UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(MARK ONE)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended ~~March 31,~~September 30, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition

period

from

Commission

file

number:

001-39915

PRIMAVERA CAPITAL ACQUISITION CORPORATION

(Exact Name of Registrant as Specified in Its Charter)


Cayman Islands		N/A
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

41/F Gloucester Tower, 15 Queen’s Road Central

Hong Kong

(Address

principal executive offices)

+852 3767 5100

(Issuer’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A ordinary shares, par value $0.0001 per share	PV	The New York Stock Exchange
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50	PV WS	The New York Stock Exchange
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant	PV.U	The New York Stock Exchange

Check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

~~S-T~~

( S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, ~~anon-accelerated~~ a

non-accelerated

filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in

Rule 12b-2

of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒


		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act). Yes ☒ No ☐

As of ~~May 13,~~November 1

, 2022, there

were 41,400,000 Class A ordinary shares, $0.0001 par value and 12,350,000 Class B ordinary shares, $0.0001 par value, issued and outstanding.

~~Table of Contents~~

PRIMAVERA CAPITAL ACQUISITION CORPORATION

FORM 10-Q FOR THE QUARTER ENDED ~~MARCH 31,~~SEPTEMBER 30, 2022

TABLE OF CONTENTS


	Page
Part I. Financial Information
Item 1. Condensed Financial Statements
Condensed Balance Sheets as of ~~March 31,~~September 30, 2022 (Unaudited) and December 31, 2021		1
Unaudited Condensed Statements of Operations for the Three and Nine Months Ended ~~March 31,~~September 30, 2022 and 2021 ~~(Unaudited)~~		2
Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the Three and Nine Months Ended ~~March 31,~~September 30, 2022 and 2021 ~~(Unaudited)~~		3
Unaudited Condensed Statements of Cash Flows for the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2022 and 2021 ~~(Unaudited)~~		5
Notes to Condensed Financial Statements (Unaudited)		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		2021
Item 3. Quantitative and Qualitative Disclosures About Market Risk		2526
Item 4. Controls and Procedures		2526
Part II. Other Information
Item 1. Legal Proceedings		2527
Item 1A. Risk Factors		2527
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		26
~~Item 3. Defaults Upon Senior Securities~~		26
~~Item 4. Mine Safety Disclosures~~		26
~~Item 5. Other Information~~		26
~~Item 6. Exhibits~~		26
~~Part III. Signatures~~		27
Item 3. Defaults Upon Senior Securities		27
Item 4. Mine Safety Disclosures		27
Item 5. Other Information		27
Item 6. Exhibits		27
Part III. Signature		28

~~Table of Contents~~

PART I—FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

PRIMAVERA CAPITAL ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS

March 31,

2022

December 31,
2021

   (unaudited)
ASSETS

Current assets
Cash    $ 708,909 $ 497,619
Prepaid expenses    71,511 25,984

Total Current Assets    780,420 523,603
Forward Purchase Agreement (FPA) asset    397,057 572,828
Investment held in Trust Account    414,058,718 414,024,299

TOTAL ASSETS

$
415,236,195

$
415,120,730


LIABILITIES AND SHAREHOLDERS’ DEFICIT

Current liabilities
Accrued expenses    $ 3,886,476 $ 2,526,858
Due to related party    140,000 110,000
Promissory note—related party    7,000 7,000
Convertible promissory note    500,178 0

Total Current Liabilities    4,533,654 2,643,858
Warrant liabilities    18,818,875 20,879,840
Deferred underwriting fee payable    14,490,000 14,490,000

Total Liabilities


37,842,529

38,013,698


Commitments and Contingencies (Note 6)
   0 0
Class A redeemable ordinary shares subject to possible redemption, $0.0001 par value, 400,000,000 shares
authorized; 41,400,000 shares at $10.00 per share redemption value as of March 31, 2022 and December 31, 2021    414,000,000 414,000,000
Shareholders’ Deficit

Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued or outstanding    0   0
Class B
non-redeemable ordinary
shares, $0.0001 par value; 40,000,000 shares authorized; 12,350,000 shares issued
and outstanding at March 31, 2022 and December 31, 2021
   1,235 1,235
Additional
paid-in
capital
   0   0
Accumulated deficit    (36,607,569 ) (36,894,203 )

Total Shareholders’ Deficit


(36,606,334
)

(36,892,968
)

TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT

$
415,236,195

$
415,120,730


	September 30, 2022			December 31, 2021
	(unaudited)
ASSETS
Current assets
Cash	$	59,320		$	497,619
Prepaid expenses		161,087			25,984

Total Current Assets		220,407			523,603
Forward Purchase Agreement (FPA) asset		—			572,828
Investment held in Trust Account		416,518,838			414,024,299

TOTAL ASSETS	$	416,739,245		$	415,120,730

LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accrued expenses and accounts payable	$	5,620,856		$	2,526,858
Due to related party		—			110,000
Promissory note—related party		7,000			7,000
Convertible promissory note		429,141			—

Total Current Liabilities		6,056,997			2,643,858
Forward Purchase Agreement (FPA) liability		523,235			—
Warrant liabilities		4,027,400			20,879,840
Deferred underwriting fee payable		14,490,000			14,490,000

Total Liabilities		25,097,632			38,013,698

Commitments and Contingencies (Note 6)
Class A redeemable ordinary shares subject to possible redemption, $0.0001 par value, 400,000,000 shares authorized; 41,400,000 shares at $10.06 and $10.00 per share redemption value as of September 30, 2022 and December 31, 2021, respectively		416,518,838			414,000,000
Shareholders’ Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding		—			—
Class B non-redeemable ordinary shares, $0.0001 par value; 40,000,000 shares authorized; 12,350,000 shares issued and outstanding at September 30, 2022 and December 31, 2021		1,235			1,235
Additional paid-in capital		—			—
Accumulated deficit		(24,878,460	)		(36,894,203	)

Total Shareholders’ Deficit		(24,877,225	)		(36,892,968	)

TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT	$	416,739,245		$	415,120,730

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

PRIMAVERA CAPITAL ACQUISITION CORPORATION

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~(UNAUDITED)~~

For the Three
Months Ended
March 31,
2022

For the Three
Months Ended
March 31,
2021

Cash Flows from Operating Activities:

Net income    $ 286,634 $ 18,430,219
Adjustments to reconcile net income to net cash used in operating activities:
Payment of formation costs through issuance of Class B ordinary shares 0 0
Interest earned on investment held in Trust Account    (34,419 ) (4,425 )
Change in fair value of FPA    175,771 88,302
Change in fair value of warrant liabilities
   (2,060,965 ) (21,291,339 )
Change in fair value of convertible promissory note
   178 0
Transaction costs allocable to warrant liabilities
   0 2,092,043
Changes in operating assets and liabilities:

Prepaid expenses
   (45,527 ) (359,000 )
Accrued expense
s
   1,359,618 204,167
Due to related party
   30,000 0  —

Net cash used in operating activities


(288,710
)

(840,033
)

Cash Flows from Investing Activities:

Investment of cash held in Trust Account    0— (414,000,000 )

Net cash used in investing activities


0—

(414,000,000
)

Cash Flows from Financing Activities:

Proceeds from sale of Units, net of underwriting discounts paid    0— 405,720,000
Proceeds from sale of Private Placement Warrants    0— 10,280,000
Proceeds from the convertible promissory note - related party    500,000 0  —
Repayment of Sponsor loan    0— (191,819 )
Payment of offering costs    0— (100,953 )

Net cash provided by financing activities


500,000

415,707,228


Net Change in Cash


211,290

867,195

Cash – Beginning of period    497,619 100

Cash – End of period

$
708,909

$
867,295


Non-Cash
investing and financing activities:

Offering costs paid through promissory note    $ 0— $ 62,825


Offering costs included in accrued offering costs    $ 0— $ 38,216


Deferred underwriting commissions charged to additional paid in capital    $ 0— $ 14,490,000

~~The accompanying notes are an integral part of these unaudited condensed financial statements.~~

~~Table of Contents~~

~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~MARCH 31,~~

September 30, 2022

(Unaudited)

NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

Primavera Capital Acquisition Corporation (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on July 16, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”).

Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus on global consumer companies with a significant China presence or a compelling China potential. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of ~~March 31,~~September 30, 2022, the Company had not commenced any operations. All activity for the period from July 16, 2020 (inception) through ~~March 31,~~September 30, 2022, relates to the Company’s formation and the proposed initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a ~~Business Combination and~~ Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates

non-operating

income in the form of interest income from the proceeds derived from the Initial Public Offering.

