☒ | 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 | 001-40317 | |||
(State or Other Jurisdiction of Incorporation or organization) | (Commission File Number) | (IRS 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, $0.0001 par value, and one-third of one redeemable warrant | TIOAU | The Nasdaq Stock Market LLC | ||
Class A ordinary shares, par value $0.0001 par value | TIOA | The Nasdaq Stock Market LLC | ||
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | TIOAW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||||
Item 1. | 1 | |||||||
1 | ||||||||
2 | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
24 | ||||||||
Item 1. | ||||||||
26 | ||||||||
Item 1A. | 26 | |||||||
Item 2. | ||||||||
Item 3. | 27 | |||||||
Item 4. | ||||||||
Item | ||||||||
Item | ||||||||
Item 1. FINANCIAL STATEMENTS |
Assets | ||||
Current Assets: | ||||
Cash | $ | 921,797 | ||
Prepaid expenses | 268,986 | |||
Total current assets | 1,190,783 | |||
Prepaid expenses - non-current | 120,637 | |||
Investments held in Trust Account | 345,011,127 | |||
Total assets | $ | 346,322,547 | ||
Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Deficit | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 45,899 | ||
Due to related party | 111,479 | |||
Total current liabilities | 157,378 | |||
Warrant liabilities | 12,581,150 | |||
Deferred Underwriters’ discount | 9,450,000 | |||
Total liabilities | 22,188,528 | |||
Commitments and contingencies | 0 | |||
Class A ordinary shares subject to possible redemption, 34,500,000 shares at redemption value as of September 30, 2021 | 345,000,000 | |||
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; 200,000,000 shares authorized; 0 shares issued and outstanding (excluding 34,500,000 shares subject to possible redemption) as of September 30, 2021 | 0 | |||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized 8,625,000 shares issued and outstanding | 863 | |||
Additional paid-in capital | 0 | |||
Accumulated deficit | (20,866,844 | ) | ||
Total shareholders’ deficit | (20,865,981 | ) | ||
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Deficit | $ | 346,322,547 | ||
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash | $ | 99,395 | $ | 763,789 | ||||
Prepaid expenses | 209,127 | 250,593 | ||||||
Total current assets | 308,522 | 1,014,382 | ||||||
Prepaid expenses- non-current | — | 62,223 | ||||||
Investments held in Trust Account | 345,279,811 | 345,017,891 | ||||||
Total assets | $ | 345,588,333 | $ | 346,094,496 | ||||
Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 840,012 | $ | 315,731 | ||||
Due to related party | — | 156,479 | ||||||
Total current liabilities | 840,012 | 472,210 | ||||||
Warrant liabilities | 1,664,514 | 15,080,809 | ||||||
Deferred Underwriters’ discount | 9,450,000 | 9,450,000 | ||||||
Total liabilities | 11,954,526 | 25,003,019 | ||||||
Commitments and contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, 34,500,000 shares at redemption value, at June 30, 2022 and December 31, 2021 | 345,279,811 | 345,000,000 | ||||||
Shareholders’ Deficit: | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding | 0— | 0— | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 0 shares issued and outstanding (excluding 34,500,000 shares subject to possible redemption) | 0— | 0— | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding, at June 30, 2022 and December 31, 2021 | 863 | 863 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (11,646,867 | ) | (23,909,386 | ) | ||||
Total shareholders’ deficit | (11,646,004 | ) | (23,908,523 | ) | ||||
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Deficit | $ | 345,588,333 | $ | 346,094,496 | ||||
For the three months ended September 30, 2021 | For the period from February 8, 2021 (inception) through September 30, 2021 | |||||||
Formation and operating costs | $ | 231,313 | $ | 562,615 | ||||
