Cayman Islands | 001-40285 | N/A |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
717 Fifth Avenue, 24th Floor New York, New York | 10022 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Class A Ordinary Shares, par value $0.0001 | CORS | The New York Stock Exchange | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | CORS WS | The New York Stock Exchange | ||
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | CORS.U | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
Page | |||
PART I. FINANCIAL INFORMATION | |||
Item 1. | 1 | ||
1 | |||
2 | |||
3 | |||
4 | |||
5 | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II. OTHER INFORMATION | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||
Assets: | (Unaudited) | (Unaudited) | ||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 537,030 | $ | 881,821 | $ | 358,221 | $ | 881,821 | ||||||||
Prepaid expenses | 496,020 | 605,633 | 302,812 | 605,633 | ||||||||||||
Due from related party | 8,992 | 0 | ||||||||||||||
Total current assets | 1,042,042 | 1,487,454 | 661,033 | 1,487,454 | ||||||||||||
Investments held in Trust Account | 281,016,296 | 280,950,832 | 282,616,895 | 280,950,832 | ||||||||||||
Total Assets | $ | 282,058,338 | $ | 282,438,286 | $ | 283,277,928 | $ | 282,438,286 | ||||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit: | ||||||||||||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 17,548 | $ | 142,310 | $ | 8,075 | $ | 142,310 | ||||||||
Accrued expenses | 311,471 | 198,520 | 420,026 | 198,520 | ||||||||||||
Due to related party | 0 | 2,581 | 42,927 | 2,581 | ||||||||||||
Total current liabilities | 329,019 | 343,411 | 471,028 | 343,411 | ||||||||||||
Derivative warrant liabilities | 6,205,640 | 14,977,206 | 1,255,903 | 14,977,206 | ||||||||||||
Deferred underwriting commissions in connection with the initial public offering | 9,831,500 | 9,831,500 | 9,831,500 | 9,831,500 | ||||||||||||
Total liabilities | 16,366,159 | 25,152,117 | 11,558,431 | 25,152,117 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Class A ordinary shares subject to possible redemption; $0.0001 par value; 28,090,000 shares at redemption value of $10.00 per share as of March 31, 2022 and December 31, 2021 | 280,900,000 | 280,900,000 | ||||||||||||||
Class A ordinary shares subject to possible redemption; $0.0001 par value; 28,090,000 shares at redemption value at approximately $10.06 and $10.00 per share as of September 30, 2022 and December 31, 2021, respectively | 282,516,895 | 280,900,000 | ||||||||||||||
Shareholders' Deficit: | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 380,000,000 shares authorized; 0 non-redeemable shares issued or outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 25 | 25 | ||||||||||||||
Class F ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 1,404,500 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 141 | 141 | ||||||||||||||
Shareholders’ Deficit: | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2022 and December 31, 2021 | - | - | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 380,000,000 shares authorized; no non-redeemable shares issued or outstanding as of September 30, 2022 and December 31, 2021 | - | - | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 25 | 25 | ||||||||||||||
Class F ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 1,404,500 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 141 | 141 | ||||||||||||||
Additional paid-in capital | 0 | 0 | - | - | ||||||||||||
Accumulated deficit | (15,207,987 | ) | (23,613,997 | ) | (10,797,564 | ) | (23,613,997 | ) | ||||||||
Total shareholders' deficit | (15,207,821 | ) | (23,613,831 | ) | ||||||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit | $ | 282,058,338 | $ | 282,438,286 | ||||||||||||
Total shareholders’ deficit | (10,797,398 | ) | (23,613,831 | ) | ||||||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 283,277,928 | $ | 282,438,286 |
For the Three Months Ended March 31, 2022 | For the Period from January 1, 2021 (Commencement of Operations) through March 31, 2021 | |||||||
General and administrative expenses | $ | 431,020 | $ | 34,020 | ||||
Loss from operations | (431,020 | ) | (34,020 | ) | ||||
Other income (expenses): | ||||||||
Change in fair value of derivative warrant liabilities | 8,771,566 | 0 | ||||||
Income from investments held in Trust Account | 65,464 | 0 | ||||||
Net income (loss) | $ | 8,406,010 | $ | (34,020 | ) | |||
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted | 28,090,000 | 0 | ||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.28 | $ | 0 | ||||
Weighted average number of shares outstanding of Class B ordinary shares, basic and diluted | 250,000 | 230,556 | ||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | 0.28 | $ | (0.02 | ) | |||
Weighted average number of shares outstanding of Class F ordinary shares, basic and diluted | 1,404,500 | 1,152,778 | ||||||
Basic and diluted net income (loss) per share, Class F ordinary shares | $ | 0.28 | $ | (0.02 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, 2022 | For the Period from January 1, 2021 (Commencement of Operations) through September 30, 2021 | ||||||||||||||
2022 | 2021 | |||||||||||||||
General and administrative expenses | $ | 214,995 | $ | 363,388 | $ | 954,038 | $ | 408,005 | ||||||||
Loss from operations | (214,995 | ) | (363,388 | ) | (954,038 | ) | (408,005 | ) | ||||||||
Other income (expenses): | ||||||||||||||||
Change in fair value of derivative warrant liabilities | 1,699,164 | 3,102,820 | 13,721,303 | 3,102,820 | ||||||||||||
Offering costs associated with derivative warrant liabilities | - | (535,399 | ) | - | (535,399 | ) | ||||||||||
Income from investments held in Trust Account | 1,324,142 | 28,228 | 1,666,063 | 28,228 | ||||||||||||
Net income | $ | 2,808,311 | $ | 2,232,261 | $ | 14,433,328 | $ | 2,187,644 | ||||||||
Basic and Diluted weighted average number of shares outstanding of Class A ordinary shares | 28,090,000 | 26,261,087 | 28,090,000 | 9,082,782 | ||||||||||||
Basic net income per share, Class A ordinary shares | $ | 0.09 | $ | 0.08 | $ | 0.49 | $ | 0.21 | ||||||||
Diluted net income per share, Class A ordinary shares | $ | 0.09 | $ | 0.08 | $ | 0.49 | $ | 0.20 | ||||||||
Basic and Diluted weighted average number of shares outstanding of Class B ordinary shares | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||||
Basic net income per share, Class B ordinary shares | $ | 0.09 | $ | 0.08 | $ | 0.49 | $ | 0.21 | ||||||||
Diluted net income per share, Class B ordinary shares | $ | 0.09 | $ | 0.08 | $ | 0.49 | $ | 0.20 | ||||||||
Basic weighted average number of shares outstanding of Class F ordinary shares | 1,404,500 | 1,380,989 | 1,404,500 | 1,295,305 | ||||||||||||
Basic net income per share, Class F ordinary shares | $ | 0.09 | $ | 0.08 | $ | 0.49 | $ | 0.21 | ||||||||
Diluted weighted average number of shares outstanding of Class F ordinary shares | 1,404,500 | 1,404,500 | 1,404,500 | 1,404,500 | ||||||||||||
Diluted net income per share, Class F ordinary shares | $ | 0.09 | $ | 0.08 | $ | 0.49 | $ | 0.20 |
Ordinary shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders' Deficit | |||||||||||||||||||||||||||||||||
Class A | Class B | Class F | ||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance - December 31, 2021 | 0 | $ | 0 | 250,000 | $ | 25 | 1,404,500 | $ | 141 | $ | 0 | $ | (23,613,997 | ) | $ | (23,613,831 | ) | |||||||||||||||||||
Net income | - | 0 | - | 0 | - | - | 0 | 8,406,010 | 8,406,010 | |||||||||||||||||||||||||||
Balance - March 31, 2022 (unaudited) | 0 | $ | 0 | 250,000 | $ | 25 | 1,404,500 | $ | 141 | $ | 0 | $ | (15,207,987 | ) | $ | (15,207,821 | ) |
