☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | 001-40260 | N/A | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
PO Box 1093, Boundary Hall Cricket Square Grand Cayman, Cayman Islands | ||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant to acquire one Class A ordinary share | TBSAU | The NASDAQ Stock Market LLC | ||
Class A ordinary shares included as part of the units | TBSA | The NASDAQ Stock Market LLC |
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | TBSAW | The NASDAQ Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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March 31, 2022 (Unaudited) | December 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 213,240 | $ | 252,323 | ||||
Prepaid expenses | 585,940 | 555,000 | ||||||
Total current assets | 799,180 | 807,323 | ||||||
Cash held in Trust account | 200,034,831 | 200,014,773 | ||||||
Prepaid expenses, non-current | — | 123,164 | ||||||
Total assets | $ | 200,834,011 | $ | 200,945,260 | ||||
Liabilities and Shareholders’ Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 1,762,229 | $ | 1,582,505 | ||||
Working capital loan—related party | 256,000 | — | ||||||
Due to related party | 296,576 | 243,038 | ||||||
Total current liabilities | 2,314,805 | 1,825,543 | ||||||
Warrant liabilities | 2,640,000 | 5,610,000 | ||||||
Total liabilities | 4,954,805 | 7,435,543 | ||||||
Commitments and Contingencies (See Note 6) | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, 20,000,000 shares at redemption value of $10.00 per share | 200,034,831 | 200,014,773 | ||||||
Shareholders’ Deficit: | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued and outstanding | — | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; NaN issued and outstanding (excluding 20,000,000 shares subject to possible redemption) | — | — | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,000,000 shares issued and outstanding | 500 | 500 | ||||||
Additional paid-in capital | 554,300 | 267,150 | ||||||
Accumulated deficit | (4,710,425 | ) | (6,772,706 | ) | ||||
Total shareholders’ deficit | (4,155,625 | ) | (6,505,056 | ) | ||||
Total Liabilities and Shareholders’ Deficit | $ | 200,834,011 | $ | 200,945,260 | ||||
June 30, 2021 | ||||
Assets | ||||
Current assets: | ||||
Cash | $ | 971,242 | ||
Prepaid expenses | 595,955 | |||
Total current assets | 1,567,197 | |||
Cash Held in Trust account | 200,007,135 | |||
Other assets | 402,945 | |||
Total assets | 201,977,277 | |||
Liabilities and Shareholders’ Deficit | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 567,000 | ||
Due to related party | 64,768 | |||
Total current liabilities | 631,768 | |||
Warrant Liabilities | 11,000,001 | |||
Total liabilities | 11,631,769 | |||
Commitments | 0 | |||
Class A ordinary shares subject to possible redemption, 20,000,000 | 200,007,135 | |||
Shareholders’ deficit: | ||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaNissued and outstanding | — | |||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 s hares issued and outstanding (excluding 20,000,000 at June 30, 2021 | — | |||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,000,000 shares issued and outstanding | 500 | |||
Additional paid-in capital | 267,150 | |||
Accumulated deficit | (9,929,277 | ) | ||
Total shareholders’ deficit | (9,661,627 | ) | ||
Total liabilities and shareholders’ deficit | $ | 201,977,277 | ||
For the three months ended March 31, 2022 | For the period from January 27, 2021 (Inception) through March 31, 2021 | |||||||
Formation and operating costs | $ | 639,569 | $ | 40,802 | ||||
Stock compensation expense | 267,150 | 267,150 | ||||||
Loss from operations | (906,719 | ) | (307,952 | ) | ||||
Other Income (Expense) | ||||||||
Interest income | 20,058 | — | ||||||
Offering expenses related to warrant issuance | — | (233,453 | ) | |||||
Change in fair value of working capital loan—related party | (1,000 | ) | — | |||||
Change in fair value of over-allotment liability | — | (23,457 | ) | |||||
Change in fair value of warrant liabilities | 2,970,000 | 550,000 | ||||||
Total other income | 2,989,058 | 293,090 | ||||||
Net income (loss) | $ | 2,082,339 | $ | (14,862 | ) | |||
Weighted average shares outstanding of Class A ordinary share | 20,000,000 | 2,187,500 | ||||||
Basic and diluted net income (loss) per share, Class A ordinary share | $ | 0.08 | $ | (0.00 | ) | |||
Weighted average shares outstanding of Class B ordinary share | 5,000,000 | 4,609,375 | ||||||
Basic and diluted net income (loss) per share, Class B ordinary share | $ | 0.08 | $ | (0.00 | ) | |||
Three Months Ended June 30, 2021 | January 27, 2021 (Inception) Through June 30, 2021 | |||||||
Formation and operating costs | $ | 373,784 | $ | 414,586 | ||||
Stock compensation expense | — | 267,150 | ||||||
Loss from operations | (373,784 | ) | (681,736 | ) | ||||
Other Income (Expense) | ||||||||
Interest income | 7,135 | 7,135 | ||||||
Offering expenses related to warrant issuance | — | (233,453 | ) | |||||
Change in over-allotment liability | 34,133 | 10,676 | ||||||
Change in fair value of warrant liabilities | 3,519,999 | 4,069,999 | ||||||
Total other income | 3,561,267 | 3,854,357 | ||||||
Net income | $ | 3,187,483 | $ | 3,172,621 | ||||
Weighted average shares outstanding of Class A ordinary shares | 20,000,000 | 12,645,161 | ||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.13 | $ | 0.18 | ||||
Weighted average shares outstanding sharesof ordinaryClass B | 5,000,000 | 4,838,710 | ||||||
Basic and diluted net income per share, ordinary sharesClass B | $ | 0.13 | $ | 0.18 | ||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-In | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance as of January 1, 2022 | — | $ | — | 5,000,000 | $ | 500 | $ | 267,150 | $ | (6,772,706 | ) | $ | (6,505,056 | ) | ||||||||||||||
Remeasurement of Class A ordinary shares to redemption value | — | — | — | — | — | (20,058 | ) | (20,058 | ) | |||||||||||||||||||
Proceeds received in excess of initial fair value of working capital loan—related party | — | — | — | — | 20,000 | — | 20,000 | |||||||||||||||||||||
Fair value of Founder Shares transferred to Directors | — | — | — | — | 267,150 | — | 267,150 | |||||||||||||||||||||
Net incom e | — | — | — | — | — | 2,082,339 | 2,082,339 | |||||||||||||||||||||
Balance as of March 31, 2022 | — | $ | — | 5,000,000 | $ | 500 | $ | 554,300 | $ | (4,710,425 | ) | $ | (4,155,625 | ) | ||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-In | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance as of January 27, 2021 (Inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Founder Shares | — | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Excess Sponsor paid over Fair value of Private Placement Warrants | — | — | — | — | 563,334 | — | 563,334 | |||||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value | — | — | — | — | (587,759 | ) | (13,094,838 | ) | (13,682,597 | ) | ||||||||||||||||||
Fair value of Founder Shares transferred to Directors | — | — | — | — | 267,150 | — | 267,150 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (14,862 | ) | (14,862 | ) | |||||||||||||||||||
Balance as of March 31, 2021 | — | $ | — | 5,750,000 | $ | 575 | $ | 267,150 | $ | (13,109,700 | ) | $ | (12,841,975 | ) | ||||||||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of January 27, 2021 (Inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Founder Shares | — | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Excess Sponsor paid over Fair value of Private Placement Warrants | — | — | — | — | 563,334 | — | 563,334 | |||||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value | — | — | — | — | (587,759 | ) | (13,094,838 | ) | (13,682,597 | ) | ||||||||||||||||||
Fair value of Founder Shares transferred to Directors | — | — | — | — | 267,150 | — | 267,150 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (14,862 | ) | (14,862 | ) | |||||||||||||||||||
Balance as of March 31, 2021 | — | $ | — | 5,750,000 | $ | 575 | $ | 267,150 | $ | (13,109,700 | ) | $ | (12,841,975 | ) | ||||||||||||||
Forfeiture of Founder Shares | — | — | (750,000 | ) | (75 | ) | 75 | — | — | |||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value | — | — | — | — | (75 | ) | (7,060 | ) | (7,135 | ) | ||||||||||||||||||
Net income | — | — | — | — | — | 3,187,483 | 3,187,483 | |||||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | 5,000,000 | $ | 500 | $ | 267,150 | $ | (9,929,277 | ) | $ | (9,661,627 | ) | ||||||||||||||
For the three months ended March 31, 2022 | For the period from January 27, 2021 (Inception) through March 31, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 2,082,339 | $ | (14,862 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Offering costs allocated to Warrants | — | 233,453 | ||||||
Change in fair value of warrant liabilities | (2,970,000 | ) | (550,000 | ) | ||||
Change in fair value of working capital loan—related party | 1,000 | — | ||||||
Change in fair value of over-allotment liabilities | — | 23,457 | ||||||
Stock compensation expense | 267,150 | 267,150 | ||||||
Interest earned on Trust Account | (20,058 | ) | — | |||||
Changes in current assets and current liabilities: | ||||||||
Prepaid assets | 92,224 | (1,111,665 | ) | |||||
Accounts payable and accrued expenses | 179,724 | 1,765,967 | ||||||
Due to related party | 53,538 | — | ||||||
Net cash (used in) provided by operating activities | (314,083 | ) | 613,500 | |||||
Cash Flows from Investing Activity: | ||||||||
Investment of cash into Trust Account | — | (200,000,000 | ) | |||||
Net cash used in investing activity | — | (200,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from Initial Public Offering, net of underwriter’s discount | — | 196,000,000 | ||||||
Proceeds from purchase of Private Placement Warrants by related party | — | 6,500,001 | ||||||
Proceeds from issuance of Working Capital Loan—related party | 275,000 | — | ||||||
Proceeds from issuance of Promissory note—related party | — | 133,541 | ||||||
Proceeds from issuance of Founder Shares | — | 25,000 | ||||||
Payment of offering costs | — | (772,041 | ) | |||||
Net cash provided by financing activities | 275,000 | 201,886,501 | ||||||
Net Change in Cash | (39,083 | ) | 2,500,001 | |||||
Cash—Beginning | 252,323 | — | ||||||
Cash—Ending | $ | 213,240 | $ | 2,500,001 | ||||
Supplemental Disclosure of Non-Cash Financing Activity: | ||||||||
Proceeds received in excess of initial fair value of working capital loan—related party | $ | 20,000 | $ | — | ||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | 20,058 | $ | 13,682,597 | ||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 3,172,621 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on Trust Account | (7,135 | ) | ||
Stock compensation expense | 267,150 | |||
Change in fair value of over-allotment liability | (10,676 | ) | ||
Change in fair value of warrant liabilities | (4,069,999 | ) | ||
Offering costs allocated to Warrants | 233,453 | |||
Changes in current assets and current liabilities: | ||||
Prepaid assets | (998,900 | ) | ||
Accounts payable | 567,000 | |||
Due to related party | 64,768 | |||
Net cash used in operating activities | (781,718 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | (200,000,000 | ) | ||
Net cash used in investing activities | (200,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from Initial Public Offering, net of underwriter’s discount | 196,000,000 | |||
Proceeds from purchase of Private Placement Warrants by related party | 6,500,001 | |||
Proceeds from issuance of Founder Shares | 25,000 | |||
Proceeds from issuance of Promissory note — related party | 133,541 | |||
Payment of Promissory note — related party | (133,541 | ) | ||
