|
t
Applicable |
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of Each Class:
|
Trading Symbol(s)
|
Name of Each Exchange on Which Registered:
|
||
|
|
|
||
|
|
|
||
|
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
☒
|
Smaller reporting company
|
|
Emerging growth company
|
|
June 30, 2024
(Unaudited)
|
December 31, 2023
|
|||||||
ASSETS
|
||||||||
Cash
|
$
|
|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total current assets
|
|
|
||||||
Cash (investments) held in Trust Account
|
|
|
||||||
Total Assets
|
$
|
|
$
|
|
||||
|
||||||||
LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Accrued expenses
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Deferred underwriting fees payable
|
|
|
||||||
|
|
|
||||||
Total liabilities
|
|
|
||||||
|
||||||||
Commitments and Contingencies (Note 5)
|
||||||||
|
||||||||
Class A ordinary shares subject to possible redemption, $
|
|
|
||||||
|
||||||||
Shareholders’ deficit
|
||||||||
Preference shares, $
|
|
|
||||||
Class A ordinary shares, $
|
|
|
||||||
Class B ordinary shares, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ deficit
|
(
|
)
|
(
|
)
|
||||
Total Liabilities, Ordinary Shares
Subject to Possible Redemption, and Shareholders’ Deficit
|
$
|
|
$
|
|
For The Three
Months Ended
June 30,
2024
|
For The Three
Months Ended
June 30,
2023
|
For The Six
Months Ended
June 30, 2024
|
For The Six
Months Ended
June 30, 2023
|
|||||||||||||
General and administrative expenses
|
$
|
|
$
|
|
$ | $ | ||||||||||
Loss from operations
|
(
|
)
|
(
|
)
|
( |
) | ( |
) | ||||||||
Earnings on cash (investments) held in Trust Account
|
||||||||||||||||
Net (loss) income
|
$
|
(
|
)
|
$
|
|
$ | ( |
) | $ | |||||||
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic
and diluted
|
|
|
||||||||||||||
Basic and diluted net (loss) income per share, Class A ordinary shares subject to possible
redemption
|
$
|
|
$
|
|
$ | ( |
) | $ | ||||||||
Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted
|
|
|
||||||||||||||
Basic and diluted net (loss) income per share, non-redeemable ordinary shares
|
$
|
|
$
|
|
$ | ( |
) | $ |
Non-Redeemable Ordinary Shares
|
||||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2024
|
|
$
|
|
|
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Conversion of Class B ordinary shares to Class A ordinary shares
|
( |
) | ( |
) | ||||||||||||||||||||||||
Capital contribution made by Sponsor for non-redemption agreement
|
- | - | ||||||||||||||||||||||||||
Cost of raising capital for shareholder non-redemption agreements
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Redemption of Class A ordinary shares
|
||||||||||||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
- |
- |
( |
) | ( |
) | ||||||||||||||||||||||
Net loss |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Balance as of March 31, 2024 (unaudited)
|
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Capital contribution from Sponsor
|
- | - | ||||||||||||||||||||||||||
Remeasurement of Class A
ordinary shares to redemption value
|
- |
- |
( |
) | ( |
) | ||||||||||||||||||||||
Extension deposit paid into Trust Account
|
- |
- |
( |
) | ( |
) | ||||||||||||||||||||||
Net loss |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Balance as of June 30, 2024 (unaudited)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Non-Redeemable Ordinary Shares |
||||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2023
|
|
$
|
|
|
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
- | ( |
) | ( |
) | |||||||||||||||||||||||
Net income |
- | - | ||||||||||||||||||||||||||
Balance as of March 31, 2023 (unaudited)
|
|
$ |
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Remeasurement of Class
A ordinary shares to redemption value
|
- |
- |
- | ( |
) | ( |
) | |||||||||||||||||||||
Capital contribution made by Sponsor for non-redemption agreements
|
- |
- |
- |
- |
- |
|||||||||||||||||||||||
Cost of raising capital for shareholder non-redemption agreements
|
- |
- |
- |
- |
( |
) | - |
( |
) | |||||||||||||||||||
Net income |
- | - | ||||||||||||||||||||||||||
Balance as of June 30, 2023
(unaudited)
|
$ | $ | $ | $ | ( |
) | $ | ( |
) |
|
For The Six
Months Ended
June 30, 2024
|
For The Six
Months Ended
June 30, 2023
|
||||||
Cash Flows from Operating Activities
|
||||||||
Net (loss) income
|
$
|
(
|
)
|
$
|
|
|||
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
||||||||
Earnings on cash (investments) held in Trust Account
|
(
|
)
|
(
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
(
|
)
|
|
|||||
Accounts payable
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Investing Activities
|
||||||||
Extension deposits into Trust Account
|
(
|
)
|
|
|||||
Trust Account Withdrawal - redemption
|
|
|
||||||
Net cash provided by investing activities
|
|
|
||||||
Cash Flows from Financing Activities
|
||||||||
Redemption of Public Shares
|
(
|
)
|
|
|||||
Capital contribution from Sponsor
|
( |
) | ||||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
|
||||||||
Net decrease in cash
|
(
|
)
|
(
|
)
|
||||
Cash - beginning of period
|
|
|
||||||
Cash - end of period
|
$
|
|
$
|
|
||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Remeasurement of Class A Ordinary Shares to redemption value
|
$
|
|
$ |
|
||||
Capital contribution made by Sponsor for non-redemption agreements
|
$
|
(
|
)
|
$ |
(
|
)
|
||
Cost of raising capital made by Sponsor for non-redemption agreements
|
$
|
|
$ |
|
||||
Conversion of Class B ordinary shares to Class A ordinary shares
|
$
|
|
$ |
|
Level 1:
|
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient
frequency and volume to provide pricing information on an ongoing basis.
|
Level 2:
|
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in
markets that are not active.
|
Level 3:
|
Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.
|
For The Three
Months Ended
June 30, 2024
|
For The Three
Months Ended
June 30, 2023
|
For The Six
Months Ended
June 30, 2024
|
For The Six
Months Ended
June 30, 2023
|
|||||||||||||
Redeemable Class A Ordinary Shares
|
||||||||||||||||
Numerator: Net (loss) income allocable to Redeemable Class A Ordinary Shares
|
||||||||||||||||
Net (loss) income allocable to Redeemable Class A Ordinary Shares
|
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
|
||||||||||||||||
Denominator: Weighted Average Share Outstanding, Redeemable Class A Ordinary Shares
|
||||||||||||||||
Basic and diluted weighted average shares outstanding, Redeemable Class A
|
||||||||||||||||
Basic and diluted net (loss) income per share, Class A ordinary shares subject to possible redemption
|
$ | $ | $ | ( |
) | $ | ||||||||||
|
||||||||||||||||
Non-Redeemable Ordinary Shares
|
||||||||||||||||
Numerator: Net (loss) income allocable to non-redeemable Ordinary Shares
|
||||||||||||||||
Net (loss) income allocable to non-redeemable Ordinary Shares
|
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
|
||||||||||||||||
Denominator: Weighted Average Non-Redeemable Ordinary Shares
|
||||||||||||||||
Basic and diluted net (loss) income per share, non-redeemable ordinary shares
|
$ | $ | $ | ( |
) |
$
|
|
Number of
Shares
|
Amount |
|||||||
Class A Ordinary Shares subject to possible redemption at January 1, 2023
|
$
|
|
||||||
Remeasurement of redemption value of Class A Ordinary Shares subject to possible redemption
|
||||||||
Redemption of Class A ordinary shares
|
( |
) | ( |
) | ||||
Class A Ordinary Shares subject to possible redemption at December 31, 2023 | $ | |||||||
Remeasurement of Class A ordinary shares to redemption value
|
||||||||
Extension
deposits due from Sponsor |
||||||||
Redemption of Class A ordinary shares subject to possible redemption
|
( |
) | ( |
) | ||||
Class A Ordinary Shares subject to possible redemption at March 31, 2024
|
$ | |||||||
Extension deposits paid into Trust Account, net of extension deposits due from Sponsor as of March 31, 2024 |
||||||||
Remeasurement of Class A ordinary shares to redemption value |
||||||||
Class A Ordinary Shares subject to possible redemption at June 30, 2024 |
$ |
● |
In whole and not in part;
|
● |
At a price of $
|
● |
Upon a minimum of
|
● |
If, and only if the last reported sale price of Class A Ordinary Shares for any
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 1. |
LEGAL PROCEEDINGS.
|
ITEM 1A. |
RISK FACTORS
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES.
|
ITEM 4. |
MINE SAFETY DISCLOSURES.
|
ITEM 5. |
OTHER INFORMATION.
|
a) |
|
b) |
None.
|
c) |
None.
|
ITEM 6. |
EXHIBITS.
|
No.
|
Description of Exhibit
|
|
Third Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 filed with the Company’s Current Report on Form 8-K filed with the SEC on February 12, 2024 (File
No. 001-41041))
|
||
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial and Accounting Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
101.INS*
|
Inline XBRL Instance Document
|
|
101.CAL*
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.SCH*
|
Inline XBRL Taxonomy Extension Schema Document
|
|
101.DEF*
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB*
|
Inline XBRL Taxonomy Extension Labels Linkbase Document
|
|
101.PRE*
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
104*
|
Cover Page Interactive Data File
|
DP CAP ACQUISITION CORP I
|
||
Date: August 14, 2024
|
By:
|
/s/ Scott Savitz
|
Name:
|
Scott Savitz
|
|
Title:
|
Chief Executive Officer and Chairman
|
|
By:
|
/s/ Bruce Revzin
|
|
Date: August 14, 2024
|
Name:
|
Bruce Revzin
|
Title:
|
Chief Financial Officer
|
|
(Principal Accounting and Financial Officer)
|