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8-K - 8-K - L Catterton Asia Acquisition Corp | a21-10585_18k.htm |
L CATTERTON ASIA ACQUISITIONS CORP
BALANCE SHEET
March 15, 2021
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Pro Forma |
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March 15, 2021 |
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Adjustments |
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As Adjusted |
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(unaudited) |
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(unaudited) |
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Assets: |
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Cash |
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$ |
2,446,450 |
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$ |
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$ |
2,446,450 |
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Prepaid expenses |
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837,108 |
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837,108 |
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Total current assets |
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3,283,558 |
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3,283,558 |
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Cash held in trust account |
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250,000,000 |
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36,508,740 |
(a) |
286,508,741 |
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730,176 |
(b) |
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(730,175 |
)(c) |
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Total Assets |
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$ |
253,283,558 |
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$ |
36,508,741 |
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$ |
289,792,299 |
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Liabilities and Stockholders Equity |
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Accrued offering costs and expenses |
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1,435,340 |
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1,435,340 |
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Due to related party |
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1,613 |
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1,613 |
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Promissory note-related party |
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79,992 |
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79,992 |
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Total Current Liabilities |
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1,516,945 |
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1,516,945 |
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Deferred underwriters discount |
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8,750,000 |
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1,277,806 |
(e) |
10,027,806 |
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10,266,945 |
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1,277,806 |
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11,544,751 |
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Commitments |
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Class A ordinary shares subject to possible redemption, 23,801,661 and 27,324,755 shares at redemption value, respectively |
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238,016,610 |
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35,230,937 |
(d) |
273,247,547 |
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Stockholders Equity: |
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Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding |
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Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 1,198,339 and 1,326,119 shares issued and outstanding (excluding 23,801,661 and 27,324,755 shares subject to possible redemption, respectively) |
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120 |
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365 |
(a) |
133 |
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(352 |
)(d) |
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Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,187,500 shares issued and outstanding |
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719 |
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719 |
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Additional paid-in capital |
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5,047,654 |
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36,508,375 |
(a) |
5,047,639 |
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730,176 |
(b) |
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(730,175 |
)(c) |
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(35,230,585 |
)(d) |
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(1,277,806 |
)(e) |
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Accumulated deficit |
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(48,490 |
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(48,490 |
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Total Stockholders Equity |
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5,000,003 |
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(2 |
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5,000,001 |
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Total Liabilities and Stockholders Equity |
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$ |
253,283,558 |
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$ |
36,508,741 |
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$ |
289,792,299 |
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The accompany notes are an integral part of the financial statement.
NOTE 1 CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of L CATTERTON ASIA ACQUISITION CORP. (the Company) as of March 15, 2021, adjusted for the closing of the underwriters over-allotment option and related transactions which occurred on March 23, 2021 as described below.
The Company consummated its initial public offering (the IPO) of 25,000,000 units (the Units). Each Unit consists of one Class A ordinary share, $0.0001 par value per share and one-third of one redeemable warrant to purchase one Class A ordinary share. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $250,000,000. The Company granted the underwriters in the IPO (the Underwriters) a 45-day option to purchase up to 3,750,000 additional Units to cover over-allotments, if any. On March 24, 2021, the Underwriters partially exercised the over-allotment option and purchased an additional 3,650,874 Over-Allotment Units, generating an aggregate of gross proceeds of $36,508,740, and incurred $730,175 in cash underwriting fees.
Simultaneously with the closing of the exercise of the overallotment option, the Company completed the private sale (the Private Placement) of an aggregate of 486,784 Private Warrants (the Private Placement Warrants) to LCA Acquisition Sponsor, LP, a Cayman Island limited partnership (the Sponsor), at a purchase price of $1.50 per Private Warrant, generating gross proceeds of $730,176.
Upon closing of the IPO, the Private Placement, and the sale of the Over-Allotment Units, a total of $286,508,741 ($10.00 per Unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.
Pro forma adjustments to reflect the exercise of the Underwriters over-allotment option and the sale of the Private Warrants described above are as follows:
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Pro Forma Entries |
Debit |
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Credit |
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(a) |
Cash held in trust account |
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$ |
36,508,740 |
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Class A ordinary shares |
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$ |
365 |
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Additional paid-in capital |
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$ |
36,508,375 |
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To record sale of 3,650,874 Overallotment Units at $10.00 per Unit |
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(b) |
Cash held in trust account |
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$ |
730,176 |
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Additional paid-in capital |
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$ |
730,176 |
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To record sale of 486,784 Private Warrants at $1.50 per Private Warrant |
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(c) |
Additional paid-in capital |
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$ |
730,175 |
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Cash held in trust account |
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$ |
730,175 |
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To record payment of cash underwriting fee |
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(d) |
Class A ordinary shares |
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$ |
352 |
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Additional paid-in capital |
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$ |
35,230,585 |
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Class A ordinary shares subject to possible redemption |
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$ |
35,230,937 |
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To record Class A ordinary shares out of permanent equity into mezzanine redeemable shares |
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(e) |
Additional paid-in capital |
$ |
1,277,806 |
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Deferred underwriters discount |
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$ |
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1,277,806 |
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To record additional Deferred underwriters fee arising from the sale of Overallotment Units |
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