☒ | 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 |
Cayman Islands |
98-1586159 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
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Class A ordinary shares, $0.0001 par value per share |
DNAA |
Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
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Part I. Financial Information |
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Item 1. Financial Statements |
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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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17 |
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20 |
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20 |
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Part II. Other Information |
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21 |
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21 |
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22 |
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22 |
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22 |
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22 |
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23 |
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24 |
March 31, 2022 |
December 31, 2021 |
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(Unaudited) | ||||||||
ASSETS |
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Current assets |
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Cash |
$ | 69,991 | $ | 428,189 | ||||
Prepaid expenses |
542,783 | 504,034 | ||||||
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|
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Total Current Assets |
612,774 | 932,223 | ||||||
Non-current prepaid insurance |
123,750 | 247,500 | ||||||
Marketable securities held in Trust Account |
250,033,500 | 250,008,324 | ||||||
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TOTAL ASSETS |
$ |
250,770,024 |
$ |
251,188,047 |
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LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT |
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Current liabilities |
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Accounts payable |
$ | 53,147 | $ | 5,000 | ||||
Accrued expenses |
5,651,189 | $ | 1,974,837 | |||||
Due to related party |
43,686 | 10,000 | ||||||
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Total current liabilities |
5,748,022 | 1,989,837 | ||||||
Deferred underwriting fee payable |
7,700,000 | 7,700,000 | ||||||
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|
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Total Liabilities |
13,448,022 |
9,689,837 |
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Commitments and Contingencies (Note 6) |
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Temporary Equity |
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Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value as of March 31, 2022 and December 31, 2021 |
250,000,000 | 250,008,324 | ||||||
Permanent Deficit |
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Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 640,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) as of March 31, 2022 and December 31, 2021 |
64 | 64 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,250,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
625 | 625 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(12,678,687 | ) | (8,510,803 | ) | ||||
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|
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Total Permanent Deficit |
(12,677,998 |
) |
(8,510,114 |
) | ||||
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|
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TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT |
$ |
250,770,024 |
$ |
251,188,047 |
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|
|
For the Three Months Ended March 31, |
For the Period from February 25, 2021 (Inception) Through March 31, |
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2022 |
2021 |
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Operating and formation costs |
$ | 4,201,384 | $ | 5,182 | ||||
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|
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Loss from operations |
(4,201,384 |
) |
(5,182 |
) | ||||
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|
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Other income: |
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Interest earned on marketable securities held in Trust Account |
25,176 | — | ||||||
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|
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Net loss |
$ |
(4,176,208 |
) |
$ |
(5,182 |
) | ||
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|
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Basic and diluted weighted average shares out s tanding, Class A ordinary shares |
25,640,000 | — | ||||||
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|
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Basic and diluted net loss per share, Class A ordinary shares |
$ |
(0.13 |
) |
$ | — | |||
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Basic and diluted weighted average shares outstanding, Class B ordinary shares |
6,250,000 | 5,500,000 | ||||||
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|
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Basic and diluted net loss per share, Class B ordinary shares |
$ |
(0.13 |
) |
$ | — | |||
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|
|
|
Temporary Equity |
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Permanent |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance – January 1, 2022 |
25,000,000 |
$ |
250,008,324 |
640,000 |
$ |
64 |
6,250,000 |
$ |
625 |
$ |
— |
$ |
(8,510,803 |
) |
$ |
(8,510,114 |
) | |||||||||||||||||||
Remeasurement for Class A ordinary shares to redemption value |
— | (8,324 | ) | — | — | — | — | — | 8,324 | 8,324 | ||||||||||||||||||||||||||
Net lo s s |
— | — | — | — | — | — | — | (4,176,208 | ) | (4,176,208 | ) | |||||||||||||||||||||||||
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Balance – March 31, 2022 |
25,000,000 |
$ |
250,000,000 |
640,000 |
$ |
64 |
6,250,000 |
$ |
625 |
$ | — | $ |
(12,678,687 |
) |
$ |
(12,677,998 |
) | |||||||||||||||||||
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Temporary Equity |
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Permanent |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance – February 25, 2021 (inception) |
— | $ | — | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | — | — | — | 6,325,000 | 633 | 24,367 | — | 25,000 | |||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | (5,182 | ) | (5,182 | ) | |||||||||||||||||||||||||
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Balance – March 31, 2021 |
— | $ | — | — | $ | — | 6,325,000 |
$ |
633 |
$ |
24,367 |
$ |
(5,182 |
) | $ |
19,818 |
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Three Months Ended March 31, 2022 |
For the Period from February 25,2021 (Inception) through March 31, 2021 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | (4,176,208 | ) | $ | (5,182 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Formation costs paid by Sponsor in exchange for issuance of Founder Shares |
— | 5,000 |
||||||
Interest earned on marketable securities held in Trust Account |
(25,176 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
(38,749 | ) | — | |||||
Non-current prepaid insurance |
123,750 |
— |
||||||
Accounts payable and accrued expenses |
3,724,499 |
44 |
||||||
Advance from related party |
33,686 | — | ||||||
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Net cash used in operating activities |
(358,198 |
) |
(138 |
) | ||||
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Cash Flows from Financing Activities: |
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Proceeds from promissory note – related party |
— |
255 |
||||||
Payment of offering costs |
— | (117 |
) | |||||
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|
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Net cash provided by financing activities |
— |
138 |
||||||
Net Change in Cash |
(358,198 |
) |
— |
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Cash – Beginning of period |
428,189 | — |
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Cash – End of period |
$ |
69,991 |
$ |
— |
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Non-Cash Investing and Financing Activities: |
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Offering costs paid by Sponsor in exchange for issuance of Founder Shares |
$ | — | $ | 20,000 |
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Offering costs included in accrued offering costs |
$ | — | $ | 5,000 |
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Gross proceeds |
$ | 250,000,000 | ||
Less: |
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Class A ordinary shares issuance costs |
(12,488,190 | ) | ||
Plus: |
||||
Remeasurement of carrying value to redemption value |
12,496,514 | |||
|
|
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Class A ordinary shares subject to possible redemption, December 31, 2021 |
$ |
250,008,324 |
||
Plus: |
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Remeasurement of carrying value to redemption value |
(8,324 | ) | ||
Class A ordinary shares subject to possible redemption, March 31, 2022 |
$ |
250,000,000 |
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|
For the Three Months Ended March 31, 2022 |
For the Period from February 25, 2021 (Inception) Through March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per ordinary share |
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Numerator: |
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Allocation of net loss |
$ | (3,357,729 | ) | $ | (818,479 | ) | $ | — | $ | (5,182 | ) | |||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
25,640,000 | 6,250,000 | — | 5,500,000 | ||||||||||||
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Basic and diluted net loss per ordinary share |
$ | (0.13 | ) | $ | (0.13 | ) | $ | — | $ | (0.00 | ) |
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 the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
Level |
March 31, 2022 |
December 31, 2021 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | 250,033,500 | $ | 250,008,324 |
(1) | Incorporated by reference to Exhibit 2.1 to Amendment No. 1 to the Registrant’s Current Report on Form 8-K filed on January 27, 2022. Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
(2) | Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on July 2, 2021. |
(3) | Incorporated by reference to Exhibit 10.1 to Amendment No. 1 to the Registrant’s Current Report on Form 8-K filed on January 27, 2022. |
(4) | Incorporated by reference to Exhibit 10.2 to Amendment No. 1 to the Registrant’s Current Report on Form 8-K filed on January 27, 2022. |
(5) | Incorporated by reference to Exhibit 10.3 to Amendment No. 1 to the Registrant’s Current Report on Form 8-K filed on January 27, 2022. |
SOCIAL CAPITAL SUVRETTA HOLDINGS CORP. I | ||||||
Date: May 16, 2022 | By: | /s/ Chamath Palihapitiya | ||||
Name: | Chamath Palihapitiya | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: May 16, 2022 | By: | /s/ James Ryans | ||||
Name: | James Ryans | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |