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 | |||
Part I. Financial Information
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Item 1. Condensed Financial Statements (Unaudited)
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2 | |||
3 | |||
4 | |||
5 | |||
6
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16
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19 |
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22 |
September 30, 2022
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December 31, 2021
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(unaudited)
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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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Marketable securities held in Trust Account
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Total current assets
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Marketable securities held in Trust Account | ||||||||
Non-current prepaid expenses
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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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Deferred underwriting commissions
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Total current liabilities
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Deferred underwriting commissions | ||||||||
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 | For the three months ended | For the nine months ended | For the period from January 27, 2021 | |||||||||||||
September 30, 2022
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September 30, 2021
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September 30, 2022
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(inception) through September 30, 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 income (loss)
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$
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$ | ( |
) | $ |
$
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(
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)
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Basic and diluted weighted average shares outstanding of Class A ordinary shares subject to possible redemption
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Basic and dilued net income (loss) per share, Class A ordinary shares subject to possible redemption (See Note 2)
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$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares
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Basic and diluted net income (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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Basic and diluted weighted average shares outstanding of Class B ordinary shares
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Basic and diluted net income (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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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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||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor
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- | - | - | - | ||||||||||||||||||||||||||||||||
Issuance of Class A ordinary shares, net of $
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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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)
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Net income (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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)
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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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|||||||||||||||||||
Accretion of Class A ordinary shares to accreted value
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- | - | - | - | - | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Net income (loss) | - | - | - | |||||||||||||||||||||||||||||||||
Balance - June 30, 2022
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( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Accretion of Class A ordinary shares to accreted value
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- | - | - | - | - | ( |
) | ( |
) | |||||||||||||||||||||||||||
Net income (loss) | - | - | - | |||||||||||||||||||||||||||||||||
Balance - September 30, 2022
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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 income (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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)
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|||||||||||||||||||||||||
Balance - March 31, 2021
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(
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)
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Issuance of Class A ordinary shares, net of $
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Accretion of Class A ordinary shares to accreted value
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- | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||||
Net income (loss)
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- | - | - | ( |
) | ( |
) | |||||||||||||||||||||||||||||
Balance - June 30, 2021
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( |
) | ||||||||||||||||||||||||||||||||||
Accretion of Class A ordinary shares to accreted value
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- | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||||
Net income (loss) | - | - | - | ( |
) | ( |
) | |||||||||||||||||||||||||||||
Balance - September 30, 2021
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$ | $ | $ | $ | $ | ( |
) | $ |
For the nine months ended | For the period from January 27, 2021 |
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September 30, 2022
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(inception) through September 30,
2021
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Cash Flows from Operating Activities:
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Net income (loss)
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$
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$
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(
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)
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Adjustments to reconcile net income (loss) to net cash used in operating activities:
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Dividends and interest earned in Trust Account
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( |
) | ( |
) | ||||
Changes is operating assets and liabilities: |
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Prepaid expenses
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(
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)
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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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Net cash used in operating activities
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(
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)
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(
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)
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Cash Flows from Investing Activities:
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Investments in marketable securities held in Trust Account
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( |
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Net cash used in investing activities
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( |
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Cash Flows from Financing Activities:
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Payment of offering costs | ( |
) | ( |
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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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)
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Proceeds from Initial Public Offering
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Proceeds from Private Placement Shares
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Proceeds from issuance of Class B shares
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Net cash (used in) provided by financing activities
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(
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)
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Net change in cash
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(
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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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Accretion of Class A ordinary shares to accreted value
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$ |
$ |
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Deferred offering costs included in accrued expenses
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$
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$
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Deferred underwriting commissions
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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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)
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Accretion
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$ |
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Gross proceeds
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$ |
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Issuance costs
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(
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)
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Accretion
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$ |
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For the three months ended September 30, 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 income (losses)
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$
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$
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$
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Redemption amount in excess of fair value
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Net income (loss) per ordinary share
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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 income (loss) per ordinary share
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$
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$
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$
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|
For the nine months ended September 30, 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 income (losses)
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$
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|
$
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|
$
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|
||||||
Redemption amount in excess of fair value
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|
|
|
|||||||||
Net income (loss) per ordinary share
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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 income (loss) per ordinary share
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$
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|
$
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|
$
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|
For the three months ended September 30, 2021
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Class A ordinary shares subject
to possible redemption
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Class A
ordinary shares |
Class B
ordinary shares
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|||||||||
Allocation of undistributable income (losses)
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$
|
(
|
)
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$
|
(
|
)
|
$
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(
|
)
|
|||
Net income (loss) per ordinary share
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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
|
|
|
|
|||||||||
Basic and diluted net income (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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)
|
For the period from January 27, 2021 (inception) through September 30, 2021
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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 income (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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$
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(
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)
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|||
Net income (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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|||
Weighted average shares outstanding, basic and diluted
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|
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|
|||||||||
Basic and diluted net income (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
|
Level 1
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Level 2
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Level 3
|
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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|
$
|
|
$
|
|
Description
|
Level 1
|
Level 2
|
Level 3
|
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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Number of
Shares
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Unvested Shares Outstanding at January 1, 2022
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Granted
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Forfeited
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Vested
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Unvested Outstanding at September 30, 2022
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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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No.
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Description of Exhibit
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3.1
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4.1
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10.1
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10.2
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10.3
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10.4
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10.5
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10.6
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10.7
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Certification of Co-Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Co-Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Co-Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Co-Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS*
|
XBRL Instance Document
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* |
Filed herewith.
|
(1)
|
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.
|
TCV ACQUISITION CORP.
|
||
Date: November 14, 2022
|
/s/ Jon Reynolds, Jr.
|
|
Name:
|
Jon Reynolds, Jr.
|
|
Title:
|
Co-Chief Executive Office
|
|
(Principal Executive Officer)
|
||
Date: November 14, 2022
|
/s/ Christopher Marshall
|
|
Name:
|
Christopher Marshall
|
|
Title:
|
Co-Chief Executive Office
|
|
(Principal Executive Officer)
|
||
Date: November 14, 2022
|
/s/ Erez Elisha
|
|
Name:
|
Erez Elisha
|
|
Title:
|
Chief Financial Officer
|
|
(Principal Financial and Principal Accounting Officer)
|