|
Cayman Islands
(State or other jurisdiction of incorporation or organization) |
| |
6770
(Primary Standard Industrial Classification Code Number) |
| |
98-1593783
(I.R.S. Employer Identification No.) |
|
|
Michael L. Fitzgerald
Joy K. Gallup Paul Hastings LLP 200 Park Avenue New York, New York 10166 (212) 318-6000 |
| |
Michael D. Maline
Stephen P. Alicanti DLA Piper LLP (US) 1251 Avenue of the Americas, 27th Floor New York, New York 10020 (212) 335-4500 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | |||||||||||||||||||||||||
Title of Each Class of
Securities to be Registered |
| | |
Amount to be
Registered |
| | |
Proposed Maximum
Offering Price Per Unit(1) |
| | |
Proposed Maximum
Aggregate Offering Price(1)(2) |
| | |
Amount of
Registration Fee |
| |||||||||
Units, each consisting of one Class A ordinary share, $0.0001 par value, andone-half of one redeemable warrant(2)
|
| | |
23,000,000 units
|
| | | | $ | 10.00 | | | | | | $ | 230,000,000 | | | | | | $ | 21,321 | | |
Class A ordinary shares included as part of the units(3)
|
| | |
23,000,000 shares
|
| | | | | — | | | | | | | — | | | | | | | —(4) | | |
Redeemable warrants included as part of the units(3)
|
| | |
11,500,000 warrants
|
| | | | | — | | | | | | | — | | | | | | | —(4) | | |
Class A ordinary shares issuable upon exercise of redeemable warrants included as part of
the units (3) |
| | |
11,500,000 shares
|
| | | | $ | 11.50 | | | | | | $ | 132,250,000 | | | | | | $ | 12,260(5) | | |
Total
|
| | | | | | | | | | | | | | | $ | 362,250,000 | | | | | | $ | 33,581(6) | | |
| | | | | 1 | | | |
| | | | | 16 | | | |
| | | | | 39 | | | |
| | | | | 41 | | | |
| | | | | 42 | | | |
| | | | | 82 | | | |
| | | | | 83 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 89 | | | |
| | | | | 91 | | | |
| | | | | 96 | | | |
| | | | | 128 | | | |
| | | | | 142 | | | |
| | | | | 145 | | | |
| | | | | 147 | | | |
| | | | | 170 | | | |
| | | | | 182 | | | |
| | | | | 188 | | | |
| | | | | 188 | | | |
| | | | | 188 | | | |
| | | | | F-1 | | |
| | |
As of
September 30, 2021 |
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
Balance Sheet Data: | | | | | | | | | |||||
Working capital (deficiency)(1)
|
| | | $ | (327,418) | | | | | $ | 2,564,431 | | |
Total assets(2)
|
| | | $ | 370,188 | | | | | $ | 206,564,431 | | |
Total liabilities(3)
|
| | | $ | 380,757 | | | | | $ | 32,612,500 | | |
Value of Class A ordinary shares that may be redeemed in connection with our
initial business combination ($10.20) per share)(4) |
| | | $ | — | | | | | $ | 204,000,000 | | |
Shareholders’ deficit(5)(6)
|
| | | $ | (10,569) | | | | | $ | (30,048,069) | | |
Gross proceeds
|
| |
Without
Overallotment Option |
| |
Over-
allotment Option Exercised |
| ||||||
Gross proceeds from units offered to public(1)
|
| | | $ | 200,000,000 | | | | | $ | 230,000,000 | | |
Gross proceeds from private placement warrants offered in the private placement
|
| | | $ | 11,250,000 | | | | | $ | 12,450,000 | | |
Total gross proceeds
|
| | | $ | 211,250,000 | | | | | $ | 242,450,000 | | |
Estimated offering expenses(2) | | | | | | | | | | | | | |
Underwriting commissions (2.0% of gross proceeds from units offered to public, excluding deferred portion)(3)
|
| | | $ | 4,000,000 | | | | | $ | 4,600,000 | | |
Legal fees and expenses
|
| | | $ | 375,000 | | | | | $ | 375,000 | | |
Printing and engraving expenses
|
| | | $ | 40,000 | | | | | $ | 40,000 | | |
Accounting fees and expenses
|
| | | $ | 75,000 | | | | | $ | 75,000 | | |
SEC/FINRA Expenses
|
| | | $ | 81,806 | | | | | $ | 81,806 | | |
Travel and road show
|
| | | $ | 20,000 | | | | | $ | 20,000 | | |
Nasdaq listing and filing fees
|
| | | $ | 75,000 | | | | | $ | 75,000 | | |
Miscellaneous
|
| | | $ | 8,194 | | | | | $ | 8,194 | | |
Total estimated offering expenses (excluding underwriting commissions)
|
| | | $ | 675,000 | | | | | $ | 675,000 | | |
Proceeds after estimated offering expenses
|
| | | $ | 206,575,000 | | | | | $ | 237,175,000 | | |
Held in trust account(3)
|
| | | $ | 204,000,000 | | | | | $ | 234,600,000 | | |
% of public offering size
|
| | | | 102% | | | | | | 102% | | |
Not held in trust account
|
| | | $ | 2,575,000 | | | | | $ | 2,575,000 | | |
| | |
Amount
|
| |
% of
Total |
| ||||||
Director & Officer liability insurance premiums
|
| | | $ | 1,000,000 | | | | | | 38.8% | | |
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination(6)
|
| | | $ | 825,000 | | | | | | 32.0% | | |
Legal and accounting fees related to regulatory reporting obligations
|
| | | $ | 282,000 | | | | | | 11.0% | | |
Payment for office space, administrative and support services
|
| | | $ | 240,000 | | | | | | 9.3% | | |
Nasdaq continued listing fees
|
| | | $ | 75,000 | | | | | | 2.9% | | |
Working capital to cover miscellaneous expenses and reserves
|
| | | $ | 153,000 | | | | | | 6.0% | | |
Total
|
| | | $ | 2,575,000 | | | | | | 100.0% | | |
Gross proceeds
|
| |
Without
Over- allotment |
| |
With
Over- allotment |
| ||||||
Public offering price
|
| | | $ | 10.00 | | | | | $ | 10.00 | | |
Net tangible book deficit before this offering
|
| | | | (0.06) | | | | | | (0.06) | | |
Decrease attributable to public shareholders
|
| | | | (5.95) | | | | | | (5.91) | | |
Pro forma net tangible book value after this offering and the sale of the private placement warrants
|
| | | | (6.01) | | | | | | (5.97) | | |
Dilution to public shareholders
|
| | | $ | 16.01 | | | | | $ | 15.97 | | |
Percentage of dilution to public shareholders
|
| | | | 160.1% | | | | | | 159.7% | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average
Price per share |
| |||||||||||||||||||||
|
Number
|
| |
Percentage
|
| |
Amount
|
| |
Percentage
|
| ||||||||||||||||||||
Initial Shareholders(1)(2)
|
| | | | 5,000,000 | | | | | | 20.0% | | | | | $ | 25,000 | | | | | | 0.012% | | | | | $ | 0.005 | | |
Public Shareholders
|
| | | | 20,000,000 | | | | | | 80.0% | | | | | $ | 200,000,000 | | | | | | 99.988% | | | | | $ | 10.00 | | |
| | | | | 25,000,000 | | | | | | 100.0% | | | | | $ | 200,025,000 | | | | | | 100.0% | | | | | | | | |
| | |
Without Over-
allotment |
| |
With Over-
allotment |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net tangible book deficit before this offering
|
| | | $ | (327,418) | | | | | $ | (327,418) | | |
Net proceeds from this offering and sale of the private placement
warrants(1) |
| | | | 206,575,000 | | | | | | 237,175,000 | | |
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value before this offering
|
| | | | 316,849 | | | | | | 316,849 | | |
Less: Deferred underwriting commissions
|
| | | | (7,000,000) | | | | | | (8,050,000) | | |
Less: Warrant liability
|
| | | | (25,612,500) | | | | | | (28,864,500) | | |
Less: Proceeds held in trust subject to redemption(2)
|
| | | | (204,000,000) | | | | | | (234,600,000) | | |
| | | | $ | (30,048,069) | | | | | $ | (34,350,069) | | |
Denominator: | | | | | | | | | | | | | |
Ordinary shares outstanding prior to this offering
|
| | | | 5,750,000 | | | | | | 5,750,000 | | |
Ordinary shares forfeited if over-allotment is not exercised
|
| | | | (750,000) | | | | | | — | | |
Ordinary shares included in the units offered
|
| | | | 20,000,000 | | | | | | 23,000,000 | | |
Less: Ordinary shares subject to redemption
|
| | | | (20,000,000) | | | | | | (23,000,000) | | |
| | | | | 5,000,000 | | | | | | 5,750,000 | | |
| | |
September 30, 2021
|
| |||||||||
|
Actual
|
| |
As Adjusted(1)
|
| ||||||||
Note payable—related party(1)
|
| | | $ | 150,000 | | | | | $ | — | | |
Deferred underwriting commissions
|
| | | | — | | | | | | 7,000,000 | | |
Warrant liability(2)
|
| | | | — | | | | | | 25,612,500 | | |
Class A ordinary shares, $0.0001 par value, 500,000,000 shares
authorized; 0 and 20,000,000 shares subject to possible redemption, actual and as adjusted, respectively(3) |
| | | | — | | | | | | 204,000,000 | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding, actual and as adjusted
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value, 500,000,000 shares authorized; none issued and outstanding (excluding 0 and 20,000,000 shares subject to possible redemption), actual and as adjusted
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value, 50,000,000 shares
authorized; 5,750,000 and 5,000,000 shares issued and outstanding, actual and as adjusted, respectively(4) |
| | | | 575 | | | | | | 500 | | |
Additional paid-in capital(5)
|
| | | | 24,425 | | | | | | — | | |
Accumulated deficit(6)
|
| | | | (35,569) | | | | | | (30,048,569) | | |
Total shareholders’ deficit
|
| | | $ | (10,569) | | | | | $ | (30,048,069) | | |
Total capitalization
|
| | | $ | 139,431 | | | | | $ | 206,564,431 | | |