The registration statement for the Company’s Initial Public Offering was declared effective on January 21, 2021. On January 26, 2021, the Company consummated the Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), which included the full exercise by the underwriters of its over-allotment option in the amount of 5,400,000 Units, at $10.00 per Unit, generating gross proceeds of $414,000,000 which is described in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 10,280,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Primavera Capital Acquisition LLC (the “Sponsor”), generating gross proceeds of $10,280,000, which is described in Note 4.

Transaction costs amounted to $23,454,123, consisting of $8,280,000 of underwriting fees, $14,490,000 of deferred underwriting fees and $684,123 of other offering costs.

Following the closing of the Initial Public Offering on January 26, 2021, an amount of $414,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), and was invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under

Rule 2a-7

of the Investment Company Act, as determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale from the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (excluding the amount of any deferred underwriting discount held in the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company provided the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination (initially anticipated to be $10.00 per Public Share), including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the prospectus for the Initial Public Offering. The

per-share

amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.

Table of Contents

PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~MARCH 31,~~

September 30, 2022

(Unaudited)

The Company proceeded 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 it will receive (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.

Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent.

The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or

pre-initial

Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares.

The Company will have until January 26, 2023, to consummate a Business Combination (the “Combination Period”). However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at ~~aper-share~~ a

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (less taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.

The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7)6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

~~Table of Contents~~

PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

Merger

On March 23, 2022, as disclosed in the Company’s

Form

8-K

filed March 23, 2022, the Company entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the “BCA”) by and among (i) the Company, (ii) Lanvin Group Holdings Limited, a Cayman Islands exempted company (“PubCo”), (iii) Lanvin Group Heritage I Limited, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub 1”), (iv) Lanvin Group Heritage II Limited, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub 2”, and together with Merger Sub 1, the “Merger Subs”), and (v) Fosun Fashion Group (Cayman) Limited, a Cayman Islands exempted company (“FFG”).

Pursuant to the BCA, on the closing of the Business Combination (the “Closing” and the date on which the Closing actually occurs, the “Closing Date”) and in sequential order, (i) the Forward Purchase Subscriptions will be consummated immediately prior to the completion of the Initial Merger or otherwise in accordance with the terms thereof, (ii) the Company will merge with and into Merger Sub 1, with Merger Sub 1 as the surviving entity in the merger, and, after giving effect to such merger, continuing as a wholly owned subsidiary of PubCo (the “Initial Merger”), (iii) Merger Sub 2 will merge with and into FFG, with FFG as the surviving entity in the merger (such surviving entity, the “Surviving Company”), and, after giving effect to such merger, continuing as a wholly owned subsidiary of PubCo (the “Second Merger”), (iv) the PIPE Investment shall be consummated immediately following the completion of the Initial Merger and the Second Merger, and (v) Merger Sub 1 will merge with and into the Surviving Company, with the Surviving Company as the surviving entity in the merger (the “Third Merger”). The Forward Purchase Subscriptions, the Initial Merger, the Second Merger, the PIPE Investment, the Third Merger, and the other transactions contemplated by the BCA are hereinafter referred to as the “Business Combination.”

On October 17, 2022, the aforementioned parties entered into an amendment to the BCA (“Amendment No. 1”) to, amongst other matters, (i) change the “Price per Company Share” from US$3.365773 to US$2.6926188 and (ii) provide that the US$50 million equity investment by Meritz Securities Co., Ltd. pursuant to a share subscription agreement with FFG and PubCo in respect of shares of FFG, which was executed on October 16, 2022 (the “Meritz Investment”), will be deemed part of the “Private Placement” under the BCA and, accordingly, its proceeds will count towards satisfaction of the minimum cash condition for closing the Business Combination.

On October 20, 2022, the aforementioned parties entered into Amendment No. 2 to BCA (“Amendment No. 2”) to (i) update the form of the amended and restated memorandum and articles of association of PubCo and make certain adjustments to the Second Merger (as defined in the BCA), in each case, in light of the US$50 million equity investment by Meritz Securities Co., Ltd. pursuant to a share subscription agreement with FFG and PubCo in relation to the shares of FFG, which was executed on October 16, 2022, and (ii) include an additional closing condition in favor of the Company relating to the delivery of an undertaking by Fosun International Limited, a company incorporated in Hong Kong with limited liability.

Going Concern

As of ~~March 31,~~September 30, 2022, the Company had working capital deficit of ~~$3,752,234~~$5,836,590 and ~~$708,909~~$59,320 of cash held outside the Trust Account available for working capital needs. All cash and securities held in the Trust Account are generally unavailable for the Company’s use, prior to an initial Business Combination, and are restricted for use either in a Business Combination or to redeem ordinary shares. As of ~~March 31,~~September 30, 2022, ~~NaN~~none of the amount in the Trust Account was available to be withdrawn as described above.

On February 14, 2022, the Company drew down $500,000 of the Convertible Promissory Note (as defined in Note 5). The Convertible Promissory Note bears 0no interest and shall be payable on the earlier of: (i) twenty-four (24) months from the closing of the initial public offering (or such later date as may be extended in accordance with the terms of the Company’s memorandum and articles of association) or (ii) the date on which the Company consummates a Business Combination (see Note 5).

The Company believes it may have insufficient funds available to operate its business prior to the Business Combination. Moreover, the Company will need to raise additional capital through loans from its Sponsor, officers, directors, or third parties. None of the Sponsor, officers or directors are under any obligation to advance funds to, or to invest in, the Company. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. In addition, if the Company is not able to consummate a Business Combination before January 26, 2023, the Company will commence an automatic winding up, dissolution and liquidation. Management has determined that the liquidity condition and automatic liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after January 26, 2023. Management plans to continue efforts to close a Business Combination within the prescribed time frame.

Table of Contents

PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~MARCH 31,~~

September 30, 2022

(Unaudited)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form

10-Q

and Article 8 of Regulation

S-X

of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the ~~period~~periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Form

10-K

for the year ended December 31, 2021, as filed with the SEC on March 31, 2022, which contains the audited financial statements and notes thereto. The interim results for the three and nine months ended ~~March 31,~~September 30, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any future periods.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Management notes that the fair value of warrant liabilities and forward purchase agreements (“forward purchase agreements” or “FPA”) ~~asset~~liability is a significant estimate.

~~Table of Contents~~

~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~

~~MARCH 31, 2022~~

~~(Unaudited)~~

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did 0tnot have any cash equivalents as of ~~March 31,~~September 30, 2022 and December 31, 2021.

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PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

Offering Costs

Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated on a relative fair value basis between shareholders’ equity and expense. The portion of the offering costs associated with the issuance of the Class A ordinary shares issued were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.

~~As of March 31, 2022,~~

At the IPO, offering costs amounted to $23,454,123, of which $21,362,080 were charged to temporary equity upon the completion of the Initial Public Offering and $2,092,043 were expensed to the condensed statement of operations.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at ~~March 31,~~September 30, 2022 and December 31, 2021, the 41,400,000 Class A ordinary shares subject to possible redemption, ~~respectively,~~ are presented at redemption value as temporary equity, outside of the shareholders’ ~~equity~~deficit section of the

Company’s condensed balance sheets.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there ~~was no~~were $2,518,838 and $0 change to the redemption value of the Class A ordinary ~~shares.~~shares, respectively.

