| Cayman Islands | | | 6770 | | | 98-1578955 | |
| (State or other jurisdiction of incorporation or organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification No.) | |
| Jocelyn M. Arel Daniel J. Espinoza Goodwin Procter LLP 100 Northern Avenue Boston, Massachusetts 02210 Tel: (617) 570-1000 | | | Michael D. Maline Stephen P. Alicanti DLA Piper LLP (US) 1251 Avenue of the Americas New York, New York 10020 Tel: (212) 335-4500 | |
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TITLE OF EACH CLASS OF SECURITIES TO BE REGISTERED | | | | AMOUNT BEING REGISTERED | | | | PROPOSED MAXIMUM OFFERING PRICE PER SECURITY(1) | | | | PROPOSED MAXIMUM AGGREGATE OFFERING PRICE(1) | | | | AMOUNT OF REGISTRATION FEE | | | | | AMOUNT BEING REGISTERED | | | | PROPOSED MAXIMUM OFFERING PRICE PER SECURITY(1) | | | | PROPOSED MAXIMUM AGGREGATE OFFERING PRICE(1) | | | | AMOUNT OF REGISTRATION FEE | | ||||||||||||||||||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of a redeemable Warrant to acquire one Class A ordinary shares (2) | | | | 34,500,000 units | | | | | $ | 10.00 | | | | | | $ | 345,000,000 | | | | | | $ | 37,640 | | | ||||||||||||||||||||||||||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of a redeemable Warrant to acquire one Class A ordinary shares (2) | | | | 23,000,000 units | | | | | $ | 10.00 | | | | | | $ | 230,000,000 | | | | | | $ | 21,321 | | | ||||||||||||||||||||||||||
Class A ordinary shares included as part of the Units(3) | | | | 34,500,000 shares | | | | | | — | | | | | | | — | | | | | | | —(4) | | | | | | 23,000,000 shares | | | | | | — | | | | | | | — | | | | | | | —(4) | | |
Redeemable warrants to acquire one Class A ordinary share included as part of the Units (3) | | | | 11,500,000 warrants | | | | | | — | | | | | | | — | | | | | | | —(4) | | | | | | 11,500,000 warrants | | | | | | — | | | | | | | — | | | | | | | —(4) | | |
Total | | | | | | | | | | | | | | | | $ | 345,000,000 | | | | | | $ | 37,640 | | | | | | | | | | | | | | | | | | $ | 230,000,000 | | | | | | $ | 21,321(5) | | |
| | Per Unit | | Total | | | Per Unit | | Total | | ||||||||||||||||
Public offering price | | | $ | 10.00 | | | | $ | 300,000,000 | | | | | $ | 10.00 | | | | $ | 200,000,000 | | | ||||
Underwriting discounts and commissions(1) | | | $ | 0.20 | | | | $ | 6,000,000 | | | | | $ | 0.20 | | | | $ | 4,000,000 | | | ||||
Proceeds, before expenses, to us | | | $ | 9.80 | | | | $ | 294,000,000 | | | | | $ | 9.80 | | | | $ | 196,000,000 | | |
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Balance Sheet Data: | | February 3, 2021 | | | June 30, 2021 | | ||||||||
Working capital (deficiency) | | | $ | (41,427) | | | | | $ | (560,967) | | | ||
Total assets | | | $ | 74,968 | | | | | $ | 558,054 | | | ||
Total liabilities | | | $ | 60,577 | | | | | $ | 564,967 | | | ||
Shareholders’ equity | | | $ | 14,391 | | | ||||||||
Shareholders’ deficit | | | $ | (6,913) | | |
| | Without Over- Allotment Option | | Over-Allotment Option Exercised | | | Without Over- Allotment Option | | Over-Allotment Option Exercised | | ||||||||||||||||
Gross proceeds | | | | | | | | | | | | | | | | | | | | | | | ||||
Gross proceeds from units offered to public(1) | | | $ | 300,000,000 | | | | $ | 345,000,000 | | | | | $ | 200,000,000 | | | | $ | 230,000,000 | | | ||||
Gross proceeds from sale of the private placement warrants offered in a private placement to the sponsor | | | $ | 8,400,000 | | | | $ | 9,300,000 | | | | | $ | 9,500,000 | | | | $ | 10,550,000 | | | ||||
Total gross proceeds | | | $ | 308,400,000 | | | | $ | 354,300,000 | | | | | $ | 209,500,000 | | | | $ | 240,550,000 | | | ||||
Estimated Offering expenses(2) | | | | | | | | | | | | | | | | | | | | | | | ||||
Underwriting commissions (2.0% of gross proceeds from units offered to public) (3) | | | $ | 6,000,000 | | | | $ | 6,900,000 | | | | | $ | 4,000,000 | | | | $ | 4,600,000 | | | ||||
Legal fees and expenses | | | | 300,000 | | | | | 300,000 | | | | | | 350,000 | | | | | 350,000 | | | ||||
Printing and engraving expenses | | | | 40,000 | | | | | 40,000 | | | | | | 40,000 | | | | | 40,000 | | | ||||
Accounting fees and expenses | | | | 60,000 | | | | | 60,000 | | | | | | 60,000 | | | | | 60,000 | | | ||||
SEC/FINRA Expenses | | | | 80,000 | | | | | 80,000 | | | | | | 80,000 | | | | | 80,000 | | | ||||
Nasdaq listing and filing fees | | | | 75,000 | | | | | 75,000 | | | | | | 75,000 | | | | | 75,000 | | | ||||
Director & Officer liability insurance premiums | | | | 600,000 | | | | | 600,000 | | | |||||||||||||||
Miscellaneous | | | | 245,000 | | | | | 245,000 | | | | | | 45,000 | | | | | 45,000 | | | ||||
Total estimated offering expenses (excluding underwriting commissions) | | | $ | 1,400,000 | | | | $ | 1,400,000 | | | | | $ | 650,000 | | | | $ | 650,000 | | | ||||
Proceeds after estimated offering expenses | | | $ | 301,000,000 | | | | $ | 346,000,000 | | | | | $ | 204,850,000 | | | | $ | 235,300,000 | | | ||||
Proceeds from CB Co-Investment loan | | | $ | 1,000,000 | | | | $ | 1,150,000 | | | |||||||||||||||
Held in trust account(3) | | | $ | 300,000,000 | | | | $ | 345,000,000 | | | | | $ | 204,000,000 | | | | $ | 234,600,000 | | | ||||
% of public offering size | | | | 100% | | | | | 100% | | | | | | 102% | | | | | 102% | | | ||||
Not held in trust account | | | $ | 1,000,000 | | | | $ | 1,000,000 | | | | | $ | 1,850,000 | | | | $ | 1,850,000 | | |
| | Amount | | % of Total | | | Amount | | % of Total | | ||||||||||||||||
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination (6) | | | | 250,000 | | | | | 25.00% | | | | | | 300,000 | | | | | 16.2% | | | ||||
Legal and accounting fees related to regulatory reporting obligations | | | | 115,000 | | | | | 11.50% | | | | | | 115,000 | | | | | 6.2% | | | ||||
Director & Officer liability insurance premiums | | | | 850,000 | | | | | 45.9% | | | |||||||||||||||
Administrative and support services | | | | 480,000 | | | | | 48.00% | | | | | | 360,000 | | | | | 19.5% | | | ||||
Nasdaq continued listing fees | | | | 55,000 | | | | | 5.50% | | | | | | 55,000 | | | | | 3.0% | | | ||||
Other miscellaneous expenses | | | | 100,000 | | | | | 10.00% | | | | | | 170,000 | | | | | 9.2% | | | ||||
Total | | | $ | 1,000,000 | | | | | 100.0% | | | | | $ | 1,850,000 | | | | | 100.0% | | |
| | Without Over- allotment | | With Over- allotment | | | Without Over- allotment | | With Over- allotment | | ||||||||||||||||
Public offering price | | | $ | 10.00 | | | | $ | 10.00 | | | | | $ | 10.00 | | | | $ | 10.00 | | | ||||
Net tangible book deficit before this offering | | | | (0.00) | | | | | (0.00) | | | | | | (0.10) | | | | | (0.10) | | | ||||
Increase attributable to public shareholders | | | | 0.63 | | | | | 0.55 | | | |||||||||||||||
Pro forma net tangible book value after this offering and the sale of the private placement warrants | | | | 0.63 | | | | | 0.55 | | | |||||||||||||||
Decrease attributable to public shareholders | | | | (2.59) | | | | | (2.59) | | | |||||||||||||||
Pro forma net tangible book deficit after this offering, the sale of the private placement warrants and the CB Co-Investment loan | | | | (2.69) | | | | | (2.69) | | | |||||||||||||||
Dilution to public shareholders | | | $ | 9.37 | | | | $ | 9.45 | | | | | $ | 12.69 | | | | $ | 12.69 | | | ||||
Percentage of dilution to public shareholders | | | | 93.7% | | | | | 94.5% | | | | | | 126.9% | | | | | 126.9% | | |
| | | Shares Purchased | | Total Consideration | | | Average Price Per Share | | | | Shares Purchased | | Total Consideration | | | Average Price Per Share | | ||||||||||||||||||||||||||||||||||||||||||||
| Number | | Percentage | | Amount | | Percentage | | | Number | | Percentage | | Amount | | Percentage | | |||||||||||||||||||||||||||||||||||||||||||||
Initial Shareholders(1) | | | | 7,500,000 | | | | | 20.00% | | | | $ | 25,000 | | | | | 0.01% | | | | $ | 0.003 | | | | | | 5,000,000 | | | | | 20.00% | | | | $ | 25,000 | | | | | 0.01% | | | | $ | 0.005 | | | ||||||||||
Public Shareholders | | | | 30,000,000 | | | ��� | | 80.00% | | | | | 300,000,000 | | | | | 99.99% | | | | $ | 10.00 | | | | | | 20,000,000 | | | | | 80.00% | | | | | 200,000,000 | | | | | 99.99% | | | | $ | 10.00 | | | ||||||||||
| | | | 37,500,000 | | | | | 100.0% | | | | $ | 300,025,000 | | | | | 100.00% | | | | | | | | | | | 25,000,000 | | | | | 100.0% | | | | $ | 200,025,000 | | | | | 100.00% | | | | | | | |
| | Without Over- allotment | | With Over- allotment | | | Without Over- allotment | | With Over- allotment | | ||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net tangible book deficit before this offering | | | $ | (41,427) | | | | $ | (41,427) | | | | | $ | (560,967) | | | | $ | (560,967) | | | ||||
Net proceeds from this offering and sale of the private placement warrants (1) | | | | 301,000,000 | | | | | 346,000,000 | | | |||||||||||||||
Plus: Certain expenses paid in advance, excluded from tangible book value before this offering | | | | 55,818 | | | | | 55,818 | | | |||||||||||||||
Net proceeds from this offering, and sale of the private placement warrants (1) | | | | 204,850,000 | | | | | 235,300,000 | | | |||||||||||||||
Plus: Certain expenses accrued for or paid in advance, excluded from tangible book deficit before this offering | | | | 554,054 | | | | | 554,054 | | | |||||||||||||||
Less: Derivative liabilities | | | | (14,290,960) | | | | | (16,152,460) | | | |||||||||||||||
Less: Proceeds held in trust subject to redemption(2) | | | | (296,014,390) | | | | | (341,014,390) | | | | | | (204,000,000) | | | | | (234,600,000) | | | ||||
| | | $ | 5,000,001 | | | | $ | 5,000,001 | | | | | $ | (13,447,873) | | | | $ | (15,459,373) | | | ||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Ordinary shares outstanding prior to this offering | | | | 8,625,000 | | | | | 8,625,000 | | | | | | 5,750,000 | | | | | 5,750,000 | | | ||||
Ordinary shares forfeited if over-allotment is not exercised | | | | (1,125,000) | | | | | — | | | | | | (750,000) | | | | | — | | | ||||
Ordinary shares included in the units offered | | | | 30,000,000 | | | | | 34,500,000 | | | | | | 20,000,000 | | | | | 23,000,000 | | | ||||
Less: Ordinary shares subject to redemption | | | | (29,601,439) | | | | | (34,101,439) | | | | | | (20,000,000) | | | | | (23,000,000) | | | ||||
| | | | 7,898,561 | | | | | 9,023,561 | | | | | | 5,000,000 | | | | | 5,750,000 | | |
| | | February 3, 2021 | | |||||||||
| | | Actual | | | As Adjusted(1) | | ||||||
Notes payable to related party(2) | | | | $ | | | | | $ | — | | | |
Class A ordinary shares, $0.0001 par value; -0- and 29,601,439 shares are subject to possible redemption, actual and as adjusted, respectively(3) | | | | | — | | | | | | 296,014,390 | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value, 479,000,000 shares authorized; -0- and 398,561 shares issued and outstanding (excluding -0- and 29,601,439 shares subject to possible redemption), actual and as adjusted, respectively | | | | | — | | | | | | 40 | | |
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized, 8,625,000 and 7,500,000 shares issued and outstanding, actual and as adjusted, respectively | | | | | 863 | | | | | | 750 | | |
Additional paid-in capital | | | | | 24,137 | | | | | | 5,009,820 | | |
Accumulated deficit | | | | | (10,609) | | | | | | (10,609) | | |
Total shareholders’ equity | | | | $ | 14,391 | | | | | | 5,000,001 | | |
Total capitalization | | | | $ | 14,391 | | | | | $ | 301,014,391 | | |
| | | June 30, 2021 | | |||||||||
| | | Actual | | | As Adjusted(1) | | ||||||
Note payable to related party – short term(2) | | | | $ | 132,935 | | | | | $ | — | | |
Note payable to related party – long term(3) | | | | | — | | | | | | 1,000,000 | | |
Derivative liabilities(4) | | | | | — | | | | | | 14,290,960 | | |
Class A ordinary shares, $0.0001 par value, 479,000,000 shares authorized; -0- and 20,000,000 shares are subject to possible redemption, actual and as adjusted, respectively(5) | | | | | — | | | | | | 204,000,000 | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted | | | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized, 5,750,000 and 5,000,000 shares issued and outstanding, actual and as adjusted, respectively | | | | | 575 | | | | | | 500 | | |
Additional paid-in capital | | | | | 24,425 | | | | | | — | | |
Accumulated deficit(6) | | | | | (31,913) | | | | | | (13,448,373) | | |
Total shareholders' deficit | | | | $ | (6,913) | | | | | $ | (13,447,873) | | |
Total capitalization | | | | $ | 126,022 | | | | | $ | 205,843,087 | | |
| | | REDEMPTIONS IN CONNECTION WITH OUR INITIAL BUSINESS COMBINATION | | | OTHER PERMITTED PURCHASES OF PUBLIC SHARES BY OUR AFFILIATES | | | REDEMPTIONS IF WE FAIL TO COMPLETE AN INITIAL BUSINESS COMBINATION | |
Calculation of redemption price | | | Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be | | | If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. There is no limit to the prices that our sponsor, directors, officers, advisors or their affiliates may pay in these transactions. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going- private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will be required to comply with such rules. | | | If we do not consummate an initial business combination within | |
| | | REDEMPTIONS IN CONNECTION WITH OUR INITIAL BUSINESS COMBINATION | | | OTHER PERMITTED PURCHASES OF PUBLIC SHARES BY OUR AFFILIATES | | | REDEMPTIONS IF WE FAIL TO COMPLETE AN INITIAL BUSINESS COMBINATION | |
Impact to remaining shareholders | | | The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of the Marketing Fee and taxes payable. | | | If the permitted purchases described above are made, there would be no impact to our remaining shareholders because the purchase price would not be paid by us. | | | The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our sponsor, who will be our only remaining shareholder after such redemptions | |
| | | TERMS OF OUR OFFERING | | | TERMS UNDER A RULE 419 OFFERING | |
Escrow of offering proceeds | | | $ | | | Approximately | |
Investment of net proceeds | | | $ | | | Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. | |
Receipt of interest on escrowed funds | | | Interest income (if any) on proceeds from the trust account to be paid to shareholders is reduced by (i) any income taxes paid or payable and (ii) in the event of our liquidation for | | | Interest income on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our | |
| | | TERMS OF OUR OFFERING | | | TERMS UNDER A RULE 419 OFFERING | |
| | | failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation. | | | completion of a business combination. | |
Limitation on fair value or net assets of partner business | | | Our initial business combination must occur with one or more partner businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding taxes payable on the interest earned on the trust account) at the time of signing the agreement to enter into the initial business combination. | | | The fair value or net assets of a partner business must represent at least 80% of the maximum offering proceeds. | |
Trading of securities issued | | | The units are expected to begin trading on or promptly after the date of this prospectus. The Class A ordinary shares and warrants comprising the units will begin separate trading on the 52nd day following the date of this prospectus unless Cowen and Wells Fargo Securities inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the overallotment option. The units will automatically separate into their component parts and will not be traded after completion of our initial business combination. | | | No trading of the units or the underlying Class A ordinary shares and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account. | |
Exercise of the warrants | | | The warrants cannot be exercised until the later of 30 days after the | | | The warrants could be exercised prior to the completion of a | |
| | | TERMS OF OUR OFFERING | | | TERMS UNDER A RULE 419 OFFERING | |
| | | completion of our initial business combination and 12 months from the closing of this offering. | | | business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account. | |
Election to remain an investor | | | We will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange rule to hold a shareholder vote. If we are not required by applicable law or stock exchange rule and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, we hold a shareholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will | | | A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company’s registration statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45th business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and articles of association will require that at least five days’ notice will be given of any such general meeting. | |
| | | TERMS OF OUR OFFERING | | | TERMS UNDER A RULE 419 OFFERING | |
| | | complete our initial business combination only if we receive approval pursuant to an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. | | | | |
Business combination deadline | | | If we do not consummate an initial business combination within | | | If an acquisition has not been completed within 18 months (or up to 24 months) after the effective date of the company’s registration statement, funds held in the trust or escrow account are returned to investors. | |
