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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Phoenix Biotech Aquisition Corporation | NASDAQ:PBAX | 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% | 5.85 | 5.00 | 5.85 | 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 |
Delaware |
87-1088814 | |
(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 common stock and one-half of one redeemable warrant |
PBAXU |
NASDAQ Global Market | ||
Class A common stock, par value $0.0001 per share |
PBAX |
NASDAQ Global Market | ||
Warrants, each whole warrant exercisable for one share of Class A common stock |
PBAXW |
NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
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PART 1 – FINANCIAL INFORMATION |
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Item 1. |
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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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Item 2. |
17 |
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Item 3. |
20 |
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Item 4. |
20 |
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Item 1. |
21 |
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Item 1A. |
21 |
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Item 2. |
21 |
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Item 3. |
22 |
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Item 4. |
22 |
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Item 5. |
22 |
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Item 6. |
22 |
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23 |
Item 1. |
Financial Statements |
OPERATING EXPENSES |
||||
General and administrative |
$ |
354,777 | ||
Franchise tax |
50,000 | |||
|
|
|||
Total operating expenses |
404,777 | |||
OTHER INCOME |
||||
Unrealized gain on marketable securities held in Trust Account |
26,780 | |||
|
|
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NET LOSS |
$ |
(377,997 | ) | |
|
|
|||
Weighted average shares outstanding of Class A common stock |
18,385,000 | |||
|
|
|||
Basic and diluted net loss per share, Class A |
$ | (0.02 | ) | |
|
|
|||
Weighted average shares outstanding of Class B common stock |
4,596,250 | |||
|
|
|||
Basic and diluted net loss per share, Class B |
$ | (0.02 | ) | |
|
|
Common stock |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders ‘ deficit |
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Balance, December 31, 2021 |
885,000 | $ | 88 | 4,596,250 | $ | 459 | $ | — | $ | (7,670,412 | ) | $ | (7,669,865 | ) | ||||||||||||||
Net l oss |
— | — | — | — | — | (377,997 | ) | (377,997 | ) | |||||||||||||||||||
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Balance, March 31, 2022 |
885,000 | $ | 88 | 4,596,250 | $ | 459 | $ | — | $ | (8,048,409 | ) | $ | (8,047,862 | ) | ||||||||||||||
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss |
$ | (377,997 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
||||
Unrealized gain on marketable securities held in Trust Account |
(26,780 | ) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses and other assets |
20,101 | |||
Accounts payable and accrued expenses |
106,909 | |||
Franchise tax payable |
(30,324 | ) | ||
|
|
|||
Net cash flows used in operating activities |
(308,091 | ) | ||
|
|
|||
NET CHANGE IN CASH |
(308,091 | ) | ||
|
|
|||
CASH, BEGINNING OF PERIOD |
1,098,573 | |||
|
|
|||
CASH, END OF PERIOD |
$ | 790,482 | ||
|
|
Gross proceeds |
$ | 175,000,000 | ||
Less: |
||||
Proceeds from Initial Public Offering Costs allocated to Public Warrants |
(5,250,000 | ) | ||
Class A common stock issuance costs |
(12,346,005 | ) | ||
Plus: Accretion of carrying value to redemption value |
21,096,005 | |||
Class A common stock subject to possible redemption |
$ | 178,500,000 | ||
Class A Common Stock |
Class B Common Stock |
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Basic and diluted net loss per share: |
||||||||
Numerator: |
||||||||
Allocation of net loss |
$ | (302,398 | ) | $ | (75,599 | ) | ||
Denominator: |
||||||||
Weighted average shares outstanding |
18,385,000 | 4,596,250 | ||||||
Basic and dilution net loss per share |
$ | (0.02 | ) | $ | (0.02 | ) |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption; |
• | if, and only if, the reported last sale price of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-trading-day |
• | if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying the warrants. |
Quoted Prices in |
Significant Other |
Significant Other |
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Active Markets |
Observable Inputs |
Unobservable Inputs |
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Level |
(Level 1) |
(Level 2) |
(Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
U.S. Treasury Securities |
1 | $ | 178,526,395 | — | — |
Quoted Prices in |
Significant Other |
Significant Other |
||||||||||||||
Active Markets |
Observable Inputs |
Unobservable Inputs |
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Level |
(Level 1) |
(Level 2) |
(Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
U.S. Treasury Securities |
1 | $ | 178,499,615 | — | — |
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 |
No. |
Description of Exhibit | |
3.1 |
||
3.2 |
||
31.1* |
||
31.2* |
||
32.1* |
||
32.2* |
||
101.INS* |
XBRL Instance Document | |
101.SCH* |
XBRL Taxonomy Extension Schema Document | |
101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase 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 | |
104 |
Cover Page Interactive Data File - the cover page interactive data is embedded within the Inline XBRL document or included within the Exhibit 101 attachments. |
* |
Filed herewith. |
PHOENIX BIOTECH ACQUISITION CORP. | ||||||
Date: May 13, 2022 |
By: |
/s/ Chris Ehrlich | ||||
Name: |
Chris Ehrlich | |||||
Title: |
Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: May 13, 2022 |
By: |
/s/ Daniel Geffken | ||||
Name: |
Daniel Geffken | |||||
Title: |
Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |
1 Year Phoenix Biotech Aquisition Chart |
1 Month Phoenix Biotech Aquisition Chart |
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