At ~~March~~September 30, 2022 and December 31, ~~2022,~~2021, the Class A ordinary shares reflected in the condensed balance sheets are reconciled in the following table:

Gross proceeds    $ 414,000,000
Less: Proceeds allocated to Public Warrants    (36,429,930 )
Less: Class A ordinary shares issuance costs    (21,362,080 )
Add: Accretion of carrying value to redemption value    57,792,010

Class A ordinary shares subject to possible redemption    $ 414,000,000


Gross proceeds	$	414,000,000
Less: Proceeds allocated to Public Warrants		(36,429,930	)
Less: Class A ordinary shares issuance costs		(21,362,080	)
Add: Accretion of carrying value to redemption value		57,792,010
Class A ordinary shares subject to possible redemption as of December 31, 2021		414,000,000
Add: Remeasurement on Class A ordinary shares subject to possible redemption		2,518,838

Class A ordinary shares subject to possible redemption as of September 30, 2022	$	416,518,838

Convertible Promissory Note

The Company accounts for its convertible promissory note under ASC 815, Derivatives and Hedging (“ASC 815”). Under

815-15-25,

the election can be made at the inception of a financial instrument to account for the instrument under the fair value option under ASC ~~825.~~825, Financial Instruments (“ASC 825”). The Company has made such election for its convertible promissory note. Using the fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance, and each balance sheet date thereafter. ~~Changes~~Differences between the face value of the convertible promissory note and fair value at issuance are recognized as either an expense in the statement of operations (if issued at a premium) or as a capital contribution (if issued at a discount). Any material changes in the estimated fair value of the convertible promissory note are recognized as

non-cash ~~change in the fair value of the convertible promissory note~~

gains or losses in the condensed statements of operations. The fair value of the option to convert into private warrants was valued utilizing the Monte Carlo model.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then

re-valued

at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the condensed balance sheet as current or

non-current

based on whether or not

net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

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PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~MARCH 31,~~

September 30, 2022

(Unaudited)

The Company accounts for the Warrants and FPA in accordance with the guidance contained in ASC

~~ASC815-40,~~815-40,

under which the Warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities or assets. Accordingly, the Company classifies the Warrants ~~as liabilities~~ and ~~the~~ FPA as ~~an asset~~liabilities at their fair value and adjust the Warrants and FPA to fair value at each reporting period. These liabilities ~~and asset~~ are subject ~~tore-measurement~~ to

re-measurement

at each balance sheet date until exercised, and any change in fair value is recognized in the statements of operations.

Income Taxes

The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there were 0no unrecognized tax benefits and 0no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was 0zero for the periods presented.

Net Income per Ordinary Share

The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The 30,980,000 potential Class A ordinary shares for outstanding warrants to purchase the Company’s shares were excluded from diluted earnings per share for the three and nine months ended ~~March 31,~~September 30, 2022 and 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares:

For the Three Months Ended
March 31, 2022

For the Three Months Ended
March 31, 2021


Class A

Class B

Class A

Class B

Basic and diluted net income per share
Numerator:
Allocation of net income    $ 220,775    $ 65,859    $ 13,105,934    $ 5,324,285
Denominator
Weighted-average shares outstanding    41,400,000    12,350,000    29,440,000    11,960,000
Basic and diluted net income per share    $ 0.01    $ 0.01    $ 0.45    $ 0.45


	For the Three Months Ended September 30, 2022				For the Three 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	$	3,390,343	$	1,011,371	$	4,088,079	$	1,219,511
Denominator
Weighted-average shares outstanding		41,400,000		12,350,000		41,400,000		12,350,000
Basic and diluted net income per share	$	0.08	$	0.08	$	0.10	$	0.10


	For the Nine Months Ended September 30, 2022				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	$	11,195,008	$	3,339,573	$	13,133,494	$	4,285,166
Denominator
Weighted-average shares outstanding		41,400,000		12,350,000		37,457,143		12,221,429
Basic and diluted net income per share	$	0.27	$	0.27	$	0.35	$	0.35

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal ~~Depository~~Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.

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PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature, except for the Warrants, FPA and Convertible Promissory Note (see Note 9).

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~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~

~~MARCH 31, 2022~~

~~(Unaudited)~~

Recent Adopted Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.

NOTE 3. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company sold 41,400,000 Units which included a full exercise by the underwriters of their over-allotment option in the amount of 5,400,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of 1one Class A ordinary share and

one-half

of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 8).

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 10,280,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $10,280,000 in a private placement. Each Private Placement Warrant is exercisable to purchase 1one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On July 17, 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 8,625,000 Class B ordinary shares (the “Founder Shares”) (after giving effect to a share recapitalization), initially held by an affiliate of the Sponsor. On August 24, 2020, the Sponsor transferred 215,625 Founder Shares to Chenling Zhang, the Company’s independent director, for an aggregate purchase price of $625. On September 21, 2020, the Company effected a share capitalization, pursuant to which an additional 2,000,000 Founder Shares were issued for 0no consideration, resulting in there being 10,625,000 Founder Shares outstanding. Following the share capitalization on September 21, 2020 and Ms. Zhang’s waiver of her right to receive shares under such capitalization, the Sponsor held an aggregate of 10,409,375 Founder Shares. All share and

per-share

amounts have been retroactively restated to reflect the share capitalization. On December 30, 2020, the Sponsor transferred 40,000 Founder Shares to each of the other independent directors for approximately $0.003 per share. On January 5, 2021, the Sponsor transferred to the anchor investors an aggregate of 1,000,000 Founder Shares for 0no cash consideration. On January 21, 2021, the Company effected a share capitalization pursuant to which 1,725,000 Founder Shares were issued, resulting in 12,350,000 Founder Shares outstanding, of which 11,014,375 Founder Shares are held by the Sponsor. The Founder Shares held by the Sponsor include an aggregate of up to 1,350,000 shares that are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised and 2,000,000 Class B ordinary shares issued and retained by the Sponsor in connection with the forward purchase agreements, so that the number of Founder Shares will equal, on an

as-converted

basis, approximately 20% of the sum of the Company’s issued and outstanding ordinary shares after the Initial Public Offering plus 8,000,000 Class A ordinary shares to be sold pursuant to the forward purchase agreements. As a result of the underwriters’ election to fully exercise their over-allotment option on January 26, 2021, a total of 1,350,000 Founder Shares were no longer subject to forfeiture.

The initial shareholder has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share

sub-divisions,

share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any

30-trading

day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

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PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

Administrative Services Agreement

Commencing on January 21, 2021, the Company entered into an agreement to pay the Sponsor up to $10,000 per month for office space, utilities, secretarial and administrative support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2022, the Company incurred $30,000 and $90,000 in fees for these services, for the three and nine months ended September 30, 2021, the Company incurred $20,000 and $50,000 in fees for these services.

On September 29, 2022, the Company entered into a waiver letter with the Sponsor, pursuant to which, the Sponsor waives its right to receive any amount from the Company under the Administrative Services Agreement, to the extent such amount has not already been received by the Sponsor as of the date hereof. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there are ~~$140,000~~$0 and $110,000 in due to related party incurred by administrative service fee.

For the three months ended March 31, 2022 and 2021, the Company incurred $30,000 and $20,000 in fees for these services, of which $30,000 and $20,000 is included in due to related party in the accompanying condensed balance sheets.

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~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~

~~MARCH 31, 2022~~

~~(Unaudited)~~

Promissory Note — Related Party

On July 17, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to an affiliate of the Sponsor, which was assigned to the Sponsor on August 24, 2020, pursuant to which the Company may borrow up to an aggregate principal amount of $250,000. The Promissory Note is

non-interest

bearing and payable on the earlier of (i) December 31, 2021 and (ii) the completion of the Initial Public Offering. On January 26, 2021, at the closing of the Initial Public Offering, $191,819 was repaid. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there is ~~$7,000 and~~ $7,000 in borrowings outstanding under the Promissory Note, which is currently due on demand.

~~Related Party~~Working Capital Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there were 0no amounts outstanding under the Working Capital Loans.

On January 28, 2022, the Company issued an unsecured promissory note (the “Convertible Promissory Note”) in the amount of up to $500,000 to the Sponsor. The Convertible Promissory Note bears 0no interest and shall be payable on the earlier of: (i) twenty-four (24) months from the closing of the initial public offering (or such later date as may be extended in accordance with the terms of the Company’s memorandum and articles of association) or (ii) the date on which the Company consummates a business combination. On February 14, 2022, the Company drew down the full amount of the Convertible Promissory Note. The Sponsor may elect to convert all or any portion of the unpaid principal balance of this Convertible Promissory Note into that number of warrants consisting of one warrant exercisable for one ordinary share of the Company (the “Conversion Warrants”), equal to: (x) the portion of the principal amount of the Convertible Promissory Note being converted, divided by (y) $1.00, rounded up to the nearest whole number of warrants. The Conversion Warrants shall be identical to the Private Placement Warrants.

The Convertible Promissory Note was valued using the fair value method. ~~The~~As of September 30, 2022, $500,000 was drawn on the loan, presented at its fair value of $429,141 on the ~~Convertible Promissory Note as~~accompanying unaudited condensed balance sheets. As of ~~February 14,~~December 31, 2021, ~~and March 31, 2022, was $500,000~~

~~and $500,178, respectively (see~~the Company had no Working Capital Loan borrowings. (See Note 9).

NOTE 6. COMMITMENTS AND CONTINGENCIES

Risks and Uncertainties

In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these condensed financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these condensed financial statements.

Management continues to evaluate the impact of the

COVID-19

pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these condensed financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

Director Compensation

On August 24, 2020, the Company entered into a fee arrangement with Ms. Zhang pursuant to which, in consideration for her services as an independent director and her expertise to source and/or evaluate potential acquisition targets, the Company will pay Ms. Zhang a fee in the aggregate amount of $250,000, which is payable upon the closing of the Business Combination.

~~Table~~ As of ~~Contents~~

~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~

~~MARCH~~September 30, 2022 and December 31, ~~2022~~2021, the Company recognized $250,000 in fees for these services, of which $250,000 is included in accrued expenses in the accompanying condensed balance sheets.

~~(Unaudited)~~

Registration Rights

Pursuant to a registration and shareholders rights agreement entered into on January 21, 2021, the holders of the Founder Shares, Private Placement Warrants (and the Class A ordinary shares underlying such private placement warrants) and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants that may be issued upon conversion of the Working Capital Loans) will be entitled to registration rights pursuant to a registration rights agreement requiring the Company to register such securities for resale. The holders of these securities will be entitled to making up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters are entitled to a deferred fee of $0.35 per Unit, or $14,490,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Forward Purchase Agreement

Certain accredited investors (the “anchor investors”) have entered into forward purchase agreements with the Company which provide for the purchase by the anchor investors of an aggregate of 8,000,000 Class A ordinary shares, plus an aggregate of 2,000,000 redeemable warrants to purchase 1one Class A ordinary share at $11.50 per share, for an aggregate purchase price of $80,000,000, or $10.00 per Class A ordinary share, in a private placement to close concurrently with the closing of a Business Combination. The proceeds from the sale of forward purchase shares may be used as part of the consideration to the sellers in a Business Combination, expenses in connection with a Business Combination or for working capital in the post-transaction company. These purchases will be made regardless of whether any Class A ordinary shares are redeemed by the Public Shareholders and are intended to provide the Company with a minimum funding level for a Business Combination. The anchor investors will not have the ability to approve a Business Combination prior to the signing of a material definitive agreement and, if the Company seeks shareholder approval, have agreed to vote their Founder Shares and any Public Shares held by them in favor of a Business Combination. The forward purchase securities will be issued only in connection with the closing of a Business Combination.

Business Combination Agreement

On March 23, 2022, the Company entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the “BCA”) by and among (i) the Company, (ii) Lanvin Group Holdings Limited, a Cayman Islands exempted company (“PubCo”), (iii) Lanvin Group Heritage I Limited, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub 1”), (iv) Lanvin Group Heritage II Limited, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub 2”, and together with Merger Sub 1, the “Merger Subs”), and (v) Fosun Fashion Group (Cayman) Limited, a Cayman Islands exempted company (“FFG”).

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PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

NOTE 7. SHAREHOLDERS’ ~~EQUITY (DEFICIT)~~DEFICIT

Preference Shares —

The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there were 0no preference shares issued or outstanding.

Class

A Ordinary Shares

—

The Company is authorized to issue 400,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At ~~March 31,~~September 30, 2022 and December 31, 2021, there were 41,400,000 Class A ordinary shares issued and outstanding, all of which are subject to possible redemption and presented as temporary equity.

Class

B Ordinary Shares

—

The Company is authorized to issue 40,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there were effectively 12,350,000 Class B ordinary shares issued and outstanding. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders, except as required by law.

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~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~

~~MARCH 31, 2022~~

~~(Unaudited)~~

The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of a Business Combination on a

one-for-one

basis, subject to adjustment for share

sub-divisions,

share capitalizations, reorganizations, recapitalizations and the like. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in connection with a Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares, which includes the 2,000,000 Founder Shares issued in connection with the forward purchase agreements, will equal, in the aggregate, 20% of the sum of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders) plus 8,000,000 Class A ordinary shares to be sold pursuant to the forward purchase agreements, including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than

one-for-one

basis.

NOTE 8. WARRANTS

As of ~~March 31,~~September 30, 2022, and December 31, 2021, there were 20,700,000 Public Warrants outstanding. Public Warrants may only be exercised for a whole number of shares.

~~NaN~~ No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. ~~NaN~~No warrant will be exercisable, and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60th) business 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. Notwithstanding the above, 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 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.

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PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

Redemption of warrants when the price per Class

A ordinary share equals or exceeds $18.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described with respect to the Private Placement Warrants):

in whole and not in part;

at a price of $0.01 per warrant;

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a

30-trading

day period ending three business days before the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share

sub-divisions,

share dividends, reorganizations, recapitalizations and the like).

~~Table of Contents~~

~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~

~~MARCH 31, 2022~~

~~(Unaudited)~~

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of warrants when the price per Class

A ordinary share equals or exceeds $10.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

in whole and not in part;

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares;

if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share

sub-divisions,

share dividends, reorganizations, recapitalizations and the like); and

if the Reference Value is less than $18.00 per share (as adjusted for share

sub-divisions,

share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required 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.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

As of ~~March 31,~~September 30, 2022, and December 31, 2021, there were 10,280,000 Private Placement Warrants outstanding. 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 and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be

non-redeemable,

except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Table of Contents

PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~MARCH 31,~~

September 30, 2022

(Unaudited)

NOTE 9. FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

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

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 the assessment of the assumptions that market participants would use in pricing the asset or liability.

At ~~March 31,~~September 30, 2022 and December 31, 2021, assets held in the Trust Account were comprised of ~~$414,058,718~~$416,518,838 and $414,024,299 in money market funds, which are invested in U.S. Treasury Securities. Through ~~March 31,~~September 30, 2022 and December 31, 2021, the Company did 0tnot withdraw any interest income from the Trust Account.

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at ~~March 31,~~September 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description

Level

March 31,

2022

December 31,
2021

Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Funds    1    $ 414,058,718    $ 414,024,299
FPA Asset    3    $ 397,057    $ 572,828
Liabilities:
Warrant Liability – Public Warrants    1    $ 8,280,000    $ 13,869,000
Warrant Liability – Private Placement Warrants    3    $ 10,538,875    $ 7,010,840
Convertible promissory note – related party    3    $ 500,178    $ 0  —


	Level		September 30, 2022		December 31, 2021
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Funds		1	$	416,518,838	$	414,024,299
FPA Asset		3	$	—	$	572,828
Liabilities:
Warrant Liability – Public Warrants		1	$	2,691,000	$	13,869,000
Warrant Liability – Private Placement Warrants		2	$	1,336,400	$	7,010,840
Convertible promissory note – related party		3	$	429,141	$	—
FPA Liability		3	$	523,235	$	—

The Warrants, FPA and convertible promissory note are accounted for as liabilities ~~and the FPA is accounted for as an asset~~ in accordance with ASC

~~ASC815-40~~815-40

and are presented within warrant liabilities, ~~and~~ FPA ~~asset~~liability, convertible promissory note in the accompanying condensed balance sheets. The warrant liabilities, FPA ~~asset~~liability and convertible promissory note are measured at fair value at inception and on a recurring basis, with changes in fair value presented in the condensed statements of operations.

~~The Warrants are measured at fair value on a recurring basis.~~

The Public Warrants were valued using the instrument’s publicly listed trading price as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market.

Initial Measurement

The Private Placement Warrants were valued using a Modified Black Scholes Model, which is considered to be a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of the ordinary shares. The expected volatility as of the Initial Public Offering date was derived from observable public warrant pricing on comparable blank-check companies without an identified target.

The Public Warrants were initially valued using a Monte Carlo simulation implementing the Black Scholes Option Pricing Model that is modified to capture the redemption features of the Public Warrants. The primary unobservable inputs utilized in determining the fair value of the Public Warrants are the expected volatility of the ordinary shares and the share price.

Table of Contents

PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~MARCH 31,~~

September 30, 2022

(Unaudited)

The ~~asset for the~~ FPA liability was valued using an adjusted net assets method, which is considered to be a Level 3 fair value measurement. Under the adjusted net assets method utilized, the aggregate commitment of $80 million pursuant to the FPA is discounted to present value and compared to the fair value of the ordinary shares and warrants to be issued pursuant to the FPA. The fair value of the ordinary shares and warrants to be issued under the FPA is based on the public trading price of the Units issued in the Company’s Initial Public Offering. The excess (liability) or deficit (asset) of the fair value of the ordinary shares and warrants to be issued compared to the $80 million fixed commitment is then reduced to account for the probability of consummation of the Business Combination.