Payments of offering costs | (772,041 | ) | ||
Net cash provided by financing activities | 201,752,960 | |||
Net Change in Cash | 971,242 | |||
Cash — Beginning | — | |||
Cash — Ending | $ | 971,242 | ||
Supplemental Disclosure of Non-Cash Financing Activities: | ||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | 13,689,732 | ||
Balance Sheet as of June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Accrued Expenses | $ | 412,000 | $ | 155,000 | $ | 567,000 | ||||||
Total Liabilities | 11,476,769 | 155,000 | 11,631,769 | |||||||||
Class A ordinary shares subject to possible redemption | 185,500,507 | 14,506,628 | 200,007,135 | |||||||||
Class A ordinary shares | 145 | (145 | ) | — | ||||||||
Additional Paid-In Capital | 1,480,139 | (1,212,989 | ) | 267,150 | ||||||||
(Accumulated Deficit) Retained Earnings | 3,519,217 | (13,448,494 | ) | (9,929,277 | ) | |||||||
Total Shareholders’ (Deficit) Equity | 5,000,001 | (14,661,628 | ) | (9,661,627 | ) |
Statement of Operations for the period from January 27, 2021 (Inception) through June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Formation and operating costs | $ | (329,586 | ) | $ | (85,000 | ) | $ | (414,586 | ) | |||
Stock Compensation Expense | — | (267,150 | ) | (267,150 | ) | |||||||
Offering expenses related to warrant issuance | (228,331 | ) | (5,122 | ) | (233,453 | ) | ||||||
Change in fair value over-allotment liability | — | 10,676 | 10,676 | |||||||||
Net Income | $ | 3,519,217 | $ | (346,596 | ) | $ | 3,172,621 | |||||
Weighted average shares outstanding, Class A ordinary shares | 18,226,407 | (5,581,246 | ) | 12,645,161 | ||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | — | $ | 0.18 | $ | 0.18 | ||||||
Weighted average shares outstanding, Class B ordinary shares | 6,482,387 | (1,643,677 | ) | 4,838,710 | ||||||||
Basic and diluted net income per share, Class B ordinary shares | $ | 0.54 | $ | (0.36 | ) | $ | 0.18 |
Statement of Operations for three months ended June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Formation and operating costs | $ | (288,784 | ) | $ | (85,000 | ) | $ | (373,784 | ) | |||
Change in fair value over-allotment liability | — | 34,133 | 34,133 | |||||||||
Net Income | $ | 3,238,350 | $ | (50,867 | ) | $ | 3,187,483 | |||||
Weighted average shares outstanding, Class A ordinary shares | 18,229,775 | 1,770,225 | 20,000,000 | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | — | $ | 0.13 | $ | 0.13 | ||||||
Weighted average shares outstanding, Class B ordinary shares | 7,066,929 | (2,066,929 | ) | 5,000,000 | ||||||||
Basic and diluted net income per share, Class B ordinary shares | $ | 0.46 | $ | (0.33 | ) | $ | 0.13 |
Statement of Cash Flows for the period from January 27, 2021 (Inception) through June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Net Income | $ | 3,519,217 | $ | (346,596 | ) | $ | 3,172,621 | |||||
Stock Compensation Expense | — | 267,150 | 267,150 | |||||||||
Offering expenses related to warrant issuance | 228,331 | 5,122 | 233,453 | |||||||||
Change in fair value over-allotment liability | — | (10,676 | ) | (10,676 | ) | |||||||
Accounts Payable and Accrued Expenses | 412,000 | 155,000 | 567,000 | |||||||||
Payment of offering costs | (702,041 | ) | (70,000 | ) | (772,041 | ) |
Statement of Shareholders’ Deficit for the period from January 27, 2021 (Inception) through June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Fair value of Founder Shares transferred to Directors | $ | — | $ | 267,150 | $ | 267,150 | ||||||
Remeasurement of Class A ordinary shares for the period from January 27, 2021 (Inception) through March 31, 2021 | — | (13,682,597 | ) | (13,682,597 | ) | |||||||
Remeasurement of Class A ordinary shares, for the three months ended June 30, 2021 | — | (7,135 | ) | (7,135 | ) | |||||||
Class A ordinary shares subject to possible redemption | (182,262,157 | ) | 182,262,157 | — | ||||||||
Sale of Units in Initial Public Offering, net of underwriter’s fees, other offering costs and fair value of Public Warrants | 186,392,957 | (186,392,957 | ) | — | ||||||||
Net Income (Loss) for the period from January 27, 2021 (Inception) through March 31, 2021 | 280,867 | (295,729 | ) | (14,862 | ) | |||||||
Net Income for the three months ended June 30, 2021 | 3,238,350 | (50,867 | ) | 3,187,483 |
For the three months ended March 31, 2022 | ||||||||
Class A | Class B | |||||||
Basic and diluted net income per share: | ||||||||
Numerator: | ||||||||
Allocation of net income | $ | 1,665,871 | $ | 416,468 | ||||
Denominator: | ||||||||
Weighted-average shares outstanding | 20,000,000 | 5,000,000 | ||||||
Basic and diluted net income per share | $ | 0.08 | $ | 0.08 | ||||
For the three months ended June 30, 2021 | For the period from January 27, 2021 (inception) through June 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 2,549,986 | $ | 637,497 | $ | 2,294,589 | $ | 878,032 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 20,000,000 | 5,000,000 | 12,645,161 | 4,838,710 | ||||||||||||
Basic and diluted net income per share | $ | 0.13 | $ | 0.13 | $ | 0.18 | $ | 0.18 | ||||||||
For the period from January 27, 2021 (Inception) through March 31, 2021 | ||||||||
Class A | Class B | |||||||
Basic and diluted net loss per share: | ||||||||
Numerator: | ||||||||
Allocation of net loss | $ | (4,783 | ) | $ | (10,079 | ) | ||
Denominator: | ||||||||
Weighted-average shares outstanding | 2,187,500 | 4,609,375 | ||||||
Basic and diluted net loss per share | $ | (0.00 | ) | $ | (0.00 | ) | ||
Gross proceeds from IPO | $ | 200,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (9,133,333 | ) | ||
Proceeds allocated to derivative liability | (10,676 | ) | ||
Class A ordinary share issuance costs | (4,538,588 | ) | ||
Plus: | ||||
Remeasurement adjustment of carrying value to redemption value | 13,697,370 | |||
Class A ordinary shares subject to possible redemption at December 31, 2021 | 200,014,773 | |||
Plus: | ||||
Remeasurement adjustment of carrying value to redemption value | 20,058 | |||
Class A ordinary shares subject to possible redemption at March 31, 2022 | $ | 200,034,831 | ||
Gross proceeds from IPO | $ | 200,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (9,133,333 | ) | ||
Proceeds allocated to Derivative Liability | (10,676 | ) | ||
Class A ordinary share issuance costs | (4,538,588 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 13,689,732 | |||
Class A ordinary shares subject to possible redemption | $ | 200,007,135 | ||
Number of Shares | ||||
Granted on March 12, 2021 | 195,000 | |||
Forfeited | — | |||
Vested | (48,750 | ) | ||
Unvested Outstanding at | 146,250 | |||
Amount Vested | ||||
Amount vested on March 22, 2021, the Company’s IPO date (represents 25% of shares vested or 48,750 shares) | $ | 267,150 | ||
Amount | 267,150 | |||
Amount to be vested upon the Company’s consummation of a successful business combination (represents 50% of shares vested or 97,500 shares) | 534,300 | |||
Total vesting amount | $ | 1,068,600 |
Amount Vested | ||||
Amount vested on March 25, 2021, the Company’s IPO date (represents 25% of shares vested or 48,750 shares) | $ | 267,150 | ||
Amount vesting on March��25, 2022, one year from the Company’s IPO date | ||||
(represents 25% of shares vested or 48,750 shares) | 267,150 | |||
Amount vesting upon the Company’s consummation of a successful business combination (represents 50% of shares vested or 97,500 shares) | 534,300 | |||
Total vesting amount | $ | 1,068,600 | ||
March 31, 2022 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Description | ||||||||||||||||
U.S. government securities in Trust Account | $ | 200,034,831 | $ | 200,034,831 | — | — | ||||||||||
Liabilities: | ||||||||||||||||
Working capital loan—related party | 256,000 | — | — | 256,000 | ||||||||||||
Warrant liabilities—Public | 1,600,000 | 1,600,000 | — | — | ||||||||||||
Warrant liabilities—Private | 1,040,000 | — | — | 1,040,000 | ||||||||||||
$ | 2,896,000 | $ | 1,600,000 | $ | — | $ | 1,296,000 | |||||||||
June 30, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||
December 31, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||
Description | ||||||||||||||||||||||||||||||||
U.S. government securities in Trust Account | $ | 200,014,773 | $ | 200,014,773 | — | — | $ | 200,007,135 | $ | 200,007,135 | — | — | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Warrant liabilities—Public | 3,400,000 | 3,400,000 | — | — | ||||||||||||||||||||||||||||
Warrant liabilities—Private | 2,210,000 | — | — | 2,210,000 | ||||||||||||||||||||||||||||
Warrant liabilities — Public | 6,666,667 | 6,666,667 | — | — | ||||||||||||||||||||||||||||
Warrant liabilities — Private | 4,333,334 | — | — | 4,333,334 | ||||||||||||||||||||||||||||
Total | $ | 11,000,001 | $ | 6,666,667 | $ | — | $ | 4,333,334 | ||||||||||||||||||||||||
$ | 5,610,000 | $ | 3,400,00 0 | $ | — | $ | 2,210,000 | |||||||||||||||||||||||||
At March 31, 2022 | At December 31, 2021 | At March 25, 2021 (Initial Measurement) | At June 30, 2021 | |||||||||||||
Private Warrant Liability | ||||||||||||||||
Share price | $ | 10.00 | $ | 10.00 | $ | 9.51 | $ | 9.68 | ||||||||
Strike price | $ | 11.50 | $ | 11.50 | ||||||||||||
Strike pric e | $ | 11.50 | $ | 11.50 | ||||||||||||
Term (in years) | 5.00 | 5.00 | �� | 5.00 | 5.00 | |||||||||||
Volatility | 6.0 | % | 10.0 | % | 30.0 | % | 15.0 | % | ||||||||
Risk-free rate | 2.54 | % | 1.47 | % | 1.26 | % | 1.13 | % | ||||||||
Dividend yield | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||
Over-Allotment Liability | ||||||||||||||||
Unit price | $ | 9.75 | $ | — | ||||||||||||
Exercise price | $ | 10.00 | $ | — | ||||||||||||
Term (in years) | 0.12 | — | ||||||||||||||
Volatility | 4.48 | % | — | % | ||||||||||||
Risk-free rate | 0.025 | % | — | % | ||||||||||||
Dividend yield | 0.0 | % | — | % |
Private Warrants (Level 3) | Public Warrants (Level 1) | Warrant Liabilities | ||||||||||
Fair value as of December 31, 2021 | $ | 2,210,000 | $ | 3,400,000 | $ | 5,610,000 | ||||||
Change in fair value | (1,170,000 | ) | (1,800,000 | ) | (2,970,000 | ) | ||||||
Fair value as of March 31, 2022 | $ | 1,040,000 | $ | 1,600,000 | $ | 2,640,000 | ||||||
At March 31, 2022 | At February 28, 2022 | |||||||
Term (years) | 1.25 | 1.33 | ||||||
Selected Debt Yield Rate (B and BB rated bond yields) | 6.0 | % | 6.0 | % | ||||
Stock price | $ | 9.78 | $ | 9.73 | ||||
Strike price | $ | 11.50 | $ | 11.50 | ||||
Volatility | 4.35 | % | 6.81 | % | ||||
Risk-free rate | 2.41 | % | 1.76 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % |
Level 3 | ||||
Issuance of working capital loan at February 28, 2022 | $ | 275,000 | ||
Initial measurement of draw on working capital loan—related party on February 28, 2022 | (20,000 | ) | ||
Change in fair value of working capital loan at March 31, 2022 | 1,000 | |||
Fair value at March 31, 2022 | $ | 256,000 | ||
Warrant Liabilities | Over-Allotment Liability | |||||||
Fair value as of January 27, 2021 | $ | — | $ | — | ||||
Initial measurement on March 25, 2021 | 15,070,000 | 10,676 | ||||||
Change in fair value | (550,000 | ) | 23,456 | |||||
Fair value as of March 31, 2021 | $ | 14,520,000 | $ | 34,132 | ||||
Change in fair value | (3,519,999 | ) | (34,132 | ) | ||||
Transfer of public warrant liabilities to Level 1 | (6,666,667 | ) | — | |||||
Fair value as of June 30, 2021 | $ | 4,333,334 | $ | — | ||||
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
TB SA ACQUISITION CORP | ||
/s/ Andrew Rolfe | ||
Name: | Andrew Rolfe | |
Title: | Chief Executive Officer | |
(Principal Executive Officer) | ||
/s/ James Crawley | ||
Name: | James Crawley | |
Title: | Chief Financial Officer | |
(Principal Financial and | ||
Accounting Officer) |