☒ | 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 | 98-1587626 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
770 E Technology Way F13-16 OREM, | 84097 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on | ||
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | WWACU | The Nasdaq Stock Market | ||
Class A ordinary shares, par value $0.0001 per share | WWAC | The Nasdaq Stock Market | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of | WWACW | The Nasdaq Stock Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | |||||||
Item 1. | 1 | ||||||
2 | |||||||
3 | |||||||
4 | |||||||
5 | |||||||
Item 2. | |||||||
19 | |||||||
Item | |||||||
Item 4. | Control and Procedures | 24 | |||||
Item 1. | |||||||
Item 1A. | |||||||
Item 2. | |||||||
Item 3. | |||||||
Item 4. | |||||||
Item 5. | |||||||
Item 6. | |||||||
September 30, 2021 | ||||
ASSETS | ||||
Current assets: | ||||
Cash | $ | 265 | ||
Total current assets | 265 | |||
Deferred offering costs associated with proposed public offering | 714,419 | |||
Total assets | $ | 714,684 | ||
LIABILITIES AND SHAREHOLDER’S DEFICIT | ||||
Current liabilities: | ||||
Accounts payable | $ | 14,955 | ||
Accrued offering and formation costs | 531,600 | |||
Promissory note payable - related party | 174,605 | |||
Total current liabilities | 721,160 | |||
Commitments and Contingencies (Note 5) | 0 | |||
Shareholder’s Deficit: | ||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN 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; 5,750,000 shares issued and outstanding (1)(2) | 575 | |||
Additional paid-in capital | 24,425 | |||
Accumulated deficit | (31,476 | ) | ||
Total shareholder’s deficit | (6,476 | ) | ||
Total Liabilities and Shareholder’s Deficit | $ | 714,684 | ||
March 31, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash | $ | 255,008 | $ | 503,204 | ||||
Prepaid expenses | 439,760 | 400,073 | ||||||
Total current assets | 694,768 | 903,277 | ||||||
Marketable securities held in Trust Account | 232,401,196 | 232,320,844 | ||||||
Other assets | 209,504 | 302,847 | ||||||
Total Assets | $ | 233,305,468 | $ | 233,526,968 | ||||
LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS’ DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,810 | $ | 2,810 | ||||
Promissory note – related party | 222,562 | 208,461 | ||||||
Accrued expenses | 570,432 | 523,748 | ||||||
Total current liabilities | 795,804 | 735,019 | ||||||
Deferred underwriting fees payable | 8,050,000 | 8,050,000 | ||||||
Derivative warrant liabilities | 8,157,960 | 12,240,000 | ||||||
Deferred legal fees | 343,437 | 343,437 | ||||||
Total liabilities | 17,347,201 | 21,368,456 | ||||||
Commitments and Contingencies (Note 5) | 0 | 0 | ||||||
Temporary Equity | ||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 per share | 232,300,000 | 232,300,000 | ||||||
Shareholders’ deficit | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaNissued or outstanding | 0 | 0 | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; NaNissued or outstanding (excluding 23,000,000 shares subject to possible redemption) | 0 | 0 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding | 575 | 575 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated deficit | (16,342,308 | ) | (20,142,063 | ) | ||||
Total shareholders’ deficit | (16,341,733 | ) | (20,141,488 | ) | ||||
Total Liabilities, Temporary Equity, and Shareholders’ Deficit | $ | 233,305,468 | $ | 233,526,968 | ||||
For the three months ended September 30, 2021 | For the period from March 5, 2021 (inception) through September 30, 2021 | |||||||
Formation costs | $ | 375 | $ | 31,476 | ||||
Net loss | $ | (375 | ) | $ | (31,476 | ) | ||
Weighted average shares outstanding, basic and diluted (1)(2) | 5,000,000 | 5,000,000 | ||||||
Basic and diluted net loss per share | $ | (0.00 | ) | $ | (0.01 | ) | ||
For the Three Months Ended March 31, 2022 | For the Period from March 5, 2021 (Inception) through March 31, 2021 | |||||||
General and administrative expenses | $ | 362,637 | $ | 12,538 | ||||
Loss from operations | (362,637 | ) | (12,538 | ) | ||||
Other Income (Expenses) | ||||||||
Change in fair value of derivative warrant liabilities | 4,082,040 | 0 | ||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account | 80,352 | 0 | ||||||
Net income (loss) | $ | 3,799,755 | $ | (12,538 | ) | |||
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted | 23,000,000 | 0 | ||||||
Basic and diluted per share, Class A subject to possible redemption | $ | 0.13 | $ | 0 | ||||
Weighted average shares outstanding of Class B non- redeemable ordinary shares, basic and diluted | 5,750,000 | 5,000,000 | ||||||
Basic and diluted per share, Class B non-redeemable ordinary shares | $ | 0.13 | $ | 0 | ||||
Temporary Equity | Ordinary Shares | Additional | Total | |||||||||||||||||||||||||
Class A | Class B | Paid-In | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance as of January 1, 2022 | 23,000,000 | $ | 232,300,000 | 5,750,000 | $ | 575 | $ | 0 | $ | (20,142,063 | ) | $ | (20,141,488 | ) | ||||||||||||||
Net income | — | — | — | — | — | 3,799,755 | 3,799,755 | |||||||||||||||||||||
Balance as of March 31, 2022 (unaudited) | 23,000,000 | $ | 232,300,000 | 5,750,000 | $ | 575 | $ | 0 | $ | (16,342,308 | ) | $ | (16,341,733 | ) | ||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||
Class B | Paid-In | Accumulated | Shareholder’s | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
Balance as of March 5, 2021 (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Issuance of ordinary shares to Sponsor (1)(2) | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||
Net loss | — | — | — | (31,101 | ) | (31,101 | ) | |||||||||||||
Balance as of June 30, 2021 | 5,750,000 | 575 | 24,425 | (31,101 | ) | (6,101 | ) | |||||||||||||
Net loss | — | — | — | (375 | ) | (375 | ) | |||||||||||||
Balance as of September 30, 2021 | 5,750,000 | $ | 575 | $ | 24,425 | $ | (31,476 | ) | $ | (6,476 | ) | |||||||||
Temporary Equity | Ordinary Shares | Additional | Total | |||||||||||||||||||||||||
Class A | Class B | Paid-In | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance as of March 5, 2021 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of ordinary shares to Sponsor (1)(2) | — | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (12,538 | ) | (12,538 | ) | |||||||||||||||||||
Balance as of March 31, 2021 (unaudited) | 0 | $ | 0 | 5,750,000 | $ | 575 | $ | 0 | $ | (12,538 | ) | $ | 12,462 | |||||||||||||||
For the period from March 5, 2021 (inception) through September 30, 2021 | ||||
Cash Flows from Operating Activities: | ||||
Net loss | $ | (31,476 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Formation costs funded by note payable through Sponsor | 9,091 | |||
Formation costs paid in exchange for issuance of ordinary shares | 20,421 | |||
Changes in operating assets and liabilities: | ||||
Accounts payable | 376 | |||
Accrued offering and formation costs | 1,500 | |||
Net cash used in operating activities | (88 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from promissory note payable - related party | 65,000 | |||
Repayment of promissory note payable - related party | (5,000 | ) | ||
Offering costs paid | (59,647 | ) | ||
Net cash provided by financing activities | 353 | |||
Net increase in cash | 265 | |||
Cash - beginning of period | 0 | |||
Cash - end of period | $ | 265 | ||
Supplemental disclosure of noncash investing and financing activities: | ||||
Deferred offering costs included in accounts payable | $ | 14,579 | ||
Deferred offering costs included in accrued offering and formation costs | $ | 530,100 | ||
Deferred offering costs paid through promissory note - related party | $ | 105,514 | ||
Issuance of Founder Shares in exchange for payment of deferred offering costs | $ | 25,000 | ||
For the Three Months Ended March 31, 2022 | For the period From March 5, 2021 (Inception) through March 31, 2021 | |||||||
Cash Flows from Operating Activities | ||||||||
Net income (loss) | $ | 3,799,755 | $ | (12,538 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Gain on marketable securities, dividends and interest, held in Trust Account | (80,352 | ) | 0 | |||||
Formation costs funded by note payable through Sponsor | 14,101 | 0 | ||||||
Change in fair value of derivative warrant liabilities | (4,082,040 | ) | 0 | |||||
Formation costs paid for issuance of ordinary shares | 0 | 12,538 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 53,656 | 0 | ||||||
Accrued expenses | 66,684 | 0 | ||||||
Net cash used in operating activities | (228,196 | ) | 0 | |||||
Cash Flows from Financing Activities | ||||||||
Proceeds from promissory note payable – related party | 0 | 15,000 | ||||||
Repayment of promissory note payable – related party | 0 | (5,000 | ) | |||||
Offering costs paid | (20,000 | ) | 0 | |||||
Net cash (used) provided in financing activities | (20,000 | ) | 10,000 | |||||
Net increase in cash | (248,196 | ) | 10,000 | |||||
Cash—beginning of period | 503,204 | 0 | ||||||
Cash—end of period | $ | 255,008 | $ | 10,000 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Offering costs included in accrued expenses | $ | 0 | $ | 51,857 | ||||
Gross proceeds | $ | 230,000,000 | ||
Less: | ||||
Class A ordinary shares issuance costs | (21,834,402 | ) | ||
Fair value of Public Warrants at issuance | (5,784,500 | ) | ||
Plus: | ||||
Remeasurement of carrying value to redemption value | 29,918,902 | |||
Class A ordinary shares subject to possible redemption | $ | 232,300,000 | ||
For the Three Months Ended March 31, 2022 | For the Period from March 5, 2021 (Inception) Through March 31, 2021 | |||||||
Redeemable Class A Ordinary Shares | ||||||||
Numerator: Net income allocable to Redeemable Class A Ordinary Shares | $ | 3,039,804 | $ | 0 | ||||
Denominator: Weighted Average Share Outstanding, Redeemable Class A Ordinary Shares | 23,000,000 | 0 | ||||||
Basic and diluted earnings per share, Redeemable Class A | $ | 0.13 | $ | 0 | ||||
Non-Redeemable Class B Ordinary Shares | ||||||||
Numerator: Net income (loss) allocable to non-redeemable Class B Ordinary Shares | $ | 759,951 | $ | (12,538 | ) | |||
Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares | 5,750,000 | 5,750,000 | ||||||
Basic and diluted earnings per share, Non-Redeemable Class B | $ | 0.13 | $ | 0.00 | ||||
Description | Level | Fair Value | ||||||||||
March 31, 2022 | Marketable securities | 1 | $ | 232,401,196 | ||||||||
December 31, 2021 | Marketable securities | 1 | $ | 232,320,844 |
March 31, 2022 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Public Warrants | $ | 4,598,850 | $ | 0 | $ | 0 | $ | 4,598,850 | ||||||||
Private Placement Warrants | 0 | 3,559,110 | 0 | 3,559,110 | ||||||||||||
Total liabilities | $ | 4,598,850 | $ | 3,559,110 | $ | 0 | $ | 8,157,960 | ||||||||
December 31, 2021 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Public Warrants | $ | 6,900,000 | $ | 0 | $ | 0 | $ | 6,900,000 | ||||||||
Private Placement Warrants | 0 | 5,340,000 | 0 | 5,340,000 | ||||||||||||
Total liabilities | $ | 6,900,000 | $ | 5,340,000 | $ | 0 | $ | 12,240,000 | ||||||||
Public Warrant Liability | Private Warrant Liability | Total | ||||||||||
Fair value on January 1, 2022 | 6,900,000 | 5,340,000 | 12,240,000 | |||||||||
Change in fair value (gain) | 2,301,150 | 1,780,890 | 4,082,040 | |||||||||
Fair value as of March 31, 2022 | $ | 4,598,850 | $ | 3,559,110 | $ | 8,157,960 | ||||||
No. | Description of Exhibit | |
31.1 | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as | |
32.1 | Certification of Principal Executive Officer and 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 | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
WORLDWIDE WEBB ACQUISITION CORP. | ||||||
Date: | /s/ Daniel S. Webb | |||||
Name: | Daniel S. Webb | |||||
Title: | Chief Executive Officer and Chief Financial Officer |