We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | ☒ |
Item 1. |
Financial Statements |
For the three months ended June 30, |
For the six months ended June 30, |
For the period from June 8, 2021(inception) through June 30, |
||||||||||
2022 |
2021 |
|||||||||||
OPERATING EXPENSES |
||||||||||||
General and administrative |
$ | 326,580 | $ | 681,357 | $ | 1,000 | ||||||
Franchise tax |
50,000 | 100,000 | — | |||||||||
|
|
|
|
|
|
|||||||
Total operating expenses |
376,580 | 781,357 | 1,000 | |||||||||
OTHER INCOME |
||||||||||||
Interest earned on marketable securities held in Trust Account |
37,108 | 37,108 | — | |||||||||
Unrealized gain earned on marketable securities held in Trust Account |
227,903 | 254,683 | — | |||||||||
|
|
|
|
|
|
|||||||
Total other income |
265,011 | 291,791 | — | |||||||||
|
|
|
|
|
|
|||||||
NET LOSS |
$ | (111,569 | ) | $ | (489,566 | ) | $ | (1,000 | ) | |||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class A common stock |
18,385,000 | 18,385,000 | — | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net loss per share, Class A |
$ | (0.00 | ) | $ | (0.02 | ) | $ | — | ||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class B common stock |
4,596,250 | 4,596,250 | 4,679,125 | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net loss per share, Class B |
$ | (0.00 | ) | $ | (0.02 | ) | $ | (0.00 | ) | |||
|
|
|
|
|
|
Common stock |
||||||||||||||||||||||||||||
Class A |
Class B |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ deficit |
||||||||||||||||||||||
Balance, December 31, 2021 |
885,000 | $ | 88 | 4,596,250 | $ | 459 | $ | — | $ | (7,670,412 | ) | $ | (7,669,865 | ) | ||||||||||||||
Net loss |
— | — | — | — | — | (377,997 | ) | (377,997 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2022 |
885,000 | 88 | 4,596,250 | 459 | $ |
— | (8,048,409 | ) | (8,047,862 | ) | ||||||||||||||||||
Net loss |
— | — | — | — | — | (111,569 | ) | (111,569 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, June 30, 2022 |
885,000 | $ | 88 | 4,596,250 | $ | 459 | $ | — | $ | (8,159,978 | ) | $ | (8,159,431 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
||||||||||||||||||||||||||||
Class A |
Class B |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ deficit |
||||||||||||||||||||||
Balance, June 8, 2021 (inception) |
— | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Common Stock Sponsor (1)(2) |
— | — | 4,679,125 | 467 | 24,533 | — | 25,000 | |||||||||||||||||||||
Net loss |
— | — | — | — | — | (1,000 | ) | (1,000 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, June 30, 2021 |
— | $ | — | 4,679,125 | $ | 467 | $ | 24,533 | $ | (1,000 | ) | $ | (24,000 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
This number included an aggregate of up to 592,875 Class B common stock that was subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriter (see Note 5). |
(2) |
Shares have been retroactively adjusted to reflect the recapitalization of the Company in the form of a 0.017-for-1 stock dividend (see Note 5). |
For the six months ended June 30, 2022 |
For the period from June 8, 2021 (inception) to June 30, 2021 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net loss |
$ | (489,566 | ) | $ | (1,000 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Unrealized gain on marketable securities held in Trust Account |
(254,683 | ) | — | |||||
Interest earned on marketable securities held in Trust Account |
(37,108 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses and other assets |
100,422 | — | ||||||
Accounts payable |
148,570 | 1,000 | ||||||
Franchise tax payable |
(12,433 | ) | — | |||||
|
|
|
|
|||||
Net cash used for operating activities |
(544,798 | ) | — | |||||
|
|
|
|
|||||
NET CHANGE IN CASH |
(544,798 | ) | — | |||||
CASH, BEGINNING OF PERIOD |
1,098,573 | — | ||||||
|
|
|
|
|||||
CASH, END OF PERIOD |
$ | 553,775 | $ | — | ||||
|
|
|
|
|||||
Supplemental disclosure of noncash activities: |
||||||||
Prepayment of expenses by the Sponsor in exchange for the issuance of Class B common stock |
$ | — | $ | 25,000 | ||||
|
|
|
|
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 | ||
|
|
For the six months ended June 30, 2022 |
For the period June 8, 2021 (inception) through |
|||||||||||||||
|
June 30, 2021 |
|||||||||||||||
Class A Common |
Class B Common |
Class A Common |
Class B Common |
|||||||||||||
Stock |
Stock |
Stock |
Stock |
|||||||||||||
Basic and diluted net loss per share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net loss |
$ | (391,653 | ) | $ | (97,913 | ) | $ | — | $ | (1,000 | ) | |||||
Denominator: |
||||||||||||||||
Weighted average shares outstanding |
18,385,000 | 4,596,250 | — | 4,679,125 | ||||||||||||
Basic and dilution net loss per share |
$ | (0.02 | ) | $ | (0.02 | ) | $ | — | $ | (0.00 | ) |
For the three months ended |
||||||||
June 30, 2022 |
||||||||
Class A Common |
Class B Common |
|||||||
Stock |
Stock |
|||||||
Basic and diluted net loss per share: |
||||||||
Numerator: |
||||||||
Allocation of net loss |
$ | (89,255 | ) | $ | (22,314 | ) | ||
Denominator: |
||||||||
Weighted average shares outstanding |
18,385,000 | 4,596,250 | ||||||
Basic and dilution net loss per share |
$ | (0.00 | ) | $ | (0.00 | ) |
• | 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. |
Level |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
U.S. Treasury Securities |
1 | $ | 178,791,405 | — | — |
Level |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (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 |
* | Filed herewith. |
PHOENIX BIOTECH ACQUISITION CORP. | ||||||
Date: August 11, 2022 | By: | /s/ Chris Ehrlich | ||||
Name: | Chris Ehrlich | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: August 11, 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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions