☒ | 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 | 001-40171 | 98-1572641 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||
450 Lexington Avenue New York, New York | 10017 | |||
(Address Of Principal Executive Offices) | (Zip Code) |
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-fifth of one redeemable warrant | WPCA.U | NYSE | ||
Class A ordinary shares included as part of the units | WPCA | NYSE | ||
Redeemable warrants included as part of the units | WPCA WS | NYSE |
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. | 20 | |||||
Item 3. | 25 | |||||
Item 4. | 25 | |||||
Item 1. | ||||||
Item 1A. | 26 | |||||
Item 2. | 26 | |||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | 27 |
Item 1. | Condensed Financial Statements |
March 31, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 875,894 | $ | 1,237,399 | ||||
Prepaid expenses | 469,544 | 518,804 | ||||||
Total current assets | 1,345,438 | 1,756,203 | ||||||
Investments held in Trust Account | 283,457,536 | 283,436,447 | ||||||
Total Assets | $ | 284,802,974 | $ | 285,192,650 | ||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 168,881 | $ | 193,276 | ||||
Accrued expenses | 1,276,835 | 1,036,165 | ||||||
Total current liabilities | 1,445,716 | 1,229,441 | ||||||
Derivative warrant liabilities | 5,380,270 | 11,332,920 | ||||||
Deferred underwriting commissions | 9,919,751 | 9,919,751 | ||||||
Total liabilities | 16,745,737 | 22,482,112 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 28,342,178 shares as of March 31, 2022 and December 31, 2021, respectively | 283,421,780 | 283,421,780 | ||||||
Shareholders’ Deficit: | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued and outstanding as of March 31, 2022 and December 31, 2021 | 0— | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 non-redeemable shares issued or outstanding as of March 31, 2022 and December 31, 2021 | 0 | — | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,085,544 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 709 | 709 | ||||||
Additional paid-in capital | 0— | — | ||||||
Accumulated deficit | (15,365,252 | ) | (20,711,951 | ) | ||||
Total shareholders’ deficit | (15,364,543 | ) | (20,711,242 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 284,802,974 | $ | 285,192,650 |
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 765,207 | $ | 1,237,399 | ||||
Prepaid expenses | 343,616 | 518,804 | ||||||
Total current assets | 1,108,823 | 1,756,203 | ||||||
Investments held in Trust Account | 283,844,456 | 283,436,447 | ||||||
Total Assets | $ | 284,953,279 | $ | 285,192,650 | ||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 194,773 | $ | 193,276 | ||||
Accrued expenses | 1,419,436 | 1,036,165 | ||||||
Total current liabilities | 1,614,209 | 1,229,441 | ||||||
Derivative warrant liabilities | 3,777,640 | 11,332,920 | ||||||
Deferred underwriting commissions | 9,919,751 | 9,919,751 | ||||||
Total liabilities | 15,311,600 | 22,482,112 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 28,342,178 shares at $10.011 and $10.000 as of June 30, 2022 and December 31, 2021, respectively | 283,744,456 | 283,421,780 | ||||||
Shareholders’ Deficit: | ||||||||
Preference shares, $ 0.0001 par value;5,000,000 shares authorized; NaN issued or 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; 0 non-redeemable shares issued or outstanding as of June 30, 2022 and December 31, 2021 | — | 0— | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized;7,085,544 | 709 | 709 | ||||||
Additional paid-in capital | 0— | 0— | ||||||
Accumulated deficit | (14,103,486 | ) | (20,711,951 | ) | ||||
Total shareholders’ deficit | (14,102,777 | ) | (20,711,242 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 284,953,279 | $ | 285,192,650 | ||||
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
General and administrative expenses | $ | 597,040 | $ | 140,103 | ||||
General and administrative expenses—related party | 30,000 | 10,000 | ||||||
Loss from operations | (627,040 | ) | (150,103 | ) | ||||
Other income (expenses): | ||||||||
Change in fair value of derivative warrant liabilities | 5,952,650 | 1,860,000 | ||||||
Offering costs associated with derivative warrant liabilities | 0 | (358,700 | ) | |||||
Income from investments held in Trust Account | 21,089 | 869 | ||||||
Net income | $ | 5,346,699 | $ | 1,352,066 | ||||
Weighted average shares outstanding of Class A ordinary shares | 28,342,178 | 6,388,889 | ||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.15 | $ | 0.11 | ||||