Release of funds | | | Except with respect to interest earned on the funds held in the trust account that may be | | | The proceeds held in the escrow account are not released until the earlier of the completion of a | |
| | | TERMS OF OUR OFFERING | | | TERMS UNDER A RULE 419 OFFERING | |
| | | released to us to pay our income taxes, if any, until the earliest of (i) the completion of our initial business combination, (ii) the redemption of our public shares if we have not consummated an initial business combination within | | | business combination or the failure to effect a business combination within the allotted time. | |
Name | | | Age | | | Position | |
Christopher Darby | | | | | Chairman of the Board | | |
Michael Rolnick | | | | | Chief Executive Officer and Director | | |
Roger Lazarus | | | | | Chief Financial Officer | | |
Michael Morell | | | | | Director Nominee | | |
Nathaniel Fick | | | | | Director Nominee | | |
Letitia Long | | | | | Director Nominee | |
INDIVIDUAL | | | ENTITY | | | ENTITY’S BUSINESS | | | AFFILIATION | |
Michael Rolnick | | | Baileyana Investments LLC | | | Institutional Investor | | | Managing Member | |
| | | Blockchain Capital | | | Venture Capital | | | Senior Advisor | |
Christopher Darby | | | In-Q-Tel, Inc. | | | Institutional Investor | | | Chief Executive Officer and member of the Board of Trustees | |
| | | National Resilience, Inc. | | | Technology | | | Director | |
| | | CIA Officers Memorial Foundation | | | Non-Profit | | | Director | |
Roger Lazarus | | | Latam Logistic Properties | | | Real Estate | | | Director | |
Michael Morell | | | Morell Consulting | | | Consulting | | | President and Chief Executive Officer | |
| | | Fortress Investment Group | | | Institutional Investor | | | Director | |
| | | Orbis Operations | | | Consulting | | | Chairman of the Board of Directors | |
| | | Beacon Global Strategies | | | Consulting | | | Senior Counselor and Global Chairman of the Geopolitical Risk Practice | |
| | | Atlantic Council | | | Think Tank | | | Director | |
Nathaniel Fick | | | Elastic NV | | | Technology | | | General Manager | |
| | | Strategic Education, Inc. | | | Education | | | Director | |
Letitia Long | | | Corporate Officers Property Trust | | | Real Estate Investment | | | Director | |
| | | Parsons Corporation | | | Trust | | | Director | |
| | | Applied Information Systems | | | Consulting | | | Director | |
| | | Octo | | | Consulting | | | Director | |
| | | Quadrint, Inc. | | | Consulting | | | Director | |
| | | HyperSat LLC | | | Consulting | | | Director | |
| | | Noblis Inc. | | | Technology | | | Director | |
| | | Virginia Polytechnic Institute and State University Board of Visitors | | | Advisory Services Education | | | Vice Rector | |
| | | Intelligence and National Security Alliance | | | Security | | | Chairman of the Board of Directors | |
| | NUMBER OF SHARES BENEFICIALLY OWNED(2) | | APPROXIMATE PERCENTAGE OF OUTSTANDING ORDINARY SHARES | | | NUMBER OF SHARES BENEFICIALLY OWNED(2) | | APPROXIMATE PERCENTAGE OF OUTSTANDING ORDINARY SHARES | | ||||||||||||||||||||||||||||||||||||||||
NAME AND ADDRESS OF BENEFICIAL OWNER(1) | | BEFORE OFFERING | | AFTER OFFERING | | BEFORE OFFERING | | AFTER OFFERING | | | BEFORE OFFERING | | AFTER OFFERING | | BEFORE OFFERING | | AFTER OFFERING | | ||||||||||||||||||||||||||||||||
Chain Bridge Group (our sponsor)(3) | | | | 7,195,714 | | | | | 6,257,143 | | | | | 83.43% | | | | | 16.69% | | | | | | 4,816,190 | | | | | 4,070,476 | | | | | 81.7% | | | | | 16.3% | | | ||||||||
CB Co-Investment, L.L.C.(4) | | | | 1,429,286 | | | | | 1,242,857 | | | | | 16.57% | | | | | 3.31% | | | |||||||||||||||||||||||||||||
CB Co-Investment LLC(4) | | | | 933,810 | | | | | 809,524 | | | | | 16.3% | | | | | 3.3% | | | |||||||||||||||||||||||||||||
Michael Rolnick(5) | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Christopher Darby(5) | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Roger Lazarus | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 30,000 | | | | | 30,000 | | | | | 0.5% | | | | | 0.1% | | | ||||||||
Michael Morell | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 30,000 | | | | | 30,000 | | | | | 0.5% | | | | | 0.1% | | | ||||||||
Nathaniel Fick | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 30,000 | | | | | 30,000 | | | | | 0.5% | | | | | 0.1% | | | ||||||||
Letitia Long | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 30,000 | | | | | 30,000 | | | | | 0.5% | | | | | 0.1% | | | ||||||||
All officers, directors and director nominees as a group (six individuals) | | | | — | | | | | — | | | | | —% | | | | | —% | | | | | | 120,000 | | | | | 120,000 | | | | | 2.0% | | | | | 0.4% | | |
Redemption Date (period to expiration of warrants | | | Fair Market Value of Class Ordinary Shares | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| <$10.00 | | | $11.00 | | | $12.00 | | | $13.00 | | | $14.00 | | | $15.00 | | | $16.00 | | | $17.00 | | | >$18.00 | | |||||||||||||||||||||||||||||
60 months | | | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months | | | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months | | | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months | | | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months | | | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months | | | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months | | | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months | | | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | �� | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months | | | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months | | | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months | | | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months | | | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months | | | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months | | | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months | | | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months | | | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months | | | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months | | | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months | | | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months | | | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months | | | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
Underwriter | | | Number of Units | | |||
Cowen and Company, LLC | | | | | | | |
Wells Fargo Securities, LLC | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total | | | | | | |
| | Payable by Chain Bridge I | | | Payable by Chain Bridge I | | ||||||||||||||||||||
| | No Exercise | | Full Exercise | | | No Exercise | | Full Exercise | | ||||||||||||||||
Per Unit | | | $ | 0.20 | | | | $ | 0.20 | | | | | $ | 0.20 | | | | $ | 0.20 | | | ||||
Total | | | $ | 6,000,000 | | | | $ | 6,900,000 | | | | | $ | 4,000,000 | | | | $ | 4,600,000 | | |
| Assets | | | | | | | | June 30, 2021 | | February 3, 2021 | | |||||||||
| Current assets: | | | | | | | | (unaudited) | | (audited) | | |||||||||
| Cash | | | $ | 4,150 | | | ||||||||||||||
| Prepaid expenses | | | | 15,000 | | | ||||||||||||||
| Total current assets | | | | 19,150 | | | ||||||||||||||
| Deferred offering costs associated with proposed public offering | | | | 55,818 | | | ||||||||||||||
| Total Assets | | | $ | 74,968 | | | ||||||||||||||
| Liabilities and Shareholders’ Equity | | | | | | | ||||||||||||||
| Current liabilities: | | | | | | | ||||||||||||||
| Accrued expenses | | | $ | 55,818 | | | ||||||||||||||
| Due to related party | | | | 4,759 | | | ||||||||||||||
| Total current liabilities | | | | 60,577 | | | ||||||||||||||
| Commitments and Contingencies (Note 5) | | | | | | | ||||||||||||||
| Shareholders’ Equity: | | | | | | | ||||||||||||||
| Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | — | | | ||||||||||||||
| Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; none issued and outstanding | | | | — | | | ||||||||||||||
| Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding(1) | | | | 863 | | | ||||||||||||||
| Additional paid-in capital | | | | 24,137 | | | ||||||||||||||
| Accumulated deficit | | | | (10,609) | | | ||||||||||||||
| Total shareholders’ equity | | | | 14,391 | | | ||||||||||||||
| Total Liabilities and Shareholders’ Equity | | | $ | 74,968 | | | ||||||||||||||
Assets | | | | | | | | | | | | ||||||||||
Current assets: | | | | | | | | | | | | ||||||||||
Cash | | | $ | 4,000 | | | | $ | 4,150 | | | ||||||||||
Prepaid expenses | | | | — | | | | | 15,000 | | | ||||||||||
