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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AEABridges Impact Corp | NYSE:IMPX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.39 | 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
|
98-1550961
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
PO Box 1093, Boundary Hall, Cricket
Square, Grand Cayman
|
KY1-1102
|
|
(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, $0.0001 par value, and one half of one redeemable warrant
|
IMPX.U
|
The New York Stock Exchange
|
||
Class A Ordinary shares included as part of the units
|
IMPX
|
The New York Stock Exchange
|
||
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
|
IMPX.WS
|
The New York Stock Exchange
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
|
|
|
|
Page
|
|
|
|
||||||
Item 1.
|
|
|
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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.
|
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15
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Item 3.
|
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17
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Item 4.
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17
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||||||
Item 1.
|
|
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18
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Item 1A.
|
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18
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|
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Item 2.
|
|
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18
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Item 3.
|
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18
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Item 4.
|
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18
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Item 5.
|
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18
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|
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Item 6.
|
|
|
|
18
|
|
|
|
|
19
|
|
September 30,
2021
|
December 31,
2020
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 1,090,787 | $ | 1,661,085 | ||||
Prepaid expenses
|
341,250 | 578,413 | ||||||
|
|
|
|
|||||
Total Current Assets
|
1,432,037 | 2,239,498 | ||||||
Cash and investments held in Trust Account
|
400,214,519 | 400,085,104 | ||||||
|
|
|
|
|||||
TOTAL ASSETS
|
$
|
401,646,556
|
|
$
|
402,324,602
|
|
||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
||||||||
Current liabilities—accounts payable and accrued expenses
|
$ | 3,149,381 | $ | 118,353 | ||||
Warrant liability
|
19,825,000 | 46,970,000 | ||||||
Deferred underwriting fee payable
|
13,125,000 | 13,125,000 | ||||||
|
|
|
|
|||||
Total Liabilities
|
|
36,099,381
|
|
|
60,213,353
|
|
||
|
|
|
|
|||||
Commitments and Contingencies
|
||||||||
Class A ordinary shares subject to possible redemption, 40,000,000 shares at $10.00
per share redemption value at September 30, 2021 and December 31, 2020
|
400,000,000 | 400,000,000 | ||||||
Shareholders’ Deficit
|
||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding
|
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no shares issued and outstanding (excluding 40,000,000 shares subject to possible redemption)
|
|
|
—
|
|
|
|
—
|
|
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 10,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020
|
1,000 | 1,000 | ||||||
Accumulated deficit
|
(34,453,825 | ) | (57,889,751 | ) | ||||
|
|
|
|
|||||
Total Shareholders’ Deficit
|
|
(34,452,825
|
)
|
|
(57,888,751
|
)
|
||
|
|
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
$
|
401,646,556
|
|
$
|
402,324,602
|
|
||
|
|
|
|
Three Months
Ended
September 30,
2021
|
Nine Months
Ended
September 30,
2021
|
For the Period
from July 29,
2020
(inception)
Through
September 30,
2020
|
||||||||||
Formation and operational costs
|
$ | 3,117,068 | $ | 3,838,489 | $ | 5,005 | ||||||
|
|
|
|
|
|
|||||||
Loss from operations
|
|
(3,117,068
|
)
|
|
(3,838,489
|
)
|
|
(5,005
|
)
|
|||
|
|
|
|
|
|
|||||||
Other income:
|
||||||||||||
Interest earned on investments held in Trust Account
|
28,889 | 129,415 | — | |||||||||
Change in fair value of warrant liability
|
9,455,000 | 27,145,000 | — | |||||||||
|
|
|
|
|
|
|||||||
Total other income, net
|
9,483,889 | $ | 27,274,415 | — | ||||||||
|
|
|
|
|
|
|||||||
Net income (loss)
|
$
|
6,366,821
|
|
$
|
23,435,926
|
|
$
|
(5,005
|
)
|
|||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class A ordinary shares
|
40,000,000 | $ | 40,000,000 | — | ||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income per ordinary share, Class A ordinary shares
|
$
|
0.13
|
|
$
|
0.47
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class B ordinary shares
|
10,000,000 | 10,000,000 | 10,000,000 | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income per ordinary share, Class B ordinary shares
|
$
|
0.13
|
|
|
0.47
|
|
$
|
(0.00
|
)
|
|||
|
|
|
|
|
|
Class B
Ordinary Shares
|
Additional
Paid in Capital
|
Accumulated
Deficit
|
Total
Shareholders’
(Deficit) Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance — January 1, 2021
|
|
10,000,000
|
|
$
|
1,000
|
|
$
|
—
|
$
|
(57,889,751
|
)
|
$
|
(57,888,751
|
)
|
||||||
Net income
|
— | — | — | 19,314,054 | 19,314,054 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance — March 31, 2021 (unaudited)
|
|
10,000,000
|
|
$
|
1,000
|
|
$
|
—
|
$
|
(38,575,697
|
)
|
$
|
(38,574,697
|
)
|
||||||
Net loss
|
— | — | — | (2,244,949 | ) | (2,244,949 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance — June 30, 2021 (unaudited)
|
|
10,000,000
|
|
$
|
1,000
|
|
$
|
—
|
$
|
(40,820,646
|
)
|
$
|
(40,819,646
|
)
|
||||||
Net income
|
— | — | — | 6,366,821 | 6,366,821 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance — September 30, 2021 (unaudited)
|
|
10,000,000
|
|
$
|
1,000
|
|
$
|
—
|
$
|
(34,453,825
|
)
|
$
|
(34,452,825
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
Class B
Ordinary Shares
|
Additional
Paid in Capital
|
Accumulated
Deficit
|
Total
Shareholders’
(Deficit) Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance — July 29, 2020 (inception)
|
|
—
|
|
$
|
—
|
$
|
—
|
$
|
—
|
|
$
|
—
|
|
|||||||
Issuance of Class B Ordinary shares to Sponsor – prior to forfeiture of 1.5 million shares
|
11,500,000 | 1,000 | 23,850 | — | 25,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net loss
|
$ | — | $ | — | $ | — | $ | (5,005 | ) | $ | (5,005 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance — September 30, 2020 (unaudited)
|
|
11,500,000
|
|
$
|
1,000
|
|
$
|
23,850
|
|
$
|
(5,005
|
)
|
$
|
(19,995
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
September 30,
|
|
|
For the Period
from July 29, 2020 (inception) through
September 30,
|
|
||
|
|
2021
|
|
|
2020
|
|
||
Cash Flows from Operating Activities:
|
|
|
||||||
Net income (loss)
|
$ | 23,435,926 | $ | (5,005 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Formation cost paid by Sponsor in exchange for issuance of Founder Shares
|
— | 5,005 | ||||||
Interest earned on investments held in Trust Account
|
(129,415 | ) | — | |||||
Change in fair value of warrant liability
|
(27,145,000 | ) | — | |||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
237,163 | — | ||||||
Accounts payable and accrued expenses
|
3,031,028 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities
|
|
(570,298
|
)
|
|
—
|
|
||
|
|
|
|
|||||
Net Change in Cash
|
|
(570,298
|
)
|
|
—
|
|
||
Cash – Beginning
|
1,661,085 | — | ||||||
|
|
|
|
|||||
Cash – Ending
|
$
|
1,090,787
|
|
$
|
—
|
|
||
|
|
|
|
|||||
Non-cash
investing and financing activities:
|
||||||||
Offering costs included in accrued offering costs
|
$ | — | $ | 433,033 | ||||
|
|
|
|
|||||
Offering costs paid by Sponsor in exchange for issuance of Founder Shares
|
$ | — | $ | 19,995 | ||||
|
|
|
|
|||||
Offering costs paid through promissory note
|
$ |
—
|
$ | 171,395 | ||||
|
|
|
|
Balance Sheet as of March 31, 2021 (unaudited)
|
|
As
Reported |
|
|
Adjustment
|
|
|
As Restated
|
|
|||
Class A ordinary shares subject to possible redemption
|
|
$
|
356,425,300
|
|
|
$
|
43,574,700
|
|
|
$
|
400,000,000
|
|
Class A ordinary shares
|
|
$
|
436
|
|
|
$
|
(436
|
) |
|
$
|
—
|
|
Additional
paid-in
capital
|
|
$
|
5,745,622
|
|
|
$
|
(5,745,622
|
) |
|
$
|
—
|
|
Accumulated deficit
|
|
$
|
(747,055
|
) |
|
$
|
(37,828,642
|
) |
|
$
|
(38,575,697
|
) |
Total Shareholders’ Equity (Deficit)
|
|
$
|
5,000,003
|
|
|
$
|
(43,574,700
|
) |
|
$
|
(38,574,697
|
) |
Balance Sheet as of June 30, 2021 (unaudited)
|
|
|
|
|||||||||
Class A ordinary shares subject to possible redemption
|
|
$
|
354,180,350
|
|
|
$
|
45,819,650
|
|
|
$
|
400,000,000
|
|
Class A ordinary shares
|
|
$
|
458
|
|
|
$
|
(458
|
) |
|
$
|
—
|
|
Additional paid-in capital
|
|
$
|
7,990,550
|
|
|
$
|
(7,990,550
|
) |
|
$
|
—
|
|
Accumulated deficit
|
|
$
|
(2,992,004
|
)
|
|
$
|
(37,828,642
|
) |
|
$
|
(40,820,646
|
) |
Total Shareholders’ Equity (Deficit)
|
|
$
|
5,000,004
|
|
|
$
|
(45,819,650
|
|
|
$
|
(40,819,646
|
)
|
Statement of Cash Flows for the Three Months Ended
March 31, 2021 (unaudited)
|
|
As Previously
Reported |
|
|
Adjustment
|
|
|
As Restated
|
|
|||
Change in value of Class A ordinary shares subject to possible redemption
|
|
$
|
19,314,060
|
|
|
$
|
(19,314,060
|
)
|
|
—
|
|
|
Statement of Cash Flows for the Three Months Ended June 30, 2021 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in value of Class A ordinary shares subject to possible redemption
|
|
$
|
17,069,110
|
|
|
$
|
(17,069,110
|
)
|
|
|
—
|
|
|
|
Basic and diluted
weighted average shares outstanding, Class A ordinary shares |
|
|
Basic and diluted
net
income (
loss
)
p
er
share,
Class A ordinary shares |
|
|
Basic and diluted
weighted average shares outstanding, Class B ordinary shares |
|
|
Basic and diluted
net
income (
loss
)
p
er
share,
Class B ordinary
shares |
|
||||
For the three months ended, March 31, 2021
|
|
|
|
|
||||||||||||
As Previously Reported
|
|
|
40,000,000
|
|
|
$
|
—
|
|
|
|
10,000,000
|
|
|
$
|
1.92
|
|
Adjustment
|
|
|
—
|
|
|
$
|
0.39
|
|
|
|
—
|
|
|
$
|
(1.53
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Restated
|
|
|
40,000,000
|
|
|
$
|
0.39
|
|
|
|
10,000,000
|
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, June 30, 2021
|
|
|
|
|
||||||||||||
As Previously Reported
|
|
|
40,000,000
|
|
|
$
|
—
|
|
|
|
10,000,000
|
|
|
$
|
(0.23
|
)
|
Adjustment
|
|
|
—
|
|
|
$
|
(0.04
|
)
|
|
|
—
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Restated
|
|
|
40,000,000
|
|
|
$
|
(0.04
|
)
|
|
|
10,000,000
|
|
|
$
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended, June 30, 2021
|
|
|
|
|
||||||||||||
As Previously Reported
|
|
|
40,000,000
|
|
|
$
|
—
|
|
|
|
10,000,000
|
|
|
$
|
1.70
|
|
Adjustment
|
|
|
—
|
|
|
$
|
0.34
|
|
|
|
—
|
|
|
$
|
(1.36
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Restated
|
|
|
40,000,000
|
|
|
$
|
0.34
|
|
|
|
10,000,000
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2021 |
|
|
December 31,
2020 (audited) |
|
||
Gross proceeds
|
|
$
|
400,000,000
|
|
|
$
|
400,000,000
|
|
Less:
|
|
|
||||||
Proceeds allocated to Public Warrants
|
|
$
|
(18,400,000
|
)
|
|
$
|
(18,400,000
|
)
|
Class A ordinary shares issuance costs
|
|
$
|
(20,292,642
|
)
|
|
$
|
(20,292,642
|
)
|
Plus:
|
|
|
||||||
Accretion of carrying value to redemption value
|
|
$
|
38,692,642
|
|
|
$
|
38,692,642
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares subject to possible redemption
|
|
$
|
400,000,000
|
|
|
$
|
400,000,000
|
|
Three Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2021
|
For the Period from July 29,
2020 (inception) Through
September 30, 2020
|
||||||||||||||||||||||
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), as adjusted
|
$ | 5,093,457 | $ | 1,273,364 | $ | 18,748,741 | $ | 4,687,185 | $ | — | $ | (5,005 | ) | |||||||||||
Denominator:
|
||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
|
40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | — | 10,000,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic and diluted net income (loss) per ordinary share
|
$ | 0.13 | $ | 0.13 | $ | 0.47 | $ | 0.47 | $ | — | $ | (0.00 | ) |
(1)
|
|
For the three and nine months ended September 30, 2021, and for the period from July 29, 2020 (inception) through September 30, 2020, basic and diluted shares are the same as there are no
non-redeemable
securities that are dilutive to the Company’s shareholders.
|
• |
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; and
|
• |
if, and only if, the reported last sales price of the Company’s Class A ordinary shares equals or exceeds $
18.00
per share for any
20
trading days within
a
period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
30
-trading day
|
• |
in whole and not in part;
|
• |
at a price equal to a number of Class A ordinary shares to be determined, based on the redemption date and the fair market value of the Company’s Class A ordinary shares;
|
• |
upon a minimum of
30
days’ prior written notice of redemption;
|
• |
if, and only if, the last reported sale price of the Company’s Class A ordinary shares equals or exceeds $
10.00
per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders;
|
• |
if, and only if, the Private Placement Warrants are also concurrently exchanged at the same price (equal to a number of Class A ordinary shares) as the outstanding Public Warrants; and
|
• |
if, and only if, there is an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the
30
-day period after written notice of redemption is given
|
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
|
Amortized Cost
|
Gross
Holding Gain
|
Fair Value
|
|||||||||||
September 30, 2021
|
U.S. Treasury Securities (Mature on October 14, 2021) | $ | 400,213,381 | $ | 645 | $ | 400,214,026 | |||||||
December 31, 2020
|
U.S. Treasury Securities (Mature on April 8, 2021) | $ | 400,085,021 | $ | 5,549 | $ | 400,090,570 | |||||||
|
|
|
|
|
|
Description
|
Level
|
September 30, 2021
|
December 31, 2020
|
|||||||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability – Public Warrants
|
1 | $ | 13,000,000 | $ | 30,800,000 | |||||||||||
Warrant Liability – Private Placement Warrants
|
2 | $ | 6,825,000 | $ | 16,170,000 |
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
|
AEA-BRIDGES
IMPACT CORP.
|
||||||
Date: December 9, 2021 |
/s/ John Garcia
|
|||||
Name: | John Garcia | |||||
Title: |
Chairman,
Co-Chief
Executive Officer, and Director
|
|||||
Date: December 9, 2021 |
/s/ Michele Giddens
|
|||||
Name: | Michele Giddens | |||||
Title: |
Co-Chief
Executive Officer and Director
|
Date: December 9, 2021 |
/s/ Ramzi Gedeon
|
|||||
Name: | Ramzi Gedeon | |||||
Title: | Chief Financial Officer, Secretary and Director |
1 Year AEABridges Impact Chart |
1 Month AEABridges Impact Chart |
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