The fair value of the option to convert the convertible promissory note into private warrants was initially valued utilizing a Monte Carlo model that values the embedded conversion feature.

Subsequent Measurement

The Private Placement Warrants were valued using a Modified Black Scholes Model after the initial issuance, which is considered to be a Level 3 fair value measurement. For the three months ended September 30, 2022, the Private Placement Warrants were estimated using the public warrants publicly listed trading price and that due to the make-whole provision in the warrant agreement, the value of the public and private warrants is approximately the same, as such the private warrants were reclassified to level 2 as of September 30, 2022. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 due to the use of an observable market quote in an active market. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrant price was used as the fair value as of each relevant date.

The ~~asset for~~following table presents the quantitative information regarding Level 3 fair value measurements:


	December 31, 2021
Unit price	$	9.71
Term to initial Business Combination (in years)		0.53
Volatility		11.6	%
Risk-free rate		1.31	%
Dividend yield		0.0	%

The FPA liability was valued using an adjusted net assets method, which is considered to be a Level 3 fair value measurement.

~~The following table presents the quantitative information regarding Level 3 fair value measurements:~~

January 26,
2021 (Initial
measurement)

December 31,
2021

March 31,
2022

Unit price    $ 10.90 $ 9.71 $ 9.83
Term to initial Business Combination (in years)    1.0 0.53 0.75
Volatility    10.0 % 11.6 % 12.0 %
Risk-free rate    0.58 % 1.31 % 2.41 %
Dividend yield    0.0 % 0.0 % 0.0 %

The following table presents a summary of the changes in the fair value of level 3 warrant liabilities for the ~~three~~nine months ended ~~March 31,~~September 30, 2022 and ~~2021 :~~

Private Placement

Public

Total
Warrant Liabilities

Fair value as of January 1, 2022    $ 7,010,840    $ —      $ 7,010,840
Change in fair value-Private Warrants    3,528,035    —      3,528,035
Fair value as of March 31, 2022    $ 10,538,875    $ —      $ 10,538,875

Private Placement

Public

Total
Warrant Liabilities

Fair value as of January 1, 2021    $ —    $ —    $ —
Initial measurement on January 26, 2021
18,391,549
36,429,930
54,821,479
Transfer to Level 1    —      (36,429,930 )    (36,429,930 )
Change in fair value-Private Warrants    (9,946,958 )    —      (9,946,958 )
Fair value as of March 31, 2021    $ 8,444,591    $ —      $ 8,444,591

~~Table of Contents~~

~~PRIMAVERA CAPITAL ACQUISITION CORPORATION~~2021:

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~


	Private Placement			Public			Total Warrant Liabilities
Fair value as of January 1, 2022	$	7,010,840		$	—		$	7,010,840
Change in fair value-Private Warrants		(2,177,196	)		—			(2,177,196	)

Fair value as of June 30, 2022		4,833,644			—			4,833,644
Change in fair value-Private Warrants		(3,497,244	)		—			(3,497,244	)
Transfer to Level 2		(1,336,400	)		—			(1,336,400	)
Fair value as of September 30, 2022		—			—			—


	Private Placement			Public			Total Warrant Liabilities
Fair value as of January 1, 2021	$	—		$	—		$	—
Initial measurement on January 26, 2021		18,391,549			36,429,930			54,821,479
Transfer to Level 1		—			(36,429,930	)		(36,429,930	)
Change in fair value-Private Warrants		(9,308,408	)		—			(9,308,408	)

Fair value as of September 30, 2021	$	9,083,141		$	—		$	9,083,141

~~MARCH 31, 2022~~

~~(Unaudited)~~

The following table presents the changes in the fair value of FPA liability (asset) for the ~~three~~nine months ended ~~March 31,~~September 30, 2022 and ~~2021 :~~2021:

Forward Purchase
Units

Fair value as of January 1, 2022    $ (572,828 )
Change in fair value    175,771
Fair value as of March 31, 2022    $ (397,057 )


	Forward Purchase Units
Fair value as of January 1, 2022	$	(572,828	)
Change in fair value		175,771
Fair value as of March 31, 2022		(397,057	)
Change in fair value		354,783

Fair value as of June 30, 2022	$	(42,274	)
Change in fair value		565,509

Fair value as of September 30, 2022	$	523,235

Forward Purchase
Units

Fair value as of January 1, 2021    $ 0—
Initial measurement on January 26, 2021    3,752,168
Change in fair value    (3,663,866 )
Fair value as of March 31, 2021    $ 88,302

Table of Contents

PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)


	Forward Purchase Units
Fair value as of January 1, 2021	$	—
Initial measurement on January 26, 2021		3,752,168
Change in fair value		(3,663,866	)
Fair value as of March 31, 2021		88,302
Change in fair value		153,019

Fair value as of June 30, 2021	$	241,321
Change in fair value		(507,890	)

Fair value as of September 30, 2021	$	(266,569	)

Convertible Promissory Note – Related Party

The fair value of the option to convert the convertible promissory note into private warrants was valued utilizing a Monte Carlo model that values the embedded conversion feature.

The convertible promissory note is classified within Level 3 of the fair value hierarchy at the measurement date due to the use of unobservable inputs.

The estimated fair value of the convertible promissory note was based on the following significant inputs:


							September 30, 2022			February 14, 2022
	March 31, 2022			February 14, 2022
Stock price	$	9.83		$	9.76		$	9.95		$	9.76
Weighted time to conversion (in years)		5.21			5.46			5.28			5.46
Volatility		7.3	%		7.5	%		19.3	%		7.5	%
Risk-free rate		2.42	%		1.92	%		4.06	%		1.92	%

The following table presents the changes in the fair value of the Level 3 convertible promissory note:

Convertible
Promissory
Note

Fair value as of January 1, 2022    $ 0—
Proceeds received through Convertible Promissory Note on February 14, 2022    500,000
Change in fair value    178
Fair value as of March 31, 2022    $ 500,178


	Convertible Promissory Note
Fair value as of January 1, 2022	$	—
Proceeds received through Convertible Promissory Note on February 14, 2022		500,000
Change in fair value		4,923

Fair value as of June 30, 2022	$	504,923
Change in fair value		(75,782	)

Fair value as of September 30, 2022	$	429,141

There were no transfers in or out of Level 3 from other levels in the fair value hierarchy during the nine months ended September 30, 2022 for the convertible promissory note.

NOTE 10. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the unaudited condensed financial statements date up to the date that the unaudited condensed financial statements were issued. Based upon this review, other than noted below, the Company determined that, there have been no events that have occurred that would require adjustments to the disclosures in the unaudited condensed financial statements.

On October

2022

, each party of the BCA entered into an amendment to the BCA (“Amendment

”) to, amongst other matters, (i) change the “Price per Company Share” from US$

3.365773

to US$

2.6926188

and (ii) provide that the US$

million equity investment by Meritz Securities Co., Ltd. pursuant to a share subscription agreement with FFG and PubCo in respect of shares of FFG, which was executed on October

2022

(the “Meritz Investment”), will be deemed part of the “Private Placement” under the BCA and, accordingly, its proceeds will count towards satisfaction of the minimum cash condition for closing the Business Combination.

liability.

Table of Contents

PRIMAVERA CAPITAL ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022

(Unaudited)

On October 28, 2022, the aforementioned parties entered into Amendment No. 3 to the BCA (“BCA Amendment No. 3”) to remove the arrangements relating to the bonus pool of up to 3,600,000 ordinary shares of Pubco for eligible holders of the Company’s Class A ordinary shares who do not redeem their shares in connection with the transactions contemplated by the BCA . The foregoing description of BCA Amendment No. 3 does not purport to be complete and is qualified in its entirety by the terms and conditions of BCA Amendment No. 3, a copy of which is attached as Exhibit 2.1 in the Form 8-K filed with SEC on October 28, 2022.

On October 28, 2022, Fosun Fashion Holdings (Cayman) Limited, Fosun International Limited and certain other parties thereto entered into an Amended and Restated Subscription Agreement (the “A&R Subscription Agreement”), pursuant to which Fosun Fashion Holdings (Cayman) Limited has agreed to subscribe for a total of 13,327,225 Pubco ordinary shares at a price of $10 per share, upsizing its PIPE subscription investment by approximately $95 million, from $38 million to approximately $133 million. The additional approximately $95 million PIPE subscription commitment from Fosun Fashion Holdings (Cayman) Limited will be effected by way of re-investment of all of the repayment proceeds of certain existing shareholder loans that were borrowed by Lanvin Group from Fosun International Limited for working capital purposes. The closing of the PIPE investment by Fosun Fashion Holdings (Cayman) Limited and the other PIPE investors is contingent upon, among other things, the substantially concurrent consummation of the Business Combination. The foregoing description of the A&R Subscription Agreement does not purport to be complete and is qualified in its entirety by reference to the A&R Subscription Agreement, a copy of which is attached as Exhibit 10.1 in the

Form 8-K

filed with SEC on October 28, 2022.

On November 3, 2022, the registration statement on Form F-4 of the PubCo filed in connection with the Business Combination was declared effective by the SEC.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. On March 23, 2022, the Company signed the Business Combination Agreement, as described in detail below. However, we cannot assure you that our plans to complete a business combination will be successful.

Recent Developments

On March 23, 2022, we entered into the BCA (as it may be amended, supplemented or otherwise modified from time to time) by and among (i) the Company, (ii) PubCo, (iii) Merger Sub 1, (iv) Merger Sub 2, and (v) FFG.

Pursuant to the BCA, on the closing of the ~~Business Combination~~business combination and in sequential order, (i) the Forward Purchase Subscriptions will be consummated immediately prior to the completion of the Initial Merger or otherwise in accordance with the terms thereof, (ii) the Company will merge with and into Merger Sub 1, with Merger Sub 1 as the surviving entity in the merger, and, after giving effect to such merger, continuing as a wholly owned subsidiary of PubCo (the “Initial Merger”), (iii) Merger Sub 2 will merge with and into FFG, with FFG as the surviving entity in the merger (such surviving entity, the “Surviving Company”), and, after giving effect to such merger, continuing as a wholly owned subsidiary of PubCo (the “Second Merger”), (iv) the PIPE Investment shall be consummated immediately following the completion of the Initial Merger and the Second Merger, and (v) Merger Sub 1 will merge with and into the Surviving Company, with the Surviving Company as the surviving entity in the merger (the “Third Merger”).

Subject to, and in accordance with, the terms and conditions of the BCA, in connection with the Initial Merger, (i) each unit will (to the extent not already separated) be automatically detached and the holder thereof will be deemed to hold one Class A ordinary share and

one-half

of a warrant, (ii) immediately following the separation of each unit, each issued and outstanding Class A ordinary share (but excluding (x) all of the Class A ordinary shares that will be redeemed pursuant to the election of eligible holders thereof in accordance with the Company’s organizational documents in connection with the transactions contemplated by the BCA, and (y) the Eligible Shares will automatically be converted into the right to receive a number of newly issued PubCo ordinary shares equal to (x) the sum of the aggregate number of Eligible Shares and 3,600,000, divided by (y) the aggregate number of Eligible Shares, subject to rounding, (iii) each (x) Class A ordinary share other than the Eligible Shares and (y) Class B ordinary share issued and outstanding will automatically be converted into the right to receive one newly issued PubCo ordinary share, (iv) each issued and outstanding warrant will be assumed by PubCo and converted into a warrant to purchase one PubCo ordinary share and (v) the issued and outstanding share in the capital of Merger Sub 1 will continue existing and constitute the only issued and outstanding share in the capital of Merger Sub 1.

Subject to, and in accordance with, the terms and conditions of the BCA, in connection with the Second Merger, (i) each issued and outstanding FFG ordinary share, FFG

non-voting

ordinary share and FFG preferred share (collectively, “Company Shares”) will automatically be converted into the right to receive such number of newly issued PubCo ordinary shares that is equal to the Company Exchange Ratio, subject to rounding, and (ii) the issued and outstanding share in the capital of Merger Sub 2 will automatically be converted into one ordinary share of the Surviving Company, which ordinary share will constitute the only issued and outstanding share in the share capital of the Surviving Company. The “Company Exchange Ratio” is a number determined by dividing the price per Company Share (i.e., US$3.365773) by US$10.00.

Subject to, and in accordance with, the terms and conditions of the BCA, in connection with the Third Merger, (i) the issued and outstanding ordinary share of the Surviving Company will be ~~cancelled~~canceled and cease to exist by virtue of the Third Merger, and (ii) the issued and outstanding share in the capital of Merger Sub 1 will automatically be converted into one ordinary share of the Surviving Company, which ordinary share will constitute the only issued and outstanding share in the share capital of the Surviving Company.

The ~~Business Combination~~business combination is expected to close in the second half of 2022, following the receipt of the required approvals by the Company’s shareholders and the fulfillment of other closing conditions.

The BCA contains representations, warranties and covenants of each of the parties thereto that are customary for transactions of this type. The representations and warranties of the parties contained in the BCA will terminate and be of no further force and effect as of the closing of the ~~Business Combination.~~business combination. PubCo has also agreed to take all action within its power as may be necessary or appropriate such that, effective immediately after the Closing, PubCo board of directors will consist of seven (7) directors. The Sponsor will have the right to designate one (1) member of PubCo board of directors.

On October 17, 2022, each party of the BCA entered into an amendment to the BCA (“Amendment No. 1”) to, amongst other matters, (i) change the “Price per Company Share” from US$3.365773 to US$2.6926188 and (ii) provide that the US$50 million equity investment by Meritz Securities Co., Ltd. pursuant to a share subscription agreement with FFG and PubCo in respect of shares of FFG, which was executed on October 16, 2022 (the “Meritz Investment”), will be deemed part of the “Private Placement” under the BCA and, accordingly, its proceeds will count towards satisfaction of the minimum cash condition for closing the Business Combination.

On November 3, 2022, the registration statement on Form F-4 of the PubCo filed in connection with the Business Combination was declared effective by the SEC.

Liquidity and Capital Resources

As of ~~March 31,~~September 30, 2022, we had cash outside the trust account of ~~$708,909~~$59,320 available for working capital needs. As of ~~March 31,~~September 30, 2022, none of the amount in the trust account was available to be withdrawn as described above.

Through ~~March 31,~~September 30, 2022, our liquidity needs were satisfied through receipt of $25,000 from the sale of the founder shares, $250,000 promissory note as described below, $500,000 Convertible Promissory Note as described below and the remaining net proceeds from our initial public offering and the sale of the private placement warrants.

On July 17, 2020, we issued an unsecured promissory note in the amount of up to $250,000 to an affiliate of our sponsor. The proceeds of the note, which may be drawn down from time to time until we consummate our initial business combination, will be used for general working capital purposes. The note bears no interest and is payable in full upon the earlier to occur of (i) December 31, 2021 and (ii) the completion of our initial public offering. A failure to pay the principal within five business days of the date specified above or the commencement of a voluntary or involuntary bankruptcy action shall be deemed an event of default, in which case the note may be accelerated. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there is ~~$7,000 and~~ $7,000 in borrowings outstanding under the promissory note, which is currently due on demand.

On January 28, 2022, ~~the Company~~we issued an unsecured promissory note (the “Convertible Promissory Note”) in the amount of up to $500,000 to the Sponsor. The Convertible Promissory Note bears no interest and shall be payable on the earlier of: (i) twenty-four (24) months from the closing of the initial public offering (or such later date as may be extended in accordance with the terms of ~~the Company’s~~our memorandum and articles of association) or (ii) the date on which ~~the Company consummates~~we consummate a business combination. On February 14, 2022, ~~the Company~~we drew down the full amount of the Convertible Promissory Note. The Sponsor may elect to convert all or any portion of the unpaid principal balance of this Convertible Promissory Note into that number of warrants consisting of one warrant exercisable for one ordinary share of ~~the Company~~us (the “Conversion Warrants”), equal to: (x) the portion of the principal amount of the Convertible Promissory Note being converted, divided by (y) $1.00, rounded up to the nearest whole number of warrants. The Conversion Warrants shall be identical to the Private Placement Warrants.

Going Concern

As of ~~March 31,~~September 30, 2022, ~~the Company~~we had working capital deficit of ~~$3,752,234~~$5,836,590 and ~~$708,909~~$59,320 of cash held outside the Trust Account available for working capital needs. All cash and securities held in the Trust Account are generally unavailable for ~~the Company’s~~our use, prior to an initial Business Combination, and are restricted for use either in a Business Combination or to redeem ordinary shares. As of ~~March 31,~~September 30, 2022, none of the amount in the Trust Account was available to be withdrawn as described above.

On February 14, 2022, ~~the Company~~we drew down $500,000 of the Convertible Promissory Note (as defined in Note 5 to Financial Statements). The Convertible Promissory Note bears no interest and shall be payable on the earlier of: (i) twenty-four (24) months from the closing of the initial public offering (or such later date as may be extended in accordance with the terms of ~~the Company’s~~our memorandum and articles of association) or (ii) the date on which ~~the Company consummates~~we consummate a business ~~combination .~~combination.

~~The Company believes it~~

We believe we may have insufficient funds available to operate ~~its~~our business prior to the Business Combination. Moreover, ~~the Company~~we will need to raise additional capital through loans from ~~its~~the Sponsor, officers, directors, or third parties. None of the Sponsor, officers or directors are under any obligation to advance funds to, or to invest in, ~~the Company. The Company~~us. We cannot provide any assurance that new financing will be available to itus on commercially acceptable terms, if at all. In addition, if ~~the Company is~~we are not able to consummate a Business Combination before January 26, 2023, ~~the Company~~we will commence an automatic winding up, dissolution and liquidation. Management has determined that the liquidity issue and automatic liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about ~~the Company’s~~our ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should ~~the Company~~we be required to liquidate after January 26, 2023. Management plans to continue its efforts to close a Business Combination within the prescribed time frame.

Results of Operations

All of our activities ~~since~~from inception through ~~March 31,~~September 30, 2022 related to our formation, the preparation for our initial public offering and, since the closing of our initial public offering, the search for a prospective target of our initial business combination.

We have neither engaged in any operations nor generated any revenues to date. We will not generate any operating revenues until after the completion of our initial business combination. We will generate ~~nonoperating~~non-operating income in the form of interest income on cash and cash equivalents held in the trust account. We expect to continue to incur increased expenses as a result of being a public company for legal, financial reporting, accounting, auditing compliance and stock exchange listing, as well as for due diligence expenses.

For the three months ended ~~March 31,~~September 30, 2022, we had a net income of ~~$286,634,~~$4,401,714, which consists of a change in fair value of warrant liabilities of ~~$2,060,965~~$4,118,244, change in fair value of convertible promissory note of $75,782, gain from debt forgiveness of $200,000 and interest earned on investment held in the Trust Account of ~~$34,419,~~$1,872,092, offset by general and administrative expenses of ~~$1,632,801, change in fair value of convertible promissory note of $178~~$1,298,895 and change in fair value of FPA of ~~$175,771.~~

$565,509.

For the ~~three~~nine months ended ~~March 31, 2021,~~September 30, 2022, we had a net income of ~~$18,430,219,~~$14,534,581, which consists of a change in fair value of warrant liabilities of ~~$21,291,339~~$16,852,440, change in fair value of convertible promissory note of $70,859, gain from debt forgiveness of $200,000 and interest earned on investment held in the Trust Account of ~~$4,425,~~$2,494,539, offset by general and administrative expenses of ~~$685,200, transaction costs allocable to warrants~~$3,987,194 and change in fair value of ~~$2,092,043~~FPA of $1,096,063.

For the three months ended September 30, 2021, we had a net income of $5,307,590, which consists of a change in fair value of warrant liabilities of $5,067,437, interest earned on investment held in the Trust Account of $6,361 and a change in fair value of FPA of ~~$88,302.~~

$507,890, offset by general and administrative expenses of $274,098.

For the nine months ended September 30, 2021, we had a net income of $17,418,660, which consists of a change in fair value of warrant liabilities of $20,031,789, interest earned on investment held in the Trust Account of $17,078 and a change in fair value of FPA of $266,569, offset by general and administrative expenses of $804,733 and offering costs allocable to warrants of $2,092,043.

Contractual Obligations

We do not have any long-term debt obligations, capital lease obligations, operating lease obligations, purchase obligations or long-term liabilities, other than as described below.

We entered into an administrative services agreement to pay our sponsor a monthly fee of $10,000 for office space, utilities, secretarial and administrative support services provided to us and other expenses and obligations of our sponsor. We began incurring these fees on January 26, 2021 and will continue to incur these fees monthly until the earlier of the completion of a business combination and our liquidation.

On July 17, 2020, ~~the Company~~we issued an unsecured promissory note (the “Promissory Note”) to an affiliate of the sponsor, which was assigned to the sponsor on August 24, 2020, pursuant to which ~~the Company~~we may borrow up to an aggregate principal amount of $250,000. The Promissory Note is

non-interest

bearing and payable on the earlier of (i) December 31, 2021 and (ii) the completion of the Initial Public Offering. On January 26, 2021, at the closing of the Initial Public Offering, $191,819 was ~~repaid.As~~repaid. As of ~~March 31,~~September 30, 2022 and December 31, 2021, there is $7,000 and $7,000 in borrowings outstanding under the promissory note, which is currently due on demand.

The underwriters of our initial public offering are entitled to a deferred fee of $0.35 per unit, or $14,490,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the trust account solely in the event that we complete a business combination, subject to the terms of the underwriting agreement.

Critical Accounting Policies and Estimates

This management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed financial statements, which have been prepared in accordance with GAAP. The preparation of these condensed financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to fair value of financial instruments and accrued expenses. We base our estimates on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We have identified the following critical accounting policies:

Convertible Promissory Note

~~The Company accounts~~

We account for ~~its~~our convertible promissory note under ASC 815, Derivatives and Hedging (“ASC 815”). Under 815-15-25, the election can be at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825. ~~The Company has~~We have made such election for ~~its~~our convertible promissory note. Using fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the note are recognized as non-cash change in the fair value of the convertible promissory note in the condensed statements of operations. The fair value of the option to convert into private warrants was valued utilizing the Monte Carlo model.

Derivative Warrant Liabilities

We evaluate our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then

re-valued

non-current

based on whether or not

net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

~~We are a~~

Not required for smaller reporting ~~company as defined by Rule~~

~~12b-2~~

~~of the Exchange Act and are not required to provide the information otherwise required under this item.~~

companies.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of ~~March 31,~~September 30, 2022, pursuant to Rule ~~13a-15(b)~~13a-15 (b) under the Exchange Act. Based upon their evaluation, our Certifying Officers concluded that our disclosure controls and procedures were ~~not~~ effective as of March 31, 2022, due to the material weakness in our internal control over financial reporting related to complex financial instruments. In light of this material weakness, we performed additional analysis as deemed necessary to ensure that our audited financial statements were prepared in accordance with U.S. generally accepted accounting principles.September 30, 2022. Accordingly, management believes that the financial statements included in this Quarterly Report on Form 10-Q present fairly in all material respects our financial position, results of operations and cash flows for the period presented.

Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules

13a-15(f)

and

15d-15(f)of

the Exchange Act) during the ~~most recent fiscal quarter~~period from July 1, 2022 through September 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Management has identified a material weakness in internal controls related to the accounting for complex financial instruments through September 30, 2021. We implemented remediation during the quarter end December 31, 2021, such as we enhanced our system of evaluating and implementing the accounting standards that apply to our financial statements, including through enhanced analyzes by our personnel and third-party professionals with whom we consult regarding complex accounting applications. There were no other material weaknesses noted in subsequent quarters as a result of the December 31, 2021 audit and March 31, 2022 review. We have appropriately recorded and maintained the accounting for complex financial instruments through to the current quarter ended September 30, 2022. As a result, we concluded that controls over the accounting for complex financial instruments were operating effectively for two consecutive quarters and therefore the material weakness is remediated as of September 30, 2022.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our Annual Report on Form 10-K filed with the SEC on March 31, 2022 and in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2022 and June 30, 2022. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, except as set forth below, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K filed with the SEC March 31, ~~2022.~~

~~Changes~~2022 and in ~~laws or regulations, or a failure to comply with any laws~~our Quarterly Reports on Form 10-Q for the periods ended March 31, 2022 and ~~regulations, may adversely affect our business, including~~June 30, 2022.

There is substantial doubt about our ability to ~~negotiate~~continue as a “going concern.”

As of September 30, 2022, we had working capital deficit of $5,836,590 and ~~complete~~$59,320 of cash held outside the Trust Account available for working capital needs. Further, we have incurred and expect to continue to incur significant costs in pursuit of our ~~initial business combination,~~acquisition plans. Management’s plans to address this need for capital are discussed in the section of this Quarterly Report titled “Management’s Discussion and ~~results~~Analysis of ~~operations.~~

~~We are subject to laws~~Financial Condition and ~~regulations enacted by national, regional and local governments. In particular,~~Results of Operations.” If we are ~~required~~unable to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from timeraise additional funds to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our initial business combination, and results of operations.

On March 30, 2022, the SEC issued proposed rules relating to, among other items, enhancing disclosures in business combination transactions involving SPACs and private operating companies and increasing the potential liability of certain participants in proposed business combination transactions.

~~These rules, if adopted, whether in the form proposed or in revised form, may materially increase the costs and time required to negotiate~~alleviate liquidity needs and complete an initial business combination before January 26, 2023, then we will cease all operations except for the purpose of liquidating. The liquidity condition and ~~could potentially impair~~date for mandatory liquidation and subsequent dissolution raise substantial doubt about our ability to continue as a going concern. Management intends to complete an initial business ~~combination.~~


No.		Description of Exhibit

31.1*		Certification of Principal Executive Officer and Principal Financial and Accounting Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1* 31.2**		Certification of Principal Executive Officer and 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 Labels 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)


	March 31, 2022			December 31, 2021
	(unaudited)
ASSETS
Current assets
Cash	$	708,909		$	497,619
Prepaid expenses		71,511			25,984

Total Current Assets		780,420			523,603
Forward Purchase Agreement (FPA) asset		397,057			572,828
Investment held in Trust Account		414,058,718			414,024,299

TOTAL ASSETS	$	415,236,195		$	415,120,730

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accrued expenses	$	3,886,476		$	2,526,858
Due to related party		140,000			110,000
Promissory note—related party		7,000			7,000
Convertible promissory note		500,178			0

Total Current Liabilities		4,533,654			2,643,858
Warrant liabilities		18,818,875			20,879,840
Deferred underwriting fee payable		14,490,000			14,490,000

Total Liabilities		37,842,529			38,013,698

Commitments and Contingencies (Note 6)	0			0
Class A redeemable ordinary shares subject to possible redemption, $0.0001 par value, 400,000,000 shares authorized; 41,400,000 shares at $10.00 per share redemption value as of March 31, 2022 and December 31, 2021		414,000,000			414,000,000
Shareholders’ Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued or outstanding		0			0
Class B non-redeemable ordinary shares, $0.0001 par value; 40,000,000 shares authorized; 12,350,000 shares issued and outstanding at March 31, 2022 and December 31, 2021		1,235			1,235
Additional paid-in capital		0			0
Accumulated deficit		(36,607,569	)		(36,894,203	)

Total Shareholders’ Deficit		(36,606,334	)		(36,892,968	)

TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$	415,236,195		$	415,120,730


	For the Three Months Ended March 31, 2022			For the Three Months Ended March 31, 2021
General and administrative expenses	$	1,632,801		$	685,200

Loss from operations		(1,632,801	)		(685,200	)
Other income (expense)
Change in fair value of FPA		(175,771	)		(88,302	)
Change in fair value of warrant liabilities		2,060,965			21,291,339
Transaction costs allocable to warrant liabilities		—			(2,092,043	)
Change in fair value of convertible promissory note		(178	)		—
Interest earned on investment held in Trust Account		34,419			4,425

Total Other income (expense), net	$	1,919,435		$	19,115,419

Net income	$	286,634		$	18,430,219

Weighted average shares outstanding, Class A redeemable ordinary shares		41,400,000			29,440,000

Basic and diluted net income per share, Class A redeemable ordinary shares	$	0.01		$	0.45

Weighted average shares outstanding, Class B non-redeemable ordinary shares		12,350,000			11,960,000

Basic and diluted net income per share, Class B non-redeemable ordinary shares	$	0.01		$	0.45


	For the Three Months Ended September 30, 2022			For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
General and administrative expenses	$	1,298,895		$	274,098		$	3,987,194		$	804,733

Loss from operations		(1,298,895	)		(274,098	)		(3,987,194	)		(804,733	)

Other income (expense)
Change in fair value of FPA		(565,509	)		507,890			(1,096,063	)		266,569
Change in fair value of warrant liabilities		4,118,244			5,067,437			16,852,440			20,031,789
Transaction costs allocable to warrant liabilities		—			—			—			(2,092,043	)
Change in fair value of convertible promissory note		75,782			—			70,859			—
Interest earned on investment held in Trust Account		1,872,092			6,361			2,494,539			17,078
Gain from debt forgiveness		200,000			—			200,000			—

Total other income, net	$	5,700,609		$	5,581,688		$	18,521,775		$	18,223,393

Net income	$	4,401,714		$	5,307,590		$	14,534,581		$	17,418,660

Weighted average shares outstanding, Class A redeemable ordinary shares		41,400,000			41,400,000			41,400,000			37,457,143

Basic and diluted net income per share, Class A redeemable ordinary shares	$	0.08		$	0.10		$	0.27		$	0.35

Weighted average shares outstanding, Class B non-redeemable ordinary shares		12,350,000			12,350,000			12,350,000			12,221,429

Basic and diluted net income per share, Class B non-redeemable ordinary shares	$	0.08		$	0.10		$	0.27		$	0.35


	Class A				Class B									Total
	Ordinary Share				Ordinary Share				Additional		Accumulated			Shareholders’
	Shares		Amount		Shares		Amount		Paid-In Capital		Deficit			Deficit
Balance as of January 1, 2022		0	$	0		12,350,000	$	1,235	$	0	$	(36,894,203	)	$	(36,892,968	)
Net incom e		—		0		—		0		0		286,634			286,634

Balance as of March 31, 2022		0	$	0		12,350,000	$	1,235	$	0	$	(36,607,569	)	$	(36,606,334	)


	For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
Cash Flows from Operating Activities:
Net income	$	14,534,581		$	17,418,660
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on investment held in Trust Account		(2,494,539	)		(17,078	)
Change in fair value of FPA		1,096,063			(266,569	)
Change in fair value of warrant liabilities		(16,852,440	)		(20,031,789	)
Change in fair value of convertible promissory note		(70,859	)		—
Gain from debt forgiveness		(200,000	)
Transaction costs allocable to warrant liabilities		—			2,092,043
Changes in operating assets and liabilities:
Prepaid expenses		(135,103	)		(139,817	)
Accrued expenses and accounts payable		3,093,998			204,526
Accrued offering costs		—			(326,235	)
Due to related party		90,000			80,000

Net cash used in operating activities		(938,299	)		(986,259	)

Cash Flows from Investing Activities:
Investment of cash held in Trust Account		—			(414,000,000	)

Net cash used in investing activities		—			(414,000,000	)

Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid		—			405,720,000
Proceeds from sale of Private Placement Warrants		—			10,280,000
Proceeds from the convertible promissory note – related party		500,000			—
Repayment of Sponsor loan		—			(191,819	)
Payment of offering costs		—			(139,169	)

Net cash provided by financing activities		500,000			415,669,012

Net Change in Cash		(438,299	)		682,753
Cash – Beginning of period		497,619			100

Cash – End of period	$	59,320		$	682,853

Non-Cash investing and financing activities:
Offering costs paid through promissory note	$	—		$	62,825

Deferred underwriting commissions charged to additional paid-in capital	$	—		$	14,490,000


Description	Level		March 31, 2022		December 31, 2021
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Funds		1	$	414,058,718	$	414,024,299
FPA Asset		3	$	397,057	$	572,828
Liabilities:
Warrant Liability – Public Warrants		1	$	8,280,000	$	13,869,000
Warrant Liability – Private Placement Warrants		3	$	10,538,875	$	7,010,840
Convertible promissory note – related party		3	$	500,178	$	0 —


	January 26, 2021 (Initial measurement)			December 31, 2021			March 31, 2022
Unit price	$	10.90		$	9.71		$	9.83
Term to initial Business Combination (in years)		1.0			0.53			0.75
Volatility		10.0	%		11.6	%		12.0	%
Risk-free rate		0.58	%		1.31	%		2.41	%
Dividend yield		0.0	%		0.0	%		0.0	%


	Forward Purchase Units
Fair value as of January 1, 2021	$	0—
Initial measurement on January 26, 2021		3,752,168
Change in fair value		(3,663,866	)
Fair value as of March 31, 2021	$	88,302

Date: ~~May 13,~~November 14, 2022

PRIMAVERA CAPITAL ACQUISITION CORPORATION

/s/ Tong Chen

Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer and
Principal Financial and Accounting Officer)