| Cayman Islands (State or other jurisdiction of incorporation or organization) | | | 6770 (Primary Standard Industrial Classification Code Number) | | | N/A (I.R.S. Employer Identification Number) | |
| Ari Edelman, Esq. Lynwood Reinhardt, Esq. Reed Smith LLP 599 Lexington Avenue New York, New York 10022 (212) 521-5400 | | | Douglas S. Ellenoff, Esq. Stuart Neuhauser, Esq. Joshua N. Englard, Esq. Ellenoff Grossman & Schole LLP 1345 Avenue of the Americas New York, New York 10105 (212) 370-1300 | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
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Title of Each Class of Security Being 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 one redeemable warrant (2) | | | | | | 23,000,000 | | | | | | $ | 10.00 | | | | | | $ | 230,000,000 | | | | | | $ | 25,093 | | | |||||||||||||||||||||||||||||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant (2) | | | | | | 23,000,000 | | | | | | $ | 10.00 | | | | | | $ | 230,000,000 | | | | | | $ | 25,093 | | | |||||||||||||||||||||||||||||
Class A ordinary shares included as part of the units(3) | | | | | | 23,000,000 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | | 23,000,000 | | | | | | | — | | | | | | | — | | | | | | | — | | |
Redeemable warrants included as part of the units(4) | | | | | | 7,666,667 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | | 11,500,000 | | | | | | | — | | | | | | | — | | | | | | | — | | |
Total | | | | | | | | | | | | | | | | | | | $ | 230,000,000 | | | | | | $ | 25,093(5) | | | | | | | | | | | | | | | | | | | | | $ | 230,000,000 | | | | | | $ | 25,093(5) | | |
| | Price to Public | | Underwriting Discounts and Commissions(1) | | Proceeds, before expenses, to us | | | Price to Public | | Underwriting Discounts and Commissions(1) | | Proceeds, before expenses, to us | | ||||||||||||||||||||||||
Per Unit | | | $ | 10.00 | | | | $ | 0.55 | | | | $ | 9.45 | | | | | $ | 10.00 | | | | $ | 0.70 | | | | $ | 9.30 | | | ||||||
Total | | | $ | 200,000,000 | | | | $ | 11,000,000 | | | | $ | 189,000,000 | | | | | $ | 200,000,000 | | | | $ | 14,000,000 | | | | $ | 186,000,000 | | |
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| | | | | F-1 | | |
| | | June 30, 2021 | | |||||||||
Balance Sheet Data: | | | Actual | | | As Adjusted | | ||||||
Working capital (deficiency) | | | | ($ | 183,769) | | | | | $ | 1,490,563 | | |
Total assets | | | | $ | 184,304 | | | | | $ | 205,490,563 | | |
Total liabilities | | | | $ | 193,740 | | | | | $ | 23,860,000 | | |
Value of Class A ordinary shares subject to possible redemption | | | | $ | 0 | | | | | $ | 204,000,000 | | |
Shareholders’ equity | | | | ($ | 9,436) | | | | | $ | (22,369,437) | | |
| Public shares | | | | 20,000,000 | | | Public shares | | | | 20,000,000 | | | ||
| Founder shares | | | | 5,162,500 | | | Founder shares | | | | 5,250,000 | | | ||
| Private placement shares | | | | 650,000 | | | Private placement shares | | | | 1,000,000 | | | ||
| Total shares | | | | 25,812,500 | | | Total shares | | | | 26,250,000 | | | ||
| Total funds in trust available for initial business combination (less deferred underwriting commissions) | | | $ | 193,000,000 | | | Total funds in trust available for initial business combination (less deferred underwriting commissions) | | | $ | 194,000,000 | | | ||
| Initial implied value per public share | | | $ | 10.00 | | | Initial implied value per public share | | | $ | 10.20 | | | ||
| Implied value per share upon consummation of initial business combination | | | $ | 7.48 | | | Implied value per share upon consummation of initial business combination | | | $ | 7.39 | | |
| | Without Over-Allotment Option | | Over-Allotment Option Fully Exercised | | | Without Over-allotment Option | | Over-allotment Option Fully Exercised | | ||||||||||||||||
Gross proceeds | | | | | | | | | | | | | | | | | | | | | | | ||||
Gross proceeds from units offered to public(1) | | | | 200,000,000 | | | | | 230,000,000 | | | | | $ | 200,000,000 | | | | $ | 230,000,000 | | | ||||
Gross proceeds from private placement warrants offered in the private placement | | | | 6,500,000 | | | | | 6,500,000 | | | |||||||||||||||
Gross proceeds from private placement units offered in the private placement | | | | 10,000,000 | | | | | 10,600,000 | | | |||||||||||||||
Total gross proceeds | | | | 206,500,000 | | | | | 236,500,000 | | | | | | 210,000,000 | | | | | 240,600,000 | | | ||||
Offering expenses(2) | | | | | | | | | | | | | | | | | | | | | | | ||||
Underwriting commissions (2% of gross proceeds from units offered to public, excluding deferred portion) (3) | | | | 4,000,000 | | | | | 4,600,000 | | | | | | 4,000,000 | | | | | 4,000,000 | | | ||||
Legal fees and expenses | | | | 250,000 | | | | | 250,000 | | | | | | 250,000 | | | | | 250,000 | | | ||||
Printing and engraving expenses | | | | 35,000 | | | | | 35,000 | | | | | | 35,000 | �� | | | | 35,000 | | | ||||
Accounting fees and expenses | | | | 45,000 | | | | | 45,000 | | | | | | 45,000 | | | | | 45,000 | | | ||||
SEC/FINRA expenses | | | | 60,093 | | | | | 60,093 | | | | | | 60,093 | | | | | 60,093 | | | ||||
Travel and roadshow | | | | 20,000 | | | | | 20,000 | | | | | | 20,000 | | | | | 20,000 | | | ||||
Nasdaq Capital Market Listing Fees | | | | 75,000 | | | | | 75,000 | | | |||||||||||||||
Directors’ and officers’ insurance | | | | 600,000 | | | | | 600,000 | | | |||||||||||||||
Nasdaq Global Market Listing Fees | | | | 75,000 | | | | | 75,000 | | | |||||||||||||||
Miscellaneous | | | | 14,907 | | | | | 14,907 | | | | | | 14,907 | | | | | 14,907 | | | ||||
Total offering expenses (excluding underwriting commissions) | | | | 1,100,000 | | | | | 1,100,000 | | | | | | 500,000 | | | | | 500,000 | | | ||||
Proceeds after offering expenses | | | | 201,400,000 | | | | | 230,800,000 | | | | | | 205,500,000 | | | | | 236,100,000 | | | ||||
Held in trust account(3) | | | | 200,000,000 | | | | | 230,000,000 | | | | | $ | 204,000,000 | | | | $ | 234,600,000 | | | ||||
% of public offering size | | | | 100% | | | | | 100% | | | | | | 102% | | | | | 102% | | | ||||
Not held in trust account | | | | 1,400,000 | | | | | 800,000 | | | | | $ | 1,500,000 | | | | $ | 1,500,000 | | |
| | Amount | | % of Total | | | Amount | | % of Total | | ||||||||||||||||
Legal, accounting, advisory, due diligence, travel, and other expenses in connection with any business combination (5) | | | | 450,000 | | | | | 32.1% | | | | | $ | 390,000 | | | | | 26.00% | | | ||||
Legal and accounting fees related to regulatory reporting obligations, including certain regulatory fees | | | | 250,000 | | | | | 17.9% | | | | | | 250,000 | | | | | 16.67% | | | ||||
Payment for office space, administrative and shared personnel support services | | | | 480,000 | | | | | 34.3% | | | |||||||||||||||
Directors’ and officers’ insurance | | | | 600,000 | | | | | 40.00% | | | |||||||||||||||
Nasdaq continued listing fees | | | | 75,000 | | | | | 5.4% | | | | | | 75,000 | | | | | 5.00% | | | ||||
Reserve for liquidation expenses | | | | 100,000 | | | | | 7.1% | | | | | | 100,000 | | | | | 6.67% | | | ||||
Working capital to cover miscellaneous expenses (including franchise taxes net of anticipated interest income) | | | | 45,000 | | | | | 3.2% | | | | | | 85,000 | | | | | 5.66% | | | ||||
Total | | | | 1,400,000 | | | | | 100.0% | | | | | $ | 1,500,000 | | | | | 100.00% | | |
| Public offering price | | | | | | | | $ | 10.00 | | | | Without Over-allotment | | With Over-allotment | | ||||||||||
| Net tangible book value before this offering | | | $ | (0.02) | | | | | | | | |||||||||||||||
| Increase attributable to new investors | | | | 0.66 | | | | | | | | |||||||||||||||
| Pro forma net tangible book value after this offering and the sale of the placement units | | | | | | | | | 0.64 | | | |||||||||||||||
| Dilution to public shareholders | | | | | | | | $ | 9.36 | | | |||||||||||||||
| Percentage of dilution to new investors | | | | | | | | | 93.6% | | | |||||||||||||||
Public offering price | | | $ | 10.00 | | | | $ | 10.00 | | | ||||||||||||||||
Net tangible book value before this offering | | | $ | (0.04) | | | | $ | (0.03) | | | ||||||||||||||||
Increase attributable to public shareholders and sale of the private placement units | | | $ | (3.54) | | | | $ | (3.71) | | | ||||||||||||||||
Pro forma net tangible book value after this offering | | | $ | (3.58) | | | | $ | (3.74) | | | ||||||||||||||||
Dilution to public shareholders | | | $ | 13.58 | | | | $ | 13.74 | | | ||||||||||||||||
Percentage of dilution to public shareholders | | | | 135.8% | | | | | 137.4% | | |
| | | Shares Purchased(1) | | Total Consideration | | | Average Price per Share | | | | | Shares Purchased(1) | | Total Consideration | | | Average Price per Share | | | |||||||||||||||||||||||||||||||||||||||||||||
| Number | | Percentage | | Amount | | Percentage | | | | | Number | | Percentage | | Amount | | Percentage | | | | ||||||||||||||||||||||||||||||||||||||||||||
