QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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The
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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Part I. Financial Information
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Item 1. Condensed Financial Statements (unaudited)
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1
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2
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3
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4
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5
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14 | ||
16 | ||
16
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Part II. Other Information
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17 | ||
17 | ||
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18 | ||
18 | ||
18 | ||
18 | ||
20 |
March 31, 2022
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December 31, 2021
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(unaudited)
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(audited) | |||||||
Assets
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Current assets:
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Cash and cash equivalents
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$
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$
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Prepaid expenses
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Total current assets
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Non-current prepaid expenses
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Marketable securities held in Trust Account
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Total Assets
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$
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$
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Liabilities, Ordinary Shares Subject to Possible Redemption, and
Shareholders' Equity (Deficit)
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Current liabilities:
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Accounts payable
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$
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$
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Due to affiliates
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Accrued professional fees
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Accrued offering costs
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Total current liabilities
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Deferred underwriting commissions
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Total liabilities
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Commitments and Contingencies (Note 6)
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Class A ordinary shares subject to possible redemption, $
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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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(
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)
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(
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)
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Total shareholders' equity (deficit)
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(
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)
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Total Liabilities, Ordinary Shares Subject to Possible Redemption,
and Shareholders' Equity (Deficit)
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$
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$
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For the three months ended
March 31, 2022
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For the period from January 27, 2021
(inception) - March 31, 2021
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General and administrative expenses
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$
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$
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Loss from operations
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(
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)
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(
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)
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Other income:
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Dividend and interest income
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Net loss
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$
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(
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)
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$
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(
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)
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Weighted average shares outstanding of Class A ordinary shares
subject to possible redemption
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Basic and dilued net loss per share, Class A ordinary shares subject
to possible redemption (See Note 2)
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$
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(
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)
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$
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Weighted average shares outstanding of Class A ordinary shares
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Basic and dilued net loss per share, Class A ordinary shares (See
Note 2)
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$
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(
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)
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$
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Weighted average shares outstanding of Class B ordinary shares
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Basic and diluted net loss per share, Class B ordinary shares (See
Note 2)
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$
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(
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)
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$
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(
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) |
Ordinary Shares Subject to Possible Redemption
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Ordinary Shares
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Additional
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Total
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Class A
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Class A
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Class B
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Paid-in
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Accumulated
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Shareholders'
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Shares
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Amount
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Equity (Deficit)
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Balance - December 31, 2021
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$
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$
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$
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$
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$
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(
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)
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$
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Accretion of Class A ordinary shares to accreted value
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-
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-
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-
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-
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-
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(
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)
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-
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(
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Net loss
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-
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-
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-
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(
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)
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(
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Balance - March 31, 2022
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$
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$
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$
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$
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$
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(
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)
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$
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(
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Ordinary Shares Subject to Possible Redemption
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Ordinary Shares
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Additional
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Total
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Class A
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Class A
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Class B
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Paid-in
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Accumulated
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Shareholders'
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Shares
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Amount
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Equity
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Balance - January 27, 2021 (inception)
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$
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$
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$
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$
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$
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$
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Issuance of Class B ordinary shares to Sponsor
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-
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-
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-
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-
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Net loss
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-
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-
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-
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(
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)
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(
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Balance - March 31, 2021
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$
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$
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$
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$
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$
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(
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)
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$
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For the three months ended
March 31, 2022
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For the period from January 27, 2021
(inception) - March 31, 2021
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Cash Flows from Operating Activities:
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Net loss
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$
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(
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$
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(
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Dividends and interest earned in Trust Account
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(
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)
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Adjustments to reconcile net loss to net cash used in operating activities:
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Payment of general and administrative costs through issuance of Class B ordinary shares
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Prepaid expenses
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Accounts payable
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(
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Due to affiliates
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Accrued professional fees
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Net cash used in operating activities
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(
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Cash Flows from Financing Activities:
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Proceeds from note payable - related party
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Payment of note payable - related party
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(
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Net cash provided by financing activities
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Net change in cash
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(
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Cash - beginning of the period
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Cash - end of the period
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$
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$
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Supplemental disclosure of noncash investing and financing activities:
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Deferred offering costs included in accrued expenses and accounts payable
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$
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$
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Accretion of Class A ordinary shares to accreted value
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$
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$
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Deferred offering costs paid by Sponsor in exchange for the issuance of Class B
ordinary shares
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$
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$
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• |
Level 1, defined as observable inputs such as
quoted prices (unadjusted) for identical instruments in active markets;
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• |
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
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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.
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Gross proceeds
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$
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Issuance costs
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(
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Accretion
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$
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For the three months ended March 31, 2022
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Class A ordinary shares subject
to possible redemption
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Class A ordinary
shares
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Class B ordinary
shares
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Allocation of undistributable losses
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(
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)
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(
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)
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(
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Net loss per ordinary share
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$
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(
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)
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$
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(
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$
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(
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Weighted average shares outstanding, basic and diluted
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Basic and diluted net loss per ordinary share
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$
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(
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)
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$
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(
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$
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(
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)
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For the period from January 27, 2021 (inception) through March 31, 2021 |
Class A ordinary shares subject
to possible redemption
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Class A ordinary
shares
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Class B ordinary
shares
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Allocation of undistributable losses
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(
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)
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Net loss per ordinary share
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$
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$
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$
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(
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)
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Weighted average shares outstanding, basic and diluted
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Basic and diluted net loss per ordinary share
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$
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$
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$
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(
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Description
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Level 1
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Level 2
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Level 3
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Total
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||||||||||||
Assets:
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Marketable securities held in Trust Account
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$
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$
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$
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$
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Description
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Level 1
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Level 2
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Level 3
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Total
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Assets:
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Marketable securities held in Trust Account
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$
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$
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$
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$
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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ITEM 4. |
CONTROLS AND PROCEDURES
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ITEM 1. |
LEGAL PROCEEDINGS.
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ITEM 1A. |
RISK FACTORS.
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ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
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ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES.
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ITEM 4. |
MINE SAFETY DISCLOSURES.
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ITEM 5. |
OTHER INFORMATION.
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ITEM 6. |
EXHIBITS.
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31.1*
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31.2*
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31.3*
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32.1*
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32.2*
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32.3*
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101.INS*
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XBRL Instance Document
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101.CAL*
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.SCH*
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XBRL Taxonomy Extension Schema Document
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101 .DEF*
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB*
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XBRL Taxonomy Extension Labels Linkbase Document
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101 .PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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*
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Filed herewith.
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(1)
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Previously filed as an exhibit to our Current Report on Form 8-K filed on April 19, 2021 (File No. 001-40327) and incorporated by reference herein.
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TCV ACQUISITION CORP.
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Date: May 13, 2022
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/s/ Jon Reynolds, Jr. | |
Name:
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Jon Reynolds, Jr.
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Title:
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Co-Chief Executive Office
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(Principal Executive Officer)
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Date: May 13, 2022
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/s/ Christopher Marshall | |
Name:
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Christopher Marshall
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Title:
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Co-Chief Executive Office
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(Principal Executive Officer)
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Date: May 13, 2022
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/s/ Erez Elisha | |
Name:
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Erez Elisha
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Title:
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Chief Financial Officer
|
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(Principal Financial and Principal Accounting Officer)
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