 270,074 | — | 290,215 | — | ||||||||||||
Net loss | $ | (3,738,667 | ) | $ | (34 | ) | $ | (5,644,708 | ) | $ | (11,731 | ) | ||||
Weighted average shares outstanding, Class A ordinary shares | 20,655,000 | — | 20,655,000 | — | ||||||||||||
Basic and diluted net loss per share, Class A ordinary shares | $ | (0.14 | ) | $ | — | $ | (0.21 | ) | $ | — | ||||||
Weighted average shares outstanding, Class B ordinary shares | 6,666,667 | 6,666,667 | 6,666,667 | 6,241,135 | ||||||||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.14 | ) | $ | (0.00 | ) | $ | (0.21 | ) | $ | (0.00 | ) | ||||
Ordinary Shares | Additional Paid-in Capital | Total Shareholders’ Deficit | ||||||||||||||||||||||||||
Class A | Class B | Accumulated Deficit | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—December 31, 2021 | 655,000 | $ | 66 | 6,666,667 | $ | 667 | $ | — | $ | (6,646,356 | ) | $ | (6,645,623 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (1,906,041 | ) | (1,906,041 | ) | |||||||||||||||||||
Balance—March 31, 2022 (Unaudited) | 655,000 | 66 | 6,666,667 | 667 | — | (8,552,397 | ) | (8,551,664 | ) | |||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | — | — | — | — | — | (195,699 | ) | (195,699 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (3,738,667 | ) | (3,738,667 | ) | |||||||||||||||||||
Balance—June 30, 2022 (Unaudited) | 655,000 | $ | 66 | 6,666,667 | $ | 667 | $ | — | $ | (12,486,763 | ) | $ | (12,486,030 | ) | ||||||||||||||
Class B | ||||||||||||||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Shareholder’s Equity | |||||||||||||||||
Shares (1) | Amount | |||||||||||||||||||
Balance as of February 10, 2021 (Inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Class B ordinary shares issued to Sponsor | 7,666,667 | 767 | 24,233 | 0 | 25,000 | |||||||||||||||
Net loss | — | — | 0 | (11,697 | ) | (11,697 | ) | |||||||||||||
Balance as of March 31, 2021 | 7,666,667 | $ | 767 | $ | 24,233 | $ | (11,697) | $ | 13,303 | |||||||||||
Net loss | — | — | 0 | (34 | ) | (34 | ) | |||||||||||||
Balance as of June 30, 2021 | 7,666,667 | $ | 767 | $ | 24,233 | $ | (11,731) | $ | 13,269 | |||||||||||
Ordinary Shares | Additional Paid-in Capital | Total Shareholders’ Equity | ||||||||||||||||||||||||||
Class A | Class B | Accumulated Deficit | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—February 10, 2021 (inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 7,666,667 | 767 | 24,233 | — | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (11,697 | ) | (11,697 | ) | |||||||||||||||||||
Balance—March 31, 2021 (Unaudited) | — | — | 7,666,667 | 767 | 24,233 | (11,697 | ) | 13,303 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (34 | ) | (34 | ) | |||||||||||||||||||
Balance—June 30, 2021 (Unaudited) | — | $ | — | 7,666,667 | $ | 767 | $ | 24,233 | $ | (11,731 | ) | $ | 13,269 | |||||||||||||||
Cash flows from operating activities: | ||||
Net loss | $ | (11,731) | ||
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 | |||
Operating costs paid by Sponsor loan | 34 | |||
Net cash used in operating activities | 0 | |||
Net change in cash | 0 | |||
Cash, beginning of the period | 0 | |||
Cash, end of the period | $ | 0 | ||
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 included in accrued offerings costs | $ | 60,750 | ||
Deferred offering costs paid by Sponsor loan | $ | 79,773 | ||
For The Six Months Ended June 30, 2022 | For The Period From February 10, 2021 (inception) Through June 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (5,644,708 | ) | $ | (11,731 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares | — | 11,697 | ||||||
General and administrative expenses paid by Sponsor under promissory note | — | 34 | ||||||
Income from investments held in Trust Account | (290,215 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 87,618 | — | ||||||
Accounts payable | 1,873,555 | — | ||||||
Accrued expenses | 3,234,413 | — | ||||||
Net cash used in operating activities | (739,337 | ) | — | |||||
Net change in cash | (739,337 | ) | — | |||||
Cash—beginning of the period | 1,358,622 | — | ||||||
Cash—end of the period | $ | 619,285 | $ | — | ||||
Supplemental disclosure of noncash financing activities: | ||||||||
Offering costs paid by related party in exchange for Founder Shares | $ | — | $ | 13,303 | ||||
Offering costs included in accrued expenses | $ | — | $ | 60,750 | ||||
Offering costs paid by related party under promissory note | $ | — | $ | 79,773 | ||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, 2022 | For the Period From February 10, 2021 (inception) Through June 30, 2021 | ||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Class A | Class B | Class B | Class A | Class B | Class B | |||||||||||||||||||
Basic and diluted net loss per ordinary share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net loss | $ | (2,826,408 | ) | $ | (912,259 | ) | $ | (34 | ) | $ | (4,267,362 | ) | $ | (1,377,346 | ) | $ | (11,731 | ) | ||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 20,655,000 | 6,666,667 | 6,666,667 | 20,655,000 | 6,666,667 | 6,241,135 | ||||||||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.14 | ) | $ | (0.14 | ) | $ | (0.00 | ) | $ | (0.21 | ) | $ | (0.21 | ) | $ | (0.00 | ) | ||||||
Gross proceeds | $ | 200,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (4,733,334 | ) | ||
Class A ordinary share issuance costs | (22,021,556 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 26,754,890 | |||
Class A ordinary share subject to possible redemption as of December 31, 2021 | 200,000,000 | |||
Increase in redemption value of Class A ordinary shares subject to possible redemption | 195,699 | |||
Class A ordinary share subject to possible redemption as of June 30, 2022 | $ | 200,195,699 | ||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Funds that invest in U.S. Treasury Securities | $ | 200,295,699 | $ | — | $ | — |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Funds that invest in U.S. Treasury Securities | $ | 200,005,484 | $ | — | $ | — |
* | Filed herewith. |
** | Furnished. |
10X CAPITAL VENTURE ACQUISITION CORP. II | ||||||
Date: | By: | /s/ Hans Thomas | ||||
Name: | Hans Thomas | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: | By: | /s/ Guhan Kandasamy | ||||
Name: | Guhan Kandasamy | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting | ||||||
Officer and Duly Authorized Officer) |