Holders of founder shares(1)(2) | | | | 5,162,500 | | | | | 20.00% | | | | $ | 25,000 | | | | | 0.01% | | | | $ | 0.005 | | | | | 5,250,000 | | | | 20.00% | | | $25,000 | | | | 0.01% | | | | $ | 0.005 | | | | |||||||||||||||||
Holders of placement shares | | | | 650,000 | | | | | 2.52% | | | | $ | 6,500,000 | | | | | 3.15% | | | | $ | 10.00 | | | | | 1,000,000 | | | | 3.81% | | | 10,000,000 | | | | 4.76% | | | | $ | 10.00 | | | | |||||||||||||||||
Public Shareholders | | | | 20,000,000 | | | | | 77.48% | | | | | 200,000,000 | | | | | 96.84% | | | | $ | 10.00 | | | | | 20,000,000 | | | | 76.19% | | | 200,000,000 | | | | 95.23% | | | | $ | 10.00 | | | | |||||||||||||||||
| | | | 25,812,500 | | | | | 100.00% | | | | $ | 206,525,000 | | | | | 100.00% | | | | | | | | | | 26,250, 000 | | | | 100.00% | | | | $ | 210,025,000 | | | | | 100.00% | | | | | | | | |
| Numerator: | | | | | | | | Without Over-allotment | | With Over-allotment | | |||||||||
Numerator: | | | | | | | | | | | | ||||||||||
Net tangible book value before this offering | | | $ | (183,769) | | | | $ | (183,769) | | | ||||||||||
Net proceeds from this offering and sale of the private placement units, net of expenses | | | $ | 205,500,000 | | | | | 236,100,000 | | | ||||||||||
Plus: Offering costs accrued in advance, excluded from tangible book value | | | | 174,333 | | | | | 174,333 | | | ||||||||||
Less: Deferred underwriting commissions | | | | (10,000,000) | | | | | (12,100,000) | | | ||||||||||
Less: Warrant liability | | | $ | (13,860,000) | | | | $ | (15,879,600) | | | ||||||||||
Less: Proceeds held in trust subject to redemption | | | | (204,000,000) | | | | | (234,600,000) | | | ||||||||||
| Net tangible book value before this offering | | | $ | (78,210) | | | | | $ | (22,369,437) | | | | $ | (26,489,037) | | | |||
Denominator: | | | | | | | | | | | | ||||||||||
Ordinary shares outstanding prior to this offering | | | | 6,015,000 | | | | | 6,015,000 | | | ||||||||||
Less: Ordinary shares forfeited if over-allotment is not exercised | | | | (765,000) | | | | | — | | | ||||||||||
Ordinary shares included in the private placement units | | | | 1,000,000 | | | | | 1,060,000 | | | ||||||||||
Ordinary shares underlying the rights to be included in the public units | | | | 20,000,000 | | | | | 23,000,000 | | | ||||||||||
Less: Shares subject to redemption | | | | (20,000,000) | | | | | (23,000,000) | | | ||||||||||
| Proceeds from this offering and sale of the placement units, net of expenses | | | | 201,400,000 | | | | | | 6,250,000 | | | | | 7,075,000 | | | |||
| Offering costs accrued for and paid in advance, excluded from net tangible book value before this offering | | | | 96,383 | | | ||||||||||||||
| Less: deferred underwriters’ commissions payable | | | | (7,000,000) | | | ||||||||||||||
| Less: Warrant liability | | | | (9,570,000) | | | ||||||||||||||
| Less: Proceeds held in the trust account which may be used to redeem Class A ordinary shares | | | | (179,848,170) | | | ||||||||||||||
| | | | $ | 5,000,003 | | | ||||||||||||||
| Denominator: | | | | | | | ||||||||||||||
| Class B ordinary shares outstanding prior to this offering | | | | 5,912,500 | | | ||||||||||||||
| Shares forfeited if over-allotment is not exercised | | | | (750,000) | | | ||||||||||||||
| Class A ordinary shares included in the placement units | | | | 650,000 | | | ||||||||||||||
| Class A ordinary shares included in the units offered | | | | 20,000,000 | | | ||||||||||||||
| Less: shares subject to redemption to maintain net tangible assets of at least $5,000,001 | | | | (17,984,817) | | | ||||||||||||||
| | | | | 7,827,683 | | |
| | | March 31, 2021 | | |||||||||
| | | Actual | | | As Adjusted(1) | | ||||||
Deferred underwriting commissions | | | | $ | — | | | | | $ | 7,000,000 | | |
Warrant liability(2) | | | | | — | | | | | | 9,570,000 | | |
Notes payable(3) | | | | | 30,093 | | | | | | — | | |
Class A ordinary shares, subject to redemption(4) | | | | | — | | | | | | 179,848,170 | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Preference shares, $0.0001 par value, 1,000,000 shares authorized; no shares issued or outstanding (actual); 1,000,000 shares authorized; no shares issued or outstanding (as adjusted) | | | | | — | | | | | | — | | |
Ordinary shares, $0.0001 par value, 110,000,000 shares authorized (actual); 110,000,000 shares authorized (as adjusted) | | | | | | | | | | | | | |
