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Name | Symbol | Market | Type |
---|---|---|---|
Turmeric Acquisition Corporation | NASDAQ:TMPMU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
☒ | 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 |
98-1555727 | |
(State or other jurisdiction of incorporation) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-third of one redeemable warrant |
TMPMU |
The Nasdaq Capital Markets | ||
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
TMPMW |
The Nasdaq Capital Markets | ||
Class A Ordinary Shares included as part of the units |
TMPM |
The Nasdaq Capital Markets |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
March 31, 2022 |
December 31, 2021 |
|||||||
(unaudited) |
||||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 229,835 | $ | 425,270 | ||||
Prepaid expenses |
123,375 | 121,204 | ||||||
|
|
|
|
|||||
Total current assets |
353,210 | 546,474 | ||||||
Investments held in Trust Account |
97,758,689 | 97,757,245 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
98,111,899 |
$ |
98,303,719 |
||||
|
|
|
|
|||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | 289,524 | $ | 215,764 | ||||
Accrued expenses |
490,268 | 329,151 | ||||||
Due to related party |
10,000 | 27,900 | ||||||
|
|
|
|
|||||
Total current liabilities |
789,792 | 572,815 | ||||||
Derivative warrant liabilities |
1,119,980 | 2,309,850 | ||||||
Deferred underwriting commissions |
3,421,250 | 3,421,250 | ||||||
|
|
|
|
|||||
Total Liabilities |
5,331,022 | 6,303,915 | ||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 9,775,000 shares at redemption value of $10.00 per share as of March 31, 2022 and December 31, 2021 |
97,750,000 | 97,750,000 | ||||||
Shareholders’ Deficit: |
||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of March 31, 2022 and December 31, 2021 |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 415,500 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
42 | 42 | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 2,443,750 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
244 | 244 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(4,969,409 | ) | (5,750,482 | ) | ||||
|
|
|
|
|||||
Total Shareholders’ Deficit |
(4,969,123 | ) | (5,750,196 | ) | ||||
|
|
|
|
|||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
98,111,899 |
$ |
98,303,719 |
||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Operating expenses: |
||||||||
General and administrative expenses |
$ | 380,241 | $ | 180,989 | ||||
Administrative fee - related party |
30,000 | 30,000 | ||||||
|
|
|
|
|||||
Loss from operations |
(410,241 | ) | (210,989 | ) | ||||
Other income: |
||||||||
Change in fair value of derivative warrant liabilities |
1,189,870 | 2,894,233 | ||||||
Net income earned on investments held in Trust Account |
1,444 | 1,444 | ||||||
|
|
|
|
|||||
Net income |
$ | 781,073 | $ | 2,684,688 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
10,190,500 | 10,190,500 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class A ordinary shares |
$ | 0.06 | $ | 0.21 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted |
2,443,750 | 2,443,750 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class B, ordinary shares |
$ | 0.06 | $ | 0.21 | ||||
|
|
|
|
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2021 |
415,500 |
$ |
42 |
2,443,750 |
$ |
244 |
$ |
— |
$ |
(5,750,482 |
) |
$ |
(5,750,196 |
) | ||||||||||||||
Net income |
— |
— |
— |
— |
— |
781,073 |
781,073 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 (unaudited) |
415,500 |
$ |
42 |
2,443,750 |
$ |
244 |
$ |
— |
$ |
(4,969,409 |
) |
$ |
(4,969,123 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares |
Total |
|||||||||||||||||||||||||||
Class A |
Class B |
Additional Paid-In |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2020 |
415,500 |
$ |
42 |
2,443,750 |
$ |
244 |
$ | — | $ |
(8,405,360 |
) |
$ |
(8,405,074 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 2,684,688 | 2,684,688 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 (unaudited) |
415,500 |
$ |
42 |
2,443,750 |
$ |
244 |
$ | — | $ |
(5,720,672 |
) |
$ |
(5,720,386 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 781,073 | $ | 2,684,688 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Net income earned on investments held in Trust Account |
(1,444 | ) | (1,444 | ) | ||||
Change in fair value of derivative warrant liabilities |
(1,189,870 | ) | (2,894,233 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
(2,171 | ) | 2,267 | |||||
Accounts payable |
73,760 | 101,855 | ||||||
Accrued expenses |
161,117 | (78,587 | ) | |||||
Due to related party |
(17,900 | ) | — | |||||
Net cash used in operating activities |
(195,435 | ) | (185,454 | ) | ||||
Net change in cash and cash equivalents |
(195,435 | ) | (185,454 | ) | ||||
Cash and cash equivalents - beginning of the period |
425,270 | 1,196,877 | ||||||
Cash and cash equivalents - end of the period |
$ |
229,835 |
$ |
1,011,423 |
||||
• | Level 1, defined as observable inputs such as quoted prices 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 t he Three Months Ended March 31, 2022 |
For t Three Months Ended March 31,he 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income |
$ |
629,996 |
$ |
151,077 |
$ |
2,165,409 |
$ |
519,279 |
||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
10,190,500 |
2,443,750 |
10,190,500 |
2,443,750 |
||||||||||||
Basic and diluted net income per ordinary share |
$ |
0.06 |
$ |
0.06 |
$ |
0.21 |
$ |
0.21 |
||||||||
• | 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 last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private placement units must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Gross proceeds |
$ | 97,750,000 | ||
Less: |
||||
Fair value of Public Warrants at issuance |
(3,812,250 | ) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
(5,698,514 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
9,510,764 | |||
Class A ordinary share subject to possible redemption |
$ | 97,750,000 |
Fair Value Measured as of March 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account |
$ | 97,758,689 | $ | — | $ | — | $ | 97,758,689 | ||||||||
Liabilities: |
||||||||||||||||
Derivative warrant liabilities - Public warrants |
$ | 1,074,270 | $ | — | $ | — | $ | 1,074,270 | ||||||||
Derivative warrant liabilities - Private warrants |
$ | — | $ | — | $ | 45,710 | $ | 45,710 |
Fair Value Measured as of December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account |
$ | 97,757,245 | $ | — | $ | — | $ | 97,757,245 | ||||||||
Liabilities: |
||||||||||||||||
Derivative warrant liabilities - Public warrants |
$ | 2,215,670 | $ | — | $ | — | $ | 2,215,670 | ||||||||
Derivative warrant liabilities - Private warrants |
$ | — | $ | — | $ | 94,180 | $ | 94,180 |
March 31, 2022 |
December 31, 2021 |
|||||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Stock Price |
$ | 9.85 | $ | 9.82 | ||||
Option term (in years) |
5.00 | 5.00 | ||||||
Volatility |
5.5 | % | 12 | % | ||||
Risk-free interest rate |
2.39 | % | 1.25 | % |
Level 3 derivative warrant liabilities at January 1, 2022 |
$ |
94,180 | ||
Change in fair value of derivative warrant liabilities |
(48,470 | ) | ||
Level 3 derivative warrant liabilities at March 31, 2022 |
$ |
45,710 | ||
Level 3 derivative warrant liabilities at January 1, 2021 |
$ |
267,310 | ||
Change in fair value of derivative warrant liabilities |
(124,650 | ) | ||
Level 3 derivative warrant liabilities at March 31, 202 1 |
142,660 | |||
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 |
Exhibit Number |
Description | |
31.1 | Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS* | Inline XBRL Instance Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
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 Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |
* | Filed herewith. |
TURMERIC ACQUISITION CORP. | ||
By: | /s/ Luke Evnin | |
Name: | Luke Evnin | |
Title: | Chief Executive Officer |
1 Year Turmeric Acquisition Chart |
1 Month Turmeric Acquisition Chart |
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