☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | 98-1550961 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
PO Box 1093, Boundary Hall, Cricket Square, Grand Cayman | KY1-1102 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class |
| Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one half of one redeemable warrant | IMPX.U | The New York Stock Exchange | ||
Class A Ordinary | IMPX | The New York Stock Exchange | ||
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | IMPX.WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
FORM 10-Q
Page | ||||||
PART 1 – FINANCIAL INFORMATION | ||||||
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Item | 25 | |||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
SEPTEMBER 30, 2020
(Unaudited)
ASSETS | ||||
Deferred offering costs | $ | 624,423 | ||
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TOTAL ASSETS | $ | 624,423 | ||
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LIABILITIES AND SHAREHOLDER’S EQUITY | ||||
Current liabilities | ||||
Accrued offering costs | $ | 433,033 | ||
Promissory note — related party | 171,395 | |||
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Total Liabilities | 604,428 | |||
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Commitments | ||||
Shareholder’s Equity | ||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding | ||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no shares issued and outstanding | ||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,500,000 shares issued and outstanding (1) | 1,150 | |||
Additional paid-in capital | 23,850 | |||
Accumulated deficit | (5,005 | ) | ||
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Total Shareholder’s Equity | 19,995 | |||
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TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $ | 624,423 | ||
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SHEETS
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 337,128 | $ | 1,027,517 | ||||
Due from Sponsor | 5,160 | — | ||||||
Prepaid expenses | 126,667 | 249,167 | ||||||
Total Current Assets | 468,955 | 1,276,684 | ||||||
Investments held in Trust Account | 400,574,581 | 400,249,491 | ||||||
TOTAL ASSETS | $ | 401,043,536 | $ | 401,526,175 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current liabilities—accounts payable and accrued expenses | $ | 8,308,065 | $ | 6,850,353 | ||||
Derivative warrant liabilities | 11,590,000 | 34,617,500 | ||||||
Deferred underwriting fee payable | 13,125,000 | 13,125,000 | ||||||
Total Liabilities | 33,023,065 | 54,592,853 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 40,000,000 shares issued and outstanding at $10.01 and $10.00 p er share redemption value as of June 30, 2022 and December 31, 2021 , respectively | 400,574,581 | 400,000,000 | ||||||
Shareholders’ Deficit | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0 shares issued or outstanding | 0— | 0— | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0shares issued or outstanding (excluding 40,000,000 shares subject to possible redemption) as of June 30, 2022 and December 31, 2021 | — | — | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 10,000,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 1,000 | 1,000 | ||||||
Accumulated deficit | (32,555,110 | ) | (53,067,678 | ) | ||||
Total Shareholders’ Deficit | (32,554,110 | ) | (53,066,678 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 401,043,536 | $ | 401,526,175 | ||||
FOR THE PERIOD FROM JULY 29, 2020 (INCEPTION) THROUGH SEPTEMBER 30, 2020
(Unaudited)
Formation and operating costs | $ | 5,005 | ||
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Net Loss | $ | (5,005 | ) | |
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Weighted average shares outstanding, basic and diluted (1) | 10,000,000 | |||
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Basic and diluted net loss per ordinary shares | $ | (0.00 | ) | |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Formation and operating costs | $ | 676,051 | $ | 426,413 | $ | 2,265,441 | $ | 721,421 | ||||||||
Loss from operations | (676,051 | ) | (426,413 | ) | (2,265,441 | ) | (721,421 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest earned on investments held in Trust Account | 260,981 | 11,464 | 325,090 | 100,526 | ||||||||||||
Change in fair value of derivative warrant liabilities | 12,505,000 | (1,830,000 | ) | 23,027,500 | 17,690,000 | |||||||||||
Total other income (expense), net | 12,765,981 | (1,818,536 | ) | 23,352,590 | 17,790,526 | |||||||||||
Net income (loss) | $ | 12,089,930 | $ | (2,244,949 | ) | $ | 21,087,149 | $ | 17,069,105 | |||||||
Weighted average shares outstanding of Class A ordinary shares | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class A | $ | 0.24 | $ | (0.04 | ) | $ | 0.42 | $ | 0.34 | |||||||
Weighted average shares outstanding of Class B ordinary shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B | $ | 0.24 | $ | (0.04 | ) | $ | 0.42 | $ | 0.34 | |||||||
DEFICIT
(Unaudited)
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholder’s | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance — July 29, 2020 (inception) | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Issuance of Class B ordinary shares to Sponsor(1) | 11,500,000 | 1,150 | 23,850 | — | 25,000 | |||||||||||||||
Net loss | — | — | — | (5,005 | ) | (5,005 | ) | |||||||||||||
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Balance — September 30, 2020 | 11,500,000 | $ | 1,150 | $ | 23,850 | $ | (5,005 | ) | $ | 19,995 | ||||||||||
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2022
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid in Capital | Accumulated Deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance — December 31, 2021 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (53,067,678 | ) | $ | (53,066,678 | ) | ||||||||||||||
Net income | — | — | — | — | — | 8,997,219 | 8,997,219 | |||||||||||||||||||||
Balance — March 31, 2022 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (44,070,459 | ) | $ | (44,069,459 | ) | ||||||||||||||
Accretion for Class A ordinary shares to redemption amoun t | — | — | — | — | — | (574,581 | ) | (574,581 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 12,089,930 | 12,089,930 | |||||||||||||||||||||
Balance — June 30, 2022 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (32,555,110 | ) | $ | (32,554,110 | ) | ||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid in Capital | Accumulated Deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance — December 31, 2020 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (57,889,751 | ) | $ | (57,888,751 | ) | ||||||||||||||
Net income | — | — | — | — | — | 19,314,054 | 19,314,054 | |||||||||||||||||||||
Balance — March 31, 2021 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (38,575,697 | ) | $ | (38,574,697 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (2,244,949 | ) | (2,244,949 | ) | |||||||||||||||||||
Balance — June 30, 2021 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (40,820,646 | ) | $ | (40,819,646 | ) | ||||||||||||||
FOR THE PERIOD FROM JULY 29, 2020 (INCEPTION) THROUGH SEPTEMBER 30, 2020
(Unaudited)
Cash Flows from Operating Activities: | ||||
Net loss | $ | (5,005 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Payment of formation costs through issuance of Class B ordinary shares | 5,005 | |||
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Net cash used in operating activities | — | |||
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Net Change in Cash | — | |||
Cash – Beginning | — | |||
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Cash – Ending | $ | — | ||
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Non-cash investing and financing activities: | ||||
Deferred offering costs included in accrued offering costs | $ | 433,033 | ||
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Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares | $ | 19,995 | ||
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Deferred offering costs paid through promissory note—related party | $ | 171,395 | ||
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For the Six Months Ended June 30, | For the Six Months Ended June 30, | |||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 21,087,149 | $ | 17,069,105 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Change in fair value of derivative warrant liabilities | (23,027,500 | ) | (17,690,000 | ) | ||||
Interest earned on investments held in Trust Account | (325,090 | ) | (100,526 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 122,500 | 133,119 | ||||||
Due from Sponsor | (5,160 | ) | — | |||||
Accounts payable and accrued expenses | 1,457,712 | 157,327 | ||||||
Net cash used in operating activities | (690,389 | ) | (430,975 | ) | ||||
Net Change in Cash | (690,389 | ) | (430,975 | ) | ||||
Cash– Beginning | 1,027,517 | 1,661,085 | ||||||
Cash– Ending | $ | 337,128 | $ | 1,230,110 | ||||
SEPTEMBER
(Unaudited)
Note2022
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Trust Account (as defined below).
AEA-BRIDGES IMPACT CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(Unaudited)
The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote the Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination.
AEA-BRIDGES IMPACT CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER
(Unaudited)
Note2022, the Company had $337,128 in its operating bank accounts, $400,574,581 in investments held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith, and a working capital deficit of $7,839,110. At June 30, 2022, $574,581 of the amount on deposit in the Trust Account represented interest income.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION
SEPTEMBER
(Unaudited)
2022
2020 and $999,374 was expensed in the
Gross proceeds | $ | 400,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (18,400,000 | ) | ||
Class A ordinary shares issuance costs | (20,292,642 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 38,692,642 | |||
Class A ordinary shares subject to possible redemption ( December 31, 2021) | $ | 400,000,000 | ||
Plus: | ||||
Accretion of carrying value to redemption value | 574,581 | |||
Class A ordinary shares subject to possible redemption ( June 30, 2022) | $ | 400,574,581 | ||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
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) | $ | 9,671,944 | $ | 2,417,986 | $ | (1,795,959 | ) | (448,990 | ) | $ | 16,869,719 | $ | 4,217,430 | $ | 13,655,284 | $ | 3,413,821 | |||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.24 | $ | 0.24 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.42 | $ | 0.42 | $ | 0.34 | $ | 0.34 |
As of June 30, 2022 and December 31, 2021, the carrying values of cash and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in money market funds that invest in U.S. Treasury securities with an original maturity of 185 days or less. The fair value for trading securities is determined using quoted market prices in active markets. The Private Placement Warrants and the Public Warrants for periods where no observable traded price was available are valued using a binomial lattice model. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrant quoted market price was used as the fair value as of each relevant date.
Note
INITIAL PUBLIC OFFERING
Note
PRIVATE PLACEMENT
AEA-BRIDGES IMPACT CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(Unaudited)
Note
RELATED PARTY TRANSACTIONS FOUNDER SHARES
On November 16, 2020, the underwriters’ election to exercise their over-allotment option expired unexercised, resulting in the forfeiture of 1,500,000 shares. Accordingly, there are 10,000,000 Founder Shares issued and outstanding.
Promissory Note — Related Party
On July 31, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount
2022
For the three and six months ended June 30, 2022, the Company incurred $30,000 and $60,000 in fees for these services, respectively, all of which are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets as of June 30, 2022
Note
COMMITMENTS AND CONTINGENCIES RISKS AND UNCERTAINTIES
AEA-BRIDGES IMPACT CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(Unaudited)
Underwriting Agreement
The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company grantedwill bear the underwriters a 45-day option to purchase up to 6,000,000 additional Units to cover over-allotments atexpenses incurred in connection with the Initial Public Offering price, less the underwriting discounts and commissions.
filing of any such registration statements.
Note
SHAREHOLDERS’ DEFICIT
and outstanding, all of which are presented as temporary equity.
outstanding.
AEA-BRIDGES IMPACT CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(Unaudited)
The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
upon a minimum ofnot less than 30 days’ prior written notice of redemption to each warrant holder;redemption; and
if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period endinglike) on the third trading day prior to the date on which we sendthe Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted),holders;
AEA-BRIDGES IMPACT CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(Unaudited)
to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
Note 8
FAIR VALUE MEASUREMENTS
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on an assessment of the assumptions that market participants would use in pricing the asset or liability. |
Held-To-Maturity | Amortized Cost | Gross Holding Gain | Fair Value | |||||||||||
December 31, 2021 | U.S. Treasury Securities (Matured on January 13, 2022) | $ | 400,248,942 | $ | 3,389 | $ | 400,252,331 |
Description | Level | June 30, | December 31, 2021 | |||||||||
Assets: | ||||||||||||
Marketable securities held on Trust Account | 1 | $ | 400,574,581 | $ | — | |||||||
Liabilities: | ||||||||||||
Warrant Liabilities– Public Warrants | 1 | $ | 7,600,000 | $ | 22,700,000 | |||||||
Warrant Liabilities– Private Placement Warrants | 2 | $ | 3,990,000 | $ | 11,917,500 |
business combination.
expenses of $721,421.
As of September 30, 2020, we had no cash. Until the consummation of the Initial Public Offering, our only source of liquidity was the Sponsors’ payment of $25,000 to cover certain offering and formation costs of the Company in consideration for ordinary shares and loans from our Sponsor.
Subsequent to the end of the quarterly period covered by this Quarterly Report, on
business combination.
business combination.
policies:
Pronouncements
The securities in which we invest the funds held in the Trust Account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per share.
The proceeds held in the Trust Account are invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. While short-term U.S. government treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event that we are unable to complete our initial business combination or make certain amendments to our Amended and Restated Memorandum and Articles of Association our public shareholders are entitled to receive their pro-rata share of the proceeds held in the Trust Account, plus any interest income not released to us, net of taxes payable. Negative interest rates could impact the per-share redemption amount that may be received by public shareholders.
On October 5, 2020, we consummated our Initial Public Offering of 40,000,000 Units, at a price of $10.00 per Unit, generating total gross proceeds of $400,000,000. Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. acted as the book-running managers. The securities sold in the offering were registered under the Securities Act on registration statements on Form S-1 (No. 333-248785). The registration statements became effective on October 1, 2020.
Simultaneously with the consummation of the Initial Public Offering, we consummated a private placement of 10,500,000 Private Placement Warrants to our Sponsor at a price of $1.00 per Private Placement Warrant, generating total proceeds of $10,500,000. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.
The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.
Of the gross proceeds received from the Initial Public Offering including the full exercise of the option to purchase additional Units and the sale of the Private Placement Warrants, $400,000,000 was placed in the Trust Account.
We paid a total of $7,275,000 in underwriting discounts and commissions and $892,016 for other offering costs related to the Initial Public Offering. In addition, the underwriters agreed to defer $13,125,000 in underwriting discounts and commissions.
For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Form 10-Q.
* | Filed |
** |
Furnished herewith |
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AEA-BRIDGES IMPACT CORP. | ||||||
Date: | /s/ John Garcia | |||||
Name: | John Garcia | |||||
Title: | Chairman, Co-Chief Executive Officer, | |||||
Date: | /s/ Michele Giddens | |||||
Name: | Michele Giddens | |||||
Title: | Co-Chief Executive Officer | |||||
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18