Class A ordinary shares, 100,000,000 shares authorized; no shares issued or outstanding (actual); 100,000,000 shares authorized; 2,665,183 shares issued and outstanding (excluding 17,984,817 shares subject to redemption) (as adjusted) | | | | | — | | | | | | 267 | | |
Class B ordinary shares, 10,000,000 shares authorized; 5,912,500(5) shares issued and outstanding (actual); 10,000,000 shares authorized; 5,162,500(5) shares issued and outstanding (as adjusted) | | | | | 591 | | | | | | 516 | | |
Additional paid-in capital(6) | | | | | 24,409 | | | | | | 5,538,885 | | |
Accumulated deficit | | | | | (6,827) | | | | | | (539,665) | | |
Total shareholders’ equity | | | | | 18,173 | | | | | | 5,000,003 | | |
Total capitalization | | | | $ | 48,266 | | | | | $ | 201,418,173 | | |
| | | June 30, 2021 | | |||||||||
| | | Actual | | | As Adjusted(1) | | ||||||
Notes payable to related party(3) | | | | $ | 90,093 | | | | | $ | — | | |
Deferred underwriting commissions | | | | | — | | | | | | 10,000,000 | | |
Warrant liability(2) | | | | | — | | | | | | 13,860,000 | | |
Class A ordinary shares, $0.0001 par value, 100,000,000 shares authorized; ‑0‑ and 20,000,000 shares are subject to possible redemption, respectively | | | | | — | | | | | | 204,000,000 | | |
Shareholders’ deficit | | | | | | | | | | | | | |
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, 100,000,000 shares authorized; -0- and 1,000,000 shares issued and outstanding (excluding -0- and 20,000,000 shares subject to possible redemption), actual and as adjusted, respectively | | | | | — | | | | | | 100 | | |
Class B ordinary shares, $0.0001 par value, 10,000,000 shares authorized, 6,015,000 and 5,250,000 shares issued and outstanding, actual and as adjusted, respectively.(4) | | | | | 602 | | | | | | 525 | | |
Additional paid-in capital(5) | | | | | 24,398 | | | | | | | | |
Accumulated deficit | | | | | (34,436) | | | | | | (22,370,062) | | |
Total shareholders’ deficit | | | | | (9,436) | | | | | | (22,369,437) | | |
Total capitalization | | | | $ | 80,657 | | | | | $ | 205,490,563 | | |
| | | 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 | | | If we seek shareholder approval of our initial business combination, our sponsor, directors, officers or their affiliates may purchase shares in | | | If we are unable to complete our 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 | |
| | | 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 as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be | | | privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. Such purchases will only be made to the extent such purchases are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2) and Rule 10b-5 of the Exchange Act. None of the funds in the trust account will be used to purchase shares in such transactions. | | | all public shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account (which is initially anticipated to be | |
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 deferred underwriting commissions and interest | | | If the permitted purchases described above are made, there will 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. | |
| | | 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 | |
| | | withdrawn in order to pay taxes (to the extent not paid from amounts accrued as interest on the funds held in the trust account). | | | | | | | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
Escrow of offering proceeds | | | The Nasdaq rules provide that at least 90% of the gross proceeds from this offering and the private placement be deposited in a trust account. | | | 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 on proceeds from the trust account to be paid to shareholders is reduced by (i) any taxes paid or payable and (ii) in the event of our liquidation for 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 | | | Interest 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 completion of a business combination. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | fund the costs and expenses of our dissolution and liquidation. | | | | |
Limitation on fair value or net assets of target business | | | The Nasdaq rules require that our initial business combination must be with one or more target businesses that together have an aggregate fair market value equal |