Weighted average shares outstanding of Class B ordinary shares | 7,085,544 | 6,250,000 | ||||||
Basic and diluted net income per share, Class B ordinary shares | $ | 0.15 | $ | 0.11 | ||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
General and administrative expenses | $ | 375,108 | $ | 409,537 | $ | 972,148 | $ | 549,640 | ||||||||
General and administrative expenses - related party | 30,000 | 30,000 | 60,000 | 40,000 | ||||||||||||
Loss from operations | (405,108 | ) | (439,537 | ) | (1,032,148 | ) | (589,640 | ) | ||||||||
Other income (expenses): | ||||||||||||||||
Change in fair value of derivative warrant liabilities | 1,602,630 | (3,319,750 | ) | 7,555,280 | (1,459,750 | ) | ||||||||||
Offering costs associated with derivative warrant liabilities | — | (37,870 | ) | — | (396,570 | ) | ||||||||||
Income from investments held in Trust Account | 386,920 | 4,161 | 408,009 | 5,030 | ||||||||||||
Net income (loss) | $ | 1,584,442 | $ | (3,792,996 | ) | $ | 6,931,141 | $ | (2,440,930 | ) | ||||||
Weighted average shares outstanding of Class A ordinary shares | 28,342,178 | 27,644,361 | 28,342,178 | 23,815,093 | ||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares | $ | 0.04 | $ | (0.11 | ) | $ | 0.20 | $ | (0.08 | ) | ||||||
Weighted average shares outstanding of Class B ordinary shares | 7,085,544 | 6,911,090 | 7,085,544 | 8,267,308 | ||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | 0.04 | $ | (0.11 | ) | $ | 0.20 | $ | (0.08 | ) | ||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance—December 31, 2021 | 0 | $ | 0 | 7,085,544 | $ | 709 | $ | 0 | $ | (20,711,951 | ) | $ | (20,711,242 | ) | ||||||||||||||
Net income | — | — | — | — | — | 5,346,699 | 5,346,699 | |||||||||||||||||||||
Balance—March 31, 2022 (Unaudited) | 0 | $ | 0 | 7,085,544 | $ | 709 | $ | 0 | $ | (15,365,252 | ) | $ | (15,364,543 | ) | ||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2021 | — | $ | — | 7,085,544 | $ | 709 | $ | — | $ | (20,711,951 | ) | $ | (20,711,242 | ) | ||||||||||||||
Net income | — | — | — | — | — | 5,346,699 | 5,346,699 | |||||||||||||||||||||
Balance - March 31, 2022 (Unaudited) | — | — | 7,085,544 | 709 | — | (15,365,252 | ) | (15,364,543 | ) | |||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | — | — | — | — | — | (322,676 | ) | (322,676 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 1,584,442 | 1,584,442 | |||||||||||||||||||||
Balance - June 30, 2022 (Unaudited) | — | $ | — | 7,085,544 | $ | 709 | $ | — | $ | (14,103,486 | ) | $ | (14,102,777 | ) | ||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance—December 31, 2020 | 0 | $ | 0 | 7,187,500 | $ | 719 | $ | 24,281 | $ | (13,242 | ) | $ | 11,758 | |||||||||||||||
Excess cash received over the fair value of the private placement warrants | — | — | — | — | 1,546,670 | — | 1,546,670 | |||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount | — | — | — | — | (1,570,951 | ) | (18,402,183 | ) | (19,973,134 | ) | ||||||||||||||||||
Net income | — | — | — | — | — | 1,352,066 | 1,352,066 | |||||||||||||||||||||
Balance—March 31, 2021 (Unaudited) | 0 | $ | 0 | 7,187,500 | $ | 719 | $ | 0 | $ | (17,063,359 | ) | $ | (17,062,640 | ) | ||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2020 | — | $ | — | 7,187,500 | $ | 719 | $ | 24,281 | $ | (13,242 | ) | $ | 11,758 | |||||||||||||||
Excess cash received over the fair value of the private placement warrants | — | — | — | — | 1,546,670 | — | 1,546,670 | |||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount | — | — | — | — | (1,570,951 | ) | (18,402,183 | ) | (19,973,134 | ) | ||||||||||||||||||
Net income | — | — | — | — | — | 1,352,066 | 1,352,066 | |||||||||||||||||||||
Balance - March 31, 2021 (Unaudited) | — | — | 7,187,500 | 719 | — | (17,063,359 | ) | (17,062,640 | ) | |||||||||||||||||||
Excess cash received over the fair value of the private warrants, over-allotment | — | — | — | — | 209,446 | — | 209,446 | |||||||||||||||||||||
Forfeiture of Class B ordinary shares | — | — | (101,956 | ) | (10 | ) | 10 | — | — | |||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount, over-allotment | — | — | — | — | (209,456 | ) | (2,279,362 | ) | (2,488,818 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (3,792,996 | ) | (3,792,996 | ) | |||||||||||||||||||
Balance - June 30, 2021 (Unaudited) | — | $ | — | 7,085,544 | $ | 709 | $ | — | $ | (23,135,717 | ) | $ | (23,135,008 | ) | ||||||||||||||
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 5,346,699 | $ | 1,352,066 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Income from investments held in Trust Account | (21,089 | ) | (869 | ) | ||||
Change in fair value of derivative warrant liabilities | (5,952,650 | ) | (1,860,000 | ) | ||||
Offering costs associated with derivative warrant liabilities | 0 | 358,700 | ||||||
General and administrative expenses paid by related party under promissory note | 0 | 3,053 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 49,260 | (862,419 | ) | |||||
Accounts payable | (24,395 | ) | 12,500 | |||||
Accrued expenses | 240,670 | 9,965 | ||||||
Net cash used in operating activities | (361,505 | ) | (987,004 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | 0 | (250,000,000 | ) | |||||
Net cash used in investing activities | 0 | (250,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Repayment of note payable to related party | 0 | (78,045 | ) | |||||
Proceeds received from initial public offering, gross | 0 | 250,000,000 | ||||||
Proceeds received from private placement | 0 | 8,000,000 | ||||||
Offering costs paid | 0 | (5,121,841 | ) | |||||
Net cash provided by financing activities | 0 | 252,800,114 | ||||||
Net increase in cash | (361,505 | ) | 1,813,110 | |||||
Cash—beginning of the period | 1,237,399 | 0 | ||||||
Cash—end of the period | $ | 875,894 | $ | 1,813,110 | ||||
Supplemental disclosure of noncash financing activities: | ||||||||
Offering costs included in accrued expenses | $ | 0 | $ | 253,400 | ||||
Offering costs paid by related party under promissory note | $ | 0 | $ | 74,992 | ||||
Deferred underwriting commissions | $ | 0 | $ | 8,750,000 |
For the Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 6,931,141 | $ | (2,440,930 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Income from investments held in Trust Account | (408,009 | ) | (5,029 | ) | ||||
Change in fair value of derivative warrant liabilities | (7,555,280 | ) | 1,459,750 | |||||
Offering costs associated with derivative warrant liabilities | — | 396,570 | ||||||
General and administrative expenses paid by related party under promissory note | — | 3,053 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 175,188 | (743,624 | ) | |||||
Accounts payable | 1,497 | 16,507 | ||||||
Accrued expenses | 383,271 | 257,700 | ||||||
Net cash used in operating activities | (472,192 | ) | (1,056,003 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | — | (283,421,780 | ) | |||||
Net cash used in investing activities | — | (283,421,780 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Repayment of note payable to related party | — | (78,045 | ) | |||||
Proceeds received from initial public offering | — | 283,421,780 | ||||||
Proceeds received from private placement | — | 8,668,435 | ||||||
Offering costs paid | — | (5,790,278 | ) | |||||
Net cash provided by financing activities | — | 286,221,892 | ||||||
Net change in cash | (472,192 | ) | 1,744,109 | |||||
Cash - beginning of the period | 1,237,399 | — | ||||||
Cash - end of the period | $ | 765,207 | $ | 1,744,109 | ||||
Supplemental disclosure of noncash activities: | ||||||||
Offering costs included in accrued expenses | $ | — | $ | 253,400 | ||||
Offering costs paid by related party under promissory note | $ | — | $ | 74,992 | ||||
Deferred underwriting commissions | $ | — | $ | 9,919,751 |
For the Three Months Ended March 31, 2022 | ||||||||
Class A | Class B | |||||||
Basic and diluted net income per ordinary share: | ||||||||
Numerator: | ||||||||
Allocation of net income | $ | 4,277,359 | $ | 1,069,340 | ||||
Denominator: | ||||||||
Basic and diluted weighted average ordinary shares outstanding | 28,342,178 | 7,085,544 | ||||||
Basic and diluted net income per ordinary share | $ | 0.15 | $ | 0.15 | ||||
For the Three Months Ended June 30, 2022 | For the Three Months Ended June 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 1,267,554 | $ | 316,888 | $ | (3,034,397 | ) | $ | (758,599 | ) | ||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 28,342,178 | 7,085,544 | 27,644,361 | 6,911,090 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.04 | $ | 0.04 | $ | (0.11 | ) | $ | (0.11 | ) | ||||||
For the Three Months Ended March 31, 2021 | ||||||||
Class A | Class B | |||||||
Basic and diluted net income per ordinary share: | ||||||||
Numerator: | ||||||||
Allocation of net income | $ | 683,462 | $ | 668,604 | ||||
Denominator: | ||||||||
Basic and diluted weighted average ordinary shares outstanding | 6,388,889 | 6,250,000 | ||||||
Basic and diluted net income per ordinary share | $ | 0.11 | $ | 0.11 | ||||
For the Six Months Ended June 30, 2022 | For the Six Months Ended June 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 5,544,913 | $ | 1,386,228 | $ | (1,811,927 | ) | $ | (629,003 | ) | ||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 28,342,178 | 7,085,544 | 23,815,093 | 8,267,308 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.20 | $ | 0.20 | $ | (0.08 | ) | $ | (0.08 | ) | ||||||
Gross proceeds from Initial Public Offering | $ | 283,421,780 | $ | 283,421,780 | ||||
Less: | ||||||||
Fair value of Public Warrants at issuance | (6,738,490 | ) | (6,738,490 | ) | ||||
Offering costs allocated to Class A ordinary shares subject to possible redemption | (15,723,462 | ) | (15,723,462 | ) | ||||
Plus: | ||||||||
Accretion on Class A ordinary shares subject to possible redemption amount | 22,461,952 | 22,461,952 | ||||||
Class A ordinary shares subject to possible redemption | $ | 283,421,780 | ||||||
Class A ordinary shares subject to possible redemption as of December 31, 2021 | 283,421,780 | |||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | 322,676 | |||||||
Class A ordinary shares subject to possible redemption as of June 30, 2022 | $ | 283,744,456 | ||||||
June 30, 2022 | ||||||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account-money market funds | $ | 283,844,456 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities-Public warrants | $ | $ | — | $ | 1,870,580 | |||||||
Derivative warrant liabilities-Private placement warrants | $ | — | $ | $ | 1,907,060 |
March 31, 2022 | ||||||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account—money market funds | $ | 283,457,536 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities—Public warrants | $ | 2,664,160 | $ | — | $ | 0 | ||||||
Derivative warrant liabilities—Private placement warrants | $ | — | $ | 2,716,110 | $ | 0 |
December 31, 2021 | ||||||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account—money market funds | $ | 283,436,447 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities—Public warrants | $ | — | $ | — | $ | 5,611,750 | ||||||
Derivative warrant liabilities—Private placement warrants | $ | — | $ | — | $ | 5,721,170 |
December 31, 2021 | ||||||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account-money market funds | $ | 283,436,447 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities-Public warrants | $ | — | $ | — | $ | 5,611,750 | ||||||
Derivative warrant liabilities-Private placement warrants | $ | — | $ | — | $ | 5,721,170 |
Derivative warrant liabilities at January 1, 2021 | $ | — | ||
Issuance of Public and Private Warrants | 12,503,330 | |||
Change in fair value of derivative warrant liabilities | (1,860,000 | ) | ||
Derivative warrant liabilities at March 31, 2021 | 10,643,330 | |||
Issuance of Public and Private Warrants - over-allotment | 1,147,480 | |||
Change in fair value of derivative warrant liabilities | 3,319,750 | |||
Derivative warrant liabilities at June 30, 2021 | $ | 15,110,560 | ||
Derivative warrant liabilities at January 1, 2022 | $ | 11,332,920 | ||
Transfer of Public Warrants to Level 1 | (5,611,750 | ) | ||
Transfer of Private Placement Warrants to Level 2 | (5,721,170 | ) | ||
Derivative warrant liabilities at March 31, 2022 | — | |||
Transfer of Public Warrants to Level 3 | 2,664,160 | |||
Transfer of Private Placement Warrants to Level 3 | 2,716,110 | |||
Change in fair value of derivative warrant liabilities | (1,602,630 | ) | ||
Derivative warrant liabilities at June 30, 2022 | $ | 3,777,640 | ||
Derivative warrant liabilities at January 1, 2021 | $ | 0 | ||
Issuance of Public and Private Warrants | 12,503,330 | |||
Change in fair value of derivative warrant liabilities | (1,860,000 | ) | ||
Derivative warrant liabilities at March 31, 2021 | $ | 10,643,330 | ||
Issuance of Public and Private Warrants—over-allotment | 1,147,480 | |||
Change in fair value of derivative warrant liabilities | (457,890 | ) | ||
Derivative warrant liabilities at December 31, 2021 | $ | 11,332,920 | ||
Transfer of Public Warrants to Level 1 | (5,611,750 | ) | ||
Transfer of Private Placement Warrants to Level 2 | (5,721,170 | ) | ||
Derivative warrant liabilities at March 31, 2022 | $ | 0 | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds From Registered Securities. |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
Item 6. | Exhibits. |
* | Filed herewith |
+ | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: | WARBURG PINCUS CAPITAL CORPORATION I-A | |||||||
By: | /s/ Christopher H. Turner | |||||||
Name: | Christopher H. Turner | |||||||
Title: | Chief Executive Officer and Chairman of the Board of Directors | |||||||
(Principal Executive Officer) |