|
Cayman Islands
(State or other jurisdiction of
incorporation or organization) |
| |
6770
(Primary Standard Industrial
Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer
Identification No.) |
|
|
Mitchell S. Nussbaum, Esq.
Giovanni Caruso, Esq. Loeb & Loeb LLP 345 Park Avenue New York, NY 10154 Tel: (212) 407-4000 Fax: (212) 407-4990 |
| |
Ari Edelman, Esq.
Eric S. Klee, Esq. McDermott Will & Emery LLP One Vanderbilt Avenue New York, NY 10017 Tel: (212) 547-5400 Fax: (212) 547-5444 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
|
/s/
Someit Sidhu
Chief Executive Officer JATT Acquisition Corp , 2023 |
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| | | | 315 | | | |
| | | | F-1 | | | |
| | | | A-1 | | |
| | |
No Further
Redemption Scenario |
| |
50% Further
Redemption Scenario |
| |
Maximum Redemption Scenario
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
JATT Public Shareholders(1)
|
| | | | 1,688,978 | | | | | | 6.3% | | | | | | 844,489 | | | | | | 3.2% | | | | | | — | | | | | | — | | |
JATT Initial Shareholders(2)
|
| | | | 3,450,000 | | | | | | 12.9% | | | | | | 3,450,000 | | | | | | 13.0% | | | | | | 3,450,000 | | | | | | 13.0% | | |
PIPE Investor(3)
|
| | | | 2,000,000 | | | | | | 7.5% | | | | | | 2,000,000 | | | | | | 7.6% | | | | | | 2,000,000 | | | | | | 7.5% | | |
FPA Investors(4)
|
| | | | 3,000,000 | | | | | | 11.2% | | | | | | 3,582,077 | | | | | | 13.5% | | | | | | 4,500,000 | | | | | | 16.9% | | |
Eli Lilly(5)
|
| | | | 550,000 | | | | | | 2.1% | | | | | | 550,000 | | | | | | 2.1% | | | | | | 550,000 | | | | | | 2.1% | | |
Zura Holdco Shareholders(6)
|
| | | | 16,053,700 | | | | | | 60.0% | | | | | | 16,053,700 | | | | | | 60.6% | | | | | | 16,053,700 | | | | | | 60.5% | | |
Amit Munshi(7)
|
| | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | |
Total Shares at the Closing(8)
|
| | | | 26,742,678 | | | | | | 100% | | | | | | 26,480,266 | | | | | | 100% | | | | | | 26,553,700 | | | | | | 100% | | |
Total Equity Value Post-Redemption(9)
|
| | | $ | 274,379,876 | | | | | | | | | | | $ | 271,687,531 | | | | | | | | | | | $ | 272,440,962 | | | | | | | | |
Assumed Per Share Value
|
| | | $ | 10.26 | | | | | | | | | | | $ | 10.26 | | | | | | | | | | | $ | 10.26 | | | | | | | | |
| | |
No Further
Redemptions(1) |
| |
50% Further
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| ||||||||||||||||||
JATT Public Shareholders
|
| | | | 1,688,978 | | | | | | 4.2% | | | | | | 844,489 | | | | | | 2.1% | | | | | | — | | | | | | 0 | | |
JATT Initial Shareholders
|
| | | | 3,450,000 | | | | | | 8.6% | | | | | | 3,450,000 | | | | | | 8.6% | | | | | | 3,450,000 | | | | | | 8.6% | | |
PIPE Investor
|
| | | | 2,000,000 | | | | | | 5.0% | | | | | | 2,000,000 | | | | | | 5.0% | | | | | | 2,000,000 | | | | | | 5.0% | | |
FPA Investors
|
| | | | 3,000,000 | | | | | | 7.4% | | | | | | 3,582,077 | | | | | | 9.0% | | | | | | 4,500,000 | | | | | | 11.2% | | |
Eli Lilly
|
| | | | 550,000 | | | | | | 1.4% | | | | | | 550,000 | | | | | | 1.4% | | | | | | 550,000 | | | | | | 1.4% | | |
Zura Holdco Shareholders
|
| | | | 16,053,700 | | | | | | 39.8% | | | | | | 16,053,700 | | | | | | 40.1% | | | | | | 16,053,700 | | | | | | 40.0% | | |
Amit Munshi(5)
|
| | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | |
Exercising Redeemable Public Warrants(6)
|
| | | | 6,900,000 | | | | | | 17.1% | | | | | | 6,900,000 | | | | | | 17.2% | | | | | | 6,900,000 | | | | | | 17.2% | | |
Exercising JATT Private Placement
Warrants(7) |
| | | | 5,910,000 | | | | | | 14.7% | | | | | | 5,910,000 | | | | | | 14.8% | | | | | | 5,910,000 | | | | | | 14.7% | | |
Exercising Lender Warrants(8)
|
| | | | 300,000 | | | | | | 0.7% | | | | | | 300,000 | | | | | | 0.7% | | | | | | 300,000 | | | | | | 0.8% | | |
| | |
No Further
Redemptions(1) |
| |
50% Further
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| ||||||||||||||||||
Exercising Holdco Options(9)
|
| | | | 446,300 | | | | | | 1.1% | | | | | | 446,300 | | | | | | 1.1% | | | | | | 446,300 | | | | | | 1.1% | | |
Total Additional Dilution Sources
|
| | | | 13,556,300 | | | | | | 33.6% | | | | | | 13,556,300 | | | | | | 33.9% | | | | | | 13,556,300 | | | | | | 33.8% | | |
Total Fully-Diluted Shares
|
| | | | 40,298,978 | | | | | | 100% | | | | | | 40,036,566 | | | | | | 100% | | | | | | 40,110,000 | | | | | | 100% | | |
| | |
No Further
Redemptions |
| |
50% Further
Redemptions |
| |
Maximum
Redemptions |
| |||||||||
Public Ordinary Shares plus PIPE Investor and FPA Investors Shares
|
| | | | 6,688,978(1) | | | | | | 6,426,566(2) | | | | | | 6,500,000(3) | | |
Deferred underwriting commission
|
| | | $ | 4,010,000 | | | | | $ | 4,010,000 | | | | | $ | 4,010,000 | | |
Deferred underwriting commission at $10 per share
|
| | | | 401,000 | | | | | | 401,000 | | | | | | 401,000 | | |
Deferred underwriting commissions as a percentage of post-redemption shares
|
| | | | 6.0% | | | | | | 6.2% | | | | | | 6.2% | | |
|
US Toll Free
|
| | | | 1-800-450-7155 | | |
|
International Toll (Standard rates apply)
|
| | | | 1-857-999-9155 | | |
|
Participant Passcode
|
| | | | [ ]# | | |
| | |
No Further
Redemption Scenario |
| |
50% Further
Redemption Scenario |
| |
Maximum
Redemption Scenario |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
JATT Public Shareholders(1)
|
| | | | 1,688,978 | | | | | | 6.3% | | | | | | 844,489 | | | | | | 3.2% | | | | | | — | | | | | | — | | |
JATT Initial Shareholders(2)
|
| | | | 3,450,000 | | | | | | 12.9% | | | | | | 3,450,000 | | | | | | 13.0% | | | | | | 3,450,000 | | | | | | 13.0% | | |
PIPE Investor(3)
|
| | | | 2,000,000 | | | | | | 7.5% | | | | | | 2,000,000 | | | | | | 7.6% | | | | | | 2,000,000 | | | | | | 7.5% | | |
FPA Investors(4)
|
| | | | 3,000,000 | | | | | | 11.2% | | | | | | 3,582,077 | | | | | | 13.5% | | | | | | 4,500,000 | | | | | | 16.9% | | |
Eli Lilly(5)
|
| | | | 550,000 | | | | | | 2.1% | | | | | | 550,000 | | | | | | 2.1% | | | | | | 550,000 | | | | | | 2.1% | | |
Zura Holdco Shareholders(6)
|
| | | | 16,053,700 | | | | | | 60.0% | | | | | | 16,053,700 | | | | | | 60.6% | | | | | | 16,053,700 | | | | | | 60.5% | | |
Amit Munshi(7)
|
| | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | |
Total Shares at the Closing(8)
|
| | |
|
26,742,678
|
| | | |
|
100%
|
| | | |
|
26,480,266
|
| | | |
|
100%
|
| | | |
|
26,553,700
|
| | | |
|
100%
|
| |
Total Equity Value
Post-Redemption(9) |
| | | $ | 274,379,876 | | | | | | | | | | | $ | 271,687,531 | | | | | | | | | | | $ | 272,440,962 | | | | | | | | |
Assumed Per Share Value
|
| | | $ | 10.26 | | | | | | | | | | | $ | 10.26 | | | | | | | | | | | $ | 10.26 | | | | | | | | |
| | |
No Further redemptions(1)
|
| |
50% Further Redemptions(2)
|
| |
Maximum Redemptions(3)
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| ||||||||||||||||||
JATT Public Shareholders
|
| | | | 1,688,978 | | | | | | 4.2% | | | | | | 844,489 | | | | | | 2.1% | | | | | | — | | | | | | 0 | | |
JATT Initial Shareholders
|
| | | | 3,450,000 | | | | | | 8.6% | | | | | | 3,450,000 | | | | | | 8.6% | | | | | | 3,450,000 | | | | | | 8.6% | | |
PIPE Investor
|
| | | | 2,000,000 | | | | | | 5.0% | | | | | | 2,000,000 | | | | | | 5.0% | | | | | | 2,000,000 | | | | | | 5.0% | | |
FPA Investors
|
| | | | 3,000,000 | | | | | | 7.4% | | | | | | 3,582,077 | | | | | | 9.0% | | | | | | 4,500,000 | | | | | | 11.2% | | |
Eli Lilly
|
| | | | 550,000 | | | | | | 1.4% | | | | | | 550,000 | | | | | | 1.4% | | | | | | 550,000 | | | | | | 1.4% | | |
Zura Holdco Shareholders
|
| | | | 16,053,700 | | | | | | 39.8% | | | | | | 16,053,700 | | | | | | 40.1% | | | | | | 16,053,700 | | | | | | 40.0% | | |
Amit Munshi(5)
|
| | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | |
Exercising Redeemable Public Warrants(6)
|
| | | | 6,900,000 | | | | | | 17.1% | | | | | | 6,900,000 | | | | | | 17.2% | | | | | | 6,900,000 | | | | | | 17.2% | | |
Exercising JATT Private Placement Warrants(7)
|
| | | | 5,910,000 | | | | | | 14.7% | | | | | | 5,910,000 | | | | | | 14.8% | | | | | | 5,910,000 | | | | | | 14.7% | | |
Exercising Lender Warrants(8)
|
| | | | 300,000 | | | | | | 0.7% | | | | | | 300,000 | | | | | | 0.7% | | | | | | 300,000 | | | | | | 0.8% | | |
Exercising Holdco Options(9)
|
| | | | 446,300 | | | | | | 1.1% | | | | | | 446,300 | | | | | | 1.1% | | | | | | 446,300 | | | | | | 1.1% | | |
Total Additional Dilution Sources
|
| | | | 13,556,300 | | | | | | 33.6% | | | | | | 13,556,300 | | | | | | 33.9% | | | | | | 13,556,300 | | | | | | 33.8% | | |
Total Fully-Diluted Shares
|
| | | | 40,298,978 | | | | | | 100% | | | | | | 40,954,489 | | | | | | 100% | | | | | | 40,110,000 | | | | | | 100% | | |
| | |
No Further
Redemptions |
| |
50% Further
Redemptions |
| |
Maximum
Redemptions |
| |||||||||
Public Ordinary Shares plus PIPE Investor and FPA Investors Shares
|
| | | | 6,688,978(1) | | | | | | 6,426,566(2) | | | | | | 6,500,000(3) | | |
Deferred underwriting commission
|
| | | $ | 4,010,000 | | | | | $ | 4,010,000 | | | | | $ | 4,010,000 | | |
Deferred underwriting commission in shares (at
$10 per share) |
| | | | 401,000 | | | | | | 401,000 | | | | | | 401,000 | | |
Deferred underwriting commissions as a
percentage of post-redemption shares |
| | | | 6.0% | | | | | | 6.2% | | | | | | 6.2% | | |
Jurisdiction
|
| |
Status
|
|
Canada | | |
Granted (active)*
|
|
Europe: France, Germany, Ireland, Italy, Spain, UK | | |
Granted (active)*
|
|
Japan | | |
Granted (active)*
|
|
Japan | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
PCT | | | Phase Ended | |
|
US Toll Free
|
| | | | 1-800-450-7155 | | |
|
International Toll (Standard rates apply)
|
| | | | 1-857-999-9155 | | |
|
Participant Passcode
|
| | | | [ ]# | | |
Company
|
| |
Most Recent
Clinical Trial Completion Date |
| |
Total Trials
Enrollment |
| |
Date of Latest
Raise |
| |
Total Capital
Raised to Latest Raise Date |
| |
Invested
Capital per Trial Subject |
| |||||||||||||||
Acticor Biotech
|
| | | | Sep-21 | | | | | | 220 | | | | | | Sep-21 | | | | | $ | 36 | | | | | $ | 0.16 | | |
GamaMabs Pharma
|
| | | | Feb-21 | | | | | | 143 | | | | | | Sep-21 | | | | | $ | 31 | | | | | $ | 0.22 | | |
Kymab
|
| | | | Nov-20 | | | | | | 177 | | | | | | Apr-21 | | | | | $ | 258 | | | | | $ | 1.46 | | |
ILiAD Biotechnologies
|
| | | | Jun-20 | | | | | | 300 | | | | | | Mar-21 | | | | | $ | 30 | | | | | $ | 0.10 | | |
LENZ Therapeutics
|
| | | | May-20 | | | | | | 78 | | | | | | Nov-20 | | | | | $ | 12 | | | | | $ | 0.15 | | |
AptaTargets
|
| | | | Mar-20 | | | | | | 46 | | | | | | Oct-20 | | | | | $ | 13 | | | | | $ | 0.28 | | |
Star Therapeutics
|
| | | | Feb-20 | | | | | | 97 | | | | | | Feb-22 | | | | | $ | 100 | | | | | $ | 1.03 | | |
ImaginAb
|
| | | | Aug-18 | | | | | | 72 | | | | | | Jun-21 | | | | | $ | 59 | | | | | $ | 0.82 | | |
Pfenex
|
| | | | May-18 | | | | | | 342 | | | | | | Oct-20 | | | | | $ | 70 | | | | | $ | 0.21 | | |
Reprixys Pharmaceuticals
|
| | | | Mar-16 | | | | | | 198 | | | | | | Nov-16 | | | | | $ | 52 | | | | | $ | 0.26 | | |
NKT Therapeutics
|
| | | | May-15 | | | | | | 21 | | | | | | Jun-18 | | | | | $ | 28 | | | | | $ | 1.33 | | |
Minka Therapeutics
|
| | | | Dec-14 | | | | | | 33 | | | | | | May-15 | | | | | $ | 19 | | | | | $ | 0.58 | | |
Biosceptre
|
| | | | Apr-14 | | | | | | 21 | | | | | | Jul-14 | | | | | $ | 5 | | | | | $ | 0.22 | | |
Avaxia Biologics
|
| | | | Dec-13 | | | | | | 33 | | | | | | Jul-15 | | | | | $ | 24 | | | | | $ | 0.72 | | |
Theraclone Sciences
|
| | | | Mar-13 | | | | | | 88 | | | | | | Apr-15 | | | | | $ | 59 | | | | | $ | 0.67 | | |
Ligocyte Pharmaceuticals
|
| | | | Oct-09 | | | | | | 61 | | | | | | May-10 | | | | | $ | 28 | | | | | $ | 0.46 | | |
Invested Capital per Clinical Trial Subject
|
| |
Median
|
| |
Average
|
| ||||||
Invested Capital per Trial Subject
|
| | | $ | 0.37 | | | | | $ | 0.54 | | |
Company Total Trials Enrollment
|
| | | | 117 | | | | | | 117 | | |
Estimated Invested Capital
|
| | | $ | 44 | | | | | $ | 64 | | |
Target Company
|
| |
IPO Date
|
| |
Development-stage
at IPO Date |
| |
Pre-$ IPO
Equity Value |
| |
Capital Raised Prior
to IPO |
| |
Return on IC
Pre-$ IPO Equity Value / Capital Raised |
| |
Current
Market Cap |
| ||||||||||||
AN2 Therapeutics (NAS: ANTX)
|
| |
Mar-22
|
| |
Clinical Trials – Phase 1
|
| | | $ | 212 | | | | | $ | 92 | | | | | | 2.31x | | | | | $ | 158 | | |
Arcellx (NAS: ACLX)
|
| |
Feb-22
|
| |
Clinical Trials – Phase 1
|
| | | $ | 379 | | | | | $ | 229 | | | | | | 1.66x | | | | | $ | 639 | | |
Vigil Neuro (NAS: VIGL)
|
| |
Jan-22
|
| |
Clinical Trials – Phase 1
|
| | | $ | 298 | | | | | $ | 140 | | | | | | 2.13x | | | | | $ | 82 | | |
Immix Biopharma (NAS: IMMX)
|
| |
Dec-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 17 | | | | | $ | 1 | | | | | | 22.51x | | | | | $ | 34 | | |
Xilio Therapeutics (NAS: XLO)
|
| |
Oct-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 309 | | | | | $ | 246 | | | | | | 1.26x | | | | | $ | 65 | | |
Ventyx Biosciences (NAS: VTYX)
|
| |
Oct-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 631 | | | | | $ | 275 | | | | | | 2.30x | | | | | $ | 662 | | |
Cognition Therapeutics (NAS: CGTX)
|
| |
Oct-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 211 | | | | | $ | 36 | | | | | | 5.95x | | | | | $ | 46 | | |
Theseus (NAS: THRX)
|
| |
Oct-21
|
| |
Clinical Trials – General
|
| | | $ | 440 | | | | | $ | 122 | | | | | | 3.61x | | | | | $ | 194 | | |
Dermata (NAS: DRMA)
|
| |
Aug-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 40 | | | | | $ | 25 | | | | | | 1.64x | | | | | $ | 5 | | |
Eliem Therapeutics (NAS: ELYM)
|
| |
Aug-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 237 | | | | | $ | 140 | | | | | | 1.69x | | | | | $ | 124 | | |
Adagio Therapeutics (NAS: ADGI)
|
| |
Aug-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 1,535 | | | | | $ | 466 | | | | | | 3.30x | | | | | $ | 290 | | |
IN8bio (NAS: INAB)
|
| |
Jul-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 148 | | | | | $ | 35 | | | | | | 4.21x | | | | | $ | 39 | | |
Erasca (NAS: ERAS)
|
| |
Jul-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 1,558 | | | | | $ | 420 | | | | | | 3.71x | | | | | $ | 592 | | |
Imago BioSciences (NAS: IMGO)
|
| |
Jul-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 379 | | | | | $ | 161 | | | | | | 2.36x | | | | | $ | 430 | | |
TransCode Therapeutics (NAS: RNAZ)
|
| |
Jul-21
|
| |
Clinical Trials – General
|
| | | $ | 23 | | | | | $ | 1 | | | | | | 19.03x | | | | | $ | 16 | | |
Aerovate Therapeutics (NAS:
AVTE) |
| |
Jun-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 202 | | | | | $ | 82 | | | | | | 2.48x | | | | | $ | 282 | | |
Elevation Oncology (NAS: ELEV)
|
| |
Jun-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 265 | | | | | $ | 95 | | | | | | 2.79x | | | | | $ | 33 | | |
Lyell (NAS: LYEL)
|
| |
Jun-21
|
| |
Clinical Trials – General
|
| | | $ | 3,703 | | | | | $ | 851 | | | | | | 4.35x | | | | | $ | 1,113 | | |
Verve Therapeutics (NAS: VERV)
|
| |
Jun-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 609 | | | | | $ | 216 | | | | | | 2.83x | | | | | $ | 570 | | |
Janux Therapeutics (NAS: JANX)
|
| |
Jun-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 485 | | | | | $ | 201 | | | | | | 2.41x | | | | | $ | 444 | | |
Day One Biopharmaceuticals
(NAS: DAWN) |
| |
May-21
|
| |
Clinical Trials – General
|
| | | $ | 807 | | | | | $ | 190 | | | | | | 4.25x | | | | | $ | 980 | | |
Singular Genomics (NAS: OMIC)
|
| |
May-21
|
| |
Clinical Trials – General
|
| | | $ | 1,302 | | | | | $ | 70 | | | | | | 18.60x | | | | | $ | 202 | | |
Vera Therapeutics (NAS: VERA)
|
| |
May-21
|
| |
Clinical Trials – General
|
| | | $ | 177 | | | | | $ | 131 | | | | | | 1.35x | | | | | $ | 347 | | |
Target Company
|
| |
IPO Date
|
| |
Development-stage
at IPO Date |
| |
Pre-$ IPO
Equity Value |
| |
Capital Raised Prior
to IPO |
| |
Return on IC
Pre-$ IPO Equity Value / Capital Raised |
| |
Current
Market Cap |
| ||||||||||||
Talaris Therapeutics (NAS: TALS)
|
| |
May-21
|
| |
Clinical Trials – Phase 3
|
| | | $ | 551 | | | | | $ | 215 | | | | | | 2.56x | | | | | $ | 323 | | |
Werewolf Therapeutics (NAS: HOWL)
|
| |
Apr-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 321 | | | | | $ | 128 | | | | | | 2.50x | | | | | $ | 130 | | |
Rain Therapeutics (NAS: RAIN)
|
| |
Apr-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 316 | | | | | $ | 92 | | | | | | 3.44x | | | | | $ | 64 | | |
Biomea Fusion (NAS: BMEA)
|
| |
Apr-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 336 | | | | | $ | 56 | | | | | | 6.00x | | | | | $ | 249 | | |
VectivBio (NAS: VECT)
|
| |
Apr-21
|
| |
Clinical Trials – Phase 3
|
| | | $ | 451 | | | | | $ | 145 | | | | | | 3.11x | | | | | $ | 214 | | |
Connect Biopharmaceuticals
(NAS: CNTB) |
| |
Mar-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 758 | | | | | $ | 230 | | | | | | 3.30x | | | | | $ | 40 | | |
Finch (NAS: FNCH)
|
| |
Mar-21
|
| |
Clinical Trials – Phase 3
|
| | | $ | 674 | | | | | $ | 194 | | | | | | 3.47x | | | | | $ | 127 | | |
Longboard Pharmaceuticals
(NAS: LBPH) |
| |
Mar-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 191 | | | | | $ | 56 | | | | | | 3.40x | | | | | $ | 73 | | |
NexImmune (NAS:
NEXI) |
| |
Feb-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 256 | | | | | $ | 73 | | | | | | 3.49x | | | | | $ | 47 | | |
Terns Pharmaceuticals (NAS:
TERN) |
| |
Feb-21
|
| |
Clinical Trials – Phase 2
|
| | | $ | 280 | | | | | $ | 197 | | | | | | 1.42x | | | | | $ | 49 | | |
Landos Biopharma (NAS: LABP)
|
| |
Feb-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 527 | | | | | $ | 70 | | | | | | 7.52x | | | | | $ | 32 | | |
Sensei Biotherapeutics (NAS:
SNSE) |
| |
Feb-21
|
| |
Clinical Trials – Phase 1
|
| | | $ | 429 | | | | | $ | 93 | | | | | | 4.59x | | | | | $ | 60 | | |
Silverback Therapeutics (NAS: SBTX)
|
| |
Dec-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 453 | | | | | $ | 232 | | | | | | 1.95x | | | | | $ | 141 | | |
Kinnate Biopharma (NAS: KNTE)
|
| |
Dec-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 591 | | | | | $ | 195 | | | | | | 3.04x | | | | | $ | 384 | | |
Olema Oncology (NAS: OLMA)
|
| |
Nov-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 523 | | | | | $ | 151 | | | | | | 3.45x | | | | | $ | 134 | | |
Atea Pharmaceuticals (NAS:
AVIR) |
| |
Oct-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 1,638 | | | | | $ | 283 | | | | | | 5.78x | | | | | $ | 555 | | |
Foghorn Therapeutics (NAS:
FHTX) |
| |
Oct-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 451 | | | | | $ | 189 | | | | | | 2.39x | | | | | $ | 525 | | |
Aligos Therapeutics (NAS: ALGS)
|
| |
Oct-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 403 | | | | | $ | 225 | | | | | | 1.79x | | | | | $ | 57 | | |
Kiromic (NAS: KRBP)
|
| |
Oct-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 73 | | | | | $ | 20 | | | | | | 3.72x | | | | | $ | 7 | | |
Tarsus Pharmaceuticals (NAS: TARS)
|
| |
Oct-20
|
| |
Clinical Trials – Phase 3
|
| | | $ | 220 | | | | | $ | 64 | | | | | | 3.44x | | | | | $ | 333 | | |
Spruce Biosciences (NAS: SPRB)
|
| |
Oct-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 244 | | | | | $ | 116 | | | | | | 2.10x | | | | | $ | 37 | | |
Immunome (NAS:
IMNM) |
| |
Oct-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 81 | | | | | $ | 43 | | | | | | 1.90x | | | | | $ | 36 | | |
Graybug Vision (NAS: GRAY)
|
| |
Sep-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 231 | | | | | $ | 159 | | | | | | 1.45x | | | | | $ | 17 | | |
Prelude Therapeutics (NAS: PRLD)
|
| |
Sep-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 648 | | | | | $ | 145 | | | | | | 4.47x | | | | | $ | 204 | | |
Target Company
|
| |
IPO Date
|
| |
Development-stage
at IPO Date |
| |
Pre-$ IPO
Equity Value |
| |
Capital Raised Prior
to IPO |
| |
Return on IC
Pre-$ IPO Equity Value / Capital Raised |
| |
Current
Market Cap |
| ||||||||||||
Athira Pharma (NAS: ATHA)
|
| |
Sep-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 274 | | | | | $ | 113 | | | | | | 2.43x | | | | | $ | 302 | | |
Metacrine (NAS: MTCR)
|
| |
Sep-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 252 | | | | | $ | 135 | | | | | | 1.87x | | | | | $ | 19 | | |
Inhibrx (NAS: INBX)
|
| |
Aug-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 504 | | | | | $ | 55 | | | | | | 9.24x | | | | | $ | 333 | | |
Checkmate
Pharmaceuticals |
| |
Aug-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 247 | | | | | $ | 175 | | | | | | 1.41x | | | | | $ | 231 | | |
Annexon Biosciences (NAS: ANNX)
|
| |
Jul-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 361 | | | | | $ | 254 | | | | | | 1.42x | | | | | $ | 121 | | |
Inozyme Pharma (NAS: INZY)
|
| |
Jul-20
|
| |
Clinical Trials – General
|
| | | $ | 245 | | | | | $ | 150 | | | | | | 1.64x | | | | | $ | 181 | | |
Nurix (NAS: NRIX)
|
| |
Jul-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 495 | | | | | $ | 223 | | | | | | 2.21x | | | | | $ | 434 | | |
Relay Therapeutics (NAS: RLAY)
|
| |
Jul-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 1,338 | | | | | $ | 520 | | | | | | 2.57x | | | | | $ | 1,507 | | |
Poseida Therapeutics (NAS:
PSTX) |
| |
Jul-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 765 | | | | | $ | 324 | | | | | | 2.36x | | | | | $ | 131 | | |
Generation Bio (NAS: GBIO)
|
| |
Jun-20
|
| |
Clinical Trials – General
|
| | | $ | 648 | | | | | $ | 235 | | | | | | 2.75x | | | | | $ | 313 | | |
Lantern Pharma (NAS: LTRN)
|
| |
Jun-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 67 | | | | | $ | 5 | | | | | | 14.29x | | | | | $ | 53 | | |
Applied Molecular Transport
(NAS: AMTI) |
| |
Jun-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 300 | | | | | $ | 99 | | | | | | 3.04x | | | | | $ | 117 | | |
ORIC Pharmaceuticals (NAS: ORIC)
|
| |
Apr-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 341 | | | | | $ | 173 | | | | | | 1.97x | | | | | $ | 156 | | |
Zentalis Pharmaceuticals (NAS: ZNTL)
|
| |
Apr-20
|
| |
Clinical Trials – General
|
| | | $ | 456 | | | | | $ | 85 | | | | | | 5.36x | | | | | $ | 1,212 | | |
Imara (NAS: IMRA)
|
| |
Mar-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 190 | | | | | $ | 114 | | | | | | 1.67x | | | | | $ | 28 | | |
Revolution Medicines (NAS:
RVMD) |
| |
Feb-20
|
| |
Clinical Trials – Phase 1
|
| | | $ | 729 | | | | | $ | 226 | | | | | | 3.23x | | | | | $ | 1,248 | | |
Arcutis Biotherapeutics (NAS: ARQT)
|
| |
Jan-20
|
| |
Clinical Trials – Phase 3
|
| | | $ | 463 | | | | | $ | 166 | | | | | | 2.79x | | | | | $ | 1,019 | | |
Annovis Bio (NYS:
ANVS) |
| |
Jan-20
|
| |
Clinical Trials – Phase 2
|
| | | $ | 27 | | | | | $ | 11 | | | | | | 2.56x | | | | | $ | 91 | | |
| | |
Return on IC
Pre-$ Initial Public Offering Equity Value/Capital Raised |
| |
Observed
Value - Median Estimated Invested Capital ($44) |
| |
Observed
Value - Average Estimated Invested Capital ($64) |
| | | | |||||||||
Lower (First) Quartile:
|
| | | | 2.10x | | | | | $ | 92 | | | | | $ | 134 | | | | ||
Median:
|
| | | | 2.79x | | | | | $ | 121 | | | | | $ | 177 | | | | | |
Average:
|
| | | | 4.0x | | | | | $ | 174 | | | | | $ | 254 | | | | | |
Upper (Third) Quartile:
|
| | | | 3.71x | | | | | $ | 162 | | | | | $ | 236 | | | | | |
| | |
Return on IC
Pre-$ Initial Public Offering Equity Value/Capital Raised |
| |
Observed
Value - Median Estimated Invested Capital ($44) |
| |
Observed
Value - Average Estimated Invested Capital ($64) |
| |||||||||
Lower (First) Quartile:
|
| | | | 2.33x | | | | | $ | 102 | | | | | $ | 148 | | |
Median:
|
| | | | 3.30x | | | | | $ | 144 | | | | | $ | 210 | | |
Average:
|
| | | | 4.62x | | | | | $ | 201 | | | | | $ | 293 | | |
Upper (Third) Quartile:
|
| | | | 4.23x | | | | | $ | 184 | | | | | $ | 269 | | |
| | |
Pre-$ Initial
Public Offering Equity Value/Capital Raised |
| |||
Lower (First) Quartile:
|
| | | $ | 309 | | |
Median:
|
| | | $ | 518 | | |
Average:
|
| | | $ | 471 | | |
Upper (Third) Quartile:
|
| | | $ | 552 | | |
| | |
Current
Market Cap |
| |||
Lower (First) Quartile:
|
| | | $ | 66 | | |
Median:
|
| | | $ | 136 | | |
Average:
|
| | | $ | 274 | | |
Upper (Third) Quartile:
|
| | | $ | 343 | | |
Target Company
|
| |
Most Recent Deal
Date |
| |
Development
Stage at Deal Date |
| |
Deal
Type |
| |
Pre-
money Valuation |
| |
Post-money
Valuation |
| |||||||||||||||
Electra Therapeutics
|
| | | | Feb-2022 | | | | | | ClinicalTrials – Phase 1 | | | | | | EarlyStageVC | | | | | $ | 250 | | | | | $ | 334 | | |
Q32 Bio
|
| | | | Oct-2020 | | | | | | ClinicalTrials – Phase 1 | | | | | | LaterStageVC | | | | | $ | 72 | | | | | | 132 | | |
| | |
No Further Redemption
Scenario |
| |
50% Further Redemption
Scenario |
| |
Maximum Further Redemption
Scenario |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
JATT Public Shareholders(1)
|
| | | | 1,688,978 | | | | | | 6.3% | | | | | | 844,489 | | | | | | 3.2% | | | | | | — | | | | | | — | | |
JATT Initial Shareholders(2)
|
| | | | 3,450,000 | | | | | | 12.9% | | | | | | 3,450,000 | | | | | | 13.0% | | | | | | 3,450,000 | | | | | | 13.0% | | |
PIPE Investor(3)
|
| | | | 2,000,000 | | | | | | 7.5% | | | | | | 2,000,000 | | | | | | 7.6% | | | | | | 2,000,000 | | | | | | 7.5% | | |
FPA Investors(4)
|
| | | | 3,000,000 | | | | | | 11.2% | | | | | | 3,582,077 | | | | | | 13.5% | | | | | | 4,500,000 | | | | | | 16.9% | | |
Eli Lilly(5)
|
| | | | 550,000 | | | | | | 2.1% | | | | | | 550,000 | | | | | | 2.1% | | | | | | 550,000 | | | | | | 2.1% | | |
Zura Holdco Shareholders(6)
|
| | | | 16,053,700 | | | | | | 60.0% | | | | | | 16,053,700 | | | | | | 60.6% | | | | | | 16,053,700 | | | | | | 60.5% | | |
Amit Munshi(7)
|
| | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | |
Total Shares at the Closing(8)
|
| | |
|
26,742,678
|
| | | |
|
100%
|
| | | |
|
26,480,266
|
| | | |
|
100%
|
| | | |
|
26,553,700
|
| | | |
|
100%
|
| |
Total Equity Value Post-Redemption(9)
|
| | | $ | 274,379,876 | | | | | | | | | | | $ | 271,687,531 | | | | | | | | | | | $ | 272,440,962 | | | | | | | | |
Assumed Per Share Value
|
| | | $ | 10.26 | | | | | | | | | | | $ | 10.26 | | | | | | | | | | | $ | 10.26 | | | | | | | | |
| | |
No Further
Redemptions(1) |
| |
50% Further
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| |
Shares
|
| |
%(4)
|
| ||||||||||||||||||
JATT Public Shareholders
|
| | | | 1,688,978 | | | | | | 4.2% | | | | | | 844,489 | | | | | | 2.1% | | | | | | — | | | | | | 0 | | |
JATT Initial Shareholders
|
| | | | 3,450,000 | | | | | | 8.6% | | | | | | 3,450,000 | | | | | | 8.6% | | | | | | 3,450,000 | | | | | | 8.6% | | |
PIPE Investor
|
| | | | 2,000,000 | | | | | | 5.0% | | | | | | 2,000,000 | | | | | | 5.0% | | | | | | 2,000,000 | | | | | | 5.0% | | |
FPA Investors
|
| | | | 3,000,000 | | | | | | 7.4% | | | | | | 3,582,077 | | | | | | 9.0% | | | | | | 4,500,000 | | | | | | 11.2% | | |
Eli Lilly
|
| | | | 550,000 | | | | | | 1.4% | | | | | | 550,000 | | | | | | 1.4% | | | | | | 550,000 | | | | | | 1.4% | | |
Zura Holdco Shareholders
|
| | | | 16,053,700 | | | | | | 39.8% | | | | | | 16,053,700 | | | | | | 40.1% | | | | | | 16,053,700 | | | | | | 40.0% | | |
Amit Munshi(5)
|
| | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | |
Exercising Redeemable Public Warrants(6)
|
| | | | 6,900,000 | | | | | | 17.1% | | | | | | 6,900,000 | | | | | | 17.2% | | | | | | 6,900,000 | | | | | | 17.2% | | |
Exercising JATT Private Placement Warrants(7)
|
| | | | 5,910,000 | | | | | | 14.7% | | | | | | 5,910,000 | | | | | | 14.8% | | | | | | 5,910,000 | | | | | | 14.7% | | |
Exercising Lender Warrants(8)
|
| | | | 300,000 | | | | | | 0.7% | | | | | | 300,000 | | | | | | 0.7% | | | | | | 300,000 | | | | | | 0.8% | | |
Exercising Holdco Options(9)
|
| | | | 446,300 | | | | | | 1.1% | | | | | | 446,300 | | | | | | 1.1% | | | | | | 446,300 | | | | | | 1.1% | | |
Total Additional Dilution Sources
|
| | | | 13,556,300 | | | | | | 33.6% | | | | | | 13,556,300 | | | | | | 33.9% | | | | | | 13,556,300 | | | | | | 33.8% | | |
Total Fully-Diluted Shares
|
| | | | 40,298,978 | | | | | | 100% | | | | | | 40,036,566 | | | | | | 100% | | | | | | 40,110,000 | | | | | | 100% | | |
| | |
No Further
Redemptions |
| |
50% Further
Redemptions |
| |
Maximum
Redemptions |
| |||||||||
Public Ordinary Shares plus PIPE Investor and FPA Investors Shares
|
| | | | 6,688,978(1) | | | | | | 6,426,566(2) | | | | | | 6,500,000(3) | | |
Deferred underwriting commission
|
| | | $ | 4,010,000 | | | | | $ | 4,010,000 | | | | | $ | 4,010,000 | | |
Deferred underwriting commission at $10 per share
|
| | | | 401,000 | | | | | | 401,000 | | | | | | 401,000 | | |
Deferred underwriting commissions as a percentage of post-redemption shares
|
| | | | 6.0% | | | | | | 6.2% | | | | | | 6.2% | | |
(i)
|
(a)
|
hold JATT Class A Ordinary Shares, or |
Advisory Governing Documents
Proposal |
| |
JATT’s Existing MAA
|
| |
Proposed MAA
|
|
Advisory Proposal A — Number of Directors
|
| | Pursuant to the Existing MAA, there shall be a board of directors consisting of not less than one person; provided, however, that JATT may, by ordinary resolution, increase or reduce the limits in the number of directors. | | | The Proposed MAA provides that subject to the rights of any holders of preferred share to appoint directors, the number of directors that shall constitute the New JATT board shall be as determined from time to time exclusively by the New JATT board. | |
Advisory Proposal B — Required Vote for the Removal of Directors
|
| | The Existing MAA provides that holders of JATT Class B ordinary shares may, by ordinary resolution, remove any director. A director may be removed if all of the other directors (being not less than two in number) determine that he should be removed as a director, either by a resolution passed by all of the other directors at a meeting of the directors duly convened and held in accordance with the Existing MAA or by a resolution in writing signed by all of the other directors. | | | The Proposed MAA provides that directors may be removed for cause or by the affirmative vote of the holders of at least two-thirds (662∕3%) of the voting power of all then-outstanding shares of New JATT entitled to vote thereon, voting together as a single class. | |
Advisory Proposal C — Required Vote to Amend the Proposed MAA
|
| | The Existing MAA provides that as regards to matters to be dealt with by ordinary resolution, | | | The Proposed MAA provides that the affirmative vote of the holders of a majority of at least | |
Advisory Governing Documents
Proposal |
| |
JATT’s Existing MAA
|
| |
Proposed MAA
|
|
| | | JATT may, by special resolution, alter or add to JATT’s existing amended and restated articles of association. | | | two-thirds (662∕3% ) of the voting power of the outstanding shares entitled to vote thereon, voting together as a single class, shall be required in order for the shareholders of New JATT to alter, amend or repeal, in whole or in part, any provision of the Proposed MAA or to adopt any provision inconsistent therewith. | |
Advisory Proposal D — Shareholder Action by Written Consent; Eliminate Blank Check Status Provisions
|
| | The Existing MAA permits the shareholders to approve resolutions by way of unanimous written resolution. | | | The Proposed MAA provides that any action required or permitted to be taken by the shareholders of New JATT must be effected by a duly called annual or extraordinary general meeting of such shareholders. Further, the specific provisions in the Existing MAA pertaining to blank check status are eliminated. | |
Name and Position
|
| |
Dollar
Value ($)(1) |
| |
Number of
Restricted Stock Units |
| |
Number of
Stock Options |
| |||||||||
Amit Munshi, Non-Employee Executive Chairman
|
| | | $ | 5,810,000 | | | | | | 500,000(2) | | | | | | 270,000(3)(4) | | |
All current executive officers as a group
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
All current directors who are not executive officers as a group
|
| | | $ | 5,810,000 | | | | | | 500,000(2) | | | | | | 270,000(3)(4) | | |
All employees, including current officers who are not executive officers
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
| | |
Pro Forma Combined
(Assuming No Further Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions) |
| ||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||
Selected Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Statement of Operations – Nine Months Ended September 30, 2022
|
| | | | | | | | | | | | |
Total expenses
|
| | | $ | 11,842 | | | | | $ | 11,842 | | |
Operating loss
|
| | | | (11,842) | | | | | | (11,842) | | |
Net loss
|
| | | $ | (9,924) | | | | | $ | (9,924) | | |
Basic and diluted net loss per share
|
| | | $ | (0.37) | | | | | $ | (0.37) | | |
Basic and diluted weighted average shares outstanding
|
| | | | 26,742,678 | | | | | | 26,553,700 | | |
Selected Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Statement of Operations – Period Ended March 31, 2022 | | | | | | | | | | | | | |
Total expenses
|
| | | $ | 29,640 | | | | | $ | 29,640 | | |
Operating loss
|
| | | | (29,640) | | | | | | (29,640) | | |
Net loss attributable to common shareholders
|
| | | $ | (32,830) | | | | | $ | (32,830) | | |
Basic and diluted net loss per share
|
| | | $ | (1.23) | | | | | $ | (1.24) | | |
Basic and diluted weighted average shares outstanding
|
| | | | 26,742,678 | | | | | | 26,553,700 | | |
Selected Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Balance Sheet Data as of September 30, 2022 | | | | | | | | | | | | | |
Total assets
|
| | | $ | 50,727 | | | | | $ | 48,558 | | |
Total liabilities
|
| | | $ | 2,575 | | | | | $ | 2,575 | | |
Temporary equity
|
| | | $ | 22,500 | | | | | $ | 22,500 | | |
Total shareholders’ equity
|
| | | $ | 25,652 | | | | | $ | 23,483 | | |
| | |
Assuming No Further Redemptions
|
| |
Assuming Maximum Redemptions
|
| ||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||
JATT Public shareholders
|
| | | | 1,688,978 | | | | | | 6.3% | | | | | | — | | | | | | 0.0% | | |
JATT shares issued – Lilly license
|
| | | | 550,000 | | | | | | 2.1% | | | | | | 550,000 | | | | | | 2.1% | | |
Redemption Backstop
|
| | | | — | | | | | | 0.0% | | | | | | 1,500,000 | | | | | | 5.6% | | |
JATT Initial Shareholders
|
| | | | 3,450,000 | | | | | | 12.9% | | | | | | 3,450,000 | | | | | | 13.0% | | |
PIPE
|
| | | | 2,000,000 | | | | | | 7.5% | | | | | | 2,000,000 | | | | | | 7.5% | | |
Forward Purchase Agreement
|
| | | | 3,000,000 | | | | | | 11.2% | | | | | | 3,000,000 | | | | | | 11.3% | | |
Zura Equityholders
|
| | | | 16,053,700 | | | | | | 60.0% | | | | | | 16,053,700 | | | | | | 60.5% | | |
Shares outstanding
|
| | | | 26,742,678 | | | | | | 100.0% | | | | | | 26,553,700 | | | | | | 100.0% | | |
| | |
September 30,
2022 |
| |
Transaction
Accounting Adjustments (Note 2) |
| | | | | | | |
September 30,
2022 |
| |
September 30,
2022 |
| |
Transaction
Accounting Adjustments (Note 2) |
| | | | |
September 30,
2022 |
| |
Transaction
Accounting Adjustments (Assuming No Further Redemptions) (Note 2) |
| | | | |
Pro Forma
Combined (Assuming No Further Redemptions) |
| |
Additional
Transaction Accounting Adjustments (Assuming Maximum Redemptions) (Note 2) |
| | | | | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| ||||||||||||||||||||||||||||||
| | |
Zura
(Historical) |
| | | | | | | |
Pro Forma Zura
|
| |
JATT
(Historical) |
| | | | |
Pro Forma JATT
|
| | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 3,049 | | | | | $ | 7,600 | | | | |
|
(a)
|
| | | | $ | 3,649 | | | | | $ | 75 | | | | | $ | — | | | | | | | | $ | 75 | | | | | $ | 140,283 | | | |
(f)
|
| | | $ | 50,394 | | | | | $ | (17,169) | | | | |
|
(p)
|
| | | | $ | 48,225 | | |
| | | | | | | | | | | (7,000) | | | | |
|
(b)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,000 | | | |
(h)
|
| | | | | | | | | | 15,000 | | | | |
|
(q)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,000 | | | |
(i)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (12,500) | | | |
(j)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (8,000) | | | |
(n)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (123,113) | | | |
(p)
|
| | | | | ||||||||||||||||||||
Receivable from Zura’s subsidiary Z33
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | 5,500 | | | |
(b)
|
| | | | 5,500 | | | | | | (5,500) | | | |
(o)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Prepaid expenses and other assets
|
| | | | 211 | | | | | | — | | | | | | | | | | | | 211 | | | | | | 122 | | | | | | | | | | | | | | | 122 | | | | | | — | | | | | | | | | 333 | | | | | | — | | | | | | | | | | | | 333 | | |
Total current assets
|
| | | | 3,260 | | | | | | 600 | | | | | | | | | | | | 3,860 | | | | | | 197 | | | | | | 5,500 | | | | | | | | | 5,697 | | | | | | 41,170 | | | | | | | | | 50,727 | | | | | | (2,169) | | | | | | | | | | | | 48,558 | | |
Marketable securities held in Trust Account
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 140,283 | | | | | | — | | | | | | | | | 140,283 | | | | | | (140,283) | | | |
(f)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Deferred transaction costs
|
| | | | 1,911 | | | | | | — | | | | | | | | | | | | 1,911 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (1,911) | | | |
(j)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total assets
|
| | | $ | 5,171 | | | | | $ | 600 | | | | | | | | | | | $ | 5,771 | | | | | $ | 140,480 | | | | | $ | 5,500 | | | | | | | | $ | 145,980 | | | | | $ | (101,024) | | | | | | | | $ | 50,727 | | | | | $ | (2,169) | | | | | | | | | | | $ | 48,558 | | |
LIABILITIES AND
SHAREHOLDERS’ EQUITY (DEFICIT) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 2,196 | | | | | $ | — | | | | | | | | | | | $ | 2,196 | | | | | $ | 995 | | | | | $ | — | | | | | | | | $ | 995 | | | | | $ | (1,911) | | | |
(j)
|
| | | $ | 1,280 | | | | | $ | — | | | | | | | | | | | $ | 1,280 | | |
Accounts payable — related party
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 49 | | | | | | — | | | | | | | | | 49 | | | | | | — | | | | | | | | | 49 | | | | | | — | | | | | | | | | | | | 49 | | |
Payable to JATT
|
| | | | — | | | | | | 5,500 | | | | |
|
(b)
|
| | | | | 5,500 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (5,500) | | | |
(o)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Note payable, net of original issue discount
|
| | | | — | | | | | | 7,600 | | | | |
|
(a)
|
| | | | | 7,600 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (7,600) | | | |
(n)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Note payable — related party
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 300 | | | | | | — | | | | | | | | | 300 | | | | | | — | | | | | | | | | 300 | | | | | | — | | | | | | | | | | | | 300 | | |
Total current liabilities
|
| | | | 2,196 | | | | | | 13,100 | | | | | | | | | | | | 15,296 | | | | | | 1,344 | | | | | | — | | | | | | | | | 1,344 | | | | | | (15,011) | | | | | | | | | 1,629 | | | | | | — | | | | | | | | | | | | 1,629 | | |
Deferred underwriting commissions
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 4,010 | | | | | | — | | | | | | | | | 4,010 | | | | | | (4,010) | | | |
(j)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Derivative liabilities
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 2,050 | | | | | | — | | | | | | | | | 2,050 | | | | | | (1,104) | | | |
(m)
|
| | | | 946 | | | | | | — | | | | | | | | | | | | 946 | | |
Total liabilities
|
| | | | 2,196 | | | | | | 13,100 | | | | | | | | | | | | 15,296 | | | | | | 7,404 | | | | | | — | | | | | | | | | 7,404 | | | | | | (20,125) | | | | | | | | | 2,575 | | | | | | — | | | | | | | | | | | | 2,575 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares subject
to possible redemption |
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 140,183 | | | | | | — | | | | | | | | | 140,183 | | | | | | (140,183) | | | |
(g)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Series A — Preferred stock
|
| | | | 12,500 | | | | | | — | | | | | | | | | | | | 12,500 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 12,500 | | | | | | — | | | | | | | | | | | | 12,500 | | |
Redeemable non-controlling interest
|
| | | | — | | | | | | 4,943 | | | | |
|
(c)
|
| | | | | 10,000 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 10,000 | | | | | | — | | | | | | | | | | | | 10,000 | | |
| | | | | | | | | | | (5,490) | | | | |
|
(d)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 10,547 | | | | |
|
(e)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity (deficit) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 1 | | | |
(g)
|
| | | | 3 | | | | | | — | | | | |
|
(p)
|
| | | | | 3 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | |
(h)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | |
(i)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | | | |
(l)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | |
(l)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A ordinary shares
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | |
(l)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B ordinary shares
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | |
(l)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Additional paid-in capital
|
| | | | 321 | | | | | | (321) | | | | |
|
(e)
|
| | | | | — | | | | | | — | | | | | | 5,500 | | | |
(b)
|
| | | | 5,500 | | | | | | 140,182 | | | |
(g)
|
| | | | 58,074 | | | | | | (17,169) | | | | |
|
(p)
|
| | | | | 55,905 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,000 | | | |
(h)
|
| | | | | | | | | | 15,000 | | | | |
|
(r)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,000 | | | |
(i)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (5,000) | | | |
(j)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (10,597) | | | |
(k)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2) | | | |
(l)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,104 | | | |
(m)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (123,113) | | | |
(p)
|
| | | | | ||||||||||||||||||||
Accumulated deficit
|
| | | | (9,846) | | | | | | (12,500) | | | | |
|
(b)
|
| | | | | (32,025) | | | | | | (7,107) | | | | | | — | | | | | | | | | (7,107) | | | | | | (3,490) | | | |
(j)
|
| | | | (32,425) | | | | | | — | | | | | | | | | | | | (32,425) | | |
| | | | | | | | | | | (4,943) | | | | |
|
(c)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,597 | | | |
(k)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 1,907 | | | | |
|
(d)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (400) | | | |
(n)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 3,583 | | | | |
|
(d)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | (10,226) | | | | |
|
(e)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity (deficit)
|
| | | | (9,525) | | | | | | (22,500) | | | | | | | | | | | | (32,025) | | | | | | (7,107) | | | | | | 5,500 | | | | | | | | | (1,607) | | | | | | 59,284 | | | | | | | | | 25,652 | | | | | | (2,169) | | | | | | | | | | | | 23,483 | | |
Total liabilities and shareholders’ equity (deficit)
|
| | | $ | 5,171 | | | | | $ | 600 | | | | | | | | | | | $ | 5,771 | | | | | $ | 140,480 | | | | | $ | 5,500 | | | | | | | | $ | 145,980 | | | | | $ | (101,024) | | | | | | | | $ | 50,727 | | | | | $ | (2,169) | | | | | | | | | | | $ | 48,558 | | |
| | |
For the
Period From January 18, 2022 (Inception) Through March 31, 2022 |
| |
Transaction
Accounting Adjustments (Note 2) |
| | | | | | | |
For the
Period From January 18, 2022 (Inception) Through March 31, 2022 |
| |
For the
Period From March 10, 2021 (Inception) Through December 31, 2021 |
| |
Transaction
Accounting Adjustments (Assuming No Further Redemptions) (Note 2) |
| | | | |
For the
Period From January 18, 2022 (Inception) Through March 31, 2022 |
| |
Additional
Transaction Accounting Adjustments (Assuming Maximum Redemptions) (Note 2) |
| |
For the
Period From January 18, 2022 (Inception) Through March 31, 2022 |
| ||||||||||||||||||||||||
| | |
Zura
(Historical) |
| | | | | | | |
Pro Forma
Zura |
| |
JATT
(Historical) |
| | | | |
Pro Forma
Combined (Assuming No Further Redemptions) |
| |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||||||||||||||
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | $ | 319 | | | | | $ | — | | | | | | | | | | | $ | 319 | | | | | $ | 720 | | | | | $ | 3,490 | | | |
(dd)
|
| | | $ | 4,529 | | | | | $ | — | | | | | $ | 4,529 | | |
Research and development — license acquired
|
| | | | 7,500 | | | | | | 17,443 | | | | |
|
(aa)
|
| | | | | 24,943 | | | | | | — | | | | | | — | | | | | | | | | 24,943 | | | | | | — | | | | | | 24,943 | | |
General and administrative — related party
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 168 | | | | | | — | | | | | | | | | 168 | | | | | | — | | | | | | 168 | | |
Total expenses
|
| | | | 7,819 | | | | | | 17,443 | | | | | | | | | | | | 25,262 | | | | | | 888 | | | | | | 3,490 | | | | | | | | | 29,640 | | | | | | — | | | | | | 29,640 | | |
Operating loss
|
| | | | (7,819) | | | | | | (17,443) | | | | | | | | | | | | (25,262) | | | | | | (888) | | | | | | (3,490) | | | | | | | | | (29,640) | | | | | | — | | | | | | (29,640) | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss upon issuance of private placement
warrants |
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (1,773) | | | | | | — | | | | | | | | | (1,773) | | | | | | — | | | | | | (1,773) | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (747) | | | | | | — | | | | | | | | | (747) | | | | | | — | | | | | | (747) | | |
Change in fair value of derivative warrant
liabilities |
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 10,238 | | | | | | (5,451) | | | |
(ee)
|
| | | | 4,787 | | | | | | — | | | | | | 4,787 | | |
Investment income on Trust Account
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 19 | | | | | | (19) | | | |
(ff)
|
| | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | | | | | | | (400) | | | | | | (bb) | | | | | | (400) | | | | | | — | | | | | | — | | | | | | | | | (400) | | | | | | — | | | | | | (400) | | |
Total other income (expense)
|
| | | | — | | | | | | (400) | | | | | | | | | | | | (400) | | | | | | 7,737 | | | | | | (5,470) | | | | | | | | | 1,867 | | | | | | — | | | | | | 1,867 | | |
Net loss before non-controlling interest
|
| | | | (7,819) | | | | | | (17,843) | | | | | | | | | | | | (25,662) | | | | | | 6,849 | | | | | | (8,960) | | | | | | | | | (27,773) | | | | | | — | | | | | | (27,773) | | |
Non-controlling interest
|
| | | | — | | | | | | 1,907 | | | | | | | | | | | | 1,907 | | | | | | — | | | | | | — | | | | | | | | | 1,907 | | | | | | — | | | | | | 1,907 | | |
Net loss
|
| | | $ | (7,819) | | | | | $ | (15,936) | | | | | | | | | | | $ | (23,775) | | | | | $ | 6,849 | | | | | $ | (8,960) | | | | | | | | $ | (25,866) | | | | | $ | — | | | | | $ | (25,886) | | |
Adjustment to Zura subsidiary’s preferred
stock to redemption value |
| | | | — | | | | | | (6,964) | | | | |
|
(cc)
|
| | | | | (6,964) | | | | | | — | | | | | | — | | | | | | | | | (6,964) | | | | | | — | | | | | | (6,964) | | |
Net loss attributable to common
shareholders |
| | | $ | (7,819) | | | | | $ | (22,900) | | | | | | | | | | | $ | (30,719) | | | | | $ | 6,849 | | | | | $ | (8,960) | | | | | | | | $ | (32,830) | | | | | $ | — | | | | | $ | (32,830) | | |
Weighted average Class A ordinary shares
outstanding, basic and diluted |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,834,343 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic net income (loss) per Class A ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.62 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted net income (loss) per Class A ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.61 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Class B ordinary shares
outstanding, basic |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,130,303 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Class B ordinary shares
outstanding, diluted |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,310,606 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic net income per Class B ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.62 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted net income per Class B ordinary
share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.61 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per ordinary share
|
| | | $ | (7,818,712.00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per common share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$
|
(1.23)
|
| | | | | | | | | |
$
|
(1.24)
|
| |
Basic and diluted weighted average common
shares outstanding |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,742,678 | | | | | | | | | | | | 26,553,700 | | |
| | |
Nine Months
Ended September 30, 2022 |
| |
Nine Months
Ended September 30, 2022 |
| |
Transaction
Accounting Adjustments (Assuming No Further Redemptions) (Note 2) |
| | | | |
Nine Months
Ended September 30, 2022 |
| |
Additional
Transaction Accounting Adjustments (Assuming Maximum Redemptions) (Note 2) |
| |
Nine Months
Ended September 30, 2022 |
| ||||||||||||||||||
| | |
Zura
(Historical) |
| |
JATT
(Historical) |
| | | | |
Pro Forma
Combined (Assuming No Further Redemptions) |
| |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| ||||||||||||||||||||||||
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | $ | 1,814 | | | | | $ | 1,688 | | | | | $ | — | | | | | | | | $ | 3,502 | | | | | $ | — | | | | | $ | 3,502 | | |
Research and development — license acquired
|
| | | | 7,500 | | | | | | — | | | | | | — | | | | | | | | | 7,500 | | | | | | — | | | | | | 7,500 | | |
Research and development
|
| | | | 500 | | | | | | — | | | | | | — | | | | | | | | | 500 | | | | | | — | | | | | | 500 | | |
General and administrative — related party
|
| | | | — | | | | | | 340 | | | | | | — | | | | | | | | | 340 | | | | | | — | | | | | | 340 | | |
Total expenses
|
| | | | 9,814 | | | | | | 2,028 | | | | | | — | | | | | | | | | 11,842 | | | | | | — | | | | | | 11,842 | | |
Operating loss
|
| | | | (9,814) | | | | | | (2,028) | | | | | | — | | | | | | | | | (11,842) | | | | | | — | | | | | | (11,842) | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other
|
| | | | (32) | | | | | | — | | | | | | — | | | | | | | | | (32) | | | | | | — | | | | | | (32) | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
Change in fair value of derivative warrant liabilities
|
| | | | — | | | | | | 4,020 | | | | | | (2,070) | | | |
(ee)
|
| | | | 1,950 | | | | | | — | | | | | | 1,950 | | |
Investment income on Trust Account
|
| | | | — | | | | | | 885 | | | | | | (885) | | | |
(ff)
|
| | | | — | | | | | | — | | | | | | — | | |
Total other income (expense)
|
| | | | (32) | | | | | | 4,905 | | | | | | (2,955) | | | | | | | | | 1,918 | | | | | | — | | | | | | 1,918 | | |
Net loss
|
| | | $ | (9,846) | | | | | $ | 2,877 | | | | | $ | (2,955) | | | | | | | | $ | (9,924) | | | | | $ | — | | | | | $ | (9,924) | | |
Weighted average Class A ordinary shares outstanding, basic and diluted
|
| | | | | | | | | | 13,800,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income (loss) per Class A ordinary share
|
| | | | | | | | | $ | 0.17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Class B ordinary shares outstanding, basic and diluted
|
| | | | | | | | | | 3,450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income per Class B ordinary share
|
| | | | | | | | | $ | 0.17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per ordinary share
|
| | | $ | (6,205.28) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary
shares outstanding |
| | | $ | 1,587 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share
|
| | | | | | | | | | | | | | | | | | | | | | | | $ | (0.37) | | | | | | | | | | | $ | (0.37) | | |
Basic and diluted weighted average shares outstanding
|
| | | | | | | | | | | | | | | | | | | | | | | | | 26,742,678 | | | | | | | | | | | | 26,553,700 | | |
| | |
Public
|
| |
Private
|
| |
Total
|
| |||||||||
IPO, fair value
|
| | | $ | 8,625,000 | | | | | $ | 7,683,000 | | | | | $ | 16,308,000 | | |
Change in fair value
|
| | | $ | (5,451,000) | | | | | $ | (4,787,000) | | | | | $ | (10,238,000) | | |
December 31, 2021, fair value
|
| | | $ | 3,174,000 | | | | | $ | 2,896,000 | | | | | $ | 6,070,000 | | |
Change in fair value
|
| | | $ | (2,070,000) | | | | | $ | (1,950,400) | | | | | $ | (4,020,400) | | |
September 30, 2022, fair value
|
| | | $ | 1,104,000 | | | | | $ | 945,600 | | | | | $ | 2,049,600 | | |
| | |
Assuming No
Further Redemptions |
| |
Assuming Maximum
Redemptions |
| ||||||
Nine Months Ended September 30, 2022 | | | | | | | | | | | | | |
Pro forma net loss
|
| | | $ | (9,924,000) | | | | | $ | (9,924,000) | | |
Pro forma weighted average shares outstanding – basic and
diluted |
| | | | 26,742,678 | | | | | | 26,553,700 | | |
Net loss per share – basic and diluted
|
| | | $ | (0.37) | | | | | $ | (0.37) | | |
Period Ended March 31, 2022 | | | | | | | | | | | | | |
Pro forma net loss attributable to common shareholders
|
| | | $ | (32,830,000) | | | | | $ | (32,830,000) | | |
Pro forma weighted average shares outstanding – basic and
diluted |
| | | | 26,742,678 | | | | | | 26,553,700 | | |
Net loss per share – basic and diluted
|
| | | $ | (1.23) | | | | | $ | (1.24) | | |
Pro Forma Weighted Average Shares | | | | | | | | | | | | | |
JATT Public shareholders
|
| | | | 1,688,978 | | | | | | — | | |
JATT shares issued – Lilly license
|
| | | | 550,000 | | | | | | 550,000 | | |
Redemption Backstop
|
| | | | — | | | | | | 1,500,000 | | |
JATT Founders
|
| | | | 3,450,000 | | | | | | 3,450,000 | | |
PIPE
|
| | | | 2,000,000 | | | | | | 2,000,000 | | |
Forward Purchase Agreement
|
| | | | 3,000,000 | | | | | | 3,000,000 | | |
Zura Equityholders
|
| | | | 16,053,700 | | | | | | 16,053,700 | | |
Pro forma weighted average shares outstanding, basic and diluted
|
| | | | 26,742,678 | | | | | | 26,553,000 | | |
AE, MedDRA version 19.1 preferred term
|
| |
ZB-168
1 mg/kg Q2W (n= 8) |
| |
ZB-168
3 mg/kg Q2W (n= 9) |
| |
ZB-168
8 mg/kg Q2W (n= 8) |
| |
ZB-168
6 mg/kg Q1wk (n= 5) |
| |
Placebo
(n= 7) |
|
Headache
|
| |
2 (25.0)
|
| |
2 (22.2)
|
| |
3 (37.5)
|
| |
—
|
| |
—
|
|
Hypoglycemia
|
| |
1 (12.5)
|
| |
1(11.1)
|
| |
—
|
| |
1 (20.0)
|
| |
2 (28 .6)
|
|
Fatigue
|
| |
1 (12.5)
|
| |
—
|
| |
1 (12.5)
|
| |
—
|
| |
2 (28 .6)
|
|
Lymphocytes decreased
|
| |
1 (12.5)
|
| |
—
|
| |
1 (12.5)
|
| |
2 (40.0)
|
| |
—
|
|
Nasopharyngitis
|
| |
—
|
| |
—
|
| |
2 (25 .0)
|
| |
1 (20.0)
|
| |
1 (14.3)
|
|
Nausea
|
| |
1 (12.5)
|
| |
2 (22.2)
|
| |
—
|
| |
1 (20.0)
|
| |
—
|
|
Cough
|
| |
1 (12.5)
|
| |
—
|
| |
1 (12.5)
|
| |
1 (20.0)
|
| |
—
|
|
Diarrhea
|
| |
—
|
| |
—
|
| |
1 (12.5)
|
| |
1 (20.0)
|
| |
1 (14.3)
|
|
Injection site erythema
|
| |
—
|
| |
—
|
| |
1 (12.5)
|
| |
1 (20.0)
|
| |
1 (14.3)
|
|
Injection site pain
|
| |
—
|
| |
—
|
| |
1 (12.5)
|
| |
1 (20.0)
|
| |
1 (14.3)
|
|
Lymphadenopathy
|
| |
1 (12.5)
|
| |
—
|
| |
1 (12 .5)
|
| |
1 (20.0)
|
| |
—
|
|
Oropharyngeal pain
|
| |
1 (12.5)
|
| |
—
|
| |
1 (12.5)
|
| |
1 (20.0)
|
| |
—
|
|
WBC decreased
|
| |
1 (12.5)
|
| |
—
|
| |
—
|
| |
1 (20.0)
|
| |
1 (14.3)
|
|
Abdominal distension
|
| |
—
|
| |
1 (11.1)
|
| |
—
|
| |
—
|
| |
1 (14.3)
|
|
Hyperhidrosis
|
| |
1 (12.5)
|
| |
—
|
| |
—
|
| |
—
|
| |
1 (14.3)
|
|
Injection site bruising
|
| |
—
|
| |
1 (11.1)
|
| |
—
|
| |
1 (20.0)
|
| |
—
|
|
Injection site pruritus
|
| |
—
|
| |
—
|
| |
1 (12.5)
|
| |
—
|
| |
1 (14.3)
|
|
Lethargy
|
| |
—
|
| |
1 (11.1)
|
| |
—
|
| |
1 (20.0)
|
| |
—
|
|
Neutrophils decreased
|
| |
—
|
| |
—
|
| |
—
|
| |
1 (20.0)
|
| |
1 (14.3)
|
|
Rash
|
| |
1 (12.5)
|
| |
—
|
| |
—
|
| |
—
|
| |
1 (14.3)
|
|
Vomiting
|
| |
—
|
| |
1 (11.1)
|
| |
—
|
| |
—
|
| |
1 (14.3)
|
|
Jurisdiction
|
| |
Status
|
| |
Number
|
| |
Expiration Date
|
|
Canada | | |
Granted (active)*
|
| |
3039232
|
| |
24-Oct-37
|
|
Europe: France, Germany, Ireland, Italy, Spain, UK
|
| |
Granted (active)*
|
| |
3532499
|
| |
24-Oct-37
|
|
Japan | | |
Granted (active)*
|
| |
6830533
|
| |
24-Oct-37
|
|
US | | |
Granted (active)*
|
| |
10501536
|
| |
24-Oct-37
|
|
US | | |
Granted (active)*
|
| |
10913793
|
| |
25-Oct-39
|
|
PCT | | | | | |
WO2018/081075
|
| | | |
Jurisdiction
|
| |
Status
|
|
Canada | | |
Granted (active)*
|
|
Europe: France, Germany, Ireland, Italy, Spain, UK
|
| |
Granted (active)*
|
|
Japan | | |
Granted (active)*
|
|
Japan | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
US | | |
Granted (active)*
|
|
PCT | | | Phase Ended | |
Name
|
| |
Age
|
| |
Position
|
|
Someit Sidhu, MD | | |
33
|
| | Chairman and Chief Executive Officer | |
Tauhid Ali, PhD, | | |
54
|
| | Chief Operating Officer and Director | |
Verender S. Badial | | |
49
|
| | Chief Financial Officer | |
Arnout Ploos van Amstel | | |
58
|
| | Director | |
Javier Cote-Sierra, PhD | | |
59
|
| | Director | |
Graeme Sloan | | |
58
|
| | Director | |
Yuan-Hua Ding, PhD | | | | | | Advisor | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Executive Officers | | | | | | | |
Someit Sidhu | | | 33 | | | Chief Executive Officer and Director | |
Preston Klassen | | | 54 | | | President and Chief Operating Officer | |
Chris Cabell | | | 53 | | | Chief Medical Officer and Executive Vice President | |
Kimberly Ann Davis | | | 55 | | | General Counsel | |
Theresa Lowry | | | 49 | | | Chief Human Resources Officer | |
Gary Whale | | | 49 | | | Chief Technology Officer | |
| | | | | | | |
Non-employee Directors | | | | | | | |
Amit Munshi | | | 53 | | | Non-Employee Executive Chairman | |
Sandeep Kulkarni | | | 41 | | | Director | |
Garry Neil | | | 68 | | | Director | |
Steve Schoch | | | 63 | | | Director | |
Jennifer Jarrett | | | 52 | | | Director | |
Neil Graham | | | 64 | | | Director | |
| | |
Pre-Business
Combination(2) |
| |
Post-Business Combination
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number of Shares
|
| |
Assuming
No Further Redemption(3) |
| |
Assuming
50% Further Redemption(4) |
| |
Assuming
Maximum Redemption(5) |
| ||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number
of Shares |
| |
% of
Class |
| |
Number
of Shares |
| |
% of
Class |
| |
Number
of Shares |
| |
% of
Class |
| |
Number
of Shares |
| |
% of
Class |
| ||||||||||||||||||||||||
Directors and executive officers of JATT prior to the Business Combination
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Someit Sidhu(6)
|
| | | | 3,255,000 | | | | | | 63.3% | | | | | | 3,255,000% | | | | | | 12.1% | | | | | | 3,255,000 | | | | | | 12.3% | | | | | | 3,255,000 | | | | | | 12.2% | | |
Verender S. Badial
|
| | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | * | | |
Tauhid Ali, PhD
|
| | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | * | | |
Javier Cote-Sierra, PhD
|
| | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
Arnout Ploos van Amstel
|
| | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
Graeme Sloan
|
| | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
All directors and executive officers of JATT
prior to the Business Combination as a group (6 individuals) |
| | | | 3,375,000(7) | | | | | | 65.7% | | | | | | 3,375,000 | | | | | | 12.6% | | | | | | 3,375,000 | | | | | | 12.7% | | | | | | 3,375,000 | | | | | | 12.7% | | |
| | |
Pre-Business
Combination(2) |
| |
Post-Business Combination
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Number of Shares
|
| |
Assuming
No Further Redemption(3) |
| |
Assuming
50% Further Redemption(4) |
| |
Assuming
Maximum Redemption(5) |
| ||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number
of Shares |
| |
% of
Class |
| |
Number
of Shares |
| |
% of
Class |
| |
Number
of Shares |
| |
% of
Class |
| |
Number
of Shares |
| |
% of
Class |
| ||||||||||||||||||||||||
Directors and executive officers of New JATT
after consummation of the Business Combination |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Someit Sidhu(6)
|
| | | | 3,255,000 | | | | | | 63.3% | | | | | | 3,255,000 | | | | | | 12.1% | | | | | | 3,255,000 | | | | | | 12.2% | | | | | | 3,255,000 | | | | | | 12.2% | | |
Javier Cote-Sierra
|
| | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
Sandeep Kulkarni(8)
|
| | | | — | | | | | | — | | | | | | 81,534 | | | | | | * | | | | | | 81,534 | | | | | | * | | | | | | 81,534 | | | | | | * | | |
Amit Munshi(9)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers following
the Business Combination as a group (7 individuals) |
| | | | 3,275,000 | | | | | | 63.7% | | | | | | 3,356,534 | | | | | | 12.5% | | | | | | 3,356,534 | | | | | | 12.6% | | | | | | 3,356,534 | | | | | | 12.6% | | |
Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
JATT Ventures, L.P.
|
| | | | 3,255,000 | | | | | | 63.3% | | | | | | 3,255,000 | | | | | | 12.1% | | | | | | 3,255,000 | | | | | | 12.3% | | | | | | 3,255,000 | | | | | | 12.2% | | |
Athanor Capital LP(10)
|
| | | | — | | | | | | — | | | | | | 3,000,000 | | | | | | 11.2% | | | | | | 3,582,077 | | | | | | 13.5% | | | | | | 4,500,000 | | | | | | 16.9% | | |
Hana Immunotherapeutics LLC(11)
|
| | | | — | | | | | | — | | | | | | 12,491,135 | | | | | | 46.5% | | | | | | 12,491,135 | | | | | | 47.0% | | | | | | 12,491,135 | | | | | | 46.9% | | |
Pfizer Inc.(12)
|
| | | | — | | | | | | — | | | | | | 3,122,753 | | | | | | 11.6% | | | | | | 3,122,753 | | | | | | 11.8% | | | | | | 3,122,753 | | | | | | 11.7% | | |
Ewon Comfortech Co., Ltd.(13)
|
| | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | 7.5% | | | | | | 2,000,000 | | | | | | 7.5% | | | | | | 2,000,000 | | | | | | 7.5% | | |
|
Current Governance
|
| |
Proposed Governance
|
|
|
Name Change
|
| |||
| JATT’s current name is JATT Acquisition Corp. | | | Upon Closing, JATT’s name will be Zura Bio Limited. | |
|
Authorized Share Capital
|
| |||
| The Existing MAA provides that the authorized share capital of JATT is US$22,100 divided into 200,000,000 Class A Ordinary Shares of a par value of US$0.0001 each, 20,000,000 Class B Ordinary Shares of a par value of US$0.0001 each and 1,000,000 preference shares of a par value of US$0.0001 each. | | | Under the Proposed MAA, the authorized share capital of New JATT is US$30,100 divided into 300,000,000 New JATT Class A Ordinary Shares of a par value of US$0.0001 each, no New JATT Class B Ordinary Shares of a par value of US$0.0001 each and 1,000,000 New JATT preference shares of a par value of US$0.0001 each. | |
|
Structure of the Board
|
| |||
| Pursuant to the Existing MAA, there shall be a board of directors consisting of not less than one person; provided, however, that JATT may, by ordinary resolution of the holders of JATT Class B Ordinary Shares, increase or reduce the limits in the number of directors. | | | Under the Proposed MAA, there shall be a board of directors and, subject to the rights of any holders of preference shares to appoint directors, the number of directors that shall constitute the board of directors shall be as determined from time to time exclusively by the then-existing board of directors by the vote of a majority of the remaining directors then in office, although less than a quorum (as defined in the Proposed MAA), or by the sole remaining director. | |
|
Appointment and removal of Directors
|
| |||
| Pursuant to the Existing MAA, prior to the consummation of a business combination, the holders of the Class B Ordinary Shares may by ordinary resolution appoint any person to be a director or remove any director. Prior to the consummation of a business combination, holders of Class A Ordinary Shares have no right to vote on the appointment or removal of any director. | | | Under the Proposed MAA, the shareholders may by ordinary resolution appoint any person to be a director. However, a director may only be removed for cause or by the affirmative vote of a majority of at least two-thirds (662∕3%) of the voting power of all then-outstanding shares of New JATT entitled to vote thereon, voting together as a single class. | |
|
Current Governance
|
| |
Proposed Governance
|
|
| After the consummation of a business combination, the shareholders may by ordinary resolution appoint any person to be a director or remove any director. | | | | |
|
Amendments to memorandum and articles of association
|
| |||
|
Subject to the provisions of the Cayman Islands Companies Act, the provisions of the Existing MAA as regards the matters to be dealt with by ordinary resolution, and to certain restrictions specified in the Existing MAA, the shareholders may by special resolution:
(a) alter or add to JATT’s amended and restated articles of association; or
(b) alter or add to JATT’s amended and restated memorandum of association with respect to any objects, powers or other matters specified therein.
|
| |
Notwithstanding any other provision of the Proposed MAA but subject to the provisions of the Cayman Islands Companies Act, New JATT may only:
(a) alter, amend or repeal, in whole or in part, any provision of the Proposed MAA; or
(b) adopt any provision inconsistent therewith,
by special resolution passed by the affirmative vote of at least two-thirds (662∕3%) of all the votes entitled to be cast thereon (voting together as a single class) by shareholders that, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been given.
|
|
|
Removal of blank check provisions
|
| |||
|
The Existing MAA contain a number of provisions specific to JATT’s status as a blank check company, including those outlined above relating to the appointment and removal of directors.
For example, these provisions include an requirement to dissolve JATT if a business combination is not consummated within 18 months of the IPO (or any later period approved by the shareholders), provisions regulating the rights of public shareholders to have their Class A Ordinary Shares redeemed in certain circumstances, and provisions specifying the manner and circumstances in which the founder shares will automatically convert into Class A Ordinary Shares.
|
| | The Proposed MAA remove such provisions, and allow New JATT to continue as a corporate entity with perpetual existence following consummation of the Business Combination. | |
|
Removal of ability to pass resolutions in writing
|
| |||
| The Existing MAA provides that a resolution (including a special resolution) in writing (in one or more counterparts) signed by or on behalf of all of the shareholders for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective as if the resolution had been passed at a general meeting of JATT duly convened and held. | | | The Proposed MAA provide that a resolution (including a special resolution) may only be passed at, and any other action required or permitted to be taken by the shareholders may only be effected by, a general meeting of New JATT duly convened and held. | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Financial Statements | | | | | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | |
| | | | | F-47 | | | |
| | | | | F-48 | | | |
| | | | | F-49 | | | |
| | | | | F-50 | | | |
| | | | | F-51 | | | |
| | | | | F-52 | | |
| | | | | F-59 | | | |
| | | | | F-60 | | | |
| | | | | F-61 | | | |
| | | | | F-62 | | | |
| | | | | F-63 | | |
| Assets | | | | | | | |
| Current assets: | | | | | | | |
|
Cash
|
| | | $ | 729,223 | | |
|
Prepaid expenses
|
| | | | 422,894 | | |
|
Total current assets
|
| | | | 1,152,117 | | |
|
Investments held in Trust Account
|
| | | | 139,399,054 | | |
|
Total Assets
|
| | | $ | 140,551,171 | | |
|
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | | | | |
| Current liabilities: | | | | | | | |
|
Accounts payable
|
| | | $ | 69,855 | | |
|
Accrued expenses
|
| | | | 199,565 | | |
|
Due to related party
|
| | | | 2,872 | | |
|
Total current liabilities
|
| | | | 272,292 | | |
|
Deferred underwriting commissions
|
| | | | 4,010,000 | | |
|
Derivative warrant liabilities
|
| | | | 6,069,900 | | |
|
Total Liabilities
|
| | | | 10,352,192 | | |
| Commitments and Contingencies (Note 5) | | | | | | | |
|
Class A ordinary shares subject to possible redemption; 13,800,000 shares subject to possible redemption at $10.10 per share
|
| | | | 139,380,000 | | |
| Shareholders’ Deficit: | | | | | | | |
|
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
|
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; no non-redeemable shares issued or outstanding
|
| | | | — | | |
|
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,450,000 shares issued and outstanding
|
| | | | 345 | | |
|
Accumulated deficit
|
| | | | (9,181,366) | | |
|
Total shareholders’ deficit
|
| | | | (9,181,021) | | |
|
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’
Deficit |
| | | $ | 140,551,171 | | |
|
General and administrative expenses
|
| | | $ | 720,696 | | |
|
General and administrative expenses – related party
|
| | | | 167,849 | | |
|
Loss from operations
|
| | | | (888,545) | | |
| Other income (expenses): | | | | | | | |
|
Loss upon issuance of private placement warrants
|
| | | | (1,773,000) | | |
|
Income from investments held in Trust Account
|
| | | | 19,054 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 10,238,100 | | |
|
Interest earned
|
| | | | 51 | | |
|
Offering costs associated with derivative warrant liabilities
|
| | | | (747,015) | | |
|
Total other income (expenses)
|
| | | | 7,737,190 | | |
|
Net Income
|
| | | $ | 6,848,645 | | |
|
Weighted average number of shares of Class A ordinary shares – basic and diluted
|
| | |
|
7,834,343
|
| |
|
Basic net income per share, Class A ordinary shares
|
| | | $ | 0.62 | | |
|
Diluted net income per share, Class A ordinary shares
|
| | | $ | 0.61 | | |
|
Weighted average number of shares of Class B ordinary shares – basic
|
| | |
|
3,130,303
|
| |
|
Weighted average number of shares of Class B ordinary shares – diluted
|
| | |
|
3,310,606
|
| |
|
Basic net income per share, Class B ordinary shares
|
| | | $ | 0.62 | | |
|
Diluted net income per share, Class B ordinary shares
|
| | | $ | 0.61 | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – March 10, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 3,450,000 | | | | | | 345 | | | | | | 24,655 | | | | | | — | | | | | | 25,000 | | |
Deemed capital contribution by from Sponsor
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,738,051 | | | | | | — | | | | | | 4,738,051 | | |
Fair value adjustment to Class A ordinary shares subject to redemption
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,762,706) | | | | | | (16,030,011) | | | | | | (20,792,717) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,848,645 | | | | | | 6,848,645 | | |
Balance – December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 3,450,000 | | | | | $ | 345 | | | | | $ | — | | | | | $ | (9,181,366) | | | | | $ | (9,181,021) | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net income
|
| | | | 6,848,645 | | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (10,238,100) | | |
|
Income on investments held in the Trust Account
|
| | | | (19,054) | | |
|
Offering costs associated with warrants
|
| | | | 747,015 | | |
|
Loss upon issuance of private placement warrants
|
| | | | 1,773,000 | | |
|
General and administrative expenses paid by related parties
|
| | | | 25,950 | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | (422,894) | | |
|
Due to related party
|
| | | | 2,872 | | |
|
Accounts payable
|
| | | | 69,855 | | |
|
Accrued expenses
|
| | | | 114,565 | | |
|
Net cash used in operating activities
|
| | | | (1,098,146) | | |
| Cash Flows from Investing Activities | | | | | | | |
|
Cash deposited in Trust Account
|
| | | | (139,380,000) | | |
|
Net cash used in investing activities
|
| | | | (139,380,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B ordinary shares to Sponsor
|
| | | | 25,000 | | |
|
Repayment of loan to related party
|
| | | | (117,381) | | |
|
Proceeds received from initial public offering, gross
|
| | | | 138,000,000 | | |
|
Proceeds received from private placement
|
| | | | 5,910,000 | | |
|
Reimbursement from underwriter
|
| | | | 480,000 | | |
|
Offering costs paid
|
| | | | (3,090,250) | | |
|
Net cash provided by financing activities
|
| | | | 141,207,369 | | |
|
Net change in cash
|
| | | | 729,223 | | |
|
Cash – beginning of the period
|
| | |
|
—
|
| |
|
Cash – end of the period
|
| | | | 729,223 | | |
| Supplemental disclosure of non-cash investing and financing activities: | | | | | | | |
|
Offering costs included in accrued expenses
|
| | | | 85,000 | | |
|
Offering costs paid by related party under promissory note
|
| | | | 91,431 | | |
|
Deferred underwriting commissions
|
| | | | 4,010,000 | | |
|
Fair value adjustment to Class A ordinary shares subject to redemption
|
| | | | 20,792,717 | | |
| | |
For The Period From March 10, 2021
(Inception) through December 31, 2021 |
| |||||||||
| | |
Class A
|
| |
Class B
|
| ||||||
Basic and diluted net income per ordinary share: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Allocation of net income (loss) – basic
|
| | | $ | 4,893,422 | | | | | $ | 1,955,233 | | |
Allocation of net income (loss) – diluted
|
| | | | 4,814,256 | | | | | | 2,034,389 | | |
Denominator: | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 7,834,343 | | | | | | 3,130,303 | | |
Diluted weighted average ordinary shares outstanding
|
| | | | 7,834,343 | | | | | | 3,310,606 | | |
Basic net income per ordinary share
|
| | | $ | 0.62 | | | | | $ | 0.62 | | |
Diluted net income per ordinary share
|
| | | $ | 0.61 | | | | | $ | 0.61 | | |
|
Gross proceeds
|
| | | $ | 138,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (8,625,000) | | |
|
Class A ordinary share issuance costs, net of reimbursement from underwriter
|
| | | | (10,787,717) | | |
| Plus: | | | | | | | |
|
Fair value adjustment of carrying value of Class A ordinary shares to redemption
value |
| | | | 20,792,717 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 139,380,000 | | |
Description
|
| |
Quoted Prices in Active
Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – U.S. Treasury Securities
|
| | | $ | 139,399,054 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Public Warrants
|
| | | $ | 3,174,000 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Private Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,895,900 | | |
| | | |
At initial issuance
|
| |
As of December 31, 2021
|
|
|
Exercise price
|
| |
$ 11.50
|
| |
$11.50
|
|
|
Stock price
|
| |
$9.34
|
| |
$9.87
|
|
|
Volatility
|
| |
23.0%
|
| |
9.5%
|
|
|
Term (years)
|
| |
5
|
| |
0.54
|
|
|
Risk-free rate
|
| |
0.07% – 1.10%
|
| |
1.43%
|
|
|
Probability of completing business combination
|
| |
95.0%
|
| |
95.0%
|
|
|
Dividend yield
|
| |
0.0%
|
| |
0.0%
|
|
|
Derivative warrant liabilities at March 10, 2021
|
| | | $ | — | | |
|
Issuance of Public and Private Warrants – Level 3 – July 2021
|
| | | | 16,308,000 | | |
|
Transfer of Public Warrants to Level 1 measurement
|
| | | | (8,625,000) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (4,787,100) | | |
|
Derivative warrant liabilities at December 31, 2021 – Level 3
|
| | | $ | 2,895,900 | | |
| | |
September 30, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Assets | | | | ||||||||||
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 74,453 | | | | | $ | 729,223 | | |
Prepaid expenses
|
| | | | 122,202 | | | | | | 422,894 | | |
Total current assets
|
| | | | 196,655 | | | | | | 1,152,117 | | |
Investments held in Trust Account
|
| | | | 140,283,110 | | | | | | 139,399,054 | | |
Total Assets
|
| | | $ | 140,479,765 | | | | | $ | 140,551,171 | | |
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and
Shareholders’ Deficit |
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 159,240 | | | | | $ | 69,855 | | |
Accounts payable – related party
|
| | | | 48,893 | | | | | | 2,872 | | |
Accrued expenses
|
| | | | 836,165 | | | | | | 199,565 | | |
Note Payable – related party
|
| | | | 299,981 | | | | | | — | | |
Total current liabilities
|
| | | | 1,344,279 | | | | | | 272,292 | | |
Deferred underwriting commissions
|
| | | | 4,010,000 | | | | | | 4,010,000 | | |
Derivative warrant liabilities
|
| | | | 2,049,600 | | | | | | 6,069,900 | | |
Total Liabilities
|
| | | | 7,403,879 | | | | | | 10,352,192 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 13,800,000
shares subject to possible redemption at $10.16 and $10.10 per share as of September 30, 2022 and December 31, 2021, respectively |
| | | | 140,183,110 | | | | | | 139,380,000 | | |
Shareholders’ Deficit: | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized;
none issued or outstanding at September 30, 2022 and December 31, 2021 |
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; no non-redeemable shares issued or outstanding at September 30, 2022 and December 31, 2021
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,450,000 shares issued and outstanding at September 30, 2022 and December 31, 2022
|
| | | | 345 | | | | | | 345 | | |
Accumulated deficit
|
| | | | (7,107,569) | | | | | | (9,181,366) | | |
Total shareholders’ deficit
|
| | | | (7,107,224) | | | | | | (9,181,021) | | |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | $ | 140,479,765 | | | | | $ | 140,551,171 | | |
| | |
Three Months
Ended September 30, 2022 |
| |
Three Months
Ended September 30, 2021 |
| |
For the Nine Months
Ended September 30, 2022 |
| |
For the Period from
March 10, 2021 (inception) through September 30, 2021 |
| ||||||||||||
General and administrative expenses
|
| | | $ | 491,890 | | | | | $ | 242,013 | | | | | $ | 1,688,021 | | | | | $ | 294,193 | | |
General and administrative expenses –
related party |
| | | | 51,708 | | | | | | 79,850 | | | | | | 339,708 | | | | | | 79,850 | | |
Loss from operations
|
| | | | (543,598) | | | | | | (321,863) | | | | | | (2,027,729) | | | | | | (374,043) | | |
Other income (expenses): | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss upon issuance of private placements warrants
|
| | | | — | | | | | | (1,773,000) | | | | | | — | | | | | | (1,773,000) | | |
Income from investments held in Trust Account
|
| | | | 686,544 | | | | | | 6,919 | | | | | | 884,056 | | | | | | 6,919 | | |
Change in fair value of derivative warrant liabilities
|
| | | | 315,300 | | | | | | 8,622,000 | | | | | | 4,020,300 | | | | | | 8,622,000 | | |
Interest income on operating account
|
| | | | 224 | | | | | | 29 | | | | | | 280 | | | | | | 29 | | |
Offering costs associated with derivative
warrant liabilities |
| | | | — | | | | | | (747,015) | | | | | | — | | | | | | (747,015) | | |
Total other income
|
| | | | 1,002,068 | | | | | | 6,108,933 | | | | | | 4,904,636 | | | | | | 6,108,933 | | |
Net Income
|
| | | $ | 458,470 | | | | | $ | 5,787,070 | | | | | $ | 2,876,907 | | | | | $ | 5,734,890 | | |
Weighted average number of shares of Class A ordinary shares – basic and diluted
|
| | |
|
13,800,000
|
| | | |
|
11,491,304
|
| | | |
|
13,800,000
|
| | | |
|
5,157,073
|
| |
Basic net income per share, Class A ordinary shares
|
| | | $ | 0.03 | | | | | $ | 0.39 | | | | | $ | 0.17 | | | | | $ | 0.70 | | |
Diluted net income per share, Class A ordinary shares
|
| | | $ | 0.03 | | | | | $ | 0.39 | | | | | $ | 0.17 | | | | | $ | 0.68 | | |
Weighted average number of shares of Class B ordinary shares – basic and diluted(1)
|
| | |
|
3,450,000
|
| | | |
|
3,361,957
|
| | | |
|
3,450,000
|
| | | |
|
2,986,829
|
| |
Weighted average number of shares of Class B ordinary shares – basic and diluted
|
| | |
|
3,450,000
|
| | | |
|
3,450,000
|
| | | |
|
3,450,000
|
| | | |
|
3,248,049
|
| |
Basic net income per share, Class B ordinary shares
|
| | | $ | 0.03 | | | | | $ | 0.39 | | | | | $ | 0.17 | | | | | $ | 0.70 | | |
Diluted net income per share, Class B ordinary shares
|
| | | $ | 0.03 | | | | | $ | 0.39 | | | | | $ | 0.17 | | | | | $ | 0.68 | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 3,450,000 | | | | | $ | 345 | | | | | $ | — | | | | | $ | (9,181,366) | | | | | $ | (9,181,021) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 147,856 | | | | | | 147,856 | | |
Balance – March 31, 2022
(unaudited) |
| | | | — | | | | | | — | | | | | | 3,450,000 | | | | | | 345 | | | | | | — | | | | | | (9,033,510) | | | | | | (9,033,165) | | |
Increase in redemption value of Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (116,566) | | | | | | (116,566) | | |
Net income
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 2,270,581 | | | | | | 2,270,581 | | |
Balance – June 30, 2022
(unaudited) |
| | | | — | | | | | | — | | | | | | 3,450,000 | | | | | | 345 | | | | | | — | | | | | | (6,879,495) | | | | | | (6,879,150) | | |
Net income
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 458,470 | | | | | | 458,470 | | |
Increase in redemption value of Class A ordinary shares subject to possible redemption
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (686,544) | | | | | | (686,544) | | |
Balance – September 30, 2022 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 3,450,000 | | | | | $ | 345 | | | | | $ | — | | | | | $ | (7,107,569) | | | | | $ | (7,107,224) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – March 10, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares
to Sponsor(1) |
| | | | — | | | | | | — | | | | | | 3,450,000 | | | | | | 345 | | | | | | 24,655 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (33,039) | | | | | | (33,039) | | |
Balance – March 31, 2021 (unaudited)
|
| | | | — | | | | | | — | | | | | | 3,450,000 | | | | | | 345 | | | | | | 24,655 | | | | | | (33,039) | | | | | | (8,039) | | |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (19,141) | | | | | | (19,141) | | |
Balance – June 30, 2021
(unaudited) |
| | | | — | | | | | | — | | | | | | 3,450,000 | | | | | | 345 | | | | | | 24,655 | | | | | | (52,180) | | | | | | (27,180) | | |
Deemed capital contribution by Sponsor (restated)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,738,051 | | | | | | — | | | | | | 4,738,051 | | |
Fair value adjustment to Class A ordinary share redemption amount (restated)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,762,706) | | | | | | (16,030,011) | | | | | | (20,792,717) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,787,070 | | | | | | 5,787,070 | | |
Balance – September 30, 2021 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 3,450,000 | | | | | $ | 345 | | | | | $ | — | | | | | $ | (10,295,121) | | | | | $ | (10,294,776) | | |
| | |
For the Nine Months
Ended September 30, 2022 |
| |
For The Period From
March 10, 2021 (Inception) through September 30, 2021 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 2,876,907 | | | | | $ | 5,734,890 | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | (4,020,300) | | | | | | (8,622,000) | | |
Income from investments held in the Trust Account
|
| | | | (884,056) | | | | | | (6,919) | | |
Offering costs associated with warrants
|
| | | | — | | | | | | 747,015 | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | 1,773,000 | | |
General and administrative expenses paid by related parties
|
| | | | — | | | | | | 25,950 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 300,692 | | | | | | (531,248) | | |
Due form related party
|
| | | | — | | | | | | (9,573) | | |
Accounts payable
|
| | | | 89,385 | | | | | | 29,885 | | |
Accounts payable – related party
|
| | | | 46,021 | | | | | | — | | |
Accrued expenses
|
| | | | 636,600 | | | | | | 18,278 | | |
Net cash used in operating activities
|
| | | | (954,751) | | | | | | (840,722) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Cash deposited in Trust Account
|
| | | | — | | | | | | (139,380,000) | | |
Net cash used in investing activities
|
| | |
|
—
|
| | | | | (139,380,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Cash deposited in Trust Account
|
| | | | — | | | | | | 25,000 | | |
Proceeds received from note payable
|
| | | | 299,981 | | | | | | (117,381) | | |
Proceeds from issuance of Clas B ordinary share to Sponsor
|
| | | | — | | | | | | 138,000,000 | | |
Proceeds received from private placement
|
| | | | — | | | | | | 5,910,000 | | |
Reimbursement from underwriter
|
| | | | — | | | | | | 480,000 | | |
Offering costs paid
|
| | | | — | | | | | | (3,090,250) | | |
Net cash provided by financing activities
|
| | | | 299,981 | | | | | | 141,207,369 | | |
Net change in cash
|
| | | | (654,770) | | | | | | 986,647 | | |
Cash – beginning of the period
|
| | |
|
729,223
|
| | | |
|
—
|
| |
Cash – end of the period
|
| | | $ | 74,453 | | | | | $ | 986,647 | | |
Supplemental disclosure of non-cash investing and financing activities:
|
| | | | | | | | | | | | |
Offering costs included in accounts payable
|
| | |
|
—
|
| | | | | | | |
Offering costs included in accrued expenses
|
| | | | — | | | | | | 85,000 | | |
Offering costs paid by related party under promissory note
|
| | | | — | | | | | | 91,431 | | |
Deferred underwriting commissions
|
| | | | — | | | | | | 4,010,000 | | |
Increase in redemption value of Class A common stock subject to
possible redemption |
| | | | 803,110 | | | | | | — | | |
Fair value adjustment to Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | | 20,792,717 | | |
| | |
For the Three Months Ended
September 30, 2022 |
| |
For the Nine Months Ended
September 30, 2022 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income per ordinary share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income – basic and diluted
|
| | | $ | 366,776 | | | | | $ | 91,694 | | | | | $ | 2,301,526 | | | | | $ | 575,381 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 13,800,000 | | | | | | 3,450,000 | | | | | | 13,800,000 | | | | | | 3,450,000 | | |
Basic and diluted net income per ordinary share
|
| | | $ | 0.03 | | | | | $ | 0.03 | | | | | $ | 0.17 | | | | | $ | 0.17 | | |
| | |
For the Three Months Ended
September 30, 2021 |
| |
For the Period from March 10, 2021
(inception) through September 30, 2021 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income per ordinary share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income – basic
|
| | | $ | 4,477,198 | | | | | $ | 1,309,873 | | | | | $ | 3,631,582 | | | | | $ | 2,103,308 | | |
Allocation of net income – diluted
|
| | | $ | 4,450,815 | | | | | $ | 1,336,255 | | | | | $ | 3,518,717 | | | | | $ | 2,216,173 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic weighted average ordinary shares outstanding
|
| | | | 11,491,304 | | | | | | 3,361,957 | | | | | | 5,157,073 | | | | | | 2,986,829 | | |
Diluted weighted average ordinary shares outstanding
|
| | | | 11,491,304 | | | | | | 3,450,000 | | | | | | 5,157,073 | | | | | | 3,248,049 | | |
Basic net income per ordinary share
|
| | | $ | 0.39 | | | | | $ | 0.39 | | | | | $ | 0.70 | | | | | $ | 0.70 | | |
Diluted net income per ordinary share
|
| | | $ | 0.39 | | | | | $ | 0.39 | | | | | $ | 0.68 | | | | | $ | 0.68 | | |
|
Gross proceeds
|
| | | $ | 138,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (8,625,000) | | |
|
Class A ordinary share issuance costs, net of reimbursement from underwriter
|
| | | | (9,150,115) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 19,155,115 | | |
|
Class A common stock subject to possible redemption – December 31, 2021
|
| | | | 139,380,000 | | |
|
Increase in redemption value of Class A common stock subject to possible redemption
|
| | | | 803,110 | | |
|
Class A common stock subject to possible redemption – September 30, 2022
|
| | | $ | 140,183,110 | | |
Description
|
| |
Quoted Prices in Active
Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – U.S. Treasury
Securities |
| | | $ | 140,283,110 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Public Warrants
|
| | | $ | 1,104,000 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Private Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 945,600 | | |
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – U.S. Treasury Securities
|
| | | $ | 139,399,054 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Public Warrants
|
| | | $ | 3,174,000 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Private Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,895,900 | | |
| | |
As of September 30,
2022 |
| |
As of December 31,
2021 |
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock price
|
| | | $ | 10.05 | | | | | $ | 9.87 | | |
Volatility
|
| | | | 1.0% | | | | | | 9.5% | | |
Term (years)
|
| | | | 4.71 | | | | | | 0.54 | | |
Risk-free rate
|
| | | | 4.09% | | | | | | 1.43% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
|
Derivative warrant liabilities at December 31, 2021 – Level 3
|
| | | $ | 2,895,900 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (336,870) | | |
|
Derivative warrant liabilities at March 31, 2022 – Level 3
|
| | | | 2,559,030 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (1,436,130) | | |
|
Derivative warrant liabilities at June 30, 2022 – Level 3
|
| | | | 1,122,900 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (177,300) | | |
|
Derivative warrant liabilities at September 30, 2022 – Level 3
|
| | | $ | 945,600 | | |
| | |
March 31,
2022 |
| |||
ASSETS | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents
|
| | | $ | 4,720 | | |
Total current assets
|
| | | | 4,720 | | |
Total assets
|
| | | $ | 4,720 | | |
LIABILITIES, PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT | | | | | | | |
Current liabilities | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 39 | | |
Total current liabilities
|
| | | | 39 | | |
Total liabilities
|
| | | | 39 | | |
Commitments and contingencies – Note 6 | | | | | | | |
Convertible preferred shares | | | | | | | |
Series A-1 convertible preferred shares, $0.001 par value per share; 125,000 shares authorized as
of March 31, 2022, 125,000 shares issued and outstanding as of March 31, 2022 |
| | | | 12,500 | | |
Shareholders’ deficit | | | | | | | |
Ordinary Shares, $0.001 par value per share; 1 share authorized as of March 31, 2022; 1 share issued and outstanding as of March 31, 2022
|
| | | | — | | |
Accumulated deficit
|
| | | | (7,819) | | |
Total shareholders’ deficit
|
| | | | (7,819) | | |
Total liabilities, convertible preferred shares and shareholders’ deficit
|
| | | $ | 4,720 | | |
| | |
For the Period from
January 18, 2022 (date of inception) to March 31, 2022 |
| |||
Operating expenses: | | | | | | | |
General and administrative
|
| | | $ | 319 | | |
Research and development – license acquired
|
| | | | 7,500 | | |
Total operating expenses
|
| | | | 7,819 | | |
Loss from operations
|
| | |
|
(7,819)
|
| |
Net loss
|
| | | $ | (7,819) | | |
Net loss per Ordinary Share, basic and diluted
|
| | | $ | (7,818,712) | | |
Weighted average Ordinary Shares outstanding, basic and diluted
|
| | | | 1 | | |
| | |
Convertible
Preferred Shares |
| | |
Ordinary Shares
|
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of January 18, 2022 (date of inception)
|
| | | | — | | | | | $ | — | | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Ordinary Share at inception
|
| | | | — | | | | | | — | | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series A-1 convertible preferred shares for cash
|
| | | | 100,000 | | | | | | 10,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series A-1 convertible preferred shares for license
|
| | | | 25,000 | | | | | | 2,500 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (7,819) | | | | | | (7,819) | | |
Balance as of March 31, 2022
|
| | | | 125,000 | | | | | $ | 12,500 | | | | | | | 1 | | | | | $ | — | | | | | $ | (7,819) | | | | | $ | (7,819) | | |
| | |
For the Period from
January 18, 2022 (date of inception) to March 31, 2022 |
| |||
Cash flows from operating activities | | | | | | | |
Net loss
|
| | | $ | (7,819) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
Research and development-acquired license, expensed
|
| | | | 7,500 | | |
Changes in operating assets and liabilities:
|
| | | | | | |
Accounts payable
|
| | | | 39 | | |
Net cash used in operating activities
|
| | | | (280) | | |
Cash flows from investing activities
|
| | | | | | |
Purchase of research and development license
|
| | | | (5,000) | | |
Net cash used in investing activities
|
| | | | (5,000) | | |
Cash flows from financing activities
|
| | | | | | |
Proceeds from issuance of Series A-1 convertible preferred shares
|
| | | | 10,000 | | |
Net cash provided by financing activities
|
| | | | 10,000 | | |
Net increase in cash and cash equivalents
|
| | |
|
4,720
|
| |
Cash and cash equivalents at the beginning of the period
|
| | |
|
—
|
| |
Cash and cash equivalents at the end of the period
|
| | | $ | 4,720 | | |
Supplemental disclosure of cash flow information: | | | | | | | |
Cash paid for income taxes
|
| | | $ | — | | |
Cash paid for interest
|
| | | $ | — | | |
Supplemental disclosure of noncash investing and financing activities: | | | | | | | |
Issuance of Series A-1 convertible preferred shares for license
|
| | | $ | 2,500 | | |
| | |
For the Period from
January 18, 2022 (date of inception) to March 31, 2022 |
| |||
Shares issuable upon conversion of Series A-1 convertible preferred shares
|
| | | | 125,000 | | |
Total
|
| | | | 125,000 | | |
| | |
For the Period from
January 18, 2022 (date of inception) to March 31, 2022 |
| |||
Statutory income tax rate
|
| | | | 19.0% | | |
Change in valuation allowance
|
| | | | (19.0)% | | |
Income tax provision (benefit)
|
| | | | 0.0% | | |
| | |
March 31,
2022 |
| |||
Deferred tax assets: | | | | | | | |
Net operating loss carryforward
|
| | | $ | 522 | | |
License
|
| | | | 964 | | |
Total deferred income tax assets
|
| | | | 1,486 | | |
Valuation allowance
|
| | | | (1,486) | | |
Deferred tax assets, net of valuation allowance
|
| | | $ | — | | |
| | |
September 30,
2022 |
| |
March 31,
2022 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,049 | | | | | $ | 4,720 | | |
Prepaid expenses and other current assets
|
| | | | 211 | | | | | | — | | |
Total current assets
|
| | | | 3,260 | | | | | | 4,720 | | |
Deferred offering costs
|
| | | | 1,911 | | | | | | — | | |
Total assets
|
| | | $ | 5,171 | | | | | $ | 4,720 | | |
LIABILITIES, PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 2,196 | | | | | $ | 39 | | |
Total current liabilities
|
| | | | 2,196 | | | | | | 39 | | |
Total liabilities
|
| | | | 2,196 | | | | | | 39 | | |
Commitments and contingencies – Note 7 | | | | | | | | | | | | | |
Convertible preferred shares | | | | | | | | | | | | | |
Series A-1 convertible preferred shares, $0.001 par value per share; 125,000 shares
authorized as of September 30, 2022 and March 31, 2022, 125,000 shares issued and outstanding as of September 30, 2022 and March 31, 2022 |
| | | | 12,500 | | | | | | 12,500 | | |
Shareholders’ deficit | | | | | | | | | | | | | |
Ordinary Shares, $0.001 par value per share; 17,437 shares and 1 share authorized
as of September 30, 2022 and March 31, 2022, respectively; 3,548 shares and 1 share issued and outstanding as of September 30, 2022 and March 31, 2022, respectively |
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 321 | | | | | | — | | |
Accumulated deficit
|
| | | | (9,846) | | | | | | (7,819) | | |
Total shareholders’ deficit
|
| | | | (9,525) | | | | | | (7,819) | | |
Total liabilities, convertible preferred shares and shareholders’ deficit
|
| | | $ | 5,171 | | | | | $ | 4,720 | | |
| | |
Three Months
Ended September 30, 2022 |
| |
Six Months
Ended September 30, 2022 |
| ||||||
Operating expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | $ | 653 | | | | | $ | 1,495 | | |
Research and development
|
| | | | 415 | | | | | | 500 | | |
Total operating expenses
|
| | | | 1,068 | | | | | | 1,995 | | |
Loss from operations
|
| | | | (1,068) | | | | | | (1,995) | | |
Other expense
|
| | | | (34) | | | | | | (32) | | |
Net loss
|
| | | $ | (1,102) | | | | | $ | (2,027) | | |
Net loss per Ordinary Share, basic and diluted
|
| | | $ | (310.26) | | | | | $ | (908.48) | | |
Weighted average Ordinary Shares outstanding, basic and diluted
|
| | | | 3,548 | | | | | | 2,230 | | |
| | |
Convertible
Preferred Shares |
| | |
Ordinary
Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance as of June 30, 2022
|
| | | | 125,000 | | | | |
$
|
12,500
|
| | | | | | 3,548 | | | | |
$
|
—
|
| | | |
$
|
309
|
| | | |
$
|
(8,744)
|
| | | |
$
|
(8,435)
|
| |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 12 | | | | | | — | | | | | | 12 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,102) | | | | | | (1,102) | | |
Balance as of September 30, 2022
|
| | | | 125,000 | | | | | $ | 12,500 | | | | | | | 3,548 | | | | | $ | — | | | | | $ | 321 | | | | | $ | (9,846) | | | | | $ | (9,525) | | |
| | |
Convertible
Preferred Shares |
| | |
Ordinary
Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance as of March 31, 2022
|
| | | | 125,000 | | | | |
$
|
12,500
|
| | | | | | 1 | | | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
(7,819)
|
| | | |
$
|
(7,819)
|
| |
Exercises of stock options
|
| | | | — | | | | | | — | | | | | | | 3,547 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 321 | | | | | | — | | | | | | 321 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,027) | | | | | | (2,027) | | |
Balance as of September 30, 2022
|
| | | | 125,000 | | | | | $ | 12,500 | | | | | | | 3,548 | | | | | $ | — | | | | | $ | 321 | | | | | $ | (9,846) | | | | | $ | (9,525) | | |
| | |
Six Months
Ended September 30, 2022 |
| |||
Cash flows from operating activities | | | | | | | |
Net loss
|
| | | $ | (2,027) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
Share-based compensation expense
|
| | | | 321 | | |
Foreign exchange transaction loss
|
| | | | 32 | | |
Changes in operating assets and liabilities:
|
| | | | | | |
Prepaid expenses and other current assets
|
| | | | (211) | | |
Accounts payable and accrued expenses
|
| | | | 598 | | |
Net cash used in operating activities
|
| | | | (1,287) | | |
Cash flows from financing activities | | | | | | | |
Payment of deferred offering costs
|
| | | | (358) | | |
Net cash used in financing activities
|
| | | | (358) | | |
Effect of foreign exchange rates on cash
|
| | | | (26) | | |
Net decrease in cash and cash equivalents
|
| | | | (1,671) | | |
Cash and cash equivalents at the beginning of the period
|
| | | | 4,720 | | |
Cash and cash equivalents at the end of the period
|
| | | $ | 3,049 | | |
Supplemental disclosure of cash flow information: | | | | | | | |
Cash paid for income taxes
|
| | | $ | — | | |
Cash paid for interest
|
| | | $ | — | | |
Supplemental disclosure of noncash investing and financing activities: | | | | | | | |
Unpaid deferred offering costs included in accounts payable and accrued expenses
|
| | | $ | 1,553 | | |
| | |
Three Months Ended
September 30, 2022 |
| |
Six Months Ended
September 30, 2022 |
| ||||||
Shares issuable upon conversion of Series A-1 convertible preferred shares
|
| | | | 125,000 | | | | | | 125,000 | | |
Shares issuable upon exercise of options to purchase ordinary shares
|
| | | | 3,547 | | | | | | 3,547 | | |
Total
|
| | | | 128,547 | | | | | | 128,547 | | |
| | |
September 30,
2022 |
| |
March 31,
2022 |
| ||||||
Accounts payable
|
| | | $ | 1,148 | | | | | $ | 7 | | |
Accrued offering costs
|
| | | | 682 | | | | | | — | | |
Research and development costs
|
| | | | 189 | | | | | | — | | |
Accrued legal costs
|
| | | | 166 | | | | | | 32 | | |
Other accrued expenses
|
| | | | 11 | | | | | | — | | |
Total
|
| | | $ | 2,196 | | | | | $ | 39 | | |
| | |
Number of
Options |
| |
Weighted
Average Exercise Price (per share) |
| |
Weighted
Average Remaining Contractual Life (in years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Outstanding as of April 1, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Granted
|
| | | | 3,547 | | | | | | — | | | | | | 9.7 | | | | | | 295 | | |
Exercised
|
| | | | (3,547) | | | | | | — | | | | | | — | | | | | | 295 | | |
Outstanding as of September 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercisable as of September 30, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
|
Risk-free interest rate
|
| | | | 3.0% | | |
|
Expected dividend yield
|
| | | | — | | |
|
Expected term (years)
|
| | | | 5.9 | | |
|
Expected volatility
|
| | | | 95.1% | | |
| | |
Number of
Options |
| |
Weighted
Average Exercise Price (per share) |
| |
Weighted
Average Remaining Contractual Life (in years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Outstanding as of April 1, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Granted
|
| | | | 3,547 | | | | | | 90.50 | | | | | | 9.7 | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding as of September 30, 2022
|
| | | | 3,547 | | | | | | 90.50 | | | | | | 9.7 | | | | | | — | | |
Exercisable as of September 30, 2022
|
| | | | 409 | | | | | $ | 90.50 | | | | | | 9.7 | | | | | $ | — | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-20 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-22 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-24 | | | |
| | | | | A-26 | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-33 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
| | | | | A-47 | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-55 | | | |
| | | | | A-55 | | | |
| | | | | A-55 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-57 | | | |
| | | | | A-57 | | | |
| | | | | A-57 | | | |
| | | | | A-58 | | | |
| | | | | A-58 | | | |
| | | | | A-59 | | | |
| | | |
|
| |
| Notices to ZB Companies | | | with copies to (which shall not constitute notice): | |
|
Zura Bio Limited
3rd Floor 1 Ashley Road Altrincham WA14 2DT Attention: Oliver Levy Email: oliver.levy@zurabio.com |
| |
McDermott Will & Emery, LLP
110 Bishopsgate London EC2N 4AY Attention: Gary Howes Email: ghowes@mwe.com |
|
| Notices to SPAC, Merger Sub and Merger Sub 2: | | | with copies to (which shall not constitute notice): | |
|
JATT Acquisition Corp.
PO Box 309, Ugland House Grand Cayman, Cayman Islands Attention: Verender Badial E-mail: verender.badial@jattacquisition.com |
| |
Loeb & Loeb LLP
345 Park Avenue New York, NY 10154 Attention: Mitchell Nussbaum E-Mail: mnussbaum@loeb.com |
|
Address: |
|
Shareholder
|
| |
Number of
Shares |
| |
Address for Notices
|
|
JATT Ventures, L.P.
|
| |
3,255,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Someit Sidhu, MD*
|
| |
3,255,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Tauhid Ali, PhD
|
| |
30,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Verender S. Badial
|
| |
30,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Josh Distler, J.D.
|
| |
75,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Arnout Ploos van Amstel
|
| |
20,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Javier Cote-Sierra, PhD
|
| |
20,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Graeme Sloan
|
| |
20,000
|
| |
c/o JATT Acquisition Corp,
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Shareholder
|
| |
Number of
Ordinary Shares |
| |
Number
of Shares |
| |
Notice Details
|
| ||||||
Hana Immunotherapeutics LLC
|
| | | | 1 | | | | | | 100,000 | | | | chris.kim@hanaimmunotx.com | |
Pfizer Inc.
|
| | | | 0 | | | | | | 25,000 | | | |
Email address: rana.al-hallaq@pfizer.com
Correspondence address: For the attention of
Rana Al-Hallaq, Pfizer Inc., 235 East 42nd Street, New York, NY 10017
With a copy (which shall not constitute
notice) to:
Email address: Brandon.Miller@pfizer.com
Correspondence address: For the attention of
Brandon Miller, Pfizer Inc., 235 East 42nd Street, New York, NY 10017 |
|
Oliver Levy
|
| | | | 3,200 | | | | | | 0 | | | | oliver.levy@zurabio.com | |
David Brady
|
| | | | 347 | | | | | | 0 | | | | david.brady@zurabio.com | |
By: |
|
Date: |
|
|
Exhibit
|
| |
Description
|
|
| 10.26 | | | | |
| 10.27 | | | Letter Agreement, dated as of December 8, 2022, by and among Zura Bio Limited and Stone Peach Properties LLC.*** | |
| 10.28* | | | | |
| 10.29* | | | | |
| 10.30* ** | | | | |
| 10.31 | | | | |
| 21.1 | | | | |
| 21.2 | | | | |
| 23.1 | | | | |
| 23.2 | | | | |
| 23.3 | | | | |
| 23.4 | | | | |
| 23.5 | | | | |
| 24.1 | | | | |
| 99.1 | | | | |
| 99.2 | | | Consent of Steve Schoch to be named as a director nominee. | |
| 99.3 | | | | |
| 99.4 | | | | |
| 99.5 | | | | |
| 99.6 | | | Consent of Neil Graham to be named as a director nominee. | |
| 99.7 | | | | |
| 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 (formatted as Inline XBRL and contained in Exhibit 101).*** | |
| 107 | | | |
| | | | JATT Acquisition Corp | | |||
| | | | By: | | |
/s/ Someit Sidhu
Name: Someit Sidhu
Title: Chairman and Chief Executive Officer |
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Someit Sidhu, MD
Someit Sidhu, MD
|
| |
Chairman and Chief Executive Officer
(Principal Executive Officer) |
| |
February 22, 2023
|
|
|
/s/ Verender S. Badial
Verender S. Badial
|
| |
Chief Financial Officer and Director
(Principal Financial and Accounting Officer) |
| |
February 22, 2023
|
|
|
*
Tauhid Ali, PhD
|
| |
Director
|
| |
February 22, 2023
|
|
|
*
Javier Cote-Sierra, PhD
|
| |
Director
|
| |
February 22, 2023
|
|
|
*
Arnout Ploos van Amstel
|
| |
Director
|
| |
February 22, 2023
|
|
|
*
Graeme Sloan
|
| |
Director
|
| |
February 22, 2023
|
|
|
*By:
/s/ Verender S. Badial
Name: Verender S. Badial
Title: Attorney-in-fact |
| | | | | | |
Exhibit 99.2
CONSENT TO REFERENCE IN PROXY STATEMENT/PROSPECTUS
February 22, 2023
JATT Acquisition Corp.
PO Box 309, Ugland House
Grand Cayman, Cayman Islands
JATT Acquisition Corp. (the “Company”) is filing a Registration Statement on Form S-4 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the proxy statement/prospectus included in such Registration Statement as a future member of the board of directors of the Company, such appointment to commence immediately after the effective time of the merger described in the proxy statement/prospectus.
Sincerely, | ||
/s/ Steve Schoch | ||
Steve Schoch |
Exhibit 99.4
CONSENT TO REFERENCE IN PROXY STATEMENT/PROSPECTUS
February 22, 2023
JATT Acquisition Corp.
PO Box 309, Ugland House
Grand Cayman, Cayman Islands
JATT Acquisition Corp. (the “Company”) is filing a Registration Statement on Form S-4 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the proxy statement/prospectus included in such Registration Statement as a future member of the board of directors of the Company, such appointment to commence immediately after the effective time of the merger described in the proxy statement/prospectus.
Sincerely, | ||
/s/ Garry Neil | ||
Garry Neil |
Exhibit 99.5
CONSENT TO REFERENCE IN PROXY STATEMENT/PROSPECTUS
February 22, 2023
JATT Acquisition Corp.
PO Box 309, Ugland House
Grand Cayman, Cayman Islands
JATT Acquisition Corp. (the “Company”) is filing a Registration Statement on Form S-4 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the proxy statement/prospectus included in such Registration Statement as a future member of the board of directors of the Company, such appointment to commence immediately after the effective time of the merger described in the proxy statement/prospectus.
Sincerely, | ||
/s/ Jennifer Jarrett | ||
Jennifer Jarrett |
Exhibit 99.6
CONSENT TO REFERENCE IN PROXY STATEMENT/PROSPECTUS
February 22, 2022
JATT Acquisition Corp.
PO Box 309, Ugland House
Grand Cayman, Cayman Islands
JATT Acquisition Corp. (the “Company”) is filing a Registration Statement on Form S-4 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the proxy statement/prospectus included in such Registration Statement as a future member of the board of directors of the Company, such appointment to commence immediately after the effective time of the merger described in the proxy statement/prospectus.
Sincerely, | ||
/s/ Neil Graham | ||
Neil Graham |