Total current assets | | | | 4,000 | | | | | 19,150 | | | ||||||||||
Deferred offering costs associated with proposed public offering | | | | 554,054 | | | | | 55,818 | | | ||||||||||
Total Assets | | | $ | 558,054 | | | | $ | 74,968 | | | ||||||||||
Liabilities and Shareholders’ Equity (Deficit) | | | | | | | | | | | | ||||||||||
Current liabilities: | | | | | | | | | | | | ||||||||||
Accounts payable | | | $ | 401,032 | | | | $ | — | | | ||||||||||
Accrued expenses | | | | 31,000 | | | | | 55,818 | | | ||||||||||
Due to related party | | | | 132,935 | | | | | 4,759 | | | ||||||||||
Total current liabilities | | | | 564,967 | | | | | 60,577 | | | ||||||||||
Commitments and Contingencies (Note 5) | | | | | | | | | | | | ||||||||||
Shareholders’ Equity (Deficit): | | | | | | | | | | | | ||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | — | | | | | — | | | ||||||||||
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; none issued and outstanding | | | | — | | | | | — | | | ||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding (1)(2) | | | | 575 | | | | | 575 | | | ||||||||||
Additional paid-in capital | | | | 24,425 | | | | | 24,425 | | | ||||||||||
Accumulated deficit | | | | (31,913) | | | | | (10,609) | | | ||||||||||
Total shareholders’ equity (deficit) | | | | (6,913) | | | | | 14,391 | | | ||||||||||
Total Liabilities and Shareholders’ Equity (Deficit) | | | $ | 558,054 | | | | $ | 74,968 | | |
| General and administrative expenses | | | $ | 10,609 | | | | For the period from January 21, 2021 (inception) through | | |||||||||||
| Net loss | | | $ | (10,609) | | | | June 30, 2021 | | February 3, 2021 | | |||||||||
| Weighted average Class B ordinary shares outstanding, basic and diluted(1) | | | | 7,500,000 | | | | (unaudited) | | (audited) | | |||||||||
| Basic and diluted net loss per ordinary share | | | $ | (0.00) | | | ||||||||||||||
General and administrative expenses | | | $ | 31,913 | | | | $ | 10,609 | | | ||||||||||
Net loss | | | $ | (31,913) | | | | $ | (10,609) | | | ||||||||||
Weighted average ordinary shares outstanding, basic and diluted(1)(2) | | | | 5,000,000 | | | | | 5,000,000 | | | ||||||||||
Basic and diluted net loss per ordinary share | | | $ | (0.10) | | | | $ | (0.00) | | |
| | For the period from January 21, 2021 (inception) through June 30, 2021 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Ordinary Shares | | | Additional Paid-in Capital | | Accumulated Deficit | | Total Shareholders’ Equity | | | Ordinary Shares | | | Additional Paid-in Capital | | Accumulated Deficit | | Total Shareholders’ Equity (Deficit) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Class A | | Class B | | | Class A | | Class B | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Shares | | Amount | | Shares | | Amount | | | Shares | | Amount | | Shares | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance – January 21, 2021 (inception) | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||
Issuance of Class B ordinary shares to Sponsor and CB Co-Investment, L.L.C. (1) | | | | — | | | | | — | | | | | 8,625,000 | | | | | 863 | | | | | 24,137 | | | | | — | | | | | 25,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor (1)(2) | | | | — | | | | | — | | | | | 5,750,000 | | | | | 575 | | | | | 24,425 | | | | | — | | | | | 25,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (10,609) | | | | | (10,609) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (10,609) | | | | | (10,609) | | | ||||||||||||||
Balance – February 3, 2021 | | | | — | | | | $ | — | | | | | 8,625,000 | | | | $ | 863 | | | | $ | 24,137 | | | | $ | (10,609) | | | | $ | 14,391 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance – February 3, 2021 (audited) | | | | — | | | | $ | — | | | | | 5,750,000 | | | | $ | 575 | | | | $ | 24,425 | | | | $ | (10,609) | | | | $ | 14,391 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (unaudited) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (21,304) | | | | | (21,304) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance – June 30, 2021 (unaudited) | | | | — | | | | $ | — | | | | | 5,750,000 | | | | $ | 575 | | | | $ | 24,425 | | | | $ | (31,913) | | | | $ | (6,913) | | |
| Cash Flows from Operating Activities: | | | | | | | | For the period from January 21, 2021 (inception) through | | |||||||||||
