☒ | 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 | N/A | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Symbol(s) | Name of each exchange on which registered | |||
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | ROSEU | Nasdaq Global Market | ||||
Class A ordinary shares, par value $0.0001 per share | ROSE | Nasdaq Global Market | ||||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | ROSEW | Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | |||||||
PART 1 — FINANCIAL INFORMATION | |||||||
Item 1. | 1 | ||||||
1 | |||||||
2 | |||||||
3 | |||||||
4 | |||||||
5 | |||||||
Item 2. | 20 | ||||||
Item 3. | 22 | ||||||
Item 4. | 22 | ||||||
Item 1. | 23 | ||||||
Item 1A. | 23 | ||||||
Item 2. | 24 | ||||||
Item 3. | 24 | ||||||
Item 4. | 24 | ||||||
Item 5. | 24 | ||||||
Item 6. | 25 | ||||||
26 |
ITEM 1. | FINANCIAL STATEMENTS (UNAUDITED) |
September 30, 2022 (Unaudited) | December 31, 2021 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 201,733 | $ | 658,747 | ||||
Prepaid expenses and other assets | 212,580 | 369,137 | ||||||
Due from affiliates | 25,000 | 25,000 | ||||||
Total current assets | 439,313 | 1,052,884 | ||||||
NON – CURRENT ASSETS | ||||||||
Prepaid expenses – non-current assets | — | 104,905 | ||||||
Investments held in Trust Account | 147,502,308 | 146,627,729 | ||||||
Total Non – Current Assets | 147,502,308 | 146,732,634 | ||||||
TOTAL ASSETS | $ | 147,941,621 | $ | 147,785,518 | ||||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDER’S DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 133,543 | $ | 51,264 | ||||
Total current liabilities | 133,543 | 51,264 | ||||||
LONG TERM LIABILITIES | ||||||||
Derivative warrant liabilities | 797,250 | 6,528,456 | ||||||
Deferred underwriting fee payable | 7,187,500 | 7,187,500 | ||||||
Total long-term liabilities | 7,984,750 | 13,715,956 | ||||||
Total liabilities | 8,118,293 | 13,767,220 | ||||||
COMMITMENTS AND CONTINGENCIES (NOTE 6) | ||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 14,375,000 shares at redemption value of $10.26 and $10.20 per share at September 30, 2022 and December 31, 2021, respectively | 147,502,308 | 146,625,000 | ||||||
SHAREHOLDERS’ DEFICIT | ||||||||
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding at September 30, 2022 and December 31, 2021 | — | — | ||||||
Class A ordinary shares; $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding (excluding 14,375,000 shares subject to possible redemption) at September 30, 2022 and December 31, 2021 | — | — | ||||||
Class B ordinary shares; $0.0001 par value; 20,000,000 shares authorized; 5,031,250 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 503 | 503 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (7,679,483 | ) | (12,607,205 | ) | ||||
Total shareholders’ deficit | (7,678,980 | ) | (12,606,702 | ) | ||||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT | $ | 147,941,621 | $ | 147,785,518 |
June 30, 2022 (Unaudited) | December 31, 2021 (Audited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 338,367 | $ | 658,747 | ||||
Prepaid expenses and other assets | 320,256 | 369,137 | ||||||
Due from affiliates | 25,000 | 25,000 | ||||||
Total current assets | 683,623 | 1,052,884 | ||||||
Prepaid expenses-non current assets | — | 104,905 | ||||||
Investments held in Trust Account | 146,840,491 | 146,627,729 | ||||||
TOTAL ASSETS | $ | 147,524,114 | $ | 147,785,518 | ||||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDER’S DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 188,105 | $ | 51,264 | ||||
Total current liabilities | 188,105 | 51,264 | ||||||
Derivative warrant liabilities | 3,320,546 | 6,528,456 | ||||||
Deferred underwriting fee payable | 7,187,500 | 7,187,500 | ||||||
Total liabilities | 10,696,151 | 13,767,220 | ||||||
COMMITMENTS AND CONTINGENCIES (NOTE 6) | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 14,375,000 shares at redemption value of $10.20 per share at June 30, 2022 and December 31, 2021 | 146,840,491 | 146,625,000 | ||||||
SHAREHOLDER’S DEFICIT | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding at June 30, 2022 and December 31, 2021 | — | — | ||||||
Class A ordinary shares; $0.0001 par value; 200,000,000 shares authorized; 0ne issued and outstanding (excluding 14,375,000 shares subject to possible redemption) at June 30, 2022 and December 31, 2021 | — | — | ||||||
Class B ordinary shares; $0.0001 par value; 20,000,000 shares authorized; 5,031,250 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 503 | 503 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (10,013,031 | ) | (12,607,205 | ) | ||||
Total shareholder’s deficit | (10,012,528 | ) | (12,606,702 | ) | ||||
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDER’S DEFICIT | $ | 147,524,114 | $ | 147,785,518 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | For the Period from March 29, 2021 (inception) through September 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
OPERATING EXPENSES | ||||||||||||||||
General and administrative expenses | $ | 190,628 | $ | 27,654 | $ | 801,774 | $ | 35,135 | ||||||||
Loss from operations | (190,628 | ) | (27,654 | ) | (801,774 | ) | (35,135 | ) | ||||||||
Other income: | ||||||||||||||||
Earnings on investments held in Trust Account and other interest | 662,697 | — | 875,598 | — | ||||||||||||
Change in fair value of warrants | 2,523,296 | — | 5,731,206 | — | ||||||||||||
Total other income | 3,185,993 | — | 6,606,804 | — | ||||||||||||
Net income (loss) | $ | 2,995,365 | $ | (27,654 | ) | $ | 5,805,030 | $ | (35,135 | ) | ||||||
Weighted average shares outstanding of Class A ordinary shares | 14,375,000 | — | 14,375,000 | — | ||||||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.17 | $ | — | $ | 0.31 | $ | — | ||||||||
Weighted average shares outstanding of Class B ordinary shares | 5,031,250 | 4,375,000 | 5,031,250 | 4,375,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | 0.12 | $ | (0.00 | ) | $ | 0.25 | $ | (0.00 | ) |
For the three months ended June 30, 2022 | For the six months ended June 30, 2022 | For the period from March 29, 2021 (inception) through June 30, 2021 | ||||||||||
OPERATING EXPENSES | ||||||||||||
General and administrative expenses | $ | 325,978 | $ | 611,146 | $ | 7,481 | ||||||
Total operating expenses | 325,978 | 611,146 | 7,481 | |||||||||
OTHER INCOME | ||||||||||||
Interest income on investments held in Trust Account and other interest | 198,121 | 212,901 | — | |||||||||
Change in fair value of warrants | 256,204 | 3,207,910 | — | |||||||||
Total other income | 454,325 | 3,420,811 | — | |||||||||
NET INCOME (LOSS) | $ | 128,347 | $ | 2,809,665 | $ | (7,481 | ) | |||||
Weighted average shares outstanding of Class A ordinary shares | 14,375,000 | 14,375,000 | — | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.01 | $ | 0.15 | $ | — | ||||||
Weighted average shares outstanding of Class B ordinary shares | 5,031,250 | 5,031,250 | 5,031,250 | |||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | (0.00 | ) | $ | 0.13 | $ | (0.00 | ) | ||||
Class A ordinary shares Redeemable | Class B Ordinary shares Non-Redeemable | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, December 31,2021 | 14,375,000 | $ | 146,625,000 | 5,031,250 | $ | 503 | $ | — | $ | (12,607,205 | ) | $ | (12,606,702 | ) | ||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 17,509 | — | — | — | (17,509 | ) | (17,509 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 2,681,318 | 2,681,318 | |||||||||||||||||||||
Balance, March 31, 2022 | 14,375,000 | 146,642,509 | 5,031,250 | 503 | — | (9,943,396 | ) | (9,942,893 | ) | |||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 197,982 | — | — | — | (197,982 | ) | (197,982 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 128,347 | 128,347 | |||||||||||||||||||||
Balance, June 30, 2022 | 14,375,000 | $ | 146,840,491 | 5,031,250 | $ | 503 | $ | — | $ | (10,013,031 | ) | $ | (10,012,528 | ) | ||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 661,817 | — | — | — | (661,817 | ) | (661,817 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 2,995,365 | 2,995,365 | |||||||||||||||||||||