Loss from operations | (231,313 | ) | (562,615 | ) | ||||
Other income (expense) | ||||||||
Income on marketable securities held in trust | 4,345 | 11,127 | ||||||
Change in fair value of warrant liabilities | 4,211,776 | 11,565,936 | ||||||
Offering cost allocated to warrants | — | (749,481 | ) | |||||
Total other income | 4,216,121 | 10,827,582 | ||||||
Net income | $ | 3,984,808 | $ | 10,264,967 | ||||
Weighted average Class A ordinary shares subject to possible redemption outstanding, basic and diluted | 34,500,000 | 34,421,512 | ||||||
Basic and diluted net income per ordinary share subject to possible redemption | $ | 0.09 | $ | 0.24 | ||||
Weighted average non-redeemable Class A and Class B ordinary shares outstanding | 8,625,000 | 8,315,987 | ||||||
Basic and diluted net income per non-redeemable ordinary share | $ | 0.09 | $ | 0.24 | ||||
For the three months ended June 30, | For the six months ended June 30, 2022 | For the period from February 8, 2021 (inception) through June 30, 2021 | ||||||||||||||
2022 | 2021 | |||||||||||||||
Formation and operating costs | $ | 594,858 | $ | 315,298 | $ | 1,136,592 | $ | 331,302 | ||||||||
Loss from operations | (594,858 | ) | (315,298 | ) | (1,136,592 | ) | (331,302 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Income on marketable securities held in trust | 257,100 | 6,782 | 261,920 | 6,782 | ||||||||||||
Offering cost allocated to warrants | — | (749,481 | ) | — | (749,481 | ) | ||||||||||
Change in fair value of warrant liabilities | 3,642,501 | 7,354,160 | 13,416,295 | 7,354,160 | ||||||||||||
Bank interest income | 707 | — | 707 | — | ||||||||||||
Total other income (expense), net | 3,900,308 | 6,611,461 | 13,678,922 | 6,611,461 | ||||||||||||
Net income | $ | 3,305,450 | $ | 6,296,163 | $ | 12,542,330 | $ | 6,280,159 | ||||||||
Weighted average Class A ordinary shares subject to possible redemption outstanding, basic and diluted | 34,500,000 | 29,802,198 | 34,500,000 | 19,371,429 | ||||||||||||
Basic and diluted net income per ordinary share subject to possible redemption | $ | 0.08 | $ | 0.16 | $ | 0.29 | $ | $0.23 | ||||||||
Weighted average non-redeemable Class A and Class B ordinary shares outstanding | 8,625,000 | 8,439,560 | 8,625,000 | 8,110,714 | ||||||||||||
Basic and diluted net income per non-redeemable ordinary share | $ | 0.08 | $ | 0.16 | $ | 0.29 | $ | 0.23 | ||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||
Class B | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of December 31, 2021 | 8,625,000 | $ | 863 | $ | 0— | $ | (23,909,386 | ) | $ | (23,908,523 | ) | |||||||||
Net incom e | — | — | — | 9,236,880 | 9,236,880 | |||||||||||||||
Balance as of March 31, 2022 | 8,625,000 | 863 | — | (14,672,506 | ) | (14,671,643 | ) | |||||||||||||
Remeasurement of Class A shares to redemption value | — | — | — | (279,811 | ) | (279,811 | ) | |||||||||||||
Net income | — | — | — | 3,305,450 | 3,305,450 | |||||||||||||||
Balance as of June 30, 2022 | 8,625,000 | $ | 863 | $ | — | $ | (11,646,867 | ) | $ | (11,646,004 | ) | |||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-In | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance as of February 8, 2021 (Inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Founder shares on February 10, 2021 | — | — | 8,625,000 | 863 | 24,137 | — | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (16,004 | ) | (16,004 | ) | |||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Balance as of March 31, 202 1 | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (16,004 | ) | $ | 8,996 | |||||||||||||||
Excess cash received on sale of 5,083,333 Private Placement Warrants on April 12, 2021 | — | — | — | — | 41,602 | — | 41,602 | |||||||||||||||||||||
Class A ordinary shares subject to possible redemption | 0 | 0 | — | — | (65,739 | ) | (31,131,811 | ) | (31,197,550 | ) | ||||||||||||||||||
Net income | — | — | — | — | — | 6,296,163 | 6,296,163 | |||||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (24,851,652 | ) | $ | (24,850,789 | ) | ||||||||||||||
Net income | — | — | — | — | — | 3,984,808 | 3,984,808 | |||||||||||||||||||||
Balance as of September 30, 202 1 | — | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (20,866,844 | ) | $ | (20,865,981 | ) | ||||||||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||
Class B | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of February 8, 2021 (Inception) | — | $ | 0— | $ | 0— | $ | 0— | $ | 0— | |||||||||||
Issuance of Founder shares on February 10, 2021 | 8,625,000 | 863 | 24,137 | — | 25,000 | |||||||||||||||
Net los s | — | — | — | (16,004 | ) | (16,004 | ) | |||||||||||||
Balance as of March 31, 2021 | 8,625,000 | 863 | 24,137 | (16,004 | ) | 8,996 | ||||||||||||||
Excess cash received on sale of 5,083,333 Private Placement | — | — | 41,602 | — | 41,602 | |||||||||||||||
Remeasurement of Class A shares to redemption value | — | — | (65,739 | ) | (31,131,811 | ) | (31,197,550 | ) | ||||||||||||
Net income | — | — | — | 6,296,163 | 6,296,163 | |||||||||||||||
Balance as of June 30, 2021 | 8,625,000 | $ | 863 | $ | — | $ | (24,851,652 | ) | $ | (24,850,789 | ) | |||||||||
Cash flows from operating activities: | ||||
Net income | $ | 10,264,967 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on cash and Investments held in Trust Account | (11,127 | ) | ||
Offering costs allocated to warrants | 749,481 | |||
Change in fair value of warrant liabilities | (11,565,936 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid assets | (389,623 | ) | ||
Accounts payable and accrued expenses | 45,899 | |||
Due to related party | 111,479 | |||
Net cash used in operating activities | (794,860 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment held in Trust Account | (345,000,000 | ) | ||
Net cash used in investing activities | (345,000,000 | ) | ||
Cash flows from financing activities: | ||||
Proceeds from initial public offering, net of underwriters’ discount | 339,600,000 | |||
Proceeds from issuance of Private Placement Warrants | 7,625,000 | |||
Proceeds from related party | 174,890 | |||
Repayment of promissory note - related party | (149,890 | ) | ||
Payments of offering costs | (533,343 | ) | ||
Net cash provided by financing activities | 346,716,657 | |||
Net change in cash | 921,797 | |||
Cash, beginning of the period | 0 | |||
Cash, end of the period | $ | 921,797 | ||
Supplemental disclosure of noncash investing and financing activities | ||||
Initial classification of warrant liabilities | $ | 24,147,086 | ||
Initial classification of Class A ordinary shares subject to possible redemption | $ | 345,000,000 | ||
Accretion of Class A ordinary shares to redemption value | $ | 31,197,550 | ||
Deferred underwriting commissions charged to additional paid in capital | $ | 9,450,000 | ||
For the six months ended June 30, 2022 | For the period from February 8, 2021 (inception) through June 30, 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 12,542,330 | $ | 6,280,159 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Interest earned on marketable securities held in trust | (261,920 | ) | (6,782 | ) | ||||
Offering costs allocated to warrants | 749,481 | |||||||
Change in fair value of warrant liabilities | (13,416,295 | ) | (7,354,160 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 103,689 | (466,430 | ) | |||||
Accounts payable and accrued expenses | 524,281 | 113,687 | ||||||
Due to related party | (156,479 | ) | 25,000 | |||||
Net cash used in operating activities | (664,394 | ) | (659,045 | ) | ||||
Cash flows from investing activities: | ||||||||
Investment of cash in Trust Account | — | (345,000,000 | ) | |||||
Net cash used in investing activities | — | (345,000,000 | ) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from initial public offering, net of Underwriter’s discount | — | 339,600,000 | ||||||
Proceeds from issuance of Private Placement Warrants | — | 7,625,000 | ||||||
Repayment of promissory note – related party | — | (149,889 | ) | |||||
Payment of offering costs | — | (408,454 | ) | |||||
Net cash provided by financing activities | — | 346,666,657 | ||||||
Net change in cash | (664,394 | ) | 1,007,612 | |||||
Cash, beginning of the period | 763,789 | — | ||||||
Cash, end of the period | $ | 99,395 | $ | 1,007,612 | ||||
Supplemental disclosure of noncash investing and financing activities | ||||||||
Remeasurement of Class A shares to redemption value | $ | 279,811 | $ | 31,197,550 | ||||
Initial classification of warrant liabilities | $ | — | $ | 24,147,086 | ||||
Deferred underwriting commissions charged to additional paid in capital | $ | — | $ | 9,450,000 | ||||
As Previously Reported | Adjustment | As Adjusted | ||||||||||
Condensed Unaudited Statement of Operation | ||||||||||||
For the three months ended June 30, 2021 | ||||||||||||
Weighted average number of Class A ordinary shares subject to possible redemption | 34,331,250 | (4,529,052 | ) | 29,802,198 | ||||||||
Weighted average number of Class B Shares | 8,451,923 | (12,363 | ) | 8,439,560 | ||||||||
Basic and diluted net income per share attributable to Class A ordinary shares subject to possible redemption | 0.15 | 0.01 | 0.16 | |||||||||
Basic and diluted net income per share attributable to Class B Shares | 0.15 | 0.01 | 0.16 | |||||||||
For the period from February 8, 2021 (inception) through June 30, 2021 | ||||||||||||
Weighted average number of Class A ordinary shares subject to possible redemption | 34,331,250 | (14,959,821 | ) | 19,371,429 | ||||||||
Weighted average number of Class B Shares | 8,114,361 | (3,648 | ) | 8,110,714 | ||||||||
Basic and diluted net income per share attributable to Class A Shares | 0.15 | 0.08 | 0.23 | |||||||||
Basic and diluted net income per share attributable to Class B Shares | 0.15 | 0.08 | 0.23 |
As Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of April 12, 2021 | ||||||||||||
Ordinary shares subject to possible redemption ($) | $ | 267,736,580 | $ | 32,263,420 | $ | 300,000,000 | ||||||
Class A ordinary shares , $0.0001 par value | 323 | (323 | ) | 0 | ||||||||
Class B ordinary shares , $0.0001 par value | 863 | 0 | 863 | |||||||||
Additional paid-in capital | 5,017,286 | (5,017,286 | ) | 0 | ||||||||
Accumulated deficit | (18,470 | ) | (27,245,811 | ) | (27,264,281 | ) | ||||||
Total stockholders’ equity (deficit) | $ | 5,000,002 | $ | (32,263,420 | ) | $ | (27,263,418 | ) | ||||
Number of shares subject to redemption | 26,773,658 | 3,226,342 | 30,000,000 | |||||||||
As Reported | Restatement Adjustment | As Restated | ||||||||||
Statement of Changes in Shareholders’ Equity as of June 30, 2021 (per Form 10-Q filed on October 25, 2021) | ||||||||||||
Sale of 30,000,000 Units on April 12, 2021 through IPO, net of warrant liabilities | $ | 285,596,793 | $ | (285,596,793 | ) | $ | 0 | |||||
Sale of 4,500,000 Units on April 15, 2021 through over-allotment, net of warrant liabilities | 42,839,519 | (42,839,519 | ) | 0 | ||||||||
Underwriters’ discount for IPO and over-allotment | (5,400,000 | ) | 5,400,000 | 0 | ||||||||
Deferred underwriters’ discount for IPO and over-allotment | (9,450,000 | ) | 9,450,000 | 0 | ||||||||
Other Offering costs | (533,343 | ) | 533,343 | 0 | ||||||||
Allocation of warrant costs charged to expense | 749,481 | (749,481 | ) | 0 | ||||||||
Maximum number of redeemable shares | (345,000,000 | ) | 345,000,000 | 0 | ||||||||
Class A ordinary shares subject to possible redemption | $ | 0 | $ | (31,197,550 | ) | $ | (31,197,550 | ) | ||||
Statement of Cash Flows | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Initial classification of Class A ordinary shares subject to possible redemption | 345,000,000 | (345,000,000 | ) | 0 | ||||||||
Class A ordinary shares subject to redemption accretion to redemption value | 0 | (31,197,550 | ) | (31,197,550 | ) |
Gross Proceeds | $ | 345,000,000 | ||
Less: | ||||
Proceeds allocated to public warrants | (16,563,688 | ) | ||
Issuance costs related to Class A ordinary shares | (14,633,862 | ) | ||
Plus: | ||||
Remeasurement of carrying value to redemption value | 31,197,550 | |||
Class A ordinary shares subject to possible redemption, December 31, 2021 | 345,000,000 | |||
Plus: | ||||
Remeasurement of carrying value to redemption value | 279,811 | |||
Class A ordinary shares subject to possible redemption, June 30, 2022 | $ | 345,279,811 | ||
For the Three Months ended September 30, 2021 | For the Period from February 8, 2021 (inception) to September 30, 2021 | |||||||
Class A ordinary shares subject to possible redemption | ||||||||
Numerator: | ||||||||
Net income allocable to Class A ordinary shares subject to possible redemption | $ | 3,187,846 | $ | 8,267,580 | ||||
Denominator: | ||||||||
Weighted Average Redeemable Class A ordinary shares, Basic and Diluted | 34,500,000 | 34,421,512 | ||||||
Basic and Diluted net income per share, Redeemable Class A Ordinary shares | $ | 0.09 | $ | 0.24 | ||||
Class A and Class B non-redeemable ordinary shares | ||||||||
Numerator: | ||||||||
Net income allocable to Class B ordinary shares not subject to redemption | $ | 796,962 | $ | 1,997,387 | ||||
Denominator: | ||||||||
Weighted Average Non-Redeemable Ordinary shares, Basic and Diluted | 8,625,000 | 8,315,987 | ||||||
Basic and diluted net income per share, ordinary shares | $ | 0.09 | $ | 0.24 | ||||
For the Three Months ended June 30, 2022 | For the Six Months ended June 30, 2022 | |||||||
Class A ordinary shares subject to possible redemption | ||||||||
Numerator: | ||||||||
Net income allocable to Class A ordinary shares subject to possible redemption | $ | 2,644,360 | $ | 10,033,864 | ||||
Denominator: | ||||||||
Weighted Average Redeemable Class A ordinary shares, Basic and Diluted | 34,500,000 | 34,500,000 | ||||||
Basic and Diluted net income per share, Redeemable Class A Ordinary shares | $ | 0.08 | $ | 0.29 | ||||
Class B non-redeemable ordinary shares | ||||||||
Numerator: | ||||||||
Net income allocable to Class B ordinary shares not subject to redemption | $ | 661,090 | $ | 2,508,466 | ||||
Denominator: | ||||||||
Weighted Average Non-Redeemable Ordinary shares, Basic and Diluted | 8,625,000 | 8,625,000 | ||||||
Basic and diluted net income per share, ordinary shares | $ | 0.08 | $ | 0.29 |
For the Three Months ended June 30, 2021 | For the period from February 8, 2021 (inception) to June 30, 2021 | |||||||
Class A ordinary shares subject to possible redemption | ||||||||
Numerator: | ||||||||
Net income allocable to Class A ordinary shares subject to possible redemption | $ | 4,906,665 | $ | 4,426,716 | ||||
Denominator: | ||||||||
Weighted Average Redeemable Class A ordinary shares, Basic and Diluted | 29,802,198 | 19,371,429 | ||||||
Basic and Diluted net income per share, Redeemable Class A Ordinary shares | $ | 0.16 | $ | 0.23 | ||||
Class A and Class B non-redeemable ordinary shares | ||||||||
Numerator: | ||||||||
Net income allocable to Class B ordinary shares not subject to redemption | $ | 1,389,498 | $ | 1,853,443 | ||||
Denominator: | ||||||||
Weighted Average Non-Redeemable Ordinary shares, Basic and Diluted | 8,439,560 | 8,110,714 | ||||||
Basic and diluted net income per share, ordinary shares | $ | 0.16 | $ | 0.23 |
Level 1 - | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. | |
Level 2 - | Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. | |
Level 3 - | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
June 30, 2022 | Quoted Priced in Active Markets (Level 1) | Significant Other Observable Inputs Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities held in Trust Account | $ | 345,279,811 | $ | 345,279,811 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Public warrant liabilities, including over-allotment | 1,150,000 | 1,150,000 | — | — | ||||||||||||
Private warrant liabilities | 514,514 | — | — | 514,514 | ||||||||||||
Warrant liabilities | $ | 1,664,514 | $ | 1,150,000 | $ | — | $ | 514,514 | ||||||||
September 30, 2021 | Quoted Priced in Active Markets (Level 1) | Significant Other Observable Inputs Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | December 31, 2021 | Quoted Priced in Active Markets (Level 1) | Significant Other Observable Inputs Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
U.S. Treasury Securities held in Trust Account | $ | 345,011,127 | $ | 345,011,127 | 0 | $ | 0 | $ | 345,017,891 | $ | 345,017,891 | $ | — | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Public warrant liabilities, including over-allotment | 8,625,000 | 8,625,000 | 0 | 0 | 10,453,500 | 10,453,500 | — | — | ||||||||||||||||||||||||
Private warrant liabilities | 3,956,150 | 0 | 0 | 3,956,150 | 4,627,309 | — | — | 4,627,309 | ||||||||||||||||||||||||
● | ||||||||||||||||||||||||||||||||
Warrant liabilities | $ | 12,581,150 | $ | 8,625,000 | 0 | $ | 3,956,150 | $ | 15,080,809 | $ | 10,453,500 | $ | — | $ | 4,627,309 | |||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||
Share price | $ | 9.77 | $ | 9.74 | ||||
Strike price | $ | 11.50 | $ | 11.50 | ||||
Term (in years) | 5.63 | 5.85 | ||||||
Volatility | 8.8 | % | 14.4 | % | ||||
Risk-free rate | 3.02 | % | 1.34 | % |
Warrant Liability | ||||
Fair Value at December 31, 2021 | 4,627,309 | |||
Change in fair value | (2,997,994 | ) | ||
Fair Value at March 31, 2022 | 1,629,315 | |||
Change in fair value | (1,114,801 | ) | ||
Fair Value at June 30, 2022 | $ | 514,514 | ||
Warrant Liability | ||||
Fair value at December 31, 2020 | $ | 0 | ||
Initial value of public and private warrant liabilities | 24,147,086 | |||
Public warrants reclassified to Level 1 | (11,500,000 | ) | ||
Change in fair value | (7,354,160 | ) | ||
Fair Value at June 30, 2021 | $ | 5,292,926 | ||
Change in fair value | (1,336,776 | ) | ||
Fair Value at September 30, 2021 | $ | 3,956,150 | ||
Warrant Liability | ||||
Fair value as of February 8, 2021 (inception) | $ | — | ||
Initial value of public and private warrant liabilities at April 12, 2021 | 24,147,086 | |||
Public warrants reclassified to Level 1 at June 3, 2021 | (16,563,688 | ) | ||
Change in fair value | (2,290,472 | ) | ||
Fair Value at June 30, 2021 | 5,292,926 | |||
April 12, 2021 | ||||||||
September 30, | (Initial | |||||||
2021 | Measurement) | |||||||
Share price | $ | 9.67 | $ | 9.51 | ||||
Strike price | $ | 11.50 | $ | 11.50 | ||||
Term (in years) | 6.00 | 6.09 | ||||||
Volatility | 14.0 | % | 24.4 | % | ||||
Risk-free rate | 1.15 | % | 1.14 | % |
Private | Warrant | |||||||||||
Public | Placement | Liabilities | ||||||||||
Fair value as of February 8, 2021 (inception) | $ | 0 | $ | 0 | $ | 0 | ||||||
Fair value as of April 12, 2021 - initial measurement | 16,563,688 | 7,583,398 | 24,147,086 | |||||||||
Change in valuation inputs or other assumptions | (5,063,688 | ) | (2,290,472 | ) | (7,354,160 | ) | ||||||
Fair value as of June 30, 2021 | $ | 11,500,000 | $ | 5,292,926 | $ | 16,792,926 | ||||||
Change in valuation inputs or o ther assumptions | (2,875,000 | ) | (1,336,776 | ) | (4,211,776 | ) | ||||||
Fair value as of September 30, 2021 | $ | 8,625,000 | $ | 3,956,150 | $ | 12,581,150 | ||||||
Item 1. | Legal |
Item 1A. | Risk |
Item 2. | Unregistered Sales of Equity Securities and Use of |
Defaults Upon Senior Securities. |
Mine Safety Disclosures. |
Other Information. |
Item 6. |
TIO TECH A | ||||||
Date: August 12, 2022 | By: | /s/ Roman Kirsch | ||||
Roman Kirsch | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) |