☒ |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | 001-39646 | 98-1554961 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
200 Clarendon Street Boston, Massachusetts | 02116 | |||
(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, 0.0001 par value | BLSA | The Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
1 | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | 23 | |||||
Item 1. | ||||||
Item | ||||||
Item | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. |
Item 1. | Condensed Financial Statements |
September 30, 2021 | December 31, 2020 | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 782,834 | $ | 968,800 | $ | 744,949 | $ | 968,800 | ||||||||
Prepaid expenses | 346,120 | 451,425 | 264,664 | 451,425 | ||||||||||||
Total current assets | 1,128,954 | 1,420,225 | 1,009,613 | 1,420,225 | ||||||||||||
Investments held in Trust Account | 143,755,199 | 143,750,904 | 143,757,370 | 143,750,904 | ||||||||||||
Total assets | $ | 144,884,153 | $ | 145,171,129 | $ | 144,766,983 | $ | 145,171,129 | ||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 19,010 | $ | 19,824 | $ | 15,394 | $ | 19,824 | ||||||||
Accrued expenses | 163,003 | 101,947 | 210,110 | 101,947 | ||||||||||||
Due to related party | 83,548 | 23,548 | 113,548 | 23,548 | ||||||||||||
Total current liabilities | 265,561 | 145,319 | 339,052 | 145,319 | ||||||||||||
Deferred underwriting commissions payable | 5,031,250 | 5,031,250 | 5,031,250 | 5,031,250 | ||||||||||||
Total liabilities | 5,296,811 | 5,176,569 | 5,370,302 | 5,176,569 | ||||||||||||
Commitments and Contingencies (Note 5) | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares; 13,458,734 and 13,499,455 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively | 134,587,340 | 134,994,550 | ||||||||||||||
Shareholders’ Equity: | ||||||||||||||||
Class A ordinary share subject to possible redemption, $0.0001 par value; 14,375,000 shares issued and oustanding at $10.00 per share as of September 30, 2021 and December 31, 2020 | 143,750,000 | 143,750,000 | ||||||||||||||
Shareholders’ Deficit | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 1,403,766 and 1,363,045 shares issued and outstanding (excluding 13,458,734 and 13,499,455 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | 140 | 136 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,593,750 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 359 | 359 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 487,500 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 49 | 49 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,593,750 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 359 | 359 | ||||||||||||||
Additional paid-in capital | 5,573,474 | 5,166,268 | 0 | 0 | ||||||||||||
Accumulated deficit | (573,971 | ) | (166,753 | ) | (4,353,727 | ) | (3,755,848 | ) | ||||||||
Total shareholders’ equity | 5,000,002 | 5,000,010 | ||||||||||||||
Total shareholders’ deficit | (4,353,319 | ) | (3,755,440 | ) | ||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 144,884,153 | $ | 145,171,129 | ||||||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 144,766,983 | $ | 145,171,129 | ||||||||||||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | For the Period From August 26, 2020 (inception) through September 30, 2020 | ||||||||||||||||||
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||
General and administrative expenses | $ | 136,468 | $ | 351,513 | $ | 162,832 | $ | 514,345 | $ | 15,468 | ||||||||||
Administrative fee - related party | 30,000 | 60,000 | 30,000 | 90,000 | 0 | |||||||||||||||
0 | ||||||||||||||||||||
Loss from operations | (166,468 | ) | (411,513 | ) | (192,832 | ) | (604,345 | ) | (15,468 | ) | ||||||||||
Net gain from investments held in Trust Account | 2,171 | 4,295 | 2,171 | 6,466 | 0 | |||||||||||||||
Net loss | $ | (164,297 | ) | $ | (407,218 | ) | $ | (190,661 | ) | $ | (597,879 | ) | $ | (15,468 | ) | |||||
Basic and diluted weighted average shares outstanding of Class A redeemable ordinary shares | 14,375,000 | 14,375,000 | ||||||||||||||||||
Basic and diluted net income per ordinary share, Class A redeemable ordinary shares | $ | 0.00 | $ | 0.00 | ||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares | 14,862,500 | 14,862,500 | 0 | |||||||||||||||||
Basic and diluted weighted average shares outstanding of Class A and Class B non-redeemable shares ordinary | 4,081,250 | 4,081,250 | ||||||||||||||||||
Basic and diluted net loss per ordinary share, Class A ordinary shares | $ | (0.01 | ) | $ | (0.03 | ) | $ | 0 | ||||||||||||
Basic and diluted net loss per ordinary share, Class A and Class B non-redeemable ordinary shares | $ | (0.04 | ) | $ | (0.10 | ) | ||||||||||||||
Weighted average shares outstanding of Class B ordinary shares | 3,593,750 | 3,593,750 | 3,125,000 | |||||||||||||||||
Basic and diluted net loss per ordinary share, Class B ordinary shares | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.00 | ) | |||||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Equity | For the Three and Nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Ordinary Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Class A | Class B | Additional Paid-In | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance - January 1, 2021 | 1,363,045 | $ | 136 | $ | 3,593,750 | $ | 359 | $ | 5,166,268 | $ | (166,753 | ) | $ | 5,000,010 | ||||||||||||||||||||||||||||||||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | 24,292 | 3 | — | — | 242,918 | — | 242,921 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2020 | 487,500 | $ | 49 | $ | 3,593,750 | $ | 359 | $ | 0 | $ | (3,755,848 | ) | $ | (3,755,440 | ) | |||||||||||||||||||||||||||||||||||||||||
Net loss | — | 0 | — | — | — | (242,921 | ) | (242,921 | ) | — | 0 | — | — | — | (242,921 | ) | (242,921 | ) | ||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2021 | 1,387,337 | 139 | 3,593,750 | $ | 359 | 5,409,186 | $ | (409,674 | ) | $ | 5,000,010 | 487,500 | 49 | 3,593,750 | 359 | 0 | (3,998,769 | ) | (3,998,361 | ) | ||||||||||||||||||||||||||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | 16,429 | 1 | — | — | 164,288 | — | 164,289 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (164,297 | ) | (164,297 | ) | — | — | — | — | — | (164,297 | ) | (164,297 | ) | ||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2021 | 1,403,766 | $ | 140 | 3,593,750 | $ | 359 | $ | 5,573,474 | $ | (573,971 | ) | $ | 5,000,002 | 487,500 | 49 | 3,593,750 | 359 | 0 | (4,163,066 | ) | (4,162,658 | ) | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (190,661 | ) | (190,661 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance - September 30, 2021 | 487,500 | $ | 49 | 3,593,750 | $ | 359 | $ | 0 | $ | (4,353,727 | ) | $ | (4,353,319 | ) | ||||||||||||||||||||||||||||||||||||||||||
For The Period From August 26, 2020 (inception) through September 30, 2020 | ||||||||||||||||||||||||||||
Common Stock | Total | |||||||||||||||||||||||||||
Class A | Class B | Additional Paid-In | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance - August 26, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary share to Sponsor | — | — | 3,593,750 | 359 | 24,641 | — | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (15,468 | ) | (15,468 | ) | |||||||||||||||||||
Balance - September 30, 2020 (unaudited) | 0 | $ | 0 | 3,593,750 | $ | 359 | $ | 24,641 | $ | (15,468 | ) | $ | 9,532 | |||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Period From August 26, 2020 (inception) through September 30, 2020 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net loss | $ | (407,218 | ) | $ | (597,879 | ) | $ | (15,468 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Net gain from investments held in Trust Account | (4,295 | ) | (6,466 | ) | 0 | |||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts payable | (814 | ) | (4,430 | ) | 0 | |||||||
Prepaid expenses | 105,305 | 186,761 | 15,468 | |||||||||
Accrued expenses | 61,056 | 108,163 | 0 | |||||||||
Due to related party | 60,000 | 90,000 | 0 | |||||||||
Net cash used in operating activities | (185,966 | ) | (223,851 | ) | 0 | |||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds from note payable to related party | 0 | 18,659 | ||||||||||
Payment of deferred offering costs | 0 | (18,659 | ) | |||||||||
Net cash provided by financing activities | 0 | 0 | ||||||||||
Net decrease in cash | (185,966 | ) | (223,851 | ) | 0 | |||||||
Cash - beginning of the period | 968,800 | 968,800 | 0 | |||||||||
Cash - end of the period | $ | 782,834 | $ | 744,949 | $ | 0 | ||||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||||||
Change in initial value of Class A ordinary shares subject to possible redemption | $ | (407,210 | ) | |||||||||
Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares | $ | 0 | $ | 25,000 | ||||||||
Offering costs included in accounts payable | $ | 0 | $ | 15,450 | ||||||||
Offering costs included in note payable - related party | $ | 0 | $ | 22,063 | ||||||||
Offering costs included in accrued expenses | $ | 0 | $ | 312,875 |
As of Decemeber 31, 2020 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Total liabilities | 5,176,569 | 0 | 5,176,569 | |||||||||
Class A ordinary share, $0.0001 par value; shares subject to possible redemption | 134,994,550 | 8,755,450 | 143,750,000 | |||||||||
Shareholders’ equity (deficit) | ||||||||||||
Preferred stock - $0.0001 par value | 0 | 0 | 0 | |||||||||
Class A ordinary share - $0.0001 par value | 136.00 | (87 | ) | 49 | ||||||||
Class B ordinary share - $0.0001 par value | 359 | 0 | 359 | |||||||||
Additional paid-in-capital | 5,166,268 | (5,166,268 | ) | 0 | ||||||||
Accumulated deficit | (166,753 | ) | (3,589,095 | ) | (3,755,848 | ) | ||||||
Total shareholders’ equity (deficit) | 5,000,010 | (8,755,450 | ) | (3,755,440 | ) | |||||||
Total liabilities, Class A ordinary share subject to possible redemption and shareholders’ equity (deficit) | $ | 145,171,129 | $ | 0 | $ | 145,171,129 | ||||||
For the Three Months Ended | For the Six Months Ended | |||||||
June 30, 2021 | June 30, 2021 | |||||||
Class A redeemable ordinary shares | ||||||||
Numerator: | ||||||||
Net gain from investments held in Trust Account | $ | 2,171 | $ | 4,295 | ||||
Net income attributable to Class A redeemable ordinary shares | $ | 2,171 | $ | 4,295 | ||||
Denominator: | ||||||||
Basic and diluted weighted average shares outstanding of Class A redeemable ordinary shares | 14,375,000 | 14,375,000 | ||||||
Basic and diluted net income per ordinary share, Class A redeemable ordinary shares | $ | 0.00 | $ | 0.00 | ||||
Class A and Class B non-redeemable ordinary shares | ||||||||
Numerator: | ||||||||
Net loss | $ | (164,297 | ) | $ | (407,218 | ) | ||
Less: Net income attributable to Class A and Class B non-redeemable ordinary shares | (2,171 | ) | (4,295 | ) | ||||
Net loss attributable to Class A and Class B non-redeemable ordinary shares | $ | (166,468 | ) | $ | (411,513 | ) | ||
Denominator: | ||||||||
Basic and diluted weighted average shares outstanding of Class A and Class B non-redeemable shares ordinary | 4,081,250 | 4,081,250 | ||||||
Basic and diluted net loss per ordinary share, Class A and Class B non-redeemable ordinary shares | $ | (0.04 | ) | $ | (0.10 | ) | ||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | For the Period From August 26, 2020 (inception) through September 30, 2020 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted net loss per ordinary share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net loss | $ | (153,536 | ) | $ | (37,125 | ) | $ | (481,462 | ) | $ | (116,417 | ) | $ | 0 | $ | (15,468 | ) | |||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 14,862,500 | 3,593,750 | 14,862,500 | 3,593,750 | 0 | 3,125,000 | ||||||||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.03 | ) | $ | 0 | $ | (0.00 | ) | |||||||
Gross Proceeds | $ | 143,750,000 | ||
Less: | ||||
Class A ordinary share issuance costs | (8,488,687 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 8,488,687 | |||
Class A ordinary share subject to possible redemption | $ | 143,750,000 | ||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Money Market Securities | $ | 143,755,199 | 0 | 0 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Money Market Securities | $ | 143,757,370 | 0 | 0 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Money Market Securities | $ | 143,750,904 | 0 | 0 |
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 |
Item 3. | Defaults upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
24 Item 6. Exhibits |
32.2** | 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. | ||
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 October 26, 2020. |
(2) | Incorporated by reference to the registrant’s Form S-1, filed with the SEC on October 2, 2020. |
(3) | Incorporated by reference to the registrant’s Annual Report on Form 10-K, filed with the SEC on March 19, 2021. |
Dated: | BCLS ACQUISITION CORP. | |||||||||
By: | /s/ Andrew Hack | |||||||||
Name: | Andrew Hack | |||||||||
Title: | Chief Financial Officer |