to at least 80% of the balance in the trust account (less any deferred underwriting commissions and taxes payable on interest earned) at the time of our signing a definitive agreement in connection with our initial business combination. | | | | ||||
Trading of securities issued | | | The units will 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 | | | No trading of the units or the underlying 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 completion of our initial business combination or 12 months from the closing of this offering. | | | The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
Election to remain an investor | | | We will provide our public shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of |
two business days prior to the consummation of our initial business combination, including interest, which interest shall be net of taxes payable, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a shareholder vote. If we are not required by law 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. Pursuant to the tender offer rules, the tender offer period will be not less than 20 business days and, in the case of a shareholder vote, a final proxy statement would be mailed to public shareholders at least 10 days prior to the shareholder vote. However, we expect that a draft proxy statement would be made available to such shareholders well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy solicitation. If we seek shareholder | | | 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. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | approval, we will complete our initial business combination only if we receive 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 | | | | |
| | | Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. | | | | |
Business combination deadline | | | If we are unable to complete an initial business combination within | | | If an acquisition has not been completed within | |
Release of funds | | | Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the proceeds from this offering will not | | | The proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the failure to effect a business combination | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | be released from the trust account until the earliest of (i) the completion of our initial business combination, | | | | |
Limitation on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold a shareholder vote | | | If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect Excess Shares (more than an aggregate of 15% of the shares sold in this offering). Our public shareholders’ inability to redeem Excess Shares will reduce their influence over our ability to complete our initial business combination and they could suffer | | | Most blank check companies provide no restrictions on the ability of shareholders to redeem shares based on the number of shares held by such shareholders in connection with an initial business combination. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | | | | | |
Tendering share certificates in connection with a tender offer or redemption rights | | | We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name,” to either tender their certificates (if any) to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two business days prior to the vote on the proposal to approve the business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System, at the holder’s option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements. Accordingly, a public shareholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up to two days prior to the vote on the business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights. | | | In order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed business combination and check a box on the proxy card indicating such holders were seeking to exercise their redemption rights. After the business combination was approved, the company would contact such shareholders to arrange for them to deliver their certificate to verify ownership. | |
Name | | | Age | | | Title | |
Michael Jordaan | | | 52 | | | Chairman of the Board of Directors | |
Marc Balkin | | | 47 | | | Chief Executive Officer | |
Daniel Rogers | | | 51 | | | Chief Financial Officer | |
Simran Aggarwal | | | 48 | | | Director nominee | |
Rohit Bodas | | | 45 | | | Director nominee | |
Nicole Farb | | | 42 | | | Director nominee | |
Individual(1) | | | Entity | | | Affiliation | |