| Net loss | | | $ | (10,609) | | | | June 30, 2021 | | February 3, 2021 | | |||||||||
| Changes in operating assets and liabilities: | | | | | | | | (unaudited) | | (audited) | | |||||||||
| Prepaid expenses | | | | 5,850 | | | ||||||||||||||
| Due to related party | | | | 4,759 | | | ||||||||||||||
| Net cash used in operating activities | | | | — | | | ||||||||||||||
| Cash Flows from Financing Activities: | | | | | | | ||||||||||||||
| Proceeds from issuance of ordinary shares to initial shareholders | | | $ | 4,150 | | | ||||||||||||||
| Net cash provided by financing activities | | | | 4,150 | | | ||||||||||||||
| Net change in cash | | | | 4,150 | | | ||||||||||||||
| Cash – beginning of the period | | | | — | | | ||||||||||||||
| Cash – ending of the period | | | $ | 4,150 | | | ||||||||||||||
| Supplemental disclosure of non-cash investing and financing activities: | | | | | | | ||||||||||||||
| Deferred offering costs included in accrued expenses | | | $ | 55,818 | | | ||||||||||||||
| Prepaid expenses paid in exchange for issuance of Class B ordinary shares to Sponsor | | | $ | 20,850 | | | ||||||||||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | ||||||||||
Net loss | | | $ | (31,913) | | | | $ | (10,609) | | | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | ||||||||||
General and administrative expenses paid by related party under promissory note | | | | 10,545 | | | | | — | | | ||||||||||
Changes in operating assets and liabilities: | | | | | | | | | | | | ||||||||||
Prepaid expenses | | | | 18,450 | | | | | 5,850 | | | ||||||||||
Accounts payable | | | | 1,768 | | | | | — | | | ||||||||||
Accrued expenses | | | | 1,000 | | | | | | | | ||||||||||
Due to related party | | | | — | | | | | 4,759 | | | ||||||||||
Net cash used in operating activities | | | | (150) | | | | | — | | | ||||||||||
Cash Flows from Financing Activities: | | | | | | | | | | | | ||||||||||
Proceeds from issuance of ordinary shares to initial shareholders | | | | 4,150 | | | | | 4,150 | | | ||||||||||
Net cash provided by financing activities | | | | 4,150 | | | | | 4,150 | | | ||||||||||
Net change in cash | | | | 4,000 | | | | | 4,150 | | | ||||||||||
Cash – beginning of the period | | | | — | | | | | — | | | ||||||||||
Cash – ending of the period | | | $ | 4,000 | | | | $ | 4,150 | | | ||||||||||
Supplemental disclosure of noncash investing and financing activities: | | | | | | | | | | | | ||||||||||
Prepaid expenses and deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | | | $ | 20,850 | | | | $ | 20,850 | | | ||||||||||
Deferred offering costs included in accounts payable | | | $ | 399,264 | | | | $ | — | | | ||||||||||
Deferred offering costs included in accrued expenses | | | $ | 30,000 | | | | $ | 55,818 | | | ||||||||||
Deferred offering costs paid by related party under promissory note | | | $ | 122,390 | | | | $ | — | | |
| Cowen | | | Wells Fargo Securities | |
| SEC expenses | | | | $ | 37,640 | | |
| FINRA expenses | | | | | 42,360 | | |
| Accounting fees and expenses | | | | | 60,000 | | |
| Printing and engraving expenses | | | | | 40,000 | | |
| Legal fees and expenses | | | | | 300,000 | | |
| Nasdaq listing and filing fees | | | | | 75,000 | | |
| Director & Officers liability insurance premiums(1) | | | | | 600,000 | | |
| Miscellaneous | | | | | 245,000 | | |
| Total | | | | $ | 1,400,000 | | |
| SEC expenses | | | | $ | 21,321 | | |
| FINRA expenses | | | | | 58,679 | | |
| Accounting fees and expenses | | | | | 60,000 | | |
| Printing and engraving expenses | | | | | 40,000 | | |
| Legal fees and expenses | | | | | 350,000 | | |
| Nasdaq listing and filing fees | | | | | 75,000 | | |
| Miscellaneous | | | | | 45,000 | | |
| Total | | | | $ | 650,000 | | |
| Exhibit No. | | | Description | |
| 99.4 | | | | |
| 99.5 | | | |
| | | | Chain Bridge I | |
| | | | By: /s/ Michael Rolnick Name: Michael Rolnick Title: Chief Executive Officer | |
| | | | By: /s/ Roger Lazarus Name: Roger Lazarus Title: Chief Financial Officer | |
| Name | | | Position | | | Date | |
| /s/ Christopher Darby Christopher Darby | | | Chairman of the Board | | | | |
| /s/ Michael Rolnick Michael Rolnick | | | Chief Executive Officer (Principal Executive Officer and the Registrant’s authorized signatory in the United States) | | | | |
| /s/ Roger Lazarus Roger Lazarus | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | |