☒ | 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 | 001-40201 | 98-1578557 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
1 Pelican Lane Palm Beach, Florida 33480 (Address Of Principal Executive Offices) | 33480 (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 and one-third of one redeemable warrant | ROSS.U | New York Stock Exchange | ||
Class A ordinary shares, par value $0.0001 per share | ROSS | New York Stock Exchange | ||
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A ordinary share at an exercise price of $11.50 per share | ROSS WS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
Page | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | 1 | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 1. | Condensed Financial Statements |
Assets | ||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||
(Unaudited) | ||||||||||||
Assets: | ||||||||||||
Current assets: | ||||||||||||
Cash | $ | 1,606,521 | $ | 403,583 | $ | 1,133,702 | ||||||
Prepaid expenses | 19,516 | 79,100 | 17,017 | |||||||||
Total current assets | 1,626,037 | 482,683 | 1,150,719 | |||||||||
Investments held in Trust Account | 345,048,770 | 345,194,152 | 345,071,635 | |||||||||
Total Assets | $ | 346,674,807 | $ | 345,676,835 | $ | 346,222,354 | ||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | ||||||||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit: | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 925,790 | $ | 830,077 | $ | 1,195,095 | ||||||
Accrued expenses | 649,183 | 156,336 | 43,568 | |||||||||
Total current liabilities | 1,574,973 | 986,413 | 1,238,663 | |||||||||
Derivative warrant liabilities | 15,515,670 | 7,147,670 | 15,864,330 | |||||||||
Deferred underwriting commissions | 12,075,000 | 12,075,000 | 12,075,000 | |||||||||
Total liabilities | 29,165,643 | 20,209,083 | 29,177,993 | |||||||||
Commitments and Contingencies | 0 | 0 | 0 | |||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 34,500,000 shares issued and outstanding; at redemption value of $10.00 per share | 345,000,000 | |||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 34,500,000 shares at redemption value of $10.003 and $10.000 per share as of March 31, 2022 and December 31, 2021, respectively | 345,094,152 | 345,000,000 | ||||||||||
Shareholders’ Deficit | ||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0 | |||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 non-redeemable shares issued or outstanding | 0 | |||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding | 863 | |||||||||||
Shareholders' Deficit: | ||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 | ||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 non-redeemable shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 | ||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 863 | 863 | ||||||||||
Additional paid-in capital | 0 | 0 | 0 | |||||||||
Accumulated deficit | (27,491,699 | ) | (19,627,263 | ) | (27,956,502 | ) | ||||||
Total shareholders’ deficit | (27,490,836 | ) | ||||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 346,674,807 | ||||||||||
Total shareholders' deficit | (19,626,400 | ) | (27,955,639 | ) | ||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit | $ | 345,676,835 | $ | 346,222,354 |
For the Three Months Ended September 30, 2021 | For the Period from January 19, 2021 (Inception) through September 30, 2021 | |||||||||||||||
(Unaudited) | (Unaudited) | For The Three Months Ended March 31, 2022 | For The Period From January 19, 2021 (inception) Through March 31, 2021 | |||||||||||||
General and administrative expenses | $ | 765,318 | $ | 970,734 | $ | 385,811 | $ | 70,262 | ||||||||
General and administrative expenses - related party | 30,000 | 70,000 | 30,000 | 10,000 | ||||||||||||
Loss from operations | (795,318 | ) | (1,040,734 | ) | (415,811 | ) | (80,262 | ) | ||||||||
Other income (expenses): | ||||||||||||||||
Change in fair value of derivative warrant liabilities | 1,220,330 | 10,634,330 | 8,716,660 | 174,330 | ||||||||||||
Offering costs associated with derivative warrant liabilities | 0 | (997,440 | ) | 0 | (997,440 | ) | ||||||||||
Income from interest in operating account | 46 | 88 | 26 | 0 | ||||||||||||
Income from investments held in Trust Account | 40,872 | 48,769 | 122,516 | 2,727 | ||||||||||||
Net income | $ | 465,930 | $ | 8,645,013 | ||||||||||||
Net income (loss) | 8,423,391 | (900,645 | ) | |||||||||||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 34,500,000 | 27,244,048 | 34,500,000 | 8,000,000 | ||||||||||||
Basic and diluted net income per share, Class A ordinary share | $ | 0.01 | $ | 0.24 | ||||||||||||
Weighted average shares outstanding of Class B ordinary shares, basic | 8,625,000 | 8,388,393 | ||||||||||||||
Basic net income per share, Class B ordinary share | $ | 0.01 | $ | 0.24 | ||||||||||||
Weighted average shares outstanding of Class B ordinary shares, diluted | 8,625,000 | 8,625,000 | ||||||||||||||
Diluted net income per share, Class B ordinary share | $ | 0.01 | $ | 0.24 | ||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary share | $ | 0.19 | $ | (0.06 | ) | |||||||||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted | 8,625,000 | 7,760,870 | ||||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary share | $ | 0.19 | $ | (0.06 | ) |
Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders' Deficit | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance - December 31, 2021 | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (27,956,502 | ) | $ | (27,955,639 | ) | ||||||||||||||
Net income | - | 0 | - | 0 | 0 | 8,423,391 | 8,423,391 | |||||||||||||||||||||
Deemed dividend - increase in redemption value of Class A ordinary shares subject to redemption | - | 0 | - | 0 | 0 | (94,152 | ) | (94,152 | ) | |||||||||||||||||||
Balance - March 31, 2022 (Unaudited) | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (19,627,263 | ) | $ | (19,626,400 | ) |
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - January 19, 2021 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | 0 | 0 | 8,625,000 | 863 | 24,137 | 0 | 25,000 | |||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount | - | - | - | - | (24,137 | ) | (36,136,712 | ) | (36,160,849 | ) | ||||||||||||||||||
Net loss | - | 0 | - | 0 | 0 | (900,645 | ) | (900,645 | ) | |||||||||||||||||||
Balance - March 31, 2021 (Unaudited) (as restated, see Note 2) | 0 | 0 | 8,625,000 | 863 | 0 | (37,037,357 | ) | (37,036,494 | ) | |||||||||||||||||||
Net income | - | 0 | - | 0 | 0 | 9,079,728 | 9,079,728 | |||||||||||||||||||||
Balance - June 30, 2021 (Unaudited) (as restated, see Note 2) | 0 | 0 | 8,625,000 | 863 | 0 | (27,957,629 | ) | (27,956,766) | ) | |||||||||||||||||||
Net income | - | 0 | - | 0 | 0 | 465,930 | 465,930 | |||||||||||||||||||||
Balance - September 30, 2021 (Unaudited) | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (27,491,699 | ) | $ | (27,490,836 | ) |
Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders' Deficit | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance - January 19, 2021 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | 0 | 0 | 8,625,000 | 863 | 24,137 | 0 | 25,000 | |||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount | - | - | - | - | (24,137 | ) | (36,136,712 | ) | (36,160,849 | ) | ||||||||||||||||||
Net loss | - | 0 | - | 0 | 0 | (900,645 | ) | (900,645 | ) | |||||||||||||||||||
Balance - March 31, 2021 (Unaudited) | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (37,037,357 | ) | $ | (37,036,494 | ) |
For The Three Months Ended March 31, 2022 | For The Period From January 19, 2021 (inception) Through March 31, 2021 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income | $ | 8,645,013 | ||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Net income (loss) | $ | 8,423,391 | $ | (900,645 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||
Change in fair value of derivative warrant liabilities | (10,634,330 | ) | (8,716,660 | ) | (174,330 | ) | ||||||
Offering costs associated with derivative liabilities | 997,440 | 0 | 997,440 | |||||||||
Income from investments held in Trust Account | (48,769 | ) | (122,516 | ) | (2,727 | ) | ||||||
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares | 25,000 | 0 | 25,000 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses | (19,516 | ) | (62,083 | ) | (24,517 | ) | ||||||
Accounts payable | 371,584 | (365,019 | ) | 63,361 | ||||||||
Accrued expenses | 424,089 | 112,768 | 17,533 | |||||||||
Net cash used in operating activities | (239,489 | ) | ||||||||||
Net cash (used in) provided by operating activities | (730,119 | ) | 1,115 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||
Cash deposited in Trust Account | (345,000,000 | ) | 0 | (345,000,000 | ) | |||||||
Net cash used in investing activities | (345,000,000 | ) | 0 | (345,000,000 | ) | |||||||
Cash Flows from Financing Activities: | ||||||||||||
Repayment of promissory note to related party | (89,890 | ) | 0 | (89,890 | ) | |||||||
Proceeds received from initial public offering, gross | 345,000,000 | 0 | 345,000,000 | |||||||||
Proceeds received from private placement | 8,900,000 | 0 | 8,900,000 | |||||||||
Offering costs paid | (6,964,100 | ) | 0 | (6,901,115 | ) | |||||||
Net cash provided by financing activities | 346,846,010 | 0 | 346,908,995 | |||||||||
Net change in cash | 1,606,521 | (730,119 | ) | 1,910,110 | ||||||||
Cash - beginning of the period | 0 | 1,133,702 | 0 | |||||||||
Cash - end of the period | $ | 1,606,521 | $ | 403,583 | $ | 1,910,110 | ||||||
Supplemental disclosure of noncash financing activities: | ||||||||||||
Offering costs included in accounts payable | $ | 554,206 | $ | 0 | $ | 74,285 | ||||||
Offering costs included in accrued expenses | $ | 225,094 | $ | 0 | $ | 768,000 | ||||||
Offering costs paid by related party under promissory note | $ | 89,890 | $ | 0 | $ | 89,890 | ||||||
Deferred underwriting commissions | $ | 12,075,000 | $ | 0 | $ | 12,075,000 | ||||||
Remeasurement on Class A ordinary shares subject to possible redemption | $ | (94,152 | ) | $ | (36,160,849 | ) |
As of March 31, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 346,937,354 | $ | 0 | $ | 346,937,355 | ||||||
Total liabilities | $ | 38,973,849 | $ | 0 | $ | 38,973,849 | ||||||
Class A ordinary shares subject to possible redemption | 302,963,500 | 42,036,500 | 345,000,000 | |||||||||
Preference shares | 0 | 0 | 0 | |||||||||
Class A ordinary shares | 420 | (420 | ) | 0 | ||||||||
Class B ordinary shares | 863 | 0 | 863 | |||||||||
Additional paid-in capital | 5,899,367 | (5,899,367 | ) | 0 | ||||||||
Accumulated deficit | (900,645 | ) | (36,136,712 | ) | (37,037,357 | ) | ||||||
Total shareholders' equity (deficit) | $ | 5,000,005 | $ | (42,036,499 | ) | $ | (37,036,494 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | $ | 346,937,354 | $ | 0 | $ | 346,937,355 |
For the period from January 19, 2021 (inception) through March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 328,971,630 | $ | (328,971,630 | ) | $ | 0 | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (26,008,130 | ) | $ | 26,008,130 | $ | 0 |
As of June 30, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 346,838,219 | $ | 0 | $ | 346,838,219 | ||||||
Total liabilities | $ | 29,794,985 | $ | 0 | $ | 29,794,985 | ||||||
Class A ordinary shares subject to possible redemption | 312,043,230 | 32,956,770 | 345,000,000 | |||||||||
Preference shares | 0 | 0 | 0 | |||||||||
Class A ordinary shares | 330 | (330 | ) | 0 | ||||||||
Class B ordinary shares | 863 | 0 | 863 | |||||||||
Additional paid-in capital | 0 | 0 | 0 | |||||||||
Retained earnings (accumulated deficit) | 4,998,811 | (32,956,440 | ) | (27,957,629 | ) | |||||||
Total shareholders' equity (deficit) | $ | 5,000,004 | $ | (32,956,770 | ) | $ | (27,956,766 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | $ | 346,838,219 | $ | 0 | $ | 346,838,219 |
For the period from January 19, 2021 (inception) through June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 328,971,630 | $ | (328,971,630 | ) | $ | 0 | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (20,108,673 | ) | $ | 20,108,673 | $ | 0 |
Earnings Per Share for Class A ordinary shares | ||||||||||||
As Previously Reported | Adjustment | As Adjusted | ||||||||||
For the period from January 19, 2021 (inception) through March 31, 2021 | ||||||||||||
Net loss | $ | (900,645 | ) | $ | 0 | $ | (900,645 | ) | ||||
Weighted average shares outstanding | 34,500,000 | (26,500,000 | ) | 8,000,000 | ||||||||
Basic and diluted loss per share | $ | 0.00 | $ | (0.06 | ) | $ | (0.06 | ) | ||||
For the three months ended June 30, 2021 | ||||||||||||
Net income | $ | 9,079,728 | $ | 0 | $ | 9,079,728 | ||||||
Weighted average shares outstanding | 34,500,000 | 0 | 34,500,000 | |||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.21 | $ | 0.21 | ||||||
For the period from January 19, 2021 (inception) through June 30, 2021 | ||||||||||||
Net income | $ | 8,179,083 | $ | 0 | $ | 8,179,083 | ||||||
Weighted average shares outstanding | 34,500,000 | (11,428,125 | ) | 23,071,875 | ||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.26 | $ | 0.26 |
Earnings Per Share for Class B ordinary shares | ||||||||||||
As Previously Reported | Adjustment | As Adjusted | ||||||||||
For the period from January 19, 2021 (inception) through March 31, 2021 | ||||||||||||
Net loss | $ | (900,645 | ) | $ | 0 | $ | (900,645 | ) | ||||
Weighted average shares outstanding | 8,625,000 | (864,130 | ) | 7,760,870 | ||||||||
Basic and diluted loss per share | $ | (0.10 | ) | $ | 0.04 | $ | (0.06 | ) | ||||
For the three months ended June 30, 2021 | ||||||||||||
Net income | $ | 9,079,728 | $ | 0 | $ | 9,079,728 | ||||||
Weighted average shares outstanding | 8,625,000 | 0 | 8,625,000 | |||||||||
Basic and diluted earnings per share | $ | 0.23 | $ | (0.02 | ) | $ | 0.21 | |||||
For the period from January 19, 2021 (inception) through June 30, 2021 | ||||||||||||
Net income | 8,179,083 | 0 | $ | 8,179,083 | ||||||||
Weighted average shares outstanding | 8,231,595 | 20,749 | 8,252,344 | |||||||||
Basic and diluted earnings per share | $ | 0.18 | $ | 0.08 | $ | 0.26 |
For The Three Months Ended March 31, 2022 | For The Period From January 19, 2021 (inception) Through March 31, 2021 | |||||||
Net income | $ | 8,423,391 | $ | (900,645 | ) | |||
Deemed dividend - increase in redemption value of Class A ordinary shares subject to redemption | (94,152 | ) | 0 | |||||
Net income available to shareholders | $ | 8,329,239 | $ | (900,645 | ) | |||
For the Three Months Ended September 30, 2021 | For the Period from January 19, 2021 (Inception) through September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 372,744 | $ | 93,186 | $ | 6,609,852 | $ | 2,035,161 | ||||||||
Denominator: | ||||||||||||||||
Basic weighted average ordinary shares outstanding | 34,500,000 | 8,625,000 | 27,244,048 | 8,388,393 | ||||||||||||
Basic net income per ordinary share | $ | 0.01 | $ | 0.01 | $ | 0.24 | $ | 0.24 |
For the Three Months Ended September 30, 2021 | For the Period from January 19, 2021 (Inception) through September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 372,744 | $ | 93,186 | $ | 6,566,251 | $ | 2,078,763 | ||||||||
Denominator: | ||||||||||||||||
Diluted weighted average ordinary shares outstanding | 34,500,000 | 8,625,000 | 27,244,048 | 8,625,000 | ||||||||||||
Diluted net income per ordinary share | $ | 0.01 | $ | 0.01 | $ | 0.24 | $ | 0.24 |
For The Three Months Ended March 31, 2022 | For The Period From January 19, 2021 (inception) Through March 31, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 6,663,391 | $ | 1,665,848 | $ | (457,155 | ) | $ | (443,490 | ) | ||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 34,500,000 | 8,625,000 | 8,000,000 | 7,760,870 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.19 | $ | 0.19 | $ | (0.06 | ) | $ | (0.06 | ) |
Gross proceeds | $ | 345,000,000 | ||||||
Gross proceeds from Initial Public Offering | $ | 345,000,000 | ||||||
Less: | ||||||||
Fair value of Public Warrants at issuance | (17,250,000 | ) | (17,250,000 | ) | ||||
Offering costs allocated to Class A ordinary shares subject to possible redemption | (18,910,850 | ) | (18,910,850 | ) | ||||
Plus: | ||||||||
Accretion on Class A ordinary shares subject to possible redemption amount | 36,160,850 | 36,160,850 | ||||||
Class A ordinary shares subject to possible redemption | $ | 345,000,000 | ||||||
Class A ordinary shares subject to possible redemption as of December 31, 2021 | $ | 345,000,000 | ||||||
Class A ordinary shares subject to possible redemption as of December 31, 2021 | $ | 345,000,000 | ||||||
Remeasurement on Class A ordinary shares subject to possible redemption amount | 94,152 | |||||||
Class A ordinary shares subject to possible redemption as of March 31, 2022 | $ | 345,094,152 |
March 31, 2022 | ||||||||||||||||||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments held in Trust Account - U.S Treasury securities | $ | 345,048,770 | $ | 0 | $ | 0 | $ | 345,194,152 | $ | 0 | $ | 0 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative warrant liabilities - Public warrants | $ | 10,235,000 | $ | 0 | $ | 0 | $ | 5,399,330 | $ | 0 | $ | 0 | ||||||||||||
Derivative warrant liabilities - Private placement warrants | $ | 0 | $ | 5,280,670 | $ | 0 | $ | 0 | $ | 15,864,330 | $ | 0 |
December 31, 2021 | ||||||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account - U.S Treasury securities | $ | 345,071,635 | $ | 0 | $ | 0 | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public warrants | $ | 10,465,000 | $ | 0 | $ | 0 | ||||||
Derivative warrant liabilities - Private placement warrants | $ | 0 | $ | 5,399,330 | $ | 0 |
At initial issuance | ||||
Exercise price | $ | 11.50 | ||
Stock price | $ | 10.00 | ||
Volatility | 24.0 | % | ||
Expected life (years) | 5.25 | |||
Risk-free rate | 0.07 | % |
Derivative liabilities at January 19, 2021 (inception) | $ | 0 | $ | 0 | ||||
Issuance of derivative liabilities | 26,150,000 | 26,150,000 | ||||||
Change in fair value of derivative liabilities | (174,330 | ) | (174,330 | ) | ||||
Derivative liabilities at March 31, 2021 | 25,975,670 | 25,975,670 | ||||||
Transfer of Public warrants to Level 1 | (17,135,000 | ) | ||||||
Transfer of Private Placement warrants to Level 2 | (8,840,670 | ) | ||||||
Derivative liabilities at June 30, 2021 | 0 | |||||||
Derivative liabilities at September 30, 2021 | $ | 0 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities. |
Item 3. | Defaults upon Senior Securities. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
Item 6. | Exhibits. |
Exhibit Number | Description | |
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | Inline XBRL Instance | |
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 Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
* | 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. |
Dated: | ROSS ACQUISITION CORP II | |
By: | /s/ Wilbur L. Ross, Jr. | |
Name: | Wilbur L. Ross, Jr. | |
Title: | Chief Executive Officer |
Dated: May 17, 2022 | By: | /s/ Stephen J. Toy |
Name: | Stephen J. Toy. | |
Title: | Chief Financial Officer |