Michael Jordaan | | | Bank Zero Montegray Capital | | | Chairman Founder; Chief Executive Officer | |
Marc Balkin | | | Balkin and Co | | | Founder | |
Daniel Rogers | | | FintechForce, Inc. | | | Founder; Chief Executive Officer | |
Simran Aggarwal | | | Fintech Meetup, LLC Retail Meetup, LLC Personatech, Inc. | | | Founder; President Founder; President Founder; President | |
Rohit Bodas | | | DataSine Propel Venture Partners Global, SL. | | | Director General Partner | |
Nicole Farb | | | Joe Bike Inc. | | | Director | |
| | Prior to the Offering(1) | | Following the Offering(2) | | | Prior to the Offering(1) | | Following the Offering(2) | | ||||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(3) | | Number of shares(4) | | Percentage of outstanding shares | | Number of shares(5) | | Percentage of outstanding shares | | |||||||||||||||||||||||||||||||||||||||||
Newcourt SPAC Sponsor LLC(6) | | | | 5,912,500 | | | | | 100% | | | | | 5,812,500 | | | | | 22.5% | | | |||||||||||||||||||||||||||||
Michael Jordaan(6) | | | | 5,912,500 | | | | | 100% | | | | | 5,812,500 | | | | | 22.5% | | | |||||||||||||||||||||||||||||
Marc Balkin(6) | | | | 5,912,500 | | | | | 100% | | | | | 5,812,500 | | | | | 22.5% | | | |||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(3) | | Number of shares(4) | | Percentage of outstanding shares | | Number of shares(5) | | Percentage of outstanding shares | | |||||||||||||||||||||||||||||||||||||||||
Newcourt SPAC Sponsor LLC(6) | | | | 6,015,000 | | | | | 100% | | | | | 6,020,000 | | | | | 22.9% | | | |||||||||||||||||||||||||||||
Michael Jordaan(6) | | | | 6,015,000 | | | | | 100% | | | | | 6,020,000 | | | | | 22.9% | | | |||||||||||||||||||||||||||||
Marc Balkin(6) | | | | 6,015,000 | | | | | 100% | | | | | 6,020,000 | | | | | 22.9% | | | |||||||||||||||||||||||||||||
Daniel Rogers | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Simran Aggarwal | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Rohit Bodas | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Nicole Farb | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
All directors and officers as a group (6 persons)(6) | | | | 5,912,500 | | | | | 100.0% | | | | | 5,812,500 | | | | | 22.5% | | | | | | 6,015,000 | | | | | 100.0% | | | | | 6,020,000 | | | | | 22.9% | | |
Redemption Date (period to expiration of warrants) | | | Fair Market Value of Class A Ordinary Shares | | | | Fair Market Value of Class A Ordinary Shares | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ≤10.00 | | 11.00 | | 12.00 | | 13.00 | | 14.00 | | 15.00 | | 16.00 | | 17.00 | | ≥18.00 | | | ≤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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | 0.146 | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 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 | | | | | | 0.034 | | | | | 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 | | | | | | — | | | | | — | | | | | 0.042 | | | | | 0.115 | | | | | 0.179 | | | | | 0.233 | | | | | 0.281 | | | | | 0.323 | | | | | 0.361 | | |
Redemption Date (period to expiration of warrants) | | | Fair Market Value of Class A 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 | | |
15 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 | | |
Redemption Date (period to expiration of warrants) | | | Fair Market Value of Class A 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 | | |
15 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 | |||||||
| | |||||||||
Cantor Fitzgerald & Co. | | | | | | | | | ||
Total | | | | | 20,000,000 | | | | | |
| | Per unit(1) | | Total(1) | | | | | | | Per unit(1) | | Total(1) | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
| | Without over-allotment | | With over-allotment | | Without over-allotment | | With over-allotment | | | | Without over-allotment | | With over-allotment | | Without over-allotment | | With over-allotment | | | ||||||||||||||||||||||||||||||||||||||||||
Underwriting Discounts and Commissions paid by us | | | $ | 0.55 | | | | $ | 0.55 | | | | $ | 11,000,000 | | | | $ | 12,650,000 | | | | | | $ | 0.70 | | | | $ | 0.70 | | | | $ | 14,000,000 | | | | $ | 16,100,000 | | | |
| | | Page | | |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | March 31, 2021 | | March 11, 2021 | | | June 30, 2021 | | March 11, 2021 | | ||||||||||||||||
| | (Unaudited) | | | | | | | | (Unaudited) | | | | | | | ||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash | | | $ | 9,971 | | | | $ | — | | | |||||||||||||||
Prepaid expenses | | | $ | — | | | | $ | 9,510 | | | | | | — | | | | | 9,510 | | | ||||
Total current assets | | | | — | | | | | 9,510 | | | | | | 9,971 | | | | | 9,510 | | | ||||
OTHER ASSETS | | | | | | | | | | | | |||||||||||||||
NON-CURRENT ASSETS | | | | | | | | | | | | |||||||||||||||
Deferred offering costs | | | $ | 96,383 | | | | $ | 18,663 | | | | | $ | 174,333 | | | | $ | 18,663 | | | ||||
Total other assets | | | | 96,383 | | | | | 18,663 | | | |||||||||||||||
Total non-current assets | | | | 174,333 | | | | | 18,663 | | | |||||||||||||||
TOTAL ASSETS | | | $ | 96,383 | | | | $ | 28,173 | | | | | $ | 184,304 | | | | $ | 28,173 | | | ||||
LIABILITIES AND STOCKHOLDER’S EQUITY | | | | | | | | | | | | |||||||||||||||
LIABILITIES AND SHAREHOLDER’S EQUITY (DEFICIT) | | | ||||||||||||||||||||||||
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts payable and accrued expenses | | | $ | 15,000 | | | | $ | — | | | |||||||||||||||
Accrued offering costs | | | $ | 48,117 | | | | $ | 10,000 | | | | | | 88,647 | | | | | 10,000 | | | ||||
Promissory note – related party | | | | 30,093 | | | | | — | | | | | | 90,093 | | | | | — | | | ||||
Total current liabilities | | | | 78,210 | | | | | 10,000 | | | | | | 193,740 | | | | | 10,000 | | | ||||
Total liabilities | | | | 78,210 | | | | | 10,000 | | | | | | 193,740 | | | | | 10,000 | | | ||||
COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | | | | | | | | | | | | ||||
STOCKHOLDER’S EQUITY | | | | | | | | | | | | |||||||||||||||
SHAREHOLDER’S 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; 100,000,000 shares authorized; none issued and outstanding | | | | — | | | | | — | | | | | | — | | | | | | | | ||||
Class B ordinary shares; $0.0001 par value; 10,000,000 shares authorized; 5,912,500 issued and outstanding (1) | | | | 591 | | | | | 591 | | | |||||||||||||||
Class B ordinary shares; $0.0001 par value; 10,000,000 shares authorized; 6,015,000 issued and outstanding (1)(2) | | | | 602 | | | | | 602 | | | |||||||||||||||
Additional paid-in capital | | | | 24,409 | | | | | 24,409 | | | | | | 24,398 | | | | | 24,398 | | | ||||
Accumulated deficit | | | | (6,827) | | | | | (6,827) | | | | | | (34,436) | | | | | (6,827) | | | ||||
Total stockholder’s equity | | | | 18,173 | | | | | 18,173 | | | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | | | $ | 96,383 | | | | $ | 28,173 | | | |||||||||||||||
Total shareholder’s equity (deficit) | | | | (9,436) | | | | | 18,173 | | | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY (DEFICIT) | | | $ | 184,314 | | | | $ | 28,183 | | |
| | For the period February 25, 2021 (inception) through March 31, 2021 | | For the period February 25, 2021 (inception) through March 11, 2021 | | | For the period February 25, 2021 (inception) through June 30, 2021 | | For the period February 25, 2021 (inception) through March 11, 2021 | | ||||||||||||||||
| | (Unaudited) | | | | | | | | (Unaudited) | | | | | | | ||||||||||
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | ||||
General and administrative | | | $ | 6,827 | | | | $ | 6,827 | | | |||||||||||||||
General and administrative expenses | | | $ | 34,436 | | | | $ | 6,827 | | | |||||||||||||||
Total expenses | | | | 6,827 | | | | | 6,827 | | | | | | 34,436 | | | | | 6,827 | | | ||||
NET LOSS | | | $ | (6,827) | | | | $ | (6,827) | | | | | $ | (34,436) | | | | $ | (6,827) | | | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | | | | 5,162,500 | | | | | 5,162,500 | | | | | | 5,250,000 | | | | | 5,250,000 | | | ||||
BASIC AND DILUTED NET LOSS PER SHARE | | | $ | (0.00) | | | | $ | (0.00) | | | | | $ | (0.01) | | | | $ | (0.00) | | |
| | Common stock | | | Additional paid-in capital | | Accumulated deficit | | Total stockholder’s equity | | | | Ordinary Shares | | | Additional paid-in capital | | Accumulated deficit | | Total Shareholder’s Equity (Deficit) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Class A | | Class B | | | | Class A | | Class B | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Shares | | Amount | | Shares | | Amount | | | | | | | | | Shares | | Amount | | Shares | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, February 25, 2021 (inception) | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor (1) | | | | — | | | | | — | | | | | 5,912,500 | | | | | 591 | | | | | 24,409 | | | | | — | | | | | 25,000 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor (1)(2) | | | | — | | | | | — | | | | | 6,015,000 | | | | | 602 | | | | | 24,398 | | | | | — | | | | | 25,000 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | (6,827) | | | | | (6,827) | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (6,827) | | | | | (6,827) | | | ||||||||||||||||||||||
Balance, March 11, 2021 | | | | — | | | | | — | | | | | 5,912,500 | | | | | 591 | | | | | 24,409 | | | | | (6,827) | | | | | 18,173 | | | | | | | — | | | | | — | | | | | 6,015,000 | | | | | 602 | | | | | 24,398 | | | | | (6,827) | | | | | 18,173 | | | ||||||||||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (27,609) | | | | | (27,609) | | | ||||||||||||||||||||||
Balance, March 31, 2021 (Unaudited) | | | | — | | | | $ | — | | | | | 5,912,500 | | | | $ | 591 | | | | $ | 24,409 | | | | $ | (6,827) | | | | $ | 18,173 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 (unaudited) | | | | — | | | | $ | — | | | | | 6,015,000 | | | | $ | 602 | | | | $ | 24,398 | | | | $ | (34,436) | | | | $ | (9,436) | | |
| | For the period February 25, 2021 (inception) through March 31, 2021 | | For the period February 25, 2021 (inception) through March 11, 2021 | | | For the period February 25, 2021 (inception) through June 30, 2021 | | For the period February 25, 2021 (inception) through March 11, 2021 | | ||||||||||||||||
| | (Unaudited) | | | | | | | | (Unaudited) | | | | | | | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss | | | $ | (6,827) | | | | $ | (6,827) | | | | | $ | (34,436) | | | | $ | (6,827) | | | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Organizational expenses paid by affiliate | | | $ | 6,827 | | | | $ | 6,827 | | | |||||||||||||||
Organizational expenses paid by Sponsor | | | | 6,827 | | | | | 6,827 | | | |||||||||||||||
Changes in operating assets and liabilities: | | | | | | | | | | | | |||||||||||||||
Accounts payable and accrued expenses | | | | 15,000 | | | | | — | | | |||||||||||||||
Net cash flows used in operating activities | | | | — | | | | | — | | | | | | (12,609) | | | | | — | | | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | |||||||||||||||
Payment of offering costs | | | | (2,420) | | | | | — | | | |||||||||||||||
Proceeds from sponsor note | | | | 25,000 | | | | | — | | | |||||||||||||||
Net cash flows provided by financing activities | | | | 22,580 | | | | | — | | | |||||||||||||||
NET CHANGE IN CASH | | | | — | | | | | — | | | | | | 9,971 | | | | | — | | | ||||
CASH, BEGINNING OF PERIOD | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
CASH, END OF PERIOD | | | $ | — | | | | $ | — | | | | | $ | 9,971 | | | | $ | — | | | ||||
Supplemental disclosure of noncash activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Deferred offering costs paid through the promissory note – related party | | | $ | 65,093 | | | | $ | — | | | |||||||||||||||
Deferred offering costs included in accrued offering costs | | | $ | 48,117 | | | | $ | 10,000 | | | | | $ | 86,647 | | | | $ | 10,000 | | | ||||
Payment of deferred offering costs by the Sponsor in exchange for the issuance of Class B ordinary shares | | | $ | 25,000 | | | | $ | 25,000 | | | | | $ | 25,000 | | | | $ | 25,000 | | | ||||
Deferred offering costs paid through the promissory note – related party | | | $ | 30,093 | | | | $ | — | | |
| Legal fees and expenses | | | | | 250,000 | | |
| Accounting fees and expenses | | | | | 45,000 | | |
| SEC/FINRA Expenses | | | | | 60,093 | | |
| Travel and road show | | | | | 20,000 | | |
| Nasdaq listing and filing fees | | | | | 75,000 | | |
| Director and Officer liability insurance premiums(1) | | | | | 600,000 | | |
| Printing and engraving expenses | | | | | 35,000 | | |
| Miscellaneous expenses | | | | | 14,907 | | |
| Total offering expenses | | | | $ | 1,100,000 | | |
| Legal fees and expenses | | | | $ | 250,000 | | |
| Accounting fees and expenses | | | | | 45,000 | | |
| SEC/FINRA Expenses | | | | | 60,093 | | |
| Travel and road show | | | | | 20,000 | | |
| Nasdaq listing and filing fees | | | | | 75,000 | | |
| Printing and engraving expenses | | | | | 35,000 | | |
| Miscellaneous expenses | | | | | 14,907 | | |
| Total offering expenses | | | | $ | 500,000 | | |
| Name | | | Position | | | Date | |
| /s/ Michael Jordaan Michael Jordaan | | | Chairman | | | | |
| /s/ Marc Balkin Marc Balkin | | | Chief Executive Officer (Principal Executive Officer) | | | | |
| /s/ Daniel Rogers Daniel Rogers | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | |