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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BioPlus Acquisition Corporation | NASDAQ:BIOS | 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% | 10.795 | 10.79 | 11.28 | 0 | 01:00:00 |
☒ | 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 |
98-1583872 | |
(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 share of Class A Ordinary Share and one-half of one Redeemable Warrant |
BIOSU |
The NASDAQ Stock Market LLC | ||
Class A Ordinary Share, par value $0.0001 per share |
BIOS |
The NASDAQ Stock Market LLC | ||
Warrants, each exercisable for one share Class A Ordinary Share for $11.50 per share |
BIOSW |
The NASDAQ Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
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20 | ||||
21 |
June 30, |
December 31, |
|||||||
2022 |
2021 |
|||||||
(Unaudited) |
||||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash |
$ | 294,693 | $ | 635,542 | ||||
Current portion of prepaid expenses |
420,845 | 366,744 | ||||||
|
|
|
|
|||||
Total Current Assets |
715,538 | 1,002,286 | ||||||
Prepaid expenses |
156,464 | 369,934 | ||||||
Investments held in Trust Account |
234,934,407 | 234,608,695 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ |
235,806,409 |
$ |
235,980,915 |
||||
|
|
|
|
|||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
||||||||
Current liabilities |
||||||||
Accrued expenses |
$ | 241,531 | $ | 111,636 | ||||
Accrued offering costs |
— | 67,500 | ||||||
|
|
|
|
|||||
Total Current Liabilities |
241,531 | 179,136 | ||||||
Sponsor Loan |
5,000,000 | 5,000,000 | ||||||
Deferred underwriting fee payable |
9,800,000 | 9,800,000 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES |
15,041,531 |
14,979,136 |
||||||
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|
|||||
COMMITMENTS AND CONTINGENCIES |
||||||||
Class A ordinary shares subject to possible redemption; $0.0001 par value, 23,000,000 shares issued and at approximately $10.21 and $10.20, redemption value as of June 30, 2022 and December 31, 2021, |
234,934,407 | 234,600,000 | ||||||
SHAREHOLDERS’ DEFICIT |
||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 560,000 shares issued and outstanding (excluding 23,000,000 shares subject to possible redemption) as of June 30, 2022 and December 31, 2021 |
56 | 56 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 |
575 | 575 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(14,170,160 | ) | (13,598,852 | ) | ||||
|
|
|
|
|||||
TOTAL SHAREHOLDERS’ DEFICIT |
(14,169,529 |
) |
(13,598,221 |
) | ||||
|
|
|
|
|||||
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
$ |
235,806,409 |
$ |
235,980,915 |
||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
For the Period from February 11, 2021 (Inception) through June 30, |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Formation and operating costs |
$ | 255,424 | $ | 1,140 | $ | 562,613 | $ | 6,140 | ||||||||
Loss from operations |
(255,424 |
) |
(1,140 |
) |
(562,613 |
) |
(6,140 |
) | ||||||||
Other income: |
||||||||||||||||
Interest earned on investments held in Trust Account |
280,345 | — | 325,712 | — | ||||||||||||
Net income (loss) |
$ |
24,921 |
$ |
(1,140 |
) |
$ |
(236,901 |
) |
$ |
(6,140 |
) | |||||
Weighted average shares outstanding of Class A ordinary shares |
23,560,000 | — | 23,560,000 | — | ||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares |
$ |
0.00 |
$ |
— |
$ |
(0.01 |
) |
$ |
— |
|||||||
Weighted average shares outstanding of Class B ordinary shares |
5,750,000 | 5,750,000 | 5,750,000 | 4,312,500 | ||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares |
$ |
0.00 |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.00 |
) | |||||
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance — January 1, 2022 |
560,000 |
$ |
56 |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(13,598,852) |
$ |
(13,598,221) |
||||||||||||||||
Net loss |
— | — | — | — | — | (261,822 | ) | (261,822 | ) | |||||||||||||||||||
|
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|
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|
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|
|||||||||||||||
Balance — March 31, 2022 |
560,000 |
$ |
56 |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(13,860,674) |
$ |
(13,860,043) |
||||||||||||||||
Accretion of ordinary share subject to possible redemption |
— | — | — | — | — | (334,407 | ) | (334,407 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 24,921 | 24,921 | |||||||||||||||||||||
|
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|
|
|
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|
|||||||||||||||
Balance — June 30, 2022 |
560,000 |
$ |
56 |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(14,170,160) |
$ |
(14,169,529) |
||||||||||||||||
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|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholder’s |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
||||||||||||||||||||||
Balance — February 11, 2021 (inception) |
— | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||||
Net loss |
— | — | — | — | — | (5,000 | ) | (5,000 | ) | |||||||||||||||||||
|
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|
|||||||||||||||
Balance — March 31, 2021 |
— | $ | — | 5,750,000 |
$ |
575 |
$ |
24,425 |
$ |
(5,000 |
) |
$ |
20,000 |
|||||||||||||||
Net loss |
— | — | — | — | — | (1,140 | ) | (1,140 | ) | |||||||||||||||||||
|
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Balance — June 30, 2021 |
— | $ | — | 5,750,000 |
$ |
575 |
$ |
24,425 |
$ |
(6,140 |
) |
$ |
18,860 |
|||||||||||||||
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For the Six Months Ended June 30, |
For the Period from February 11, 2021 (Inception) Through June 30, |
|||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net loss |
$ | (236,901 | ) | $ | (6,140 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Interest earned on investments held in Trust Account |
(325,712 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
159,369 | (138 | ) | |||||
Accrued expenses |
129,895 | 6,167 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(273,349 |
) |
(111 |
) | ||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from Issuance of Class B ordinary shares to Sponsor |
— | 25,000 | ||||||
Advances from related party |
3,671 | — | ||||||
Repayment of advances from related party |
(3,671 | ) | — | |||||
Payments of offering costs |
(67,500 | ) | (1,200 | ) | ||||
|
|
|
|
|||||
Net cash (used in) provided by financing activities |
(67,500 |
) |
23,800 |
|||||
|
|
|
|
|||||
Net Change in Cash |
(340,849 |
) |
23,689 |
|||||
Cash – Beginning |
635,542 | — | ||||||
|
|
|
|
|||||
Cash – Ending |
$ |
294,693 |
$ |
23,689 |
||||
|
|
|
|
|||||
Non-cash investing and financing activities: |
||||||||
Deferred offering costs included in accrued offering costs |
$ | — | $ | 499,567 | ||||
|
|
|
|
Gross proceeds |
$ | 230,000,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
(10,810,000 | ) | ||
Class A ordinary shares issuance costs |
(14,483,021 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
29,893,021 | |||
Class A ordinary shares subject to possible redemption, December 31, 2021 |
$ |
234,600,000 |
||
Plus: |
||||
Accretion of carrying value to redemption value |
334,407 | |||
Class A ordinary shares subject to possible redemption, June 30, 2022 |
$ |
234,934,407 |
||
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period from February 11, 2021 (Inception) through June 30, 2021 |
|||||||||||||||||||||||||||||
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
|||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share |
||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss) | $ | 20,032 | $ | 4,889 | $ | — | (1,140 | ) | $ | (190,426 | ) | $ | (46,475 | ) | $ | — | $ | (1,140 | ) | |||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
23,560,000 | 5,750,000 | — | 5,750,000 | 23,560,000 | 5,750,000 | — | 4,312,500 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share |
$ | 0.00 |
$ | 0.00 |
$ | — | (0.00 |
) | $ | (0.01 |
) | $ | (0.01 |
) | $ | — | $ | (0.00 | ) |
• | 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 given after the warrants become exercisable to each warrant holder; and |
• | if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a30-tradingday period commencing once the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders. |
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. |
Held-To-Maturity |
Level |
Amortized Cost |
Gross Holding Gain (loss) |
Fair Value |
||||||||||||||
June 30, 2022 |
U.S. Treasury Securities (Mature on 10/11/2022) |
1 | $ | 117,461,174 | $ | (141,282 | ) | $ | 117,319,892 | |||||||||
June 30, 2022 |
Money market funds which are invested primarily in U.S. Treasury Securities |
1 | $ | 117,470,700 | $ | — | $117,470,700 |
Held-To-Maturity |
Level |
Amortized Cost |
Gross Holding Gain (loss) |
Fair Value |
||||||||||||||
December 31, 2021 |
U.S. Treasury Securities (Mature on 06/09/2022) |
1 | $ | 117,307,347 | $ | 3,317 | $ | 117,310,664 | ||||||||||
December 31, 2021 |
Money market funds which are invested primarily in U.S. Treasury Securities |
1 | $ | 117,300,493 | $ | — | $ | 117,300,493 |
* | Filed herewith. |
** | Furnished. |
Date: August 10, 2022 | BioPlus Acquisition Corp. | |||||
/s/ Ross Haghighat | ||||||
Name: | Ross Haghighat | |||||
Title: | Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer) |
1 Year BioPlus Acquisition Chart |
1 Month BioPlus Acquisition Chart |
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