Document and Entity Information
Document and Entity Information - shares | 5 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 001-40368 | |
Entity Registrant Name | TRADEUP GLOBAL CORPORATION | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1584130 | |
Entity Address, Address Line One | 437 Madison Avenue, 27th Floor | |
Entity Address, City or Town | New York | |
Entity Address State Or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 732 | |
Local Phone Number | 910-9692 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001847075 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Transition Report | false | |
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | |
Trading Symbol | TUGCU | |
Security Exchange Name | NASDAQ | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | |
Trading Symbol | TUGC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,563,766 | |
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | |
Trading Symbol | TUGCW | |
Security Exchange Name | NASDAQ | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 272,247 |
UNAUDITED CONDENSED BALANCE SHE
UNAUDITED CONDENSED BALANCE SHEET | Jun. 30, 2021USD ($) | |
Current assets | ||
Cash | $ 702,780 | |
Prepaid expenses | 35,233 | |
Total Current Assets | 738,013 | |
Investments held in Trust Account | 44,890,288 | |
Total Assets | 45,628,301 | |
Liabilities and Shareholder's Equity | ||
Accounts payable and accrued expenses | 298,867 | |
Related party loans | 28,000 | |
Total Current Liabilities | 326,867 | |
Deferred underwriters' marketing fees | 1,571,145 | |
Total Liabilities | 1,898,012 | |
Commitments and Contingencies | ||
Ordinary shares subject to possible redemption, 3,873,028 shares at conversion value of $10.00 per share | 38,730,280 | |
Stockholder's Equity | ||
Preference shares, $0.0001 par value, 1,000,000 shares authorized, none issued and outstanding | ||
Additional paid-in capital | 5,026,872 | |
Accumulated deficit | (27,059) | |
Total Stockholder's Equity | 5,000,009 | |
Total Liabilities and Shareholder's Equity | 45,628,301 | |
Class A Common Stock | ||
Stockholder's Equity | ||
Common stock | 169 | |
Total Stockholder's Equity | 169 | |
Class B Common Stock | ||
Stockholder's Equity | ||
Common stock | 27 | [1] |
Total Stockholder's Equity | $ 27 | |
[1] | June 30, 2021 |
UNAUDITED CONDENSED BALANCE S_2
UNAUDITED CONDENSED BALANCE SHEET (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 | Feb. 01, 2021 |
Preferred stock, par value, (per share) | $ 0.0001 | ||
Preferred stock, shares authorized | 1,000,000 | ||
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
Ordinary shares, shares subject to possible redemption | 3,873,028 | ||
Ordinary shares, shares subject to possible redemption | 10 | ||
Class A Common Stock | |||
Common shares, par value, (per share) | $ 0.0001 | ||
Common shares, shares authorized | 200,000,000 | ||
Common shares, shares issued | 1,690,738 | ||
Common shares, shares outstanding | 1,690,738 | ||
Ordinary shares, shares subject to possible redemption | 3,873,028 | ||
Class B Common Stock | |||
Common shares, par value, (per share) | $ 0.0001 | ||
Common shares, shares authorized | 20,000,000 | ||
Common shares, shares issued | 272,247 | 1,150,000 | |
Common shares, shares outstanding | 272,247 | 1,150,000 | |
Class B Common Stock | Over-allotment option | |||
Shares subject to forfeiture | 27,753 |
UNAUDITED CONDENSED STATEMENT O
UNAUDITED CONDENSED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 5 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Formation costs | $ 22,977 | $ 27,487 |
Loss from operations | (22,977) | (27,487) |
Interest earned on investment held in Trust Account | 428 | 428 |
Loss before income taxes | (22,549) | (27,059) |
Net loss | (22,549) | (27,059) |
Less: income attributable to Class A ordinary shares subject to possible redemption | 369 | 369 |
Net loss attributable to TradeUP Global Corporation | $ (22,918) | $ (27,428) |
Basic and diluted weighted average Class B ordinary shares outstanding (in shares) | 1,208,124 | 1,122,189 |
Basic and diluted net loss per Class B ordinary share (per share) | $ (0.02) | $ (0.02) |
Class A Common Stock Subject to Redemption | ||
Basic and diluted weighted average Class B ordinary shares outstanding (in shares) | 2,812,751 | 1,651,357 |
Basic and diluted net loss per Class B ordinary share (per share) | $ 0 | $ 0 |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY - USD ($) | Preference Shares | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total | |
Balance at the beginning at Jan. 25, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Balance at the beginning (in shares) at Jan. 25, 2021 | 0 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Founder shares issued to initial shareholder | [1] | $ 115 | 24,885 | 0 | 25,000 | ||
Founder shares issued to initial shareholder (in shares) | [1] | 1,150,000 | |||||
Net loss | 0 | (4,510) | (4,510) | ||||
Balance at the end at Mar. 31, 2021 | $ 0 | $ 0 | $ 115 | 24,885 | (4,510) | 20,490 | |
Balance at the end (in shares) at Mar. 31, 2021 | 0 | 0 | 1,150,000 | ||||
Balance at the beginning at Jan. 25, 2021 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | |
Balance at the beginning (in shares) at Jan. 25, 2021 | 0 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (27,059) | ||||||
Balance at the end at Jun. 30, 2021 | $ 169 | $ 27 | 5,026,872 | (27,059) | 5,000,009 | ||
Balance at the end (in shares) at Jun. 30, 2021 | 1,690,738 | 272,247 | |||||
Balance at the beginning at Mar. 31, 2021 | $ 0 | $ 0 | $ 115 | 24,885 | (4,510) | 20,490 | |
Balance at the beginning (in shares) at Mar. 31, 2021 | 0 | 0 | 1,150,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Sale of units through public offering | $ 400 | 39,999,600 | 0 | 40,000,000 | |||
Sale of units through public offering (In shares) | 4,000,000 | ||||||
Sale of over-allotment units | $ 49 | 4,889,811 | 4,889,860 | ||||
Sale of over-allotment units (in shares) | 488,986 | ||||||
Underwriters' discount | (897,797) | 0 | (897,797) | ||||
Underwriters' marketing fees | (1,571,145) | 0 | (1,571,145) | ||||
Other offering expenses | (936,370) | 0 | (936,370) | ||||
Sale of private placement shares | $ 22 | 2,247,778 | 0 | 2,247,800 | |||
Sale of private placement shares (in shares) | 224,780 | ||||||
Forfeiture of Class B ordinary shares by initial shareholder | $ (3) | 3 | 0 | ||||
Forfeiture of Class B ordinary shares by initial shareholder (in shares) | (27,753) | ||||||
Conversion of Class B founder shares into Class A ordinary shares | $ 85 | $ (85) | 0 | 0 | |||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | (850,000) | |||||
Class A Ordinary shares subject to possible redemption | $ (387) | (38,729,893) | 0 | (38,730,280) | |||
Class A Ordinary shares subject to possible redemption (in shares) | (3,873,028) | ||||||
Net loss | 0 | (22,549) | (22,549) | ||||
Balance at the end at Jun. 30, 2021 | $ 169 | $ 27 | $ 5,026,872 | $ (27,059) | $ 5,000,009 | ||
Balance at the end (in shares) at Jun. 30, 2021 | 1,690,738 | 272,247 | |||||
[1] | June 30, 2021 |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS | 5 Months Ended |
Jun. 30, 2021USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ (27,059) |
Interest earned on investment held in Trust Account | (428) |
Changes in operating assets and liabilities: | |
Prepaid expenses | (35,233) |
Accounts payable and accrued expenses | 16,547 |
Net Cash Used in Operating Activities | (46,173) |
Cash Flows from Investing Activities: | |
Purchase of investment held in Trust Account | (44,889,860) |
Net Cash Used in Investing Activities | (44,889,860) |
Cash Flows from Financing Activities: | |
Proceeds from sale of units through public offering | 40,000,000 |
Proceeds from sale of over-allotment units | 4,889,860 |
Proceeds from Issuance of Promissory Notes to Related Party | 220,000 |
Proceeds from related party loans | 28,000 |
Payment of offering costs | (624,050) |
Proceeds from sale of private placement shares | 2,247,800 |
Repayment of promissory note to related party | (225,000) |
Proceeds from sale of Units, net of underwriting discounts paid | (897,797) |
Net Cash Provided by Financing Activities | 45,638,813 |
Net Change in Cash | 702,780 |
Cash at beginning of period | 0 |
Cash at end of period | 702,780 |
Non-cash investing and financing activities: | |
Initial classification of common stock subject to possible redemption | 38,858,260 |
Change in value of common stock subject to possible redemption | (127,980) |
Supplemental Disclosure of Cash Flow Information: | |
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | 25,000 |
Offering costs paid by promissory note - related party | 5,000 |
Accrued deferred offering costs | 282,320 |
Deferred underwriting compensation | 1,571,145 |
Initial classification of Class A ordinary shares subject to redemption | 38,858,260 |
Change in value of Class A ordinary shares subject to possible redemption | $ (127,980) |
Organization, Business Operatio
Organization, Business Operation and Going Concern Consideration | 5 Months Ended |
Jun. 30, 2021 | |
Organization, Business Operation and Going Concern Consideration | |
Organization, Business Operation and Going Concern Consideration | Note 1 – Organization, Business Operation and Going Concern Consideration TradeUP Global Corporation (the “Company”) is a newly organized blank check company incorporated as a Cayman Islands exempted company on January 26, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any Business Combination target and it has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target with respect to the Business Combination. The Company has selected December 31 as its fiscal year end. As of June 30, 2021, the Company had not commenced any operations. For the period from January 26, 2021 (inception) through June 30, 2021, the Company’s efforts have been limited to organizational activities as well as activities related to the initial public offering (the “Initial Public Offering”) of units consisting of one Class A ordinary share and one-half of one warrant to purchase a Class A ordinary share at $11.50 per share (the “Units”). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate 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 became effective on April 28, 2021. On May 3, 2021, the Company consummated the Initial Public Offering of 4,000,000 Units (the “Public Units”) at $10.00 per Public Unit, generating gross proceeds of $40,000,000, which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 215,000 Class A ordinary shares (the “Initial Private Placement Shares”) at a price of $10.00 per Private Placement Share in a private placement (the “Initial Private Placement”) to the Company’s founder and sponsor, TradeUP Global Sponsor LLC (the “Sponsor”), generating gross proceeds of $2,150,000, which is described in Note 5. Transaction costs of the Initial Public Offering and the Private Placement amounted to $3,030,656, consisting of $800,000 of underwriting fees, $1,400,000 of deferred underwriters’ marketing fees and $830,656 of other offering costs. On May 12, 2021, the underwriters partially exercised the over-allotment option and purchased 488,986 additional Units (the “Option Units”) generating gross proceeds of $4,889,860. Simultaneously with the issuance and sale of the Option Units, the Company consummated a private placement (the “Additional Private Placement,” and together with the Initial Private Placement, the “Private Placement”) with the Sponsor of an aggregate of 9,780 Class A Ordinary Shares (the “Additional Private Placement Shares” and together with the Initial Private Placement Shares, the “Private Placement Shares”) at a price of $10.00 per Additional Private Placement Share, generating total proceeds of $97,800. Transaction costs associated with the sale of the Option Units and the Additional Private Placement Shares amounted to $374,656, consisting of $97,797 of underwriting fees, $171,145 of deferred underwriters’ marketing fees and $105,714 of other offering costs. Following the closing of the Initial Public Offering on May 3, 2021 and the issuance and sale of the Option Units on May 12, 2021, $44,889,860 from the net proceeds of the sale of the Public Units and Option Units in the Initial Public Offering was placed in a trust account (the “Trust Account”) maintained by Wilmington Trust, National Association as a trustee. The aggregate amount of $44,889,860 ($10.00 per Public Unit and Option Unit) was invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), the Company intends to avoid being deemed an “investment company” within the meaning of the Investment Company Act. The Initial Public Offering is not intended for persons who are seeking a return on investments in government securities or investment securities. The Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the Company’s initial Business Combination; (ii) the redemption of any public Class A ordinary shares issued in connection with the sale of the Public Units and the Option Units (the “Public Shares”) properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with an initial Business Combination or to redeem 100% of its Public Shares if the Company has not consummated an initial Business Combination within 18 months from the closing of the Initial Public Offering; or (iii) absent an initial Business Combination within 18 months from the closing of the Initial Public Offering, its return of the funds held in the Trust Account to its public shareholders as part of its redemption of the Public Shares. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders. The Company’s initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding fees payable to the underwriters pursuant to the Business Combination Marketing Agreement dated April 28, 2021, among the Company, US Tiger Securities, Inc. and R.F. Lafferty & Co., Inc, defined herein as the “Business Combination Fee”) and taxes payable and interest previously released for working capital purposes on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient for the post-transaction company not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully. The ordinary shares subject to possible redemption have been recorded at a redemption value and classified as temporary equity, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company will have until November 3, 2022, 18 months from the closing of the Initial Public Offering, to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete the initial 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 Company shares issued to the Sponsor in connection with the organization of the Company (the “Founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in Public Units and the Option units. Holders of Founder shares have the same shareholder rights as public shareholders, except that (i) prior to the Company’s initial Business Combination, only holders of the Company’s Class B ordinary shares have the right to vote on the appointment of directors, including in connection with the completion of the Company’s initial Business Combination and holders of a majority of the Company’s Class B ordinary shares may remove a member of the board of directors for any reason; (ii) the Founder shares are subject to certain transfer restrictions, as described in more detail below; (iii) the Sponsor and certain shareholders that have acquired Class A or Class B ordinary shares from the Sponsor (the “Initial Shareholders”) have entered into an agreement with the Company, pursuant to which they have agreed to (A) waive their redemption rights with respect to their Founder shares and public shares in connection with the completion of the Company’s initial Business Combination, (B) waive their redemption rights with respect to their Founder shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association that would affect the substance or timing of the Company’s obligation to provide for the redemption of the Company’s public shares in connection with an initial Business Combination or to redeem 100% of the Company’s Public Shares if the Company has not consummated an initial Business Combination within the Combination Period and (C) waive their rights to liquidating distributions from the Trust Account with respect to their Founder shares if the Company fails to complete its initial Business Combination within the Combination Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete its initial Business Combination within the Combination Period); (iv) the Founder shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the Company’s initial Business Combination, or earlier at the option of the holder thereof; and (v) the Founder shares are entitled to registration rights. If the Company submits its initial Business Combination to its public shareholders for a vote, its initial shareholders have agreed to vote their Founder shares and any Public Shares purchased during or after the Initial Public Offering in favor of its initial Business Combination. The other members of the Company’s management team have entered into agreements similar to the one entered into by the Company’s Sponsor with respect to any Public Shares acquired by them in or after Initial Public Offering. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.00 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Company’s Sponsor will not be responsible to the extent of any liability for such third-party claims. Liquidation Following the closing of the Initial Public Offering on May 3, 2021 and the sales of the Option Units on May 12, 2021, a total of $44,889,860 was placed in the Trust Account, and the Company had $413,633 of cash held outside of the Trust Account, after payment of costs related to the Initial Public Offering, and available for working capital purposes. As of June 30, 2021, the Company had a working capital of $411,146. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. In order to finance transaction costs in connection with an intended initial 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 up to $1,200,000 as discussed in Note 6. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs to execute its intended initial Business Combination twelve months from the date of the issuance of the accompanying unaudited condensed financial statements. |
Significant accounting policies
Significant accounting policies | 5 Months Ended |
Jun. 30, 2021 | |
Significant accounting policies | |
Significant accounting policies | Note 2 – Significant accounting policies Basis of Presentation The accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC. The interim financial information provided is unaudited, but includes all adjustments which management considers necessary for the fair presentation of the results for these periods. Operating results for the interim period ended June 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. Emerging Growth Company Status 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”), As an emerging growth company, the Company 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 Securities Exchange Act of 1934, as amended) 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 an 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 statements with another public company that is neither an emerging growth company nor an emerging growth company that 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 unaudited condensed financial statements in conformity with US GAAP requires 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 expenses during the reporting period. Actual results could differ from those estimates. Cash 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 not have any cash equivalents. Investments Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in money market funds, which are invested in U.S. Treasury securities. The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments — Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying unaudited condensed balance sheet and adjusted for the amortization or accretion of premiums or discounts. Deferred Offering Costs Deferred offering costs consist of underwriting, legal, accounting and other expenses that are directly related to the Initial Public Offering and charged to shareholders’ equity upon the completion of the Initial Public Offering. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. (See Note 9) Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” 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, as of June 30, 2021, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. As of June 30, 2021, approximately $0.5 million was over the Federal Deposit Insurance Corporation (FDIC) limit. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. 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 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value. Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021. 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 determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company may be subject to potential examination by United States federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. 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 zero for the periods presented. Net Income (Loss) Per Ordinary Share Net income (loss) per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. The Company has not considered the effect of the warrants sold in the Initial Public Offering to purchase an aggregate of 2,244,493 shares in the calculation of diluted loss per share, since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s unaudited condensed statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income (loss) per ordinary share, basic and diluted, for ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss on investments held by the Trust Account by the weighted average number of ordinary shares subject to possible redemption outstanding since original issuance. Net income (loss) per share, basic and diluted, for ordinary shares attributable to TradeUP Global Corporation is calculated by dividing the net income (loss), adjusted for income or loss on investments held by the Trust Account attributable to ordinary shares subject to possible redemption, by the weighted average number of ordinary shares attributable to TradeUP Global Corporation outstanding for the period. Ordinary shares attributable to TradeUP Global Corporation includes Founder shares and non-redeemable Class A ordinary shares as these shares do not have any redemption features. Ordinary shares attributable to TradeUP Global Corporation participate in the income or loss on investments held by the Trust Account based on TradeUP Global Corporation shares’ proportionate interest. The following table reflects the calculation of basic and diluted net income (loss) per ordinary share: For the Period from January 26, For the Three 2021 (inception) Months Ended through June 30, Class A Ordinary Shares subject to possible redemption June 30, 2021 2021 Numerator: Interest earned on investment held in Trust Account (1) $ 369 $ 369 Net income allocable to Class A ordinary shares subject to possible redemption $ 369 $ 369 Denominator: Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption 2,812,751 1,651,357 Basic and diluted net income per share, Class A ordinary shares subject to possible redemption $ 0.00 $ 0.00 For the Period from January 26, For the Three 2021 (inception) Months Ended through June 30, Ordinary Shares attributable to TradeUP Global Corporation June 30, 2021 2021 Numerator: Net loss $ (22,549) $ (27,059) Less: Net income allocable to Class A ordinary shares subject to possible redemption (1) 369 369 Net loss attributable to TradeUP Global Corporation $ (22,918) $ (27,428) Denominator: Basic and diluted weighted average shares outstanding, Ordinary shares attributable to TradeUP Global Corporation (2) 1,208,124 1,122,189 Basic and diluted net loss per share, Ordinary shares attributable to TradeUP Global Corporation $ (0.02) $ (0.02) (1) Income attributable to Class A ordinary shares subject to possible redemption was calculated in proportion of the interest income earned in Trust Account, which would be distributed to shareholders in the event they choose to exercise their redemption rights at the closing of a Business Combination. (2) Excludes of 27,753 Class B ordinary shares cancelled after partial exercise of the over-allotment option by the underwriters at June 30, 2021. Recent Accounting Pronouncements Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
Investments Held in Trust Accou
Investments Held in Trust Account | 5 Months Ended |
Jun. 30, 2021 | |
Investments Held in Trust Account | |
Investments Held in Trust Account | Note 3 —Investments Held in Trust Account As of June 30, 2021, assets held in the Trust Account comprised $44,890,288 in money market funds which are invested in U.S. Treasury Securities. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, 2021 Assets: Trust Account - U.S. Treasury Securities Money Market Fund 1 $ 44,890,288 |
Initial Public Offering
Initial Public Offering | 5 Months Ended |
Jun. 30, 2021 | |
Initial Public Offering | |
Initial Public Offering | Note 4 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 4,000,000 Public Units at $10.00 per Public Unit and the underwriters partially exercised the over-allotment option and purchased 488,986 Option Units generating gross proceeds of $44,889,860. Each Unit had an offering price of $10.00 and consists of one share of the Company’s Class A ordinary share and one-half of one redeemable warrant to purchase one Class A ordinary share. The Company will not issue fractional shares. As a result, the warrants must be exercised in multiples of one |
Private Placement
Private Placement | 5 Months Ended |
Jun. 30, 2021 | |
Private Placement | |
Private Placement | Note 5 — Private Placement Simultaneously with the closing of the Initial Public Offering and the sale of Option Units, the Sponsor purchased an aggregate of 224,780 Private Placement Shares at a price of $10.00 per share. The proceeds from the sale of the Private Placement Shares were held outside of the Trust Account and are available for the payment of offering costs and for working capital purposes. The Sponsor will be permitted to transfer the Private Placement Shares held by it to certain permitted transferees, including the Company’s officers and directors and other persons or entities affiliated with or related to it or them, but the transferees receiving such securities will be subject to the same agreements with respect to such securities as the Sponsor. Otherwise, the Private Placement Shares will not, subject to certain limited exceptions, be transferable or salable until the completion of the Company’s Business Combination. |
Related Party Transactions
Related Party Transactions | 5 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 6 — Related Party Transactions Founder and Private Placement Shares On February 1, 2021, the Sponsor acquired 1,150,000 Class B ordinary shares (“Founder shares”) for an aggregate purchase price of $25,000. On May 3, 2021, the Sponsor transferred an aggregate of 60,000 Founder shares to the Company’s three independent directors at the same price originally paid for such shares. On May 3, 2021, the Sponsor converted 850,000 Class B ordinary shares into 850,000 Class A ordinary shares. Simultaneously with the closing of the Initial Public Offering and the sale of Option Units, the Sponsor purchased an aggregate of 224,780 Class A ordinary shares at a price of $10.00 per share for an aggregate purchase price of $2,247,800. The Sponsor has agreed not to transfer, assign or sell 50% of its Founder shares until the earlier to occur of: (i) six months after the completion of the Company’s initial Business Combination; and (ii) subsequent to the Company’s initial Business Combination (x) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property or (y) if the closing price of the Company’s Class A ordinary shares equals or exceeds $12.50 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination. The Sponsor may not transfer, assign or sell the remaining 50% of the Founder shares until six months after the date of the consummation of the Company’s initial Business Combination. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s Initial Shareholders with respect to any Founder shares. Promissory Note — Related Party On February 2, 2021, the Sponsor agreed to lend the Company up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. This loan was non-interest bearing, unsecured and is due at the earlier of (1) June 30, 2021 or (2) the closing of the Initial Public Offering. The outstanding balance under the Promissory Note was repaid at the closing of the Initial Public Offering on May 3, 2021. Related Party (Working Capital) Loans In addition, in order to finance transaction costs in connection with an intended initial 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, lend the Company funds as may be required. If the Company completes the initial Business Combination, it will repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account will be used for such repayment. Up to $1,200,000 of such loans may be convertible into Class A ordinary shares, at a price of $10.00 per share at the option of the lender. As of June 30, 2021, the Company had an outstanding balance of $28,000 under the working capital loans. |
Commitments & Contingencies
Commitments & Contingencies | 5 Months Ended |
Jun. 30, 2021 | |
Commitments & Contingencies | |
Commitments & Contingencies | Note 7 — Commitments & Contingencies Risks and Uncertainties 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 this unaudited condensed financial statement. The unaudited condensed financial statement does not include any adjustments that might result from the outcome of this uncertainty. Registration Rights The holders of the Founder Shares, Private Placement Shares and Class A ordinary shares that may be issued upon conversion of working capital loans will be entitled to registration rights pursuant to a registration rights agreement signed in connection with the Initial Public Offering, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A ordinary shares). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriters Agreement The Company granted the underwriters a 45-day option from the Initial Public Offering to purchase up to an additional 600,000 units to cover over-allotments. On May 12, 2021, the underwriters partially exercised the over-allotment option and purchased 488,986 Option Units generating gross proceeds of $4,889,860. The Company paid an underwriting discount of 2.00% of the gross proceeds of the Initial Public Offering and the sale of Option Units or $897,797 to the underwriters at the closing of the Initial Public Offering and the sale of Option Units. Business Combination Marketing Agreement The Company is obligated to pay the underwriters a deferred Business Combination Fee equal to 3.5% of the gross proceeds of the Initial Public Offering and the sale of over-allotment Option Units as discussed in Note 8. |
Deferred Underwriters' Marketin
Deferred Underwriters' Marketing Fees | 5 Months Ended |
Jun. 30, 2021 | |
Deferred Underwriters' Marketing Fees | |
Deferred Underwriters' Marketing Fees | Note 8 — Deferred Underwriters’ Marketing Fees The Company is obligated to pay the underwriters a deferred Business Combination Fee equal to 3.5% of the gross proceeds of the Initial Public Offering and the sale of over-allotment Option Units. Upon completion of the Business Combination, $1,571,145 will be paid to the underwriters from the funds held in the Trust Account. |
Shareholders' Equity
Shareholders' Equity | 5 Months Ended |
Jun. 30, 2021 | |
Shareholders' Equity | |
Shareholders' Equity | Note 9 — Shareholders’ Equity Preference Shares outstanding Class A Ordinary Shares Note 4) and 224,780 Private Placement Shares in the Private Placement (see Note 5). As of June 30, 2021, there were 1,690,738 Class A ordinary shares issued and outstanding, excluding 3,873,028 Class A ordinary shares subject to possible redemption. As of June 30, 2021, there were 615,958 Class A ordinary shares that had redeemable features, but are being treated as subject to an ordinary liquidation event in accordance ASC 480-10-S99-3A. Accordingly, those 615,958 Class A ordinary shares are being classified as part of the Company’s shareholders’ equity. Class B Ordinary Shares outstanding Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders, except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on the election of the Company’s directors prior to the initial Business Combination and holders of a majority of the Company’s Class B ordinary shares may remove a member of the board of directors for any reason. The Class B ordinary shares will automatically convert into Class A ordinary shares on the consummation of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder shares, including the 850,000 Founder shares that were converted into Class A ordinary shares, will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) 4,488,986 Class A ordinary shares (comprising the total Class A ordinary shares issued in the Initial Public Offering and as part of the Option Units plus (ii) 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 the initial 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 the initial Business Combination and any private placement warrants issued to the Company’s Sponsor upon conversion of working capital loans. The conversion of Class B ordinary shares into Class A ordinary shares, however, will never occur on a less than one-for-one basis. Warrants The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, it will use its commercially reasonable efforts to file with the U.S. Securities and Exchange Commission (“SEC”) a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of its initial Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Company’s 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 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 it so elect, it will not be required to file or maintain in effect a registration statement, but it 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. However, no warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. Once the warrants become exercisable, the Company may call the warrants for redemption: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption to each warrant holder; and ● if, and only if, closing price of the Class A ordinary shares equals or exceeds $16.50 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30- trading day period ending three business days before the Company send the notice of redemption to the warrant holders. The Company accounted for the 2,244,493 warrants issued with the Initial Public Offering as equity instruments in accordance with ASC 480sand ASC 815-40, “Derivatives and Hedging: Contracts in Entity’s Own Equity”. The Company accounted for the warrant as an expense of the Initial Public Offering resulting in a charge directly to shareholders’ equity. The Company estimates that the fair value of the warrants is approximately $17.6 million, or 8.85 per Unit, using the Black-Scholes option-pricing model. The fair value of the warrants is estimated as of the date of grant using the following assumptions: (1) expected volatility of 113%, (2) risk-free interest rate of 0.84%, (3) expected life of five years, (4) exercise price of $11.50 and (5) stock price of $10.00. |
Subsequent Events
Subsequent Events | 5 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent Events | Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date on which the unaudited condensed financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statement. |
Significant accounting polici_2
Significant accounting policies (Policies) | 5 Months Ended |
Jun. 30, 2021 | |
Significant accounting policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC. The interim financial information provided is unaudited, but includes all adjustments which management considers necessary for the fair presentation of the results for these periods. Operating results for the interim period ended June 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. |
Emerging Growth Company | Emerging Growth Company Status 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”), As an emerging growth company, the Company 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 Securities Exchange Act of 1934, as amended) 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 an 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 statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed financial statements in conformity with US GAAP requires 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 expenses during the reporting period. Actual results could differ from those estimates. |
Cash | Cash 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 not have any cash equivalents. |
Investments Held in Trust Account | Investments Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in money market funds, which are invested in U.S. Treasury securities. The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments — Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying unaudited condensed balance sheet and adjusted for the amortization or accretion of premiums or discounts. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs consist of underwriting, legal, accounting and other expenses that are directly related to the Initial Public Offering and charged to shareholders’ equity upon the completion of the Initial Public Offering. |
Warrants | Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. (See Note 9) |
Ordinary Shares Subject to Possible Redemption | Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” 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, as of June 30, 2021, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. As of June 30, 2021, approximately $0.5 million was over the Federal Deposit Insurance Corporation (FDIC) limit. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. 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 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021. 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 determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company may be subject to potential examination by United States federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. 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 zero for the periods presented. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share Net income (loss) per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. The Company has not considered the effect of the warrants sold in the Initial Public Offering to purchase an aggregate of 2,244,493 shares in the calculation of diluted loss per share, since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s unaudited condensed statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income (loss) per ordinary share, basic and diluted, for ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss on investments held by the Trust Account by the weighted average number of ordinary shares subject to possible redemption outstanding since original issuance. Net income (loss) per share, basic and diluted, for ordinary shares attributable to TradeUP Global Corporation is calculated by dividing the net income (loss), adjusted for income or loss on investments held by the Trust Account attributable to ordinary shares subject to possible redemption, by the weighted average number of ordinary shares attributable to TradeUP Global Corporation outstanding for the period. Ordinary shares attributable to TradeUP Global Corporation includes Founder shares and non-redeemable Class A ordinary shares as these shares do not have any redemption features. Ordinary shares attributable to TradeUP Global Corporation participate in the income or loss on investments held by the Trust Account based on TradeUP Global Corporation shares’ proportionate interest. The following table reflects the calculation of basic and diluted net income (loss) per ordinary share: For the Period from January 26, For the Three 2021 (inception) Months Ended through June 30, Class A Ordinary Shares subject to possible redemption June 30, 2021 2021 Numerator: Interest earned on investment held in Trust Account (1) $ 369 $ 369 Net income allocable to Class A ordinary shares subject to possible redemption $ 369 $ 369 Denominator: Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption 2,812,751 1,651,357 Basic and diluted net income per share, Class A ordinary shares subject to possible redemption $ 0.00 $ 0.00 For the Period from January 26, For the Three 2021 (inception) Months Ended through June 30, Ordinary Shares attributable to TradeUP Global Corporation June 30, 2021 2021 Numerator: Net loss $ (22,549) $ (27,059) Less: Net income allocable to Class A ordinary shares subject to possible redemption (1) 369 369 Net loss attributable to TradeUP Global Corporation $ (22,918) $ (27,428) Denominator: Basic and diluted weighted average shares outstanding, Ordinary shares attributable to TradeUP Global Corporation (2) 1,208,124 1,122,189 Basic and diluted net loss per share, Ordinary shares attributable to TradeUP Global Corporation $ (0.02) $ (0.02) (1) Income attributable to Class A ordinary shares subject to possible redemption was calculated in proportion of the interest income earned in Trust Account, which would be distributed to shareholders in the event they choose to exercise their redemption rights at the closing of a Business Combination. (2) Excludes of 27,753 Class B ordinary shares cancelled after partial exercise of the over-allotment option by the underwriters at June 30, 2021. |
Recent Accounting Standards | Recent Accounting Pronouncements Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
Significant accounting polici_3
Significant accounting policies (Tables) | 5 Months Ended |
Jun. 30, 2021 | |
Significant accounting policies | |
Reconciliation of Net Loss per Common Share | For the Period from January 26, For the Three 2021 (inception) Months Ended through June 30, Class A Ordinary Shares subject to possible redemption June 30, 2021 2021 Numerator: Interest earned on investment held in Trust Account (1) $ 369 $ 369 Net income allocable to Class A ordinary shares subject to possible redemption $ 369 $ 369 Denominator: Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption 2,812,751 1,651,357 Basic and diluted net income per share, Class A ordinary shares subject to possible redemption $ 0.00 $ 0.00 For the Period from January 26, For the Three 2021 (inception) Months Ended through June 30, Ordinary Shares attributable to TradeUP Global Corporation June 30, 2021 2021 Numerator: Net loss $ (22,549) $ (27,059) Less: Net income allocable to Class A ordinary shares subject to possible redemption (1) 369 369 Net loss attributable to TradeUP Global Corporation $ (22,918) $ (27,428) Denominator: Basic and diluted weighted average shares outstanding, Ordinary shares attributable to TradeUP Global Corporation (2) 1,208,124 1,122,189 Basic and diluted net loss per share, Ordinary shares attributable to TradeUP Global Corporation $ (0.02) $ (0.02) (1) Income attributable to Class A ordinary shares subject to possible redemption was calculated in proportion of the interest income earned in Trust Account, which would be distributed to shareholders in the event they choose to exercise their redemption rights at the closing of a Business Combination. (2) Excludes of 27,753 Class B ordinary shares cancelled after partial exercise of the over-allotment option by the underwriters at June 30, 2021. |
Investments Held in Trust Acc_2
Investments Held in Trust Account (Tables) | 5 Months Ended |
Jun. 30, 2021 | |
Investments Held in Trust Account | |
Schedule of company's assets that are measured at fair value on a recurring basis | Description Level June 30, 2021 Assets: Trust Account - U.S. Treasury Securities Money Market Fund 1 $ 44,890,288 |
Organization, Business Operat_2
Organization, Business Operation and Going Concern Consideration (Details) | May 12, 2021USD ($)$ / sharesshares | May 03, 2021USD ($)$ / sharesshares | Jan. 26, 2021item | May 31, 2021shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)item$ / sharesshares | Oct. 31, 2020$ / shares |
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of units through public offering (In shares) | shares | 4,488,986 | ||||||
Proceeds from Issuance Initial Public Offering | $ 40,000,000 | ||||||
Sale of Private Placement Warrants (in shares) | shares | 2,000,000 | 2,244,493 | 2,244,493 | ||||
Price of warrant | $ / shares | $ 11.50 | $ 11.50 | |||||
Aggregate Amount | $ 44,889,860 | ||||||
Deferred Offering Costs Noncurrent | $ 1,571,145 | $ 1,571,145 | |||||
Cash held outside the Trust Account | 413,633 | 702,780 | $ 702,780 | ||||
Condition for future business combination number of businesses minimum | item | 1 | 1 | |||||
Payments For Investment Of Cash In Trust Account | $ 44,889,860 | $ 44,889,860 | |||||
Condition for future business combination use of proceeds percentage | 80 | ||||||
Condition for future business combination threshold Percentage Ownership | 50 | ||||||
Condition for future business combination threshold Net Tangible Assets | 5,000,001 | $ 5,000,001 | |||||
Redemption limit percentage without prior consent | 100 | ||||||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 10.00% | ||||||
Working Capital | 411,146 | $ 411,146 | |||||
Maximum amount of loan to finance transaction costs | $ 1,200,000 | $ 1,200,000 | |||||
Class A Common Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of units through public offering (In shares) | shares | 4,000,000 | ||||||
Purchase price, per unit | $ / shares | $ 11.50 | $ 11.50 | |||||
Private Placement Warrants | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Purchase price, per unit | $ / shares | $ 10 | ||||||
Redemption period upon closure | 185 days | ||||||
Initial Public Offering | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of units through public offering (In shares) | shares | 4,000,000 | 4,000,000 | |||||
Purchase price, per unit | $ / shares | $ 10 | $ 10 | $ 100 | ||||
Transaction Costs | $ 3,030,656 | $ 3,030,656 | |||||
Underwriting fees | 800,000 | 800,000 | |||||
Deferred Offering Costs Noncurrent | 1,400,000 | 1,400,000 | |||||
Other offering costs | $ 830,656 | $ 830,656 | |||||
Threshold business days for redemption of public shares | 10 days | ||||||
Maximum net interest to pay dissolution expenses | $ 100,000 | ||||||
Initial Public Offering | Public Warrants | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from Issuance Initial Public Offering | $ 44,889,860 | ||||||
Private Placement | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of Private Placement Warrants (in shares) | shares | 215,000 | 215,000 | |||||
Transaction Costs | 374,656 | ||||||
Underwriting fees | 97,797 | ||||||
Deferred Offering Costs Noncurrent | 171,145 | ||||||
Other offering costs | $ 105,714 | ||||||
Private Placement | Private Placement Warrants | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of units through public offering (In shares) | shares | 9,780 | ||||||
Purchase price, per unit | $ / shares | $ 10 | $ 10 | $ 10 | ||||
Proceeds from Issuance Initial Public Offering | $ 97,800 | ||||||
Sale of Private Placement Warrants (in shares) | shares | 224,780 | 224,780 | |||||
Price of warrant | $ / shares | $ 10 | $ 10 | |||||
Over-allotment option | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of units through public offering (In shares) | shares | 488,986 | 488,986 | |||||
Purchase price, per unit | $ / shares | $ 10 | $ 10 | $ 10 | ||||
Proceeds from Issuance Initial Public Offering | $ 4,889,860 | $ 40,000,000 | |||||
Sale of Private Placement Warrants (in shares) | shares | 244,493 | ||||||
Over-allotment option | Private Placement Warrants | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from sale of Private Placement Warrants | $ 2,150,000 |
Significant accounting polici_4
