Cayman Islands
|
|
Not
Applicable |
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of Each Class:
|
Trading Symbol(s)
|
Name of Each Exchange on Which Registered:
|
||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant
|
DPCSU
|
The Nasdaq Global Market
|
||
Class A ordinary share, $0.0001 par value
|
DPCS
|
The Nasdaq Global Market
|
||
Redeemable public warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
|
DPCSW
|
The Nasdaq Global Market
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☒
|
Emerging growth company
|
☒
|
1
|
|
1
|
|
20
|
|
26
|
|
26
|
|
28
|
|
28
|
|
28
|
|
30 | |
31
|
|
31
|
|
31
|
|
31
|
September 30, 2023
(Unaudited)
|
December 31, 2022
|
|||||||
ASSETS
|
||||||||
Cash
|
$
|
580,237
|
$
|
946,299
|
||||
Prepaid expenses
|
43,532
|
208,548
|
||||||
Total current assets
|
623,769
|
1,154,847
|
||||||
Investments held in Trust Account
|
43,769,608
|
237,982,862
|
||||||
Total assets
|
$
|
44,393,377
|
$
|
239,137,709
|
||||
|
||||||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
62,369
|
$
|
2,100
|
|||||
Accrued expenses
|
1,002,640
|
333,092
|
||||||
Total current liabilities
|
1,065,009
|
335,192
|
||||||
Deferred underwriting fees payable
|
8,050,000
|
8,050,000
|
||||||
Convertible loan from related party
|
4,600,000
|
4,600,000
|
||||||
Total liabilities
|
13,715,009
|
12,985,192
|
||||||
|
||||||||
Commitments and Contingencies (Note 6)
|
|
|
|
|
||||
|
||||||||
Class A ordinary shares subject to possible redemption, 4,059,402 shares at $10.78 per share as of September 30, 2023 and 23,000,000 shares at $10.35 per share as of December 31, 2022, respectively
|
43,769,608
|
237,982,862
|
||||||
|
||||||||
Shareholders’ Deficit
|
||||||||
Preference shares, $0.0001
par value; 1,000,000 shares authorized; none issued and outstanding
|
—
|
—
|
||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding
(excluding 4,059,402 and 23,000,000
shares subject to possible redemption as of September 30, 2023 and December 31, 2022, respectively)
|
—
|
—
|
||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding
|
575
|
575
|
||||||
Additional paid-in capital
|
—
|
—
|
||||||
Accumulated deficit
|
(13,091,815
|
)
|
(11,830,920
|
)
|
||||
Total shareholders’ deficit
|
(13,091,240
|
)
|
(11,830,345
|
)
|
||||
Total
liabilities, Class A ordinary shares subject to possible redemption, and shareholders’ deficit
|
$
|
44,393,377
|
$
|
239,137,709
|
For The Three
Months Ended
September 30,
2023
|
For The Three
Months Ended
September 30,
2022
|
For The Nine
Months Ended
September 30, 2023
|
For The Nine
Months Ended
September 30,
2022
|
|||||||||||||
General and administrative expenses
|
$
|
287,563
|
$
|
251,938
|
$ | 1,260,895 | $ | 725,241 | ||||||||
Loss from operations
|
(287,563
|
)
|
(251,938
|
)
|
(1,260,895 | ) | (725,241 | ) | ||||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
562,845 |
1,058,884 |
4,778,599 | 1,398,343 | ||||||||||||
Net income
|
$
|
275,282
|
$
|
806,946
|
$ | 3,517,704 | $ | 673,102 | ||||||||
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic
and diluted
|
4,059,402
|
23,000,000
|
13,078,734 | 23,000,000 |
||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares subject to possible
redemption
|
$
|
0.03
|
$
|
0.03
|
$ | 0.19 | $ | 0.02 | ||||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares, basic and diluted
|
5,750,000
|
5,750,000
|
5,750,000 | 5,750,000 |
||||||||||||
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares
|
$
|
0.03
|
$
|
0.03
|
$ | 0.19 | $ | 0.02 |
Ordinary Shares
|
Ordinary Shares
|
|||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total Shareholders’
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2023
|
-
|
$
|
-
|
5,750,000
|
$
|
575
|
$
|
-
|
$
|
(11,830,920
|
)
|
$
|
(11,830,345
|
)
|
||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
- | - | - | - | - | (2,525,117 | ) | (2,525,117 | ) | |||||||||||||||||||
Net income |
- | - | - | - | - | 2,167,829 | 2,167,829 | |||||||||||||||||||||
Balance as of March 31, 2023 (unaudited)
|
- | $ | - | 5,750,000 | $ | 575 | $ | - | $ | (12,188,208 | ) | $ | (12,187,633 | ) | ||||||||||||||
Redemption of Class A ordinary shares
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Capital contribution made by Sponsor for non-redemption agreements
|
- | - | - | - | 1,671,160 | - | 1,671,160 | |||||||||||||||||||||
Cost of raising capital related to shareholder non-redemption agreements
|
- | - | - | - | (1,671,160 | ) | - | (1,671,160 | ) | |||||||||||||||||||
Remeasurement of Class A
ordinary shares to redemption value
|
- | - | - | - | - | (1,690,637 | ) | (1,690,637 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 1,074,593 | 1,074,593 | |||||||||||||||||||||
Balance as of June 30, 2023 (unaudited)
|
-
|
$
|
-
|
5,750,000
|
$
|
575
|
$
|
-
|
$
|
(12,804,252
|
)
|
$
|
(12,803,677
|
)
|
||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
- | - | - | - | - | (562,845 | ) | (562,845 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 275,282 | 275,282 | |||||||||||||||||||||
Balance as of September 30, 2023 (unaudited)
|
- | $
|
- | 5,750,000 | $
|
575 | $
|
- | $
|
(13,091,815 | ) | $
|
(13,091,240 | ) |
Ordinary Shares
|
Ordinary Shares
|
|||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total Shareholders’
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2022
|
-
|
$
|
-
|
5,750,000
|
$
|
575
|
$
|
-
|
$
|
(10,882,763
|
)
|
$
|
(10,882,188
|
)
|
||||||||||||||
Net loss | - | - | - | - | - | (128,585 | ) | (128,585 | ) | |||||||||||||||||||
Balance as of March 31, 2022 (unaudited)
|
-
|
-
|
5,750,000
|
$
|
575
|
$
|
-
|
$
|
(11,011,348
|
)
|
$
|
(11,010,773
|
)
|
|||||||||||||||
Remeasurement of Class
A ordinary shares to redemption value
|
- | - | - | - | - | (339,459 | ) | (339,459 | ) | |||||||||||||||||||
Net loss |
- | - | - | - | - | (5,259 | ) | (5,259 | ) | |||||||||||||||||||
Balance as of June 30, 2022
(unaudited)
|
- | $ | - | 5,750,000 | $ | 575 | $ | - | $ | (11,356,066 | ) | $ | (11,355,491 | ) | ||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
- | - | - | - | - | (1,058,884 | ) | (1,058,884 | ) | |||||||||||||||||||
Net income |
- | - | - | - | - | 806,946 | 806,946 | |||||||||||||||||||||
Balance as of September 30, 2022 (unaudited)
|
- | $ | - | 5,750,000 | $ | 575 | $ | - | $ | (11,608,004 | ) | $ | (11,607,429 | ) |
|
FOR THE NINE
MONTHS
ENDED
SEPTEMBER 30,
2023
|
FOR THE NINE
MONTHS
ENDED SEPTEMBER
30, 2022
|
||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$
|
3,517,704
|
$ | 673,102 | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account | (4,778,599 | ) | (1,398,343 | ) | ||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
165,016 |
174,394 |
||||||
Accounts payable
|
60,269
|
(49,378 | ) | |||||
Accrued expenses
|
669,548
|
293,803 | ||||||
Net cash used in operating activities
|
(366,062
|
)
|
(306,422 | ) | ||||
Cash Flows from Investing Activities
|
||||||||
Trust Account Withdrawal - redemption | 198,991,853 | - | ||||||
Net cash provided by investing activities |
198,991,853 | - | ||||||
Cash Flows from Financing Activities | ||||||||
Redemption of Class A shares | (198,991,853 | ) | - | |||||
Net cash used in financing activities | (198,991,853 | ) | - | |||||
Net decrease in cash
|
(366,062
|
)
|
(306,422 | ) | ||||
Cash - beginning of period
|
946,299
|
1,440,299 | ||||||
Cash - end of period
|
$
|
580,237
|
$ | 1,133,877 | ||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Remeasurement of Class A shares to redemption value |
$ | 4,778,599 | $ | 1,398,343 | ||||
Capital contribution from Sponsor
|
$ | 1,671,160 | $ | - | ||||
Offering cost associated with non-redemption agreement
|
$ | (1,671,160 | ) | $ | - |
Level 1:
|
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient
frequency and volume to provide pricing information on an ongoing basis.
|
Level 2:
|
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in
markets that are not active.
|
Level 3:
|
Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.
|
|
For The Three Months
Ended
September 30, 2023
|
For The Three Months
Ended
September 30, 2022
|
For The Nine Months
Ended
September 30, 2023
|
For The Nine Months
Ended
September 30, 2022
|
||||||||||||||||||||||||||||
Class A
|
Class B
|
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Allocation of net income
|
$
|
113,919
|
$
|
161,363
|
$ | 645,557 | $ | 161,389 | $ | 2,443,452 | $ | 1,074,252 | $ | 538,482 | $ | 134,620 | ||||||||||||||||
Basic and diluted weighted average shares outstanding
|
4,059,402
|
5,750,000
|
23,000,000 | 5,750,000 | 13,078,734 | 5,750,000 | 23,000,000 | 5,750,000 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per share
|
0.03 |
0.03
|
0.03 | 0.03 | 0.19 | 0.19 | 0.02 | 0.02 |
Number of
Shares
|
Amount |
|||||||
Gross proceeds
|
23,000,000 |
$
|
230,000,000
|
|||||
Less:
|
||||||||
Class A ordinary shares issuance costs
|
- |
(12,739,238
|
)
|
|||||
Fair value of Public Warrants at issuance
|
- |
(6,900,000
|
)
|
|||||
|
||||||||
Plus:
|
||||||||
Accretion of carrying value to redemption value
|
- |
24,239,238
|
||||||
Class A ordinary shares subject to possible redemption at December 31, 2021
|
23,000,000 | $ |
234,600,000
|
|||||
Remeasurement
of redemption value of Class A ordinary shares subject to possible redemption |
- |
3,382,862 | ||||||
Class A ordinary shares subject to possible redemption at December 31, 2022 | 23,000,000 | $ | 237,982,862 | |||||
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption | - |
4,778,599 | ||||||
Redemption of Class A ordinary shares
|
(18,940,598 | ) | (198,991,853 | ) | ||||
Class A ordinary shares subject to possible redemption at September 30, 2023 | 4,059,402 | $ | 43,769,608 |
|
● |
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; and
|
|
● |
if, and only if the last reported sale price of Class A ordinary shares for any 20 trading days within a 30-trading day period
ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted).
|
Description
|
Quoted Prices in
Active Markets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Other Unobservable Inputs
(Level 3)
|
|||||||||
Assets:
|
||||||||||||
Investments held in Trust Account
|
$
|
43,769,608
|
$
|
—
|
$
|
—
|
Description
|
Quoted Prices in
Active Markets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Other Unobservable Inputs
(Level 3)
|
|||||||||
Assets:
|
||||||||||||
Investments held in Trust Account
|
$
|
237,982,862
|
$
|
—
|
$
|
—
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 4. |
CONTROLS AND PROCEDURES.
|
ITEM 1. |
LEGAL PROCEEDINGS.
|
ITEM 1A. |
RISK FACTORS
|
|
• |
a limited availability of market quotations for our securities;
|
|
• |
reduced liquidity for our securities;
|
|
• |
a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of
trading activity in the secondary trading market for our securities;
|
|
• |
a limited amount of news and analyst coverage; and
|
|
• |
a decreased ability to issue additional securities or obtain additional financing in the future.
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES.
|
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES.
|
ITEM 4. |
MINE SAFETY DISCLOSURES.
|
ITEM 5. |
OTHER INFORMATION.
|
a) |
None.
|
b) |
None.
|
c) |
Not applicable.
|
ITEM 6. |
EXHIBITS.
|
No.
|
Description of Exhibit
|
|
Second Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 filed with the Company’s Current Report on Form 8-K filed with the SEC on May 15, 2023 (File No.
001-41041))
|
||
Certification of 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
|
||
Certification of Principal Financial and Accounting 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
|
||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
101.INS*
|
Inline XBRL Instance Document
|
|
101.CAL*
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.SCH*
|
Inline XBRL Taxonomy Extension Schema Document
|
|
101.DEF*
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB*
|
Inline XBRL Taxonomy Extension Labels Linkbase Document
|
|
101.PRE*
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
104*
|
Cover Page Interactive Data File
|
DP CAP ACQUISITION CORP I
|
||
Date: November 14, 2023
|
By:
|
/s/ Scott Savitz
|
Name:
|
Scott Savitz
|
|
Title:
|
Chief Executive Officer and Chairman
|
|
By:
|
/s/ Bruce Revzin
|
|
Date: November 14, 2023
|
Name:
|
Bruce Revzin
|
Title:
|
Chief Financial Officer
|
|
(Principal Accounting and Financial Officer)
|
Date: November 14, 2023
|
By:
|
/s/ Scott Savitz
|
Scott Savitz
|
||
Chief Executive Officer and Chairman
|
||
(Principal Executive Officer)
|
Date: November 14, 2023
|
By:
|
/s/ Bruce Revzin
|
Bruce Revzin
|
||
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|
Date: November 14, 2023
|
By:
|
/s/ Scott Savitz
|
Scott Savitz
|
||
Chief Executive Officer and Chairman
|
||
(Principal Executive Officer)
|
Date: November 14, 2023
|
By:
|
/s/ Bruce Revzin
|
Bruce Revzin
|
||
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|