Balance, September 30, 2022 | 14,375,000 | $ | 147,502,308 | 5,031,250 | $ | 503 | $ | — | $ | (7,679,483 | ) | $ | (7,678,980 | ) |
Class A ordinary shares Redeemable | Class B Ordinary shares Non-Redeemable | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, December 31, 2021 | 14,375,000 | $ | 146,625,000 | 5,031,250 | $ | 503 | $ | — | $ | (12,607,205 | ) | $ | (12,606,702 | ) | ||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 17,509 | — | — | — | (17,509 | ) | (17,509 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 2,681,318 | 2,681,318 | |||||||||||||||||||||
Balance, March 31, 2022 | 14,375,000 | 146,642,509 | 5,031,250 | 503 | — | (9,943,396 | ) | (9,942,893 | ) | |||||||||||||||||||
Remeasurement of redeemable Class A ordinary shares to redemption value | — | 197,892 | — | — | — | (197,982 | ) | (197,982 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 128,347 | 128,347 | |||||||||||||||||||||
Balance, June 30, 2022 | 14,375,000 | $ | 146,840,491 | 5,031,250 | $ | 503 | $ | — | $ | (10,013,031 | ) | $ | (10,012,528 | ) | ||||||||||||||
Class A ordinary shares Redeemable | Class B ordinary shares non-redeemable | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, March 29, 2021 (Inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B ordinary shares to sponsor | — | — | 5,031,250 | (1) | 503 | 24,497 | — | 25,000 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (7,481 | ) | (7,481 | ) | |||||||||||||||||||
Balance, June 30, 2021 | — | $ | — | 5,031,250 | (1) | $ | 503 | $ | 24,497 | $ | (7,481 | ) | $ | 17,519 | ||||||||||||||
Net loss | — | — | — | — | — | (27,654 | ) | (27,654 | ) | |||||||||||||||||||
Balance, September 30, 2021 | — | $ | — | 5,031,250 | $ | 503 | $ | 24,497 | $ | (35,135 | ) | $ | (10,135 | ) |
Class A ordinary shares Redeemable | Class B ordinary shares non-redeemable | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, March 29, 2021 (Inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B ordinary shares to sponsor | — | — | 5,031,250 | (1) | 503 | 24,497 | — | 25,000 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (7,481 | ) | (7,481 | ) | |||||||||||||||||||
Balance, June 30, 2021 | — | $ | — | 5,031,250 | (1) | $ | 503 | $ | 24,497 | $ | (7,481 | ) | $ | 17,519 | ||||||||||||||
(1) | This number includes an aggregate of up to 656,250 shares of Class B ordinary shares subject to forfeiture if the overallotment option is not exercised in full or in part by the underwriter. The overallotment was subsequently exercised in full (See Note 5). |
For the nine months ended September 30, 2022 | For the period from March 29, 2021 (inception) through September 30, 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 5,805,030 | $ | (35,135 | ) | |||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||
Earnings on investments held in Trust Account | (874,579 | ) | — | |||||
Change in fair value of warrants | (5,731,206 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 261,462 | — | ||||||
Accounts payable and accrued expenses | 82,279 | 35,135 | ||||||
Net cash used in operating activities | (457,014 | ) | — | |||||
NET CHANGE IN CASH | $ | (457,014 | ) | $ | — | |||
CASH, BEGINNING OF PERIOD | 658,747 | — | ||||||
CASH, END OF PERIOD | $ | 201,733 | $ | — | ||||
Supplemental disclosure of noncash activities: | ||||||||
Proceeds from notes payable—related party paid directly for deferred offering costs | $ | — | $ | 163,502 | ||||
Deferred offering costs included in accrued offering costs and due to affiliates | $ | — | $ | 236,368 | ||||
Payment of deferred offering costs by the Sponsor in exchange for the issuance of Class B ordinary shares | $ | — | $ | 25,000 | ||||
Remeasurement of redeemable Class A ordinary shares to redemption value | $ | 877,308 | $ | — |
For the six months ended June 30, 2022 | For the period from March 29, 2021 (inception) through June 30, 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 2,809,665 | $ | (7,481 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest income on investments held in Trust Account | (212,762 | ) | — | |||||
Change in fair value of warrants | (3,207,910 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other | 153,786 | — | ||||||
Accounts payable and accrued expenses | 136,841 | 7,264 | ||||||
Net cash used in operating activities | (320,380 | ) | (217 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payment of Note payable - related party | — | 30,217 | ||||||
Proceeds from issuance of Class B common stock to Sponsor | — | 25,000 | ||||||
Payment of offering costs | — | (55,000 | ) | |||||
Net cash flows provided by financing activities | $ | — | $ | 217 | ||||
NET CHANGE IN CASH | $ | (320,380 | ) | $ | — | |||
CASH, BEGINNING OF PERIOD | 658,747 | — | ||||||
CASH, END OF PERIOD | $ | 338,367 | $ | — | ||||
Supplemental disclosure of noncash activities: | ||||||||
Proceeds from notes payable—related party paid directly for deferred offering costs | $ | — | $ | 30,217 | ||||
Deferred offering costs included in accrued offering costs and due to affiliates | $ | — | $ | 14,425 | ||||
Payment of deferred offering costs by the Sponsor in exchange for the issuance of Class B ordinary shares | $ | — | $ | 25,000 | ||||
Re-measurement of redeemable Class A ordinary shares | $ | 215,491 | $ | — | ||||
Gross proceeds | $ | 143,750,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (6,842,500 | ) | ||
Class A ordinary shares issuance costs | (10,030,391 | ) | ||
Plus: Accretion of carrying value to redemption value | 19,747,891 | |||
Class A ordinary shares subject to possible redemption as of December 31, 2021 | $ | 146,625,000 | ||
Plus: Remeasurement of Class A ordinary shares to redemption value | 17,509 | |||
Class A ordinary shares subject to possible redemption, as of March 31, 2022 | $ | 146,642,509 | ||
Plus: Remeasurement of Class A ordinary shares to redemption value | 197,982 | |||
Class A ordinary shares subject to possible redemption, as of June 30, 2022 | $ | 146,840,491 | ||
Plus: Remeasurement of Class A ordinary shares to redemption value | 661,817 | |||
Class A ordinary shares subject to possible redemption, as of September 30, 2022 | $ | 147,502,308 |
Gross proceeds | $ | 143,750,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (6,842,500 | ) | ||
Class A ordinary shares issuance costs | (10,030,391 | ) | ||
Plus: Accretion of carrying value to redemption value | 19,747,891 | |||
Class A ordinary shares subject to possible redemption as of December 31, 2021 | 146,625,000 | |||
Plus: Remeasurement of Class A ordinary shares to redemption value | 17,509 | |||
Class A ordinary shares subject to possible redemption, as of March 31, 2022 | $ | 146,642,509 | ||
Plus: Remeasurement of Class A ordinary shares to redemption value | 197,982 | |||
Class A ordinary shares subject to possible redemption, as of June 30, 2022 | $ | 146,840,491 | ||
Net income | $ | 2,995,365 | ||
Less: Accretion of temporary equity to redemption value | (661,817 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | 2,333,548 |
Net income | $ | 128,347 | ||
Accretion of temporary equity to redemption value | (198,121 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | (69,774 | ) | |
Class A | Class B | Total | ||||||||||
Total number of shares | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Ownership percentage | 74 | % | 26 | % | ||||||||
Total income allocated | $ | 2,218,789 | $ | 776,576 | $ | 2,995,365 | ||||||
Less: Accretion allocated based on ownership percentage | (490,235 | ) | (171,582 | ) | (661,817 | ) | ||||||
Plus: Accretion applicable to Class A redeemable shares | 661,817 | — | 661,817 | |||||||||
Total income by class | $ | 2,390,371 | $ | 604,994 | $ | 2,995,365 | ||||||
Weighted Average Shares outstanding | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Income per share | $ | 0.17 | $ | 0.12 |
Class A | Class B | Total | ||||||||||
Total number of shares | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Ownership percentage | 74 | % | 26 | % | ||||||||
Total income allocated | $ | 95,072 | $ | 33,275 | $ | 128,347 | ||||||
Less: Accretion allocated based on ownership percentage | (146,756 | ) | (51,365 | ) | (198,121 | ) | ||||||
Plus: Accretion applicable to Class A redeemable shares | 198,121 | — | 198,121 | |||||||||
Total income (loss) by class | $ | 146,437 | $ | (18,090 | ) | $ | 128,347 | |||||
Weighted Average Shares outstanding | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Income (loss) per share | $ | 0.01 | $ | (0.00 | ) | |||||||
Net income | $ | 5,805,030 | ||
Less: Accretion of temporary equity to redemption value | (874,579 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | 4,930,451 |
Class A | Class B | Total | ||||||||||
Total number of shares | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Ownership percentage | 74 | % | 26 | % | ||||||||
Total income allocated | $ | 4,300,022 | $ | 1,505,008 | $ | 5,805,030 | ||||||
Less: Accretion allocated based on ownership percentage | (647,836 | ) | (226,743 | ) | (874,579 | ) | ||||||
Plus: Accretion applicable to Class A redeemable shares | 874,579 | — | 874,579 | |||||||||
Total income by class | $ | 4,526,765 | $ | 1,278,265 | $ | 5,805,030 | ||||||
Weighted Average Shares outstanding | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Income per share | $ | 0.31 | $ | 0.25 |
Net income | $ | 2,809,665 | ||
Accretion of temporary equity to redemption value | (212,901 | ) | ||
Net income excluding accretion of temporary equity to redemption | $ | 2,596,764 | ||
Class A | Class B | Total | ||||||||||
Total number of shares | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Ownership percentage | 74 | % | 26 | % | ||||||||
Total income allocated | $ | 2,081,233 | $ | 728,432 | $ | 2,809,665 | ||||||
Less: Accretion allocated based on ownership percentage | (157,704 | ) | (55,197 | ) | (212,901 | ) | ||||||
Plus: Accretion applicable to Class A redeemable shares | 212,901 | — | 212,901 | |||||||||
Total income by class | $ | 2,136,430 | $ | 673,235 | $ | 2,809,665 | ||||||
Weighted Average Shares outstanding | 14,375,000 | 5,031,250 | 19,406,250 | |||||||||
Income per share | $ | 0.15 | $ | 0.13 | ||||||||
Net loss | $ | (27,654 | ) | |
Less: Accretion of temporary equity to redemption value | — | |||
Net loss excluding accretion of temporary equity to redemption | $ | (27,654 | ) |
Class A | Class B | Total | ||||||||||
Total number of shares | — | 4,375,000 | 4,375,000 | |||||||||
Ownership percentage | 0 | % | 100 | % | ||||||||
Total loss allocated | $ | — | $ | (27,654 | ) | $ | (27,654 | ) | ||||
Less: Accretion allocated based on ownership percentage | — | — | — | |||||||||
Plus: Accretion applicable to Class A redeemable shares | — | — | — | |||||||||
Total loss by class | $ | — | $ | (27,654 | ) | $ | (27,654 | ) | ||||
Weighted Average Shares outstanding | — | 4,375,000 | 4,375,000 | |||||||||
Loss per share | $ | — | $ | (0.00 | ) |
Net loss | $ | (35,135 | ) | |
Less: Accretion of temporary equity to redemption value | — | |||
Net loss excluding accretion of temporary equity to redemption | $ | (35,135 | ) |
Class A | Class B | Total | ||||||||||
Total number of shares | — | 4,375,000 | 4,375,000 | |||||||||
Ownership percentage | 0 | % | 100 | % | ||||||||
Total loss allocated | $ | — | $ | (35,135 | ) | $ | (35,135 | ) | ||||
Less: Accretion allocated based on ownership percentage | — | — | — | |||||||||
Plus: Accretion applicable to Class A redeemable shares | — | — | — | |||||||||
Total loss by class | $ | — | $ | (35,135 | ) | $ | (35,135 | ) | ||||
Weighted Average Shares outstanding | — | 4,375,000 | 4,375,000 | |||||||||
Loss per share | $ | — | $ | (0.00 | ) |
Net loss | $ | (7,481 | ) | |
Accretion of temporary equity to redemption value | — | |||
Net loss excluding accretion of temporary equity to redemption | $ | (7,481 | ) | |
Class A | Class B | Total | ||||||||||
Total number of shares | — | 5,031,250 | 5,031,250 | |||||||||
Ownership percentage | % | 100 | % | |||||||||
Total loss allocated | $ | — | $ | (7,481 | ) | $ | ( 7,481 | ) | ||||
Less: Accretion allocated based on ownership percentage | — | — | — | |||||||||
Plus: Accretion applicable to Class A redeemable shares | — | — | — | |||||||||
Total loss by class | $ | — | $ | (7,481 | ) | $ | (7,481 | ) | ||||
Weighted Average Shares outstanding | — | 5,031,250 | 5,031,250 | |||||||||
Loss per share | $ | — | $ | (0.00 | ) | |||||||
• | if, and only if, the last reported sale price (the “closing price”) of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities — Warrants — Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders. |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Level 1 | Level 2 | Level 3 | ||||||||||
Assets: | ||||||||||||
U.S. Treasury Securities | $ | 147,502,308 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Warrant Liability - Public Warrants | $ | 431,250 | $ | — | $ | — | ||||||
Warrant Liability - Private Warrants | $ | — | $ | 366,000 | $ | — |
Description | Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 146,840,491 | — | — | |||||||||||
Liabilities: | ||||||||||||||||
Warrant Liability - Public Warrants | 1 | $ | 1,796,156 | — | — | |||||||||||
Warrant Liability - Private Warrants | 2 | — | $ | 1,524,390 | — |
Level 1 | Level 2 | Level 3 | ||||||||||
Assets: | ||||||||||||
U.S. Treasury Securities | $ | 146,627,729 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Warrant Liability - Public Warrants | $ | 3,521,156 | $ | — | $ | — | ||||||
Warrant Liability - Private Warrants | $ | — | $ | — | $ | 3,007,300 |
Description | Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 146,627,729 | — | — | |||||||||||
Liabilities: | ||||||||||||||||
Warrant Liability - Public Warrants | 1 | $ | 3,521,156 | — | ||||||||||||
Warrant Liability - Private Warrants | 3 | — | — | $ | 3,007,300 |
December 31, 2021 | ||||
Share Price | $ | 9.92 | ||
Exercise Price | $ | 11.50 | ||
Redemption trigger price | $ | 18.00 | ||
Term (years) | 5.79 | |||
Probability of Acquisition | 100.00 | % | ||
Volatility | 8.2 | % | ||
Risk Free Rate | 1.32 | % | ||
Dividend Yield | 0 |
December 31, 2021 | ||||
Stock Price | $ | 9.92 | ||
Exercise Price | $ | 11.50 | ||
Redemption trigger price | $ | 18.00 | ||
Term (years) | 5.79 | |||
Probability of Acquisition | 100.00 | % | ||
Volatility | 8.2 | % | ||
Risk Free Rate | 1.32 | % | ||
Dividend Yield | 0 |
Derivative warrant liabilities at March 29, 2021 (inception) | $ | — | ||
Issuance of Private Warrants—Level 3 measurements | 5,843,800 | |||
Change in fair value of derivative warrant liabilities with Level 3 inputs | (2,836,500 | ) | ||
Derivative warrant liabilities at December 31, 2021 with Level 3 inputs | $ | 3,007,300 | ||
Transfer out of level 3 | (3,007,300 | ) | ||
Derivative warrant liabilities at September 30, 2022 with Level 3 inputs | $ | — |
Derivative warrant liabilities at March 29, 2021 (inception) | $ | — | ||
Issuance of Private Warrants—Level 3 measurements | 5,843,800 | |||
Change in fair value of derivative warrant liabilities with Level 3 inputs | (2,836,500 | ) | ||
Derivative warrant liabilities at December 31, 2021 with Level 3 inputs | $ | 3,007,300 | ||
Transfer out of level 3 | (3,007,300 | ) | ||
Derivative warrant liabilities at June 30, 2022 with Level 3 inputs | $ | — | ||
Item 6. | Exhibits. |
* | Filed herewith. |
** | Furnished herewith. |
ROSE HILL ACQUISITION CORPORATION | |||||||
Date: | By: | /s/ Felipe Canales | |||||
Name: | Felipe Canales | ||||||
Title: | |||||||
(Principal Executive Officer) | |||||||
Date: | By: | /s/ Marco Simental | |||||
Name: | Marco Simental | ||||||
Title: | |||||||
(Principal Executive Officer) | |||||||
Date: | By: | /s/ Albert Hill IV | |||||
Name: | Albert Hill IV | ||||||
Title: | |||||||
(Principal Financial and Accounting Officer) | |||||||
Date: | By: | /s/ Juan Jose Rosas | |||||
Name: | Juan Jose Rosas | ||||||
Title: | |||||||
(Principal Financial and Accounting Officer) |