Significant accounting policies (Details) | 5 Months Ended |
Jun. 30, 2021USD ($)shares | |
Unrecognized Tax Benefits | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 2,244,493 |
Federal Deposit Insurance Corporation | $ 500,000 |
Over-allotment option | Class B Common Stock | |
Shares subject to forfeiture | shares | 27,753 |
Significant accounting polici_5
Significant accounting policies - Reconciliation of Net Loss per Common Share (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 5 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | |
Net income | $ (4,510) | $ (22,549) | $ (27,059) |
Less: income attributable to Class A ordinary shares subject to possible redemption | 369 | 369 | |
Adjusted net loss | $ (22,918) | $ (27,428) | |
Weighted average shares outstanding, basic and diluted | 1,208,124 | 1,122,189 | |
Basic and diluted net loss per common share | $ (0.02) | $ (0.02) | |
Class A Common Stock Subject to Redemption | |||
Interest earned on marketable securities held in Trust Account | $ 369 | $ 369 | |
Number Of Shares Subject To Forfeiture | 369 | 369 | |
Weighted average shares outstanding, basic and diluted | 2,812,751 | 1,651,357 | |
Basic and diluted net loss per common share | $ 0 | $ 0 |
Investments Held in Trust Acc_3
Investments Held in Trust Account (Details) | Jun. 30, 2021USD ($) |
Level 1 | Recurring | U.S. Treasury Securities | Money Market Funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 44,890,288 |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | May 12, 2021 | May 03, 2021 | May 31, 2021 | Jun. 30, 2021 | Oct. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||||
Number of units sold | 4,488,986 | ||||
Initial Public Offering | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of units sold | 4,000,000 | 4,000,000 | |||
Purchase price, per unit | $ 10 | $ 100 | |||
Redemption Or Liquidation | 5 years | ||||
Initial Public Offering | Public Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of shares in a unit | 1 | ||||
Number of warrants in a unit | 0.5 | ||||
Number of shares issuable per warrant | 1 | ||||
Exercise price of warrants | $ 11.50 | ||||
Over-allotment option | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of units sold | 488,986 | 488,986 | |||
Gross proceeds | $ 44,889,860 | ||||
Purchase price, per unit | $ 10 | $ 10 | |||
Exercisable Warrants | 30 days |
Private Placement (Details)
Private Placement (Details) - USD ($) | 5 Months Ended | ||
Jun. 30, 2021 | May 12, 2021 | May 03, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants to purchase shares issued | 2,244,493 | 2,000,000 | |
Price of warrants | $ 11.50 | ||
Over-allotment option | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants to purchase shares issued | 244,493 | ||
Over-allotment option | Private Placement Warrants | |||
Subsidiary, Sale of Stock [Line Items] | |||
Aggregate purchase price | $ 2,150,000 | ||
Private Placement | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants to purchase shares issued | 215,000 | ||
Private Placement | Private Placement Warrants | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrants to purchase shares issued | 224,780 | ||
Price of warrants | $ 10 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) | May 03, 2021USD ($)D$ / sharesshares | Feb. 01, 2021USD ($)shares | Mar. 31, 2021USD ($)shares | Jun. 30, 2021$ / sharesshares | Jun. 30, 2021$ / sharesshares | |
Related Party Transaction [Line Items] | ||||||
Aggregate purchase price | $ | [1] | $ 25,000 | ||||
Stock Transferred To Others During Period Shares | 60,000 | |||||
Class B Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | [1] | 1,150,000 | ||||
Aggregate purchase price | $ | [1] | $ 115 | ||||
Common shares, value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares, Outstanding | 1,150,000 | 272,247 | 272,247 | |||
Common shares, shares issued | 1,150,000 | 272,247 | 272,247 | |||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | (850,000) | |||||
Class A Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Common shares, value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares, Outstanding | 1,690,738 | 1,690,738 | ||||
Common shares, shares issued | 1,690,738 | 1,690,738 | ||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | 850,000 | ||||
Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||
Sponsor | Class B Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||
Sponsor | Class A Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||
Founder Shares | ||||||
Related Party Transaction [Line Items] | ||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||
Founder Shares | Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage Of Conditional Transfer Of Founder Shares | 50.00% | |||||
Restrictions on transfer period of time after business combination completion | 6 months | |||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ / shares | $ 12.50 | |||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D | 20 | |||||
Founder shares may not be transferred, assigned or sold until six months after the date of the consummation of our initial Business Combination | 50.00% | |||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D | 30 | |||||
Founder Shares | Sponsor | Class B Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 1,150,000 | |||||
Aggregate purchase price | $ | $ 25,000 | |||||
Founder Shares | Sponsor | Class A Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 224,780 | |||||
Aggregate purchase price | $ | $ 2,247,800 | |||||
Common shares, value (in dollars per share) | $ / shares | $ 10 | |||||
[1] | June 30, 2021 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Feb. 02, 2021 |
Related Party Transaction [Line Items] | ||
Price of warrant | $ 11.50 | |
Working Capital Loan | ||
Related Party Transaction [Line Items] | ||
Working Capital Loans | $ 28,000 | |
Promissory Note with Related Party | ||
Related Party Transaction [Line Items] | ||
Maximum borrowing capacity of related party promissory note | $ 300,000 | |
Related Party Loans | ||
Related Party Transaction [Line Items] | ||
Loan conversion agreement warrant | $ 1,200,000 | |
Related Party Loans | Working Capital Loan | ||
Related Party Transaction [Line Items] | ||
Price of warrant | $ 10 |
Commitments & Contingencies (De
Commitments & Contingencies (Details) | May 12, 2021USD ($)shares | May 03, 2021USD ($) | May 31, 2021shares | Jun. 30, 2021USD ($)itemshares |
Subsidiary, Sale of Stock [Line Items] | ||||
Maximum number of demands for registration of securities | item | 3 | |||
Units Issued During Period, Shares, New Issues | shares | 4,488,986 | |||
Gross proceeds | $ | $ 40,000,000 | |||
Proceeds from sale of Units, net of underwriting discounts paid | $ | $ (897,797) | |||
Over-allotment option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Units Issued During Period, Shares, New Issues | shares | 488,986 | 488,986 | ||
Gross proceeds | $ | $ 4,889,860 | $ 40,000,000 | ||
Underwriting discount (as a percent) | 2.00% | |||
Proceeds from sale of Units, net of underwriting discounts paid | $ | $ 897,797 | |||
Underwriters Agreement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Options To Granted Period | 45 days | |||
Underwriters Agreement | Over-allotment option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Units Issued During Period, Shares, New Issues | shares | 600,000 | |||
Underwriters' exercise of the over-allotment option | shares | 488,986 | |||
Percentage of cash fee related to business combination | 3.50% |
Deferred Underwriters' Market_2
Deferred Underwriters' Marketing Fees (Details) | 5 Months Ended |
Jun. 30, 2021USD ($) | |
Deferred Underwriters' Marketing Fees | |
Deferred underwriters' fee (as a percent) | 3.50% |
Deferred underwriters' marketing fees | $ 1,571,145 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Shares (Details) | Jun. 30, 2021$ / sharesshares |
Shareholders' Equity | |
Preferred shares, shares authorized | 1,000,000 |
Preferred stock, par value, (per share) | $ / shares | $ 0.0001 |
Preferred shares, shares issued | 0 |
Preferred shares, shares outstanding | 0 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Shares (Details) | May 12, 2021shares | May 03, 2021$ / sharesshares | Feb. 01, 2021shares | May 31, 2021shares | Mar. 31, 2021shares | Jun. 30, 2021$ / sharesshares | Jun. 30, 2021$ / sharesshares | |
Class of Stock [Line Items] | ||||||||
Class A common stock subject to possible redemption, issued (in shares) | 3,873,028 | 3,873,028 | ||||||
Class A common stock subject to possible redemption, outstanding (in shares) | 10 | 10 | ||||||
Number of units sold | 4,488,986 | |||||||
Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common shares, shares authorized (in shares) | 200,000,000 | 200,000,000 | ||||||
Common shares, value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Common shares, shares issued (in shares) | 1,690,738 | 1,690,738 | ||||||
Common shares, shares outstanding (in shares) | 1,690,738 | 1,690,738 | ||||||
Class A common stock subject to possible redemption, outstanding (in shares) | 3,873,028 | 3,873,028 | ||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | 850,000 | ||||||
Number of units sold | 4,000,000 | |||||||
Class A Common Stock Not Subject to Redemption | ||||||||
Class of Stock [Line Items] | ||||||||
Common shares, shares authorized (in shares) | 200,000,000 | 200,000,000 | ||||||
Common shares, value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Common shares, shares outstanding (in shares) | 615,958 | 615,958 | ||||||
Class B Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common shares, shares authorized (in shares) | 20,000,000 | 20,000,000 | ||||||
Common shares, value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Common shares, shares issued (in shares) | 1,150,000 | 272,247 | 272,247 | |||||
Common shares, shares outstanding (in shares) | 1,150,000 | 272,247 | 272,247 | |||||
Ratio to be applied to the stock in the conversion | 20 | |||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | (850,000) | |||||||
Number of shares issued | [1] | 1,150,000 | ||||||
Sponsor | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||||
Sponsor | Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||||
Sponsor | Class B Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||||
Over-allotment option | ||||||||
Class of Stock [Line Items] | ||||||||
Number of units sold | 488,986 | 488,986 | ||||||
Private Placement | Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued | 224,780 | |||||||
Founder Shares | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Class B founder shares into Class A ordinary shares (in shares) | 850,000 | |||||||
Number of shares forfeited | 27,753 | |||||||
Founder Shares | Sponsor | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares transferred | 60,000 | |||||||
Founder Shares | Sponsor | Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common shares, value (in dollars per share) | $ / shares | $ 10 | |||||||
Number of shares issued | 224,780 | |||||||
Founder Shares | Sponsor | Class B Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued | 1,150,000 | |||||||
[1] | June 30, 2021 |
Shareholders' Equity - Warrants
Shareholders' Equity - Warrants (Details) | 5 Months Ended | ||
Jun. 30, 2021D$ / sharesshares | May 12, 2021shares | May 03, 2021shares | |
Class of Warrant or Right [Line Items] | |||
Price of warrants | $ / shares | $ 11.50 | ||
Number of warrants to purchase shares issued | shares | 2,244,493 | 2,000,000 | |
Warrants | |||
Class of Warrant or Right [Line Items] | |||
Maximum period after business combination in which to file registration statement | 20 days | ||
Period of time within which registration statement is expected to become effective | 60 days | ||
Public Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrant exercise period condition one | 30 days | ||
Public Warrants expiration term | 5 years | ||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||
Class of Warrant or Right [Line Items] | |||
Warrant redemption condition minimum share price | $ / shares | $ 16.50 | ||
Redemption price per public warrant (in dollars per share) | $ / shares | $ 0.01 | ||
Threshold trading days for redemption of public warrants | D | 20 | ||
Threshold consecutive trading days for redemption of public warrants | D | 30 | ||
Redemption period | 30 days | ||
Over-allotment option | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants to purchase shares issued | shares | 244,493 | ||
Over-allotment option | Class B Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Shares subject to forfeiture | shares | 27,753 |
Shareholders' Equity - Fair val
Shareholders' Equity - Fair value of warrants and Assumptions used (Details) $ / shares in Units, $ in Millions | 5 Months Ended |
Jun. 30, 2021USD ($)$ / shares | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of warrants | $ | $ 17.6 |
Warrants Not Settleable in Cash, Fair Value Disclosure Per Unit | $ 8.85 |
Level 3 | Volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 113 |
Level 3 | Risk-free interest rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.84 |
Level 3 | Expected life | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 5 |
Level 3 | Exercise price | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 11.50 |
Level 3 | Share price | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 10 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | May 12, 2021 | May 03, 2021 | Feb. 01, 2021 | May 31, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Oct. 31, 2020 | |
Subsequent Event [Line Items] | |||||||||
Sale of units through public offering (In shares) | 4,488,986 | ||||||||
Number of warrants to purchase shares issued | 2,000,000 | 2,244,493 | 2,244,493 | ||||||
Price of warrants | $ 11.50 | $ 11.50 | |||||||
Private Placement Warrants | |||||||||
Subsequent Event [Line Items] | |||||||||
Purchase price, per unit | $ 10 | ||||||||
Over-allotment option | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of units through public offering (In shares) | 488,986 | 488,986 | |||||||
Purchase price, per unit | $ 10 | 10 | $ 10 | ||||||
Number of warrants to purchase shares issued | 244,493 | ||||||||
Over-allotment option | Private Placement Warrants | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from Issuance of Warrants | $ 2,150,000 | ||||||||
Initial Public Offering | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of units through public offering (In shares) | 4,000,000 | 4,000,000 | |||||||
Purchase price, per unit | $ 10 | $ 10 | $ 100 | ||||||
Private Placement | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of warrants to purchase shares issued | 215,000 | 215,000 | |||||||
Private Placement | Private Placement Warrants | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of units through public offering (In shares) | 9,780 | ||||||||
Purchase price, per unit | $ 10 | $ 10 | $ 10 | ||||||
Number of warrants to purchase shares issued | 224,780 | 224,780 | |||||||
Price of warrants | $ 10 | $ 10 | |||||||
Class A Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of units through public offering (In shares) | 4,000,000 | ||||||||
Purchase price, per unit | $ 11.50 | $ 11.50 | |||||||
Class A Common Stock | Private Placement | |||||||||
Subsequent Event [Line Items] | |||||||||
Founder shares issued to initial shareholder (in shares) | 224,780 | ||||||||
Class A Common Stock | Sponsor | Founder Shares | |||||||||
Subsequent Event [Line Items] | |||||||||
Founder shares issued to initial shareholder (in shares) | 224,780 | ||||||||
Class B Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Founder shares issued to initial shareholder (in shares) | [1] | 1,150,000 | |||||||
Class B Common Stock | Over-allotment option | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares subject to forfeiture | 27,753 | 27,753 | |||||||
Class B Common Stock | Sponsor | Founder Shares | |||||||||
Subsequent Event [Line Items] | |||||||||
Founder shares issued to initial shareholder (in shares) | 1,150,000 | ||||||||
[1] | June 30, 2021 |