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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blockchain Coinvestors Acquisition Corporation I | NASDAQ:BCSAU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.56 | 9.38 | 11.48 | 0 | 00:00:00 |
☒ | 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 |
0001-41050 |
98-1607883 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
PO Box 1093, Boundary Hall Cricket Square, Grand Cayman KY1-1102, Cayman Islands |
33139 | |||
(Address Of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant |
BCSAU |
The Nasdaq Stock Market LLC | ||
Class A ordinary shares, par value $0.0001 per share |
BCSA |
The Nasdaq Stock Market LLC | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
BCSAW |
The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
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1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
18 | ||||||
21 | ||||||
21 | ||||||
22 | ||||||
22 | ||||||
22 | ||||||
22 | ||||||
22 | ||||||
22 | ||||||
22 |
Item 1. |
Condensed Financial Statements |
March 31, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets: |
||||||||
Current assets: |
||||||||
Cash |
$ | 176,165 | $ | 380,035 | ||||
Prepaid expenses |
554,725 | 716,442 | ||||||
Total current assets |
730,890 | 1,096,477 | ||||||
Investments held in Trust Account |
306,008,636 | 306,001,090 | ||||||
Total Assets |
$ |
306,739,526 |
$ |
307,097,567 |
||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 569,650 | $ | 564,026 | ||||
Accrued expenses |
169,928 | 149,102 | ||||||
Total current liabilities |
739,578 | 713,128 | ||||||
Derivative liabilities |
6,264,400 | 10,962,700 | ||||||
Deferred underwriting commissions in connection with the initial public offering |
11,280,000 | 11,280,000 | ||||||
Total Liabilities |
18,283,978 | 22,955,828 | ||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption; $0.0001 par value; 30,000,000 shares at redemption value of $10.20 per share as of March 31, 2022 and December 31, 2021 |
306,000,000 | 306,000,000 | ||||||
Shareholders’ Deficit: |
||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none 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; 1,322,000 shares issued and outstanding (excluding 30,000,000 shares subject to possible redemption) as of March 31, 2022 and December 31, 2021 |
132 | 132 | ||||||
Class B ordinary shares, $0.00009 par value; 50,000,000 shares authorized; 10,000,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
900 | 900 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(17,545,484 | ) | (21,859,293 | ) | ||||
Total shareholders’ deficit |
(17,544,452 | ) | (21,858,261 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
306,739,526 |
$ |
307,097,567 |
||||
General and administrative expenses |
$ | 347,037 | ||
General and administrative expenses - related party |
45,000 | |||
|
|
|||
Loss from operations |
(392,037 | ) | ||
Other income : |
||||
Change in fair value of derivative liabilities |
4,698,300 | |||
Income earned on investments held in Trust Account |
7,546 | |||
|
|
|||
Net income |
$ | 4,313,809 | ||
|
|
|||
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted |
31,322,000 | |||
|
|
|||
Basic and diluted net income per share, Class A ordinary shares |
$ | 0.10 | ||
|
|
|||
Weighted average number of shares outstanding of Class B ordinary shares, basic and diluted |
10,000,000 | |||
|
|
|||
Basic and diluted net income per share, Class B ordinary shares |
$ | 0.10 | ||
|
|
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2021 |
1,322,000 |
$ |
132 |
10,000,000 |
$ |
900 |
$ |
— |
$ |
(21,859,293 |
) |
$ |
(21,858,261 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 4,313,809 | 4,313,809 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 |
1,322,000 |
$ |
132 |
10,000,000 |
$ |
900 |
$ |
— |
$ |
(17,545,484 |
) |
$ |
(17,544,452 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
||||
Net income |
$ | 4,313,809 | ||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Change in fair value of derivative liabilities |
(4,698,300 | ) | ||
Income earned on investments held in Trust Account |
(7,546 | ) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses |
161,717 | |||
Accounts payable |
5,624 | |||
Accrued expenses |
20,826 | |||
|
|
|||
Net cash used in operating activities |
(203,870 | ) | ||
|
|
|||
Net change in cash |
(203,870 | ) | ||
Cash - beginning of the period |
380,035 | |||
|
|
|||
Cash - end of the period |
$ |
176,165 |
||
|
|
• | 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. |
For The Period Ended March 31, 2022 |
||||||||
Class A |
Class B |
|||||||
Basic and diluted net income per ordinary share: |
||||||||
Numerator: |
||||||||
Allocation of net income |
$ | 3,269,859 | $ | 1,043,950 | ||||
Denominator: |
||||||||
Basic and diluted weighted average ordinary shares outstanding |
31,322,000 | 10,000,000 | ||||||
Basic and diluted net income per ordinary share |
$ | 0.10 | $ | 0.10 | ||||
Gross proceeds from Initial Public Offering |
$ | 300,000,000 | ||
Less: |
||||
Fair value of Public Warrants at issuance |
(11,113,500 | ) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
(17,088,566 | ) | ||
Plus: |
||||
Accretion of Class A ordinary shares subject to possible redemption amount |
34,202,066 | |||
Class A ordinary shares subject to possible redemption |
$ | 306,000,000 | ||
• | 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 Redemption Reference Price 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 - Mutual funds |
$ | 306,008,636 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public Warrants |
$ | 6,000,000 | $ | — | $ | — | ||||||
Derivative warrant liabilities - Private Warrants |
$ | — | $ | — | $ | 264,400 |
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 - Mutual funds |
$ | 306,001,090 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public Warrants |
$ | — | $ | — | $ | 10,500,000 | ||||||
Derivative warrant liabilities - Private Warrants |
$ | — | $ | — | $ | 462,700 |
December 31, 2021 |
March 31, 2022 |
|||||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Stock price |
$ | 9.83 | $ | 9.93 | ||||
Volatility |
14.3 | % | 5.3 | % | ||||
Term (years) |
5 | 5 | ||||||
Risk-free rate |
1.32 | % | 2.32 | % | ||||
Dividend yield |
0.0 | % | 0.0 | % |
Derivative warrant liabilities at December 31, 2021 |
$ | 10,962,700 | ||
Transfer of Public Warrants to Level 1 |
(10,500,000 | ) | ||
Change in fair value of derivative warrant liabilities |
(198,300 | ) | ||
Derivative warrant liabilities at March 31, 2022 |
$ | 264,400 | ||
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 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits. |
101.CAL* |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* |
Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* |
Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* |
Cover page formatted as Inline XBRL and contained in Exhibit 101. |
* | Filed herewith. |
** | Furnished herewith. |
BLOCKCHAIN COINVESTORS ACQUISITION CORP. I | ||||||
Date: May 16, 2022 | By: | /s/ Lou Kerner | ||||
Lou Kerner | ||||||
Chief Executive Officer and Director (Principal Executive Officer) | ||||||
By: | /s/ Mitchell Mechigian | |||||
Mitchell Mechigian | ||||||
Chief Financial Officer (Principal Accounting Officer) |
1 Year Blockchain Coinvestors A... Chart |
1 Month Blockchain Coinvestors A... Chart |
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