Cayman Islands | 001-40595 | 98-1590338 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
51 Astor Place, 10th Floor New York, NY | 10003 | |
(Address Of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class A Ordinary Share, $0.0001 par value | ARYE | The Nasdaq Capital Market |
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. | 16 | ||
Item 3. | 21 | ||
Item 4. | 21 | ||
PART II. OTHER INFORMATION | |||
Item 1. | 22 | ||
Item 1A. | 22 | ||
Item 2. | 23 | ||
Item 3. | 23 | ||
Item 4. | 23 | ||
Item 5. | 23 | ||
Item 6. | 24 | ||
25 |
Item 1. | Condensed Financial Statements |
September 30, | December 31, | March 31, | December 31, | |||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 419,178 | $ | 775,885 | $ | 295,974 | $ | 385,187 | ||||||||
Prepaid expenses | 249,375 | 460,995 | 130,000 | 157,000 | ||||||||||||
Total current assets | 668,553 | 1,236,880 | 425,974 | 542,187 | ||||||||||||
Investments held in Trust Account | 150,380,215 | 149,530,514 | 153,294,256 | 151,601,721 | ||||||||||||
Total Assets | $ | 151,048,768 | $ | 150,767,394 | $ | 153,720,230 | $ | 152,143,908 | ||||||||
Liabilities and Shareholders’ Deficit | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 12,741 | $ | 12,663 | $ | 12,974 | $ | 11,466 | ||||||||
Accrued expenses | 2,702,928 | 2,703,653 | 2,830,329 | 2,776,182 | ||||||||||||
Due to related party | 60,000 | - | 120,000 | 90,000 | ||||||||||||
Total current liabilities | 2,775,669 | 2,716,316 | 2,963,303 | 2,877,648 | ||||||||||||
Deferred underwriting commissions | 2,616,250 | 5,232,500 | 2,616,250 | 2,616,250 | ||||||||||||
Total Liabilities | 5,391,919 | 7,948,816 | 5,579,553 | 5,493,898 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Class A ordinary shares subject to possible redemption; 14,950,000 shares at redemption value of $10.05 and $10.00 per share at September 30, 2022 and December 31, 2021, respectively | 150,280,215 | 149,500,000 | ||||||||||||||
Class A ordinary shares subject to possible redemption; 14,950,000 shares at redemption value of approximately $10.25 and $10.13 per share at March 31, 2023 and December 31, 2022, respectively | 153,194,256 | 151,501,721 | ||||||||||||||
Shareholders’ Deficit: | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | - | - | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; 499,000 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 50 | 50 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,737,500 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 374 | 374 | ||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at March 31, 2023 and December 31, 2022 | - | - | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; 499,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 50 | 50 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,737,500 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 374 | 374 | ||||||||||||||
Additional paid-in capital | - | - | - | - | ||||||||||||
Accumulated deficit | (4,623,790 | ) | (6,681,846 | ) | (5,054,003 | ) | (4,852,135 | ) | ||||||||
Total shareholders’ deficit | (4,623,366 | ) | (6,681,422 | ) | (5,053,579 | ) | (4,851,711 | ) | ||||||||
Total Liabilities and Shareholders’ Deficit | $ | 151,048,768 | $ | 150,767,394 | $ | 153,720,230 | $ | 152,143,908 |
For the three months ended September 30, | For the nine months ended September 30, | For the period from February 22, 2021 (inception) through September 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
General and administrative expenses | $ | 163,022 | $ | 363,776 | $ | 627,680 | $ | 380,268 | ||||||||
Loss from operations | (163,022 | ) | (363,776 | ) | (627,680 | ) | (380,268 | ) | ||||||||
Other income | ||||||||||||||||
Gain from settlement of deferred underwriting commissions | 2,616,250 | - | 2,616,250 | - | ||||||||||||
Unrealized gain on investments held in Trust Account | 661,899 | 14,533 | 849,701 | 14,533 | ||||||||||||
Total other income | 3,278,149 | 14,533 | 3,465,951 | 14,533 | ||||||||||||
Net income (loss) | $ | 3,115,127 | $ | (349,243 | ) | $ | 2,838,271 | $ | (365,735 | ) | ||||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares | 15,449,000 | 13,098,065 | 15,449,000 | 6,116,863 | ||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary share | $ | 0.16 | $ | (0.02 | ) | $ | 0.15 | $ | (0.04 | ) | ||||||
Basic and diluted weighted average shares outstanding of Class B ordinary shares | 3,737,500 | 3,663,315 | 3,737,500 | 3,443,020 | ||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary share | $ | 0.16 | $ | (0.02 | ) | $ | 0.15 | $ | (0.04 | ) |
Ordinary Shares | Total | |||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in | Accumulated | Shareholder’s | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2021 | 499,000 | $ | 50 | 3,737,500 | $ | 374 | $ | - | $ | (6,681,846 | ) | $ | (6,681,422 | ) | ||||||||||||||
Net loss | - | - | - | - | - | (278,158 | ) | (278,158 | ) | |||||||||||||||||||
Balance - March 31, 2022 (unaudited) | 499,000 | 50 | 3,737,500 | 374 | - | (6,960,004 | ) | (6,959,580 | ) | |||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | - | - | - | - | - | (118,316 | ) | (118,316 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 1,302 | 1,302 | |||||||||||||||||||||
Balance - June 30, 2022 (unaudited) | 499,000 | 50 | 3,737,500 | 374 | - | (7,077,018 | ) | (7,076,594 | ) | |||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | - | - | - | - | - | (661,899 | ) | (661,899 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 3,115,127 | 3,115,127 | |||||||||||||||||||||
Balance - September 30, 2022 (unaudited) | 499,000 | $ | 50 | 3,737,500 | $ | 374 | $ | - | $ | (4,623,790 | ) | $ | (4,623,366 | ) |
For the Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
General and administrative expenses | $ | 201,868 | $ | 228,530 | ||||
Loss from operations | (201,868 | ) | (228,530 | ) | ||||
Other income (expense) | ||||||||
Unrealized gain (loss) on investments held in Trust Account | 1,692,535 | (49,628 | ) | |||||
Total other income (expense) | 1,692,535 | (49,628 | ) | |||||
Net income (loss) | $ | 1,490,667 | $ | (278,158 | ) | |||
Basic and diluted weighted average shares outstanding of Class A ordinary shares | 15,449,000 | 15,449,000 | ||||||
Basic and diluted net income (loss) per share, Class A ordinary share | $ | 0.08 | $ | (0.01 | ) | |||
Basic and diluted weighted average shares outstanding of Class B ordinary shares | 3,737,500 | 3,737,500 | ||||||
Basic and diluted net income (loss) per share, Class B ordinary share | $ | 0.08 | $ | (0.01 | ) |
Ordinary Shares | Total | |||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in | Accumulated | Shareholder’s | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance - February 22, 2021 (inception) | - | $ | - | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | - | - | 3,737,500 | 374 | 24,626 | - | 25,000 | |||||||||||||||||||||
Net loss | - | - | - | - | - | (9,290 | ) | (9,290 | ) | |||||||||||||||||||
Balance - March 31, 2021 (unaudited) | - | - | 3,737,500 | 374 | 24,626 | (9,290 | ) | 15,710 | ||||||||||||||||||||
Net loss | - | - | - | - | - | (7,202 | ) | (7,202 | ) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited) | - | - | 3,737,500 | 374 | 24,626 | (16,492 | ) | 8,508 | ||||||||||||||||||||
Sale of private placement shares to Sponsor in private placement | 499,000 | 50 | - | - | 4,989,950 | - | 4,990,000 | |||||||||||||||||||||
Accretion on Class A ordinary shares subject to possible redemption | - | - | - | - | (5,014,576 | ) | (3,694,578 | ) | (8,709,154 | ) | ||||||||||||||||||
Net loss | - | - | - | - | - | (349,243 | ) | (349,243 | ) | |||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 499,000 | $ | 50 | 3,737,500 | $ | 374 | $ | - | $ | (4,060,313 | ) | $ | (4,059,889 | ) |
Ordinary Shares | Total | |||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2022 | 499,000 | $ | 50 | 3,737,500 | $ | 374 | $ | - | $ | (4,852,135 | ) | $ | (4,851,711 | ) | ||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | - | - | - | - | - | (1,692,535 | ) | (1,692,535 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 1,490,667 | 1,490,667 | |||||||||||||||||||||
Balance - March 31, 2023 (unaudited) | 499,000 | $ | 50 | 3,737,500 | $ | 374 | $ | - | $ | (5,054,003 | ) | $ | (5,053,579 | ) |
Ordinary Shares | Total | |||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2021 | 499,000 | $ | 50 | 3,737,500 | $ | 374 | $ | - | $ | (6,681,846 | ) | $ | (6,681,422 | ) | ||||||||||||||
Net loss | - | - | - | - | - | (278,158 | ) | (278,158 | ) | |||||||||||||||||||
Balance - March 31, 2022 (unaudited) | 499,000 | $ | 50 | 3,737,500 | $ | 374 | $ | - | $ | (6,960,004 | ) | (6,959,580 | ) |
For the nine months ended September 30, | For the period from February 22, 2021 (inception) through September 30, | |||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 2,838,271 | $ | (365,735 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
General and administrative expenses advanced by related party | - | 1,379 | ||||||
Gain from settlement of deferred underwriting commissions | (2,616,250 | ) | - | |||||
Unrealized gain on investments held in Trust Account | (849,701 | ) | (14,533 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 211,620 | (539,723 | ) | |||||
Accounts payable | 78 | 156,349 | ||||||
Accrued expenses | (725 | ) | - | |||||
Due to related party | 60,000 | - | ||||||
Net cash used in operating activities | (356,707 | ) | (762,263 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | - | (149,500,000 | ) | |||||
Net cash used in investing activities | - | (149,500,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from note payable to related party | - | 150,000 | ||||||
Repayment of note payable and advances to related party | - | (151,379 | ) | |||||
Proceeds received from initial public offering, gross | - | 149,500,000 | ||||||
Proceeds received from private placement | - | 4,990,000 | ||||||
Offering costs paid associated with initial public offering | - | (3,381,654 | ) | |||||
Net cash provided by financing activities | - | 151,106,967 | ||||||
Net change in cash | (356,707 | ) | 844,704 | |||||
Cash - beginning of the period | 775,885 | - | ||||||
Cash - end of the period | $ | 419,178 | $ | 844,704 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | $ | - | $ | 25,000 | ||||
Offering costs included in accrued expenses | $ | - | $ | 70,000 | ||||
Deferred underwriting commissions | $ | - | $ | 5,232,500 |
For the Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 1,490,667 | $ | (278,158 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Unrealized (gain) loss on investments held in Trust Account | (1,692,535 | ) | 49,628 | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 27,000 | 36,402 | ||||||
Accounts payable | 1,508 | 42,603 | ||||||
Accrued expenses | 54,147 | 47,361 | ||||||
Due to related party | 30,000 | 30,000 | ||||||
Net cash used in operating activities | (89,213 | ) | (72,164 | ) | ||||
Net change in cash | (89,213 | ) | (72,164 | ) | ||||
Cash - beginning of the period | 385,187 | 775,885 | ||||||
Cash - end of the period | $ | 295,974 | $ | 703,721 |
For the Three Months Ended September 30, 2022 | For the Nine Months Ended September 30, 2022 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 2,508,305 | $ | 606,822 | $ | 2,285,380 | $ | 552,891 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 15,449,000 | 3,737,500 | 15,449,000 | 3,737,500 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.16 | $ | 0.16 | $ | 0.15 | $ | 0.15 |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | For the period from February 22, 2021 (inception) through September 30, 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share: | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss) | $ | (272,914 | ) | $ | (76,329 | ) | $ | (234,014 | ) | $ | (131,721 | ) | $ | 1,200,287 | $ | 290,380 | $ | (223,973 | ) | $ | (54,185 | ) | ||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 13,098,065 | 3,663,315 | 6,116,863 | 3,443,020 | 15,449,000 | 3,737,500 | 15,449,000 | 3,737,500 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.08 | $ | 0.08 | $ | (0.01 | ) | $ | (0.01 | ) |
Gross Proceeds | $ | 149,500,000 | ||||||
Gross proceeds | $ | 149,500,000 | ||||||
Less: | ||||||||
Offering costs allocated to Class A ordinary shares subject to possible redemption | (8,709,154 | ) | (8,709,154 | ) | ||||
Plus: | ||||||||
Waiver of deferred underwriting commission | 2,616,250 | |||||||
Accretion on Class A ordinary shares subject to possible redemption amount | 8,709,154 | 8,094,625 | ||||||
Class A ordinary shares subject to possible redemption at December 31, 2021 | 149,500,000 | |||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | 780,215 | |||||||
Class A ordinary shares subject to possible redemption at September 30, 2022 | $ | 150,280,215 | ||||||
Class A ordinary shares subject to possible redemption at December 31, 2022 | 151,501,721 | |||||||
Plus: | ||||||||
Accretion on Class A ordinary shares subject to possible redemption amount | 1,692,535 | |||||||
Class A ordinary shares subject to possible redemption at March 31, 2023 | $ | 153,194,256 |
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 held in Trust Account | ||||||||||||||||||||||||
Investments held in Trust Account | ||||||||||||||||||||||||
U.S. Treasury Securities | $ | 150,371,360 | $ | - | $ | - | $ | 153,293,384 | $ | — | $ | — | ||||||||||||
Cash equivalents - money market funds | 8,855 | - | - | 872 | — | — | ||||||||||||||||||
$ | 150,380,215 | $ | - | $ | - | $ | 153,294,256 | $ | — | $ | — |
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 held in Trust Account | ||||||||||||||||||||||||
Investments held in Trust Account | ||||||||||||||||||||||||
U.S. Treasury Securities | $ | 149,523,037 | $ | - | $ | - | $ | 151,592,810 | $ | — | $ | — | ||||||||||||
Cash equivalents - money market funds | 7,477 | - | - | 8,911 | — | — | ||||||||||||||||||
$ | 149,530,514 | $ | - | $ | - | $ | 151,601,721 | $ | — | $ | — |
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 | |
Amended and Restated Memorandum and Articles of Association.(1) | ||
Specimen Ordinary Share Certificate.(2) | ||
Private Placement Shares Purchase Agreement between the Company and the Sponsor.(1) | ||
Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Company.(1) | ||
Registration and Shareholder Rights Agreement among the Company, the Sponsor and certain other equityholders named therein.(1) | ||
Letter Agreement among the Company, the Sponsor and the Company’s officers and directors.(1) | ||
Administrative Services Agreement between the Company and the Sponsor.(1) | ||
Form of Indemnity Agreement.(2) | ||
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 | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).* | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document.* | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.* | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.* | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.* | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.* | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).* |
* | Filed herewith. |
** | Furnished herewith. |
(1) | Incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on July 15, 2021. |
(2) | Incorporated by reference to the registrant’s Registration Statement on Form S-1, filed with the SEC on June 24, 2021. |
Dated: | ARYA SCIENCES ACQUISITION CORP V | ||
By: | /s/ Michael Altman | ||
Name: | Michael Altman | ||
Title: | Chief Financial Officer |