QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
(Address of Principal Executive Offices) |
(Zip Code) |
Title of Each Class: |
Trading Symbol(s) |
Name of Each Exchange on Which Registered: | ||
one-half of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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20 |
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27 |
June 30, 2022 |
December 31, 2021 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total Current Assets |
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Deferred offering costs |
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Investments held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' EQUITY (DEFICIT) |
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Current liabilities |
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Accrued offering costs and expenses |
$ | $ | ||||||
Promissory note - related party |
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Related party loans |
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Total Current Liabilities |
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Deferred underwriting fee payable |
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Warrant liabilities |
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Total Liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, $ and valueat June 30, 2022 and December 31, 2021 , |
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Shareholders' Equity (Deficit): |
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Preference shares, $ |
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Class A ordinary shares, $ |
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Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Shareholders' Equity (Deficit) |
( |
) |
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TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' EQUITY (DEFICIT) |
$ |
$ |
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Three Months Ended June 30, 2022 |
Six Months Ended June 30, 2022 |
Period From May 4, 2021 (Inception) through June 30, 2021 |
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Formation and operating costs |
$ | $ | $ |
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Loss from operations |
( |
) |
( |
) |
( |
) | ||||||
Other income: |
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Change in fair value of warrant liabilities |
— |
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Interest earned on investments held in Trust Account |
— |
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Total other income |
— |
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Net income (loss) |
$ |
$ |
$ |
( |
) | |||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
— |
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Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ |
$ |
$ |
— |
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Weighted average shares outstanding, Class B non-redeemable ordinary shares |
(1) | |||||||||||
Basic and diluted net income per share, Class B non-redeemable ordinary shares |
$ |
$ |
$ |
( |
) | |||||||
(1) |
This number excludes an aggregate of up to |
THREE AND SIX MONTHS ENDED JUNE 30, 2022 |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders' Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
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Balance - January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Sale of |
— | |||||||||||||||||||||||||||
Cash paid in excess of fair value of Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - March 31, 2022 |
( |
) |
( |
) | ||||||||||||||||||||||||
Accretion of Class A common Stock to Redemption Value |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Adjustment of offering costs previously included in accretio n |
— | — | — | — | — | |||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - June 30, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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PERIOD FROM MAY 4, 2021 (INCEPTION) THROUGH JUNE 30, 2021 |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance - May 4, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor (1) |
— |
— |
— |
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Net loss |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
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Balance - June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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(1) |
The Class B ordinary shares outstanding include up to |
Six Months Ended June 30, 2022 |
Period from May 4, 2021 (Inception) through June 30, 2021 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ | |
$ |
( |
) | |||
Adjustment to reconcile net income (loss) to net cash used in operating activities: |
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Accrued interest earned on investments held in Trust Account |
( |
) | |
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Change in fair value of warrant liabilities |
( |
) | |
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Accrued offering costs and expenses |
( |
) | |
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Changes in operating assets and liabilities |
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Prepaid expenses |
( |
) | |
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Related party loans |
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Net cash used in operating activities |
( |
) |
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Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
( |
) | |
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Net cash used in investing activities |
( |
) |
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Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
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Proc e eds from sale of Private Placement Warrants |
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Payment of promissory note - related party |
( |
) | |
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Payment of offering costs |
( |
) | |
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Proceeds from issuance of Class B ordinary shares to Sponsor |
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Net cash provided by financing activities |
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Net Change in Cash |
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Cash - Beginning of period |
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Cash - End of period |
$ |
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$ |
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Non-cash investing and financing activities: |
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Initial classification of Class A common stock subject to possible redemption |
$ | |
$ |
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Deferred underwriting fee payable |
$ | |
$ |
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• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Three Months Ended June 30, 2022 |
Six Months Ended June 30, 2022 |
Period From May 4, 2021 (Inception) through June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Numerator: |
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Allocation of net income |
$ | $ | |
$ | $ | |
$ |
$ |
( |
) | ||||||||||||||
Denominator: |
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Weighted average shares outstanding |
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Basic and diluted net income per share |
$ | $ | $ | $ | $ |
$ |
( |
) | ||||||||||||||||
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | if the closing price of the Class A ordinary shares for any |
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: |
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Investments held in the Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
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Private placement warrants |
$ | $ | — | $ | $ | — | ||||||||||
Public warrants |
— | — | ||||||||||||||
Total liabilities measured at fair value |
$ | $ | $ | $ | — | |||||||||||
Level 3 rollforward |
Private Placement Warrants |
Public Warrants |
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Fair Value as of March 4, 2022 (IPO) |
$ | $ | ||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ||||
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Fair Value as of March 31, 2022 |
$ | $ | ||||||
Transfer out |
( |
) | ( |
) | ||||
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Fair Value as of June 30, 2022 |
$ | $ | ||||||
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* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. |
SOUND POINT ACQUISITION CORP I, LTD | ||||||
Date: August 12, 2022 | By: | /s/ David Grill | ||||
Name: | David Grill | |||||
Title: | Chief Financial Officer (Authorized Signatory and Principal Financial Officer) |