Ordinary shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholder’s Deficit | |||||||||||||||||||||||||||||||||
Class A | Class B | Class F | ||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance – January 1, 2021 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | - | - | 250,000 | 25 | - | - | 18,725 | 0 | 18,750 | |||||||||||||||||||||||||||
Issuance of Class F ordinary shares to Sponsor | - | - | - | - | 1,437,500 | 144 | 6,106 | 0 | 6,250 | |||||||||||||||||||||||||||
Net loss | - | 0 | - | 0 | - | 0 | 0 | (34,020 | ) | (34,020 | ) | |||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 0 | $ | 0 | 250,000 | $ | 25 | 1,437,500 | $ | 144 | $ | 24,831 | $ | (34,020 | ) | $ | (9,020 | ) |
Ordinary shares | ||||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Additional Paid-In | Accumulated | Total Shareholders’ | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||
Balance - December 31, 2021 | - | $ | - | 250,000 | $ | 25 | 1,404,500 | $ | 141 | $ | - | $ | (23,613,997 | ) | $ | (23,613,831 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | - | - | 8,406,010 | 8,406,010 | |||||||||||||||||||||||||||
Balance - March 31, 2022 (unaudited) | - | - | 250,000 | 25 | 1,404,500 | 141 | - | (15,207,987 | ) | (15,207,821 | ) | |||||||||||||||||||||||||
Net income | - | - | - | - | - | - | - | 3,219,007 | 3,219,007 | |||||||||||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | - | - | - | - | - | - | - | (292,753 | ) | (292,753 | ) | |||||||||||||||||||||||||
Balance - June 30, 2022 (unaudited) | - | - | 250,000 | 25 | 1,404,500 | 141 | - | (12,281,733 | ) | (12,281,567 | ) | |||||||||||||||||||||||||
Net income | - | - | - | - | - | - | - | 2,808,311 | 2,808,311 | |||||||||||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | - | - | - | - | - | - | - | (1,324,142 | ) | (1,324,142 | ) | |||||||||||||||||||||||||
Balance - September 30, 2022 (unaudited) | - | $ | - | 250,000 | $ | 25 | 1,404,500 | $ | 141 | $ | - | $ | (10,797,564 | ) | $ | (10,797,398 | ) |
Ordinary shares | ||||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Additional Paid-In | Accumulated | Total Shareholders’ | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||
Balance - January 1, 2021 | - | $ | - | - | $ | - | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | - | - | 250,000 | 25 | - | - | 18,725 | - | 18,750 | |||||||||||||||||||||||||||
Issuance of Class F ordinary shares to Sponsor(1) | - | - | - | - | 1,437,500 | 144 | 6,106 | - | 6,250 | |||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | (34,020 | ) | (34,020 | ) | |||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | - | - | 250,000 | 25 | 1,437,500 | 144 | 24,831 | (34,020 | ) | (9,020 | ) | |||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | (10,597 | ) | (10,597 | ) | |||||||||||||||||||||||||
Balance - June 30, 2021 (unaudited) | - | - | 250,000 | 25 | 1,437,500 | 144 | 24,831 | (44,617 | ) | (19,617 | ) | |||||||||||||||||||||||||
Excess of cash received over fair value of private placement warrants | - | - | - | - | - | - | 2,814,240 | - | 2,814,240 | |||||||||||||||||||||||||||
Forfeiture of Class F ordinary shares | - | - | - | - | (33,000 | ) | (3 | ) | 3 | - | - | |||||||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount | - | - | - | - | - | - | (2,839,074 | ) | (21,799,118 | ) | (24,638,192 | ) | ||||||||||||||||||||||||
Net income | - | - | - | - | - | - | - | 2,232,261 | 2,232,261 | |||||||||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | - | $ | - | 250,000 | $ | 25 | 1,404,500 | $ | 141 | $ | - | $ | (19,611,474 | ) | $ | (19,611,308 | ) |
(1) | This number includes up to 187,500 shares of Class F ordinary shares subject to forfeiture if the over-allotment option were not exercised in full or in part by the underwriters. On July 15,2021, the underwriters partially exercised the over-allotment option to purchase an additional 3,090,000 Units. Subsequently, the Sponsor forfeited 33,000 Class F ordinary shares. |
For the Three Months Ended March 31, 2022 | For the Period from January 1, 2021 (Commencement of Operations) through March 31, 2021 | For the Nine Months Ended September 30, 2022 | For the Period from January 1, 2021 (Commencement of Operations) through September 30, 2021 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income (loss) | $ | 8,406,010 | $ | (34,020 | ) | |||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Net income | $ | 14,433,328 | $ | 2,187,644 | ||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||
General and administrative expenses paid by related party in exchange for issuance of Class B and Class F ordinary shares | 0 | 25,000 | - | 25,000 | ||||||||||||
Offering costs associated with derivative warrant liabilities | - | 535,399 | ||||||||||||||
Income on investments from Trust Account | (65,464 | ) | 0 | (1,666,063 | ) | (28,228 | ) | |||||||||
Due to related party | (11,573 | ) | 719 | 40,346 | - | |||||||||||
Change in fair value of derivative warrant liabilities | (8,771,566 | ) | 0 | (13,721,303 | ) | (3,102,820 | ) | |||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses | 109,613 | 0 | 302,821 | (717,150 | ) | |||||||||||
Accounts payable | (124,762 | ) | 0 | (134,235 | ) | 22,856 | ||||||||||
Accrued expenses | 112,951 | 8,301 | 221,506 | 158,186 | ||||||||||||
Net cash used in operating activities | (344,791 | ) | 0 | (523,600 | ) | (919,113 | ) | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Cash deposited in Trust Account | - | (280,900,000 | ) | |||||||||||||
Net cash used in investing activities | - | (280,900,000 | ) | |||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from note payable to related party | 0 | 25,100 | ||||||||||||||
Loan proceeds received from related party | - | 981,047 | ||||||||||||||
Repayment of loan to related party | - | (981,047 | ) | |||||||||||||
Proceeds received from initial public offering, gross | - | 280,900,000 | ||||||||||||||
Proceeds received from private placement | - | 8,118,000 | ||||||||||||||
Offering costs paid | - | (6,144,657 | ) | |||||||||||||
Net cash provided by financing activities | 0 | 25,100 | - | 282,873,343 | ||||||||||||
Net change in cash | (344,791 | ) | 25,100 | (523,600 | ) | 1,054,230 | ||||||||||
Cash - beginning of the period | 881,821 | 0 | 881,821 | - | ||||||||||||
Cash - end of the period | $ | 537,030 | $ | 25,100 | $ | 358,221 | $ | 1,054,230 | ||||||||
Supplemental disclosure of noncash financing activities: | ||||||||||||||||
Offering costs included in accounts payable | $ | 0 | $ | 23,175 | $ | - | $ | 30,000 | ||||||||
Offering costs included in accrued expenses | $ | 0 | $ | 370,000 | $ | - | $ | 85,000 | ||||||||
Offering cost paid by related party under promissory note | $ | 0 | $ | 144,771 | ||||||||||||
Deferred underwriting commissions in connection with the initial public offering | $ | - | $ | 9,831,500 |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
For the Three Months Ended March 31, 2022 | For the Period from January 1, 2021 (Commencement of Operations) through March 31, 2021 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Basic and diluted net income (loss) per ordinary share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income (loss) | $ | 7,938,436 | $ | 70,652 | $ | 396,922 | $ | 0 | $ | (5,670 | ) | $ | (28,350 | ) | ||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 28,090,000 | 250,000 | 1,404,500 | 0 | 230,556 | 1,152,778 | ||||||||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0 | $ | (0.02 | ) | $ | (0.02 | ) |
For the Three Months Ended September 30, 2022 | For the Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Basic and diluted net income per ordinary share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | 2,652,102 | $ | 23,604 | $ | 132,605 | $ | 13,630,492 | $ | 121,311 | $ | 681,525 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 28,090,000 | 250,000 | 1,404,500 | 28,090,000 | 250,000 | 1,404,500 | ||||||||||||||||||
Basic and diluted net income per ordinary share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.49 | $ | 0.49 | $ | 0.49 |
For the Three Months Ended September 30, 2021 | For the Period from January 1, 2021 (Commencement of Operations) through September 30, 2021 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Basic and diluted net income per ordinary share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Basic allocation of net income | $ | 2,101,729 | $ | 20,008 | $ | 110,523 | $ | 1,869,565 | $ | 51,459 | $ | 266,620 | ||||||||||||
Diluted allocation of net income | $ | 2,099,959 | $ | 19,991 | $ | 112,310 | $ | 1,850,551 | $ | 50,936 | $ | 286,157 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic weighted average ordinary shares outstanding | 26,261,087 | 250,000 | 1,380,989 | 9,082,782 | 250,000 | 1,295,305 | ||||||||||||||||||
Diluted weighted average ordinary shares outstanding | 26,261,087 | 250,000 | 1,404,500 | 9,082,782 | 250,000 | 1,404,500 | ||||||||||||||||||
Basic net income per ordinary share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.21 | $ | 0.21 | $ | 0.21 | ||||||||||||
Diluted net income per ordinary share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.20 | $ | 0.20 | $ | 0.20 |
Gross proceeds | $ | 280,900,000 | $ | 280,900,000 | ||||
Less: | ||||||||
Fair value of Public Warrants at issuance | (9,082,433 | ) | (9,082,433 | ) | ||||
Offering costs allocated to Class A ordinary shares subject to possible redemption | (15,555,759 | ) | (15,555,759 | ) | ||||
Plus: | ||||||||
Accretion on Class A ordinary shares subject to possible redemption amount | 24,638,192 | 24,638,192 | ||||||
Class A ordinary shares subject to possible redemption | $ | 280,900,000 | ||||||
Class A ordinary shares subject to possible redemption at December 31, 2021 | 280,900,000 | |||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | 292,753 | |||||||
Class A ordinary shares subject to possible redemption at June 30, 2022 | | 281,192,753 | ||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | 1,324,142 | |||||||
Class A ordinary shares subject to possible redemption at September 30, 2022 | $ | 282,516,895 |
• | If the price per share of Class A ordinary shares has not exceeded $10.00 for 20 out of 30 consecutive trading days at any time following completion of the Partnering Transaction, the number of conversion shares for any fiscal year will be 2,500 Class A ordinary shares. |
• | If the price per share of Class A ordinary shares exceeded $10.00 for 20 out of any 30 consecutive trading days at any time following completion of the Partnering Transaction, then the number of conversion shares for any fiscal year will be the greater of: |
o | 20% of the increase in the price of one Class A share, year-over-year but in respect of the increase above the relevant “price threshold” (as defined below), multiplied by the number of Class A ordinary shares outstanding at the close of the Partnering Transaction, excluding those Class A ordinary shares received by the Sponsor through the Class F ordinary shares, divided by the annual volume weighted average price of Class A ordinary shares for such fiscal year (the “annual VWAP”) and |
o | 2,500 Class A ordinary shares. |
• | The increase in the price of Class A ordinary shares will be based on the annual VWAP for the relevant fiscal year, it being understood that with respect to the 10th fiscal year following the Partnering Transaction the conversion calculation for the remaining 25,000 |
• | at any time while the warrants are exercisable, |
• | upon a minimum of 30 days’ prior written notice of redemption, |
• | if, and only if, the last sales price of the Class A ordinary shares equals or exceeds $15.00 per share for any 20 trading days within a 30 trading day period (the “30-day trading period”) ending three business days before the Company sends the notice of redemption, and |
• | if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying such warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account - U.S. Treasury Securities | $ | 281,016,296 | $ | 0 | $ | 0 | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public warrants | $ | 3,932,600 | $ | 0 | $ | 0 | ||||||
Derivative warrant liabilities - Private placement warrants | $ | 0 | $ | 0 | $ | 2,273,040 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account - U.S. Treasury Securities1 | $ | 282,616,895 | $ | - | $ | - | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public warrants | $ | 795,883 | $ | - | $ | - | ||||||
Derivative warrant liabilities - Private placement warrants | $ | - | $ | - | $ | 460,020 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments held in Trust Account - U.S. Treasury Securities | $ | 280,950,832 | $ | 0 | $ | 0 | ||||||||||||||||||
Investments held in Trust Account - U.S. Treasury Securities1 | $ | 280,950,832 | $ | - | $ | - | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative warrant liabilities - Public warrants | $ | 9,456,966 | $ | 0 | $ | 0 | $ | 9,456,966 | $ | - | $ | - | ||||||||||||
Derivative warrant liabilities - Private placement warrants | $ | 0 | $ | 0 | $ | 5,520,240 | $ | - | $ | - | $ | 5,520,240 |
(1) | Includes cash balance held within the Trust Account of $23,891 and $5,832 for September 30, 2022, and December 31, 2021, respectively. |
As of March 31, 2022 | As of December 31, 2021 | As of September 30, 2022 | As of December 31, 2021 | |||||||||||||
Exercise price | $ | 11.50 | $ | 11.50 | $ | 11.50 | $ | 11.50 | ||||||||
Stock price | $ | 9.71 | $ | 9.76 | $ | 9.79 | $ | 9.76 | ||||||||
Volatility | 6.3 | % | 15.2 | % | 0.0 | % | 15.2 | % | ||||||||
Term (years) | 5.5 | 5.5 | 5.5 | 5.5 | ||||||||||||
Risk-free rate | 2.40 | % | 1.30 | % | 4.00 | % | 1.30 | % | ||||||||
Dividend yield | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
Derivative warrant liabilities at December 31, 2021 | $ | 5,520,240 | ||
Change in fair value of derivative warrant liabilities | (3,247,200 | ) | ||
Derivative warrant liabilities at March 31, 2022 | 2,273,040 | |||
Change in fair value of derivative warrant liabilities | (1,190,640 | ) | ||
Derivative warrant liabilities at June 30, 2022 | 1,082,400 | |||
Change in fair value of derivative warrant liabilities | (622,380 | ) | ||
Derivative warrant liabilities at September 30, 2022 | $ | 460,020 |
Derivative warrant liabilities at January 1, 2021 | $ | - | ||
Issuance of Public and Private Warrants | 14,386,193 | |||
Transfer of Public Warrants to Level 1 | (9,082,433 | ) | ||
Change in fair value of derivative warrant liabilities | (1,136,520 | ) | ||
Derivative warrant liabilities at September 30, 2021 (unaudited) | $ | 4,167,240 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities |
Item 3. | Defaults upon Senior Securities |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
Item 6. | Exhibits. |
Exhibit Number | Description |
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS* | XBRL Instance Document |
101.SCH* | XBRL Taxonomy Extension Schema Document |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: | CORSAIR PARTNERING CORPORATION | |
By: | /s/ D.T Ignacio Jayanti | |
Name: | D.T Ignacio Jayanti | |
Title: | Chief Executive Officer (Principal Executive Officer) |
Dated: | ||
By: | /s/ Paul Cabral | |
Name: | Paul Cabral | |
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |