☒ | 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 | ||||
(State or incorporation) | (I.R.S. Employer Identification |
Title of | Trading Symbol(s) | Name of on | ||
Class A ordinary shares, par value $0.0001 per share | ASPC | Nasdaq Capital Market | ||
Redeemable warrants, each one whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | ASPCW | Nasdaq Capital Market | ||
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | ASPCU | Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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September 30, 2021 | December 31, 2020 | |||||||||||||||
(unaudited) | June 30, 2022 (Unaudited) | December 31, 2021 | ||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 679,887 | $ | — | $ | 16,520 | $ | 392,469 | ||||||||
Prepaid expenses and other | 388,117 | — | 233,168 | 314,751 | ||||||||||||
Deferred offering costs | 0 | 185,996 | ||||||||||||||
Total current assets | 1,068,004 | 185,996 | 249,688 | 707,220 | ||||||||||||
Investments held in Trust Account | 230,038,825 | — | 230,390,952 | 230,055,287 | ||||||||||||
Total Assets | $ | 231,106,829 | $ | 185,996 | $ | 230,640,640 | $ | 230,762,507 | ||||||||
Liabilities and Shareholders’ Deficit | ||||||||||||||||
Liabilities, Redeemable Ordinary Shares, and Shareholders’ Deficit | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accrued offering costs and expenses | $ | 22,860 | $ | 166,710 | $ | 3,795,356 | $ | 1,116,831 | ||||||||
Due to related party | 0 | 402 | 107,295 | — | ||||||||||||
Promissory note—related party | 0 | 45,000 | 150,000 | — | ||||||||||||
Total current liabilities | 22,860 | 212,112 | 4,052,651 | 1,116,831 | ||||||||||||
Warrant liabilities | 10,379,994 | — | ||||||||||||||
Derivative warrant liabilities | 4,856,442 | 15,365,022 | ||||||||||||||
Deferred underwriting discount | 8,050,000 | — | — | 8,050,000 | ||||||||||||
Total Liabilities | 18,452,854 | 212,112 | 8,909,093 | 24,531,853 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares and 0 shares at redemption value at September 30, 2021 and December 31, 2020, respectively | 230,000,000 | — | ||||||||||||||
Commitments and Contingencies (Note 7) | 0 | 0 | ||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 23,000,000 shares at approximately $10.02 and $10.00 per share redemption value at June 30, 2022 and December 31, 2021, respectively | 230,390,952 | 230,000,000 | ||||||||||||||
Shareholders’ Deficit: | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0ne issued or outstanding | 0 | — | — | — | ||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 0ne issued and outstanding (excluding 23,000,000 shares and 0 shares subject to possible redemption) at September 30, 2021 and December 31, 2020, respectively | 0 | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 575 | 575 | (1) | |||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 0ne issued and outstanding (excluding 23,000,000 shares subject to possible redemption) at June 30, 2022 and December 31, 2021 | — | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 575 | 575 | ||||||||||||||
Additional paid-in capital | 0 | 24,425 | — | — | ||||||||||||
Accumulated deficit | (17,346,600 | ) | (51,116 | ) | (8,659,980 | ) | (23,769,921 | ) | ||||||||
Total Shareholders’ Deficit | (17,346,025 | ) | (26,116 | ) | (8,659,405 | ) | (23,769,346 | ) | ||||||||
Total Liabilities and Shareholders’ Deficit | $ | 231,106,829 | $ | 185,996 | ||||||||||||
Total Liabilities, Redeemable Shares, and Shareholders’ Deficit | $ | 230,640,640 | $ | 230,762,507 | ||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Formation and operating costs | $ | 286,108 | $ | 846,394 | $ | 2,042,465 | $ | 264,158 | $ | 3,393,352 | $ | 560,286 | ||||||||||||
Loss from operations | (286,108 | ) | (846,394 | ) | (2,042,465 | ) | (264,158 | ) | (3,393,352 | ) | (560,286 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Interest earned on investments held in Trust Account | 14,864 | 38,825 | 310,655 | 17,443 | 335,665 | 23,961 | ||||||||||||||||||
Change in fair value of warrant liabilities | 5,334,463 | 5,695,716 | ||||||||||||||||||||||
Change in fair value of derivative warrant liabilities | 5,940,360 | 1,237,424 | 10,508,580 | 361,253 | ||||||||||||||||||||
Debt forgiveness income | 8,050,000 | — | 8,050,000 | — | ||||||||||||||||||||
Offering costs allocated to warrants | — | (568,614 | ) | — | — | — | (568,614 | ) | ||||||||||||||||
Total other income, net | 5,349,327 | 5,165,927 | ||||||||||||||||||||||
Total other income (expense), net | 14,301,015 | 1,254,867 | 18,894,245 | (183,400 | ) | |||||||||||||||||||
Net income | $ | 5,063,219 | $ | 4,319,533 | ||||||||||||||||||||
Net income (loss) | $ | 12,258,550 | $ | 990,709 | $ | 15,500,893 | $ | (743,686 | ) | |||||||||||||||
Weighted average shares outstanding of Class A ordinary shares | 23,000,000 | 18,518,382 | ||||||||||||||||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.18 | $ | 0.18 | ||||||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption | 23,000,000 | 23,000,000 | 23,000,000 | 23,000,000 | ||||||||||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares subject to possible redemption | $ | 0.43 | $ | 0.03 | $ | 0.54 | $ | (0.03 | ) | |||||||||||||||
Weighted average shares outstanding of Class B ordinary shares | 5,750,000 | 5,601,648 | 5,750,000 | 5,750,000 | 5,750,000 | 5,529,167 | ||||||||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | 0.43 | $ | 0.03 | $ | 0.54 | $ | (0.03 | ) | |||||||||||||||
Basic and diluted net income per share, Class B ordinary shares | $ | 0.18 | $ | 0.18 | ||||||||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of December 31, 2020 | 0— | $ | 0— | 5,750,000 | $ | 575 | $ | 24,425 | $ | (51,116 | ) | $ | (26,116 | ) | ||||||||||||||
Cash received in excess of fair value of private placement warrants | — | — | — | — | 883,006 | — | 883,006 | |||||||||||||||||||||
Net loss | — | 0— | — | 0— | 0— | (1,734,395 | ) | (1,734,395 | ) | |||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount | — | — | — | — | (907,431 | ) | (21,615,017 | ) | (22,522,448 | ) | ||||||||||||||||||
Balance as of March 31, 2021 (unaudited) | 0— | $ | 0— | 5,750,000 | $ | 575 | $ | 0— | $ | (23,400,528 | ) | $ | (23,399,953 | ) | ||||||||||||||
Net income | — | 0— | — | 0 | 0— | 990,709 | 990,709 | |||||||||||||||||||||
Balance as of June 30, 2021 (unaudited) | 0— | $ | 0— | 5,750,000 | $ | 575 | $ | 0— | $ | (22,409,819 | ) | $ | (22,409,244 | ) | ||||||||||||||
Net income | — | — | — | — | — | 5,063,219 | 5,063,219 | |||||||||||||||||||||
Balance as of September 30, 2021 (unaudited) | 0— | $ | 0— | 5,750,000 | $ | 575 | $ | 0— | $ | (17,346,600 | ) | $ | (17,346,025 | ) | ||||||||||||||
Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of December 31, 2021 | 5,750,000 | $ | 575 | $ | — | $ | (23,769,921 | ) | $ | (23,769,346 | ) | |||||||||
Net income | — | — | — | 3,242,343 | 3,242,343 | |||||||||||||||
Balance as of March 31, 2022 (unaudited) | 5,750,000 | 575 | 0— | (20,527,578 | ) | (20,527,003 | ) | |||||||||||||
Accretion for Class A ordinary shares to redemption amount | (390,952 | ) | (390,952 | ) | ||||||||||||||||
Net income | — | — | — | 12,258,550 | 12,258,550 | |||||||||||||||
Balance as of June 30, 2022 (unaudited) | 5,750,000 | $ | 575 | $ | 0— | $ | (8,659,980 | ) | $ | (8,659,405 | ) | |||||||||
Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of December 31, 2020 | 5,750,000 | $ | 575 | $ | 24,425 | $ | (51,116 | ) | $ | (26,116 | ) | |||||||||
Cash received in excess of fair value of private placement warrants | — | 883,006 | — | 883,006 | ||||||||||||||||
Accretion for Class A ordinary shares to redemption amount | — | (907,431 | ) | (21,615,017 | ) | (22,522,448 | ) | |||||||||||||
Net loss | — | — | — | (1,734,395 | ) | (1,734,395 | ) | |||||||||||||
Balance as of March 31, 2021 (unaudited) | 5,750,000 | 575 | 0— | (23,400,528 | ) | (23,399,953 | ) | |||||||||||||
Net income | — | — | — | 990,709 | 990,709 | |||||||||||||||
Balance as of June 30, 2021 (unaudited) | 5,750,000 | $ | 575 | $ | 0— | $ | (22,409,819 | ) | $ | (22,409,244 | ) | |||||||||
Six Months Ended | ||||||||
June 30, 2022 | June 30, 2021 | |||||||
Cash flows from Operating Activities: | ||||||||
Net income (loss) | $ | 15,500,893 | $ | (743,686 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Offering costs allocated to warrants | — | 568,614 | ||||||
Change in fair value of derivative warrant liabilities | (10,508,580 | ) | (361,253 | ) | ||||
Debt forgiveness income | (8,050,000 | ) | — | |||||
Interest earned on investments held in Trust Account | (335,665 | ) | (23,961 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other | 81,583 | (467,411 | ) | |||||
Accrued offering costs and expenses | 2,678,525 | 32,146 | ||||||
Due to related party | 107,295 | (402 | ) | |||||
Net cash used in operating activities | (525,949 | ) | (995,953 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited into Trust Account | — | (230,000,000 | ) | |||||
Net cash used in investing activities | — | (230,000,000 | ) | |||||
Cash flows from Financing Activities: | ||||||||
Proceeds from promissory note to related party | 150,000 | 125,000 | ||||||
Proceeds from Initial Public Offering, net of underwriters’ fees | — | 225,400,000 | ||||||
Proceeds from private placement | — | 7,000,000 | ||||||
Repayment of promissory note to related party | — | (170,000 | ) | |||||
Payments of offering costs | — | (482,346 | ) | |||||
Net cash provided by financing activities | 150,000 | 231,872,654 | ||||||
Net change in cash | (375,949 | ) | 876,701 | |||||
Cash, beginning of the period | 392,469 | — | ||||||
Cash, end of the period | $ | 16,520 | $ | 876,701 | ||||
Supplemental disclosure of noncash financing activity: | ||||||||
Deferred underwriting commissions charged to additional paid-in capital | $ | — | $ | 8,050,000 | ||||
Cash flows from Operating Activities: | ||||
Net income | $ | 4,319,533 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Offering costs allocated to warrants | 568,614 | |||
Change in fair value of warrant liabilities | (5,695,716 | ) | ||
Interest earned on investments held in Trust Account | (38,825 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other | (388,117 | ) | ||
Accrued offering costs and expenses | 42,146 | |||
Due to related party | (402 | ) | ||
Net cash used in operating activities | (1,192,767 | ) | ||
Cash Flows from Investing Activities: | ||||
Cash deposited into Trust Account | (230,000,000 | ) | ||
Net cash used in investing activities | (230,000,000 | ) | ||
Cash flows from Financing Activities: | ||||
Proceeds from Initial Public Offering, net of underwriters’ fees | 225,400,000 | |||
Proceeds from private placement | 7,000,000 | |||
Proceeds from promissory note to related party | 125,000 | |||
Repayment of promissory note to related party | (170,000 | ) | ||
Payments of offering costs | (482,346 | ) | ||
Net cash provided by financing activities | 231,872,654 | |||
Net change in cash | 679,887 | |||
Cash, beginning of the period | 0 | |||
Cash, end of the period | $ | 679,887 | ||
Supplemental disclosure of noncash investing and financing activities: | ||||
Deferred underwriting commissions charged to additional paid in capital | $ | 8,050,000 | ||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 4,050,575 | $ | 1,012,644 | $ | 3,316,362 | $ | 1,003,171 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 23,000,000 | 5,750,000 | 18,518,382 | 5,601,648 | ||||||||||||
Basic and diluted net income per share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 |
For the three months ended June 30, 2022 | For the six months ended June 30, 2022 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 9,806,840 | $ | 2,451,710 | $ | 12,400,714 | $ | 3,100,179 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 23,000,000 | 5,750,000 | 23,000,000 | 5,750,000 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.43 | $ | 0.43 | $ | 0.54 | $ | 0.54 | ||||||||
For the three months ended June 30, 2021 | For the six months ended June 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 792,567 | $ | 198,142 | $ | (599,554 | ) | $ | (144,132 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 23,000,000 | 5,750,000 | 23,000,000 | 5,529,167 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.03 | $ | 0.03 | $ | (0.03 | ) | $ | (0.03 | ) |
Carrying Value/Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of September 30, 2021 | |||||||||||||
U.S. Treasury Securities | $ | 230,038,212 | $ | 0 | $ | (4,218 | ) | $ | 230,033,994 | |||||||
$ | 230,038,212 | $ | 0 | $ | (4,218 | ) | $ | 230,033,994 | ||||||||
Carrying Value/ Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of December 31, 2021 | |||||||||||||
U.S. Treasury Securities | $ | 230,054,674 | $ | 2,326 | $ | — | $ | 230,057,000 |
June 30, | Quoted Prices In Active Markets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||||||||||||||||||||
Total | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | 2022 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
U.S. Money Market held in Trust Account | $ | 613 | $ | 613 | $ | 0 | $ | 0 | $ | 230,390,952 | $ | 230,390,952 | $ | — | $ | — | ||||||||||||||||
U.S. Treasury Securities held in Trust Account | 230,038,212 | 230,038,212 | 0 | 0 | ||||||||||||||||||||||||||||
$ | 230,038,825 | $ | 230,038,825 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Warrant Liability – Public Warrants | $ | 6,325,000 | $ | 6,325,000 | $ | 0 | $ | 0 | $ | 2,999,200 | $ | 2,999,200 | $ | — | $ | — | ||||||||||||||||
Warrant Liability – Private Placement Warrants | 4,054,994 | 0 | 0 | 4,054,994 | 1,857,242 | — | — | 1,857,242 | ||||||||||||||||||||||||
Total | $ | 4,856,442 | $ | 2,999,200 | $ | — | $ | 1,857,242 | ||||||||||||||||||||||||
$ | 10,379,994 | $ | 6,325,000 | $ | 0 | $ | 4,054,994 | |||||||||||||||||||||||||
December 31, | Quoted Prices In Active Markets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||||
2021 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Money Market held in Trust Account | $ | 613 | $ | 613 | $ | — | $ | — | ||||||||
U.S. Treasury Securities held in Trust Account | 230,054,674 | 230,054,674 | — | — | ||||||||||||
$ | 230,055,287 | $ | 230,055,287 | $ | — | $ | — | |||||||||
Liabilities | ||||||||||||||||
Warrant Liability – Public Warrants | $ | 9,200,000 | $ | 9,200,000 | $ | — | $ | — | ||||||||
Warrant Liability – Private Placement Warrants | 6,165,022 | — | — | 6,165,022 | ||||||||||||
Total | $ | 15,365,022 | $ | 9,200,000 | $ | — | $ | 6,165,022 | ||||||||
Input | February 23, 2021 (Initial Measurement) | |||
Expected term (years) | 6.53 | |||
Expected volatility | 14.5 | % | ||
Risk-free interest rate | 0.85 | % | ||
Ordinary share price | $ | 9.57 | ||
Dividend yield | 0.00 | % |
Input | September 30, 2021 | |||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||
Expected term (years) | 6.21 | 5.08 | 5.46 | �� | ||||||||
Expected volatility | 10.7 | % | 3.2 | % | 14.2 | % | ||||||
Risk-free interest rate | 1.19 | % | 3.01 | % | 1.30 | % | ||||||
Ordinary share price | $ | 9.73 | $ | 9.88 | 9.86 | |||||||
Dividend yield | 0.00 | % | 0.00 | % | 0.00 | % |
Warrant Liability | ||||
Fair value as of January 1, 2022 | $ | 6,165,022 | ||
Change in fair value | (1,994,520 | ) | ||
Fair value as of March 31, 2022 | 4,170,502 | |||
Change in fair value | (2,313,260 | ) | ||
Fair value as of June 30, 2022 | $ | 1,857,242 | ||
Warrant Liability | Warrant Liability | |||||||
Fair value as of January 1, 2021 | $ | 0 | $ | — | ||||
Initial fair value of warrant liabilities upon issuance at IPO | 16,075,710 | 16,075,710 | ||||||
Change in fair value | 876,171 | 876,171 | ||||||
Fair value as of March 31, 2021 | $ | 16,951,881 | 16,951,881 | |||||
Transfer out of Level 3 to Level 1 | (9,315,564 | ) | (9,315,564 | ) | ||||
Change in fair value | (1,237,424 | ) | (1,237,424 | ) | ||||
Fair value as of June 30, 2021 | $ | 6,398,893 | $ | 6,398,893 | ||||
Change in fair value | (2,343,899 | ) | ||||||
Fair value as of September 30, 2021 | $ | 4,054,994 | ||||||
Gross proceeds from IPO | $ | 230,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (9,958,716 | ) | ||
Class A ordinary shares issuance costs | (12,563,732 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 22,913,400 | |||
Class A ordinary shares subject to possible redemption | $ | 230,390,952 | ||
Gross proceeds from IPO | $ | 230,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (9,958,716 | ) | ||
Class A ordinary shares issuance costs | (12,563,732 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 22,522,448 | |||
Class A ordinary shares subject to possible redemption | $ | 230,000,000 | ||
* | 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. |
By: | /s/ Rahim Lakhani | |||
Name: | Rahim Lakhani | |||
Title: | Chief Financial Officer |