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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
000
633
24,367
(34,625
(9,625
The accompanying notes are an integral part
of these unaudited condensed financial statements.
GENESIS GROWTH TECH ACQUISITION CORP.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2022
For the Period from March 17, 2021 (Inception) through September 30, 2021
Cash Flows from Operating Activities:
Net loss
(286,674
(34,625
Adjustments to reconcile net loss to net cash used in operating activities:
General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares
25,000
Paid-in-kind interest income on investments held in Trust Account
(1,489,289
Changes in operating assets:
Prepaid expenses
(139,428
Accounts payable
976,415
Accrued expenses
83,258
2,669
Net cash used in operating activities
(855,718
(6,956
Cash Flows from Financing Activities:
Repayment of note payable to related party
(228,077
Proceeds from note payable to related party
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Paid-in-kind interest income on investments held in Trust Account
(1,489,289
Changes in operating assets:
Prepaid expenses
(139,428
Accounts payable
976,415
Accrued expenses
83,258
2,669
Net cash used in operating activities
(855,718
(6,956
Cash Flows from Financing Activities:
Repayment of note payable to related party
(228,077
Proceeds from note payable to related party
6,956
Offering costs
96,800
Net cash provided by (used in) financing activities
(131,277
6,956
Net change in cash
(986,995
Cash - beginning of the period
2,325,000
Cash - end of the period
1,338,005
Supplemental disclosure of noncash financing activities:
Offering costs paid by related party under promissory note
311,572
Offering costs included in accrued expenses
20,500
Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares
25,000
Increase in redemption value of Class A ordinary shares subject to possible redemption
1,389,967
The accompanying notes are an integral part
of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
- end of the period
1,338,005
Supplemental disclosure of noncash financing activities:
Offering costs paid by related party under promissory note
311,572
Offering costs included in accrued expenses
20,500
Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares
25,000
Increase in redemption value of Class A ordinary shares subject to possible redemption
1,389,967
The accompanying notes are an integral part
of these unaudited condensed financial statements.
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS
Note 1 - Description of Organization and Business Operations
Genesis Growth Tech Acquisition Corp. (the “Company”)
was incorporated as a Cayman Islands exempted company on March 17, 2021. Genesis Growth Tech Acquisition Corp. was incorporated for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities
(the “Business Combination”). Genesis Growth Tech Acquisition Corp. is an emerging growth company and, as such, the Company is subject to all of the
risks associated with emerging growth companies.
As of September 30,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
the “Company”)
was incorporated as a Cayman Islands exempted company on March 17, 2021. Genesis Growth Tech Acquisition Corp. was incorporated for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities
(the “Business Combination”). Genesis Growth Tech Acquisition Corp. is an emerging growth company and, as such, the Company is subject to all of the
risks associated with emerging growth companies.
As of September 30, 2022, the Company had not
commenced any operations. All activity for the period from March 17, 2021 (inception) through September 30, 2022, relates to the Company’s
formation and the initial public offering (the “Initial Public Offering”) described below, and, subsequent to the Initial
Public Offering, identifying a target company for a Business Combination. Genesis Growth Tech Acquisition Corp. will not generate any operating revenues until after
the completion of its initial Business Combination, at the earliest. Genesis Growth Tech Acquisition Corp. generates non-operating income from the proceeds derived
from the Initial Public Offering and placed in a Trust Account (as defined below). Genesis Growth Tech Acquisition Corp. has selected December 31 as its fiscal
year end.
Upon the closing of the Initial Public Offering,
the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Public Offering”) described below, and, subsequent to the Initial
Public Offering, identifying a target company for a Business Combination. Genesis Growth Tech Acquisition Corp. will not generate any operating revenues until after
the completion of its initial Business Combination, at the earliest. Genesis Growth Tech Acquisition Corp. generates non-operating income from the proceeds derived
from the Initial Public Offering and placed in a Trust Account (as defined below). Genesis Growth Tech Acquisition Corp. has selected December 31 as its fiscal
year end.
Upon the closing of the Initial Public Offering,
the over-allotment and the Private Placement, $256.8 million (or $10.15 per Unit) of the net proceeds of the sale of the Units in the
Initial Public Offering, the over-allotment and the Private Placement Warrants in the Private Placement were placed in a trust account
(“Trust Account”), located in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and
will invest only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting
certain conditions under Rule 2a-7 promulgated
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
placed in a trust account
(“Trust Account”), located in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and
will invest only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting
certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations.
Except with respect to interest and other income earned on the funds held in the Trust Account that may be released to the Company to
pay taxes, if any, and up to $100,000 for dissolution costs, the proceeds from the Initial Public Offering, the over-allotment and the
sale of the Private Placement Warrants will not be released from the Trust Account until the earliest of (i) the completion of an initial
Business Combination, (ii) the redemption of the Company’s public shares if the Company does not complete an initial Business Combination
within the Combination Period (as defined below), subject to applicable law, or (iii) the redemption of the Company’s Public Shares
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
for dissolution costs, the proceeds from the Initial Public Offering, the over-allotment and the
sale of the Private Placement Warrants will not be released from the Trust Account until the earliest of (i) the completion of an initial
Business Combination, (ii) the redemption of the Company’s public shares if the Company does not complete an initial Business Combination
within the Combination Period (as defined below), subject to applicable law, or (iii) the redemption of the Company’s Public Shares
properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum
and articles of association.
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Genesis Growth Tech Acquisition Corp.’s management has broad discretion
with respect to the specific application of the net proceeds of the Initial Public Offering, the over-allotment and the sale of Private
Placement Warrants. Although substantially all of the net proceeds are intended to be applied generally towards consummating a Business
Combination, there is no assurance that the Company will be able to complete a Business Combination successfully. Genesis Growth Tech Acquisition Corp. must complete
one or more initial Business Combinations having an aggregate fair market value of at
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Genesis Growth Tech Acquisition Corp.’s management has broad discretion
with respect to the specific application of the net proceeds of the Initial Public Offering, the over-allotment and the sale of Private
Placement Warrants. Although substantially all of the net proceeds are intended to be applied generally towards consummating a Business
Combination, there is no assurance that the Company will be able to complete a Business Combination successfully. Genesis Growth Tech Acquisition Corp. must complete
one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account
(excluding the deferred underwriting commissions and taxes payable on the interest and other income earned on the Trust Account) at the
time of signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a
Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or
otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act.
Genesis Growth Tech Acquisition Corp. will provide holders (the “Public
Shareholders”) of its Public Shares, with the opportunity to redeem all or a portion of their Public Shares upon the completion
of a Business Combination
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
will only complete a
Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or
otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act.
Genesis Growth Tech Acquisition Corp. will provide holders (the “Public
Shareholders”) of its Public Shares, with the opportunity to redeem all or a portion of their Public Shares upon the completion
of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means
of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender
offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem all or a portion of their
Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination,
including interest and other income earned on the funds held in the Trust Account and not previously released to the Company to pay the
Company’s income
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
solely in its discretion. The Public Shareholders will be entitled to redeem all or a portion of their
Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination,
including interest and other income earned on the funds held in the Trust Account and not previously released to the Company to pay the
Company’s income taxes, if any, divided by the number of the then-outstanding Public Shares, subject to the limitations described
herein. The amount in the Trust Account is $10.15 per Public Share. The per share amount the Company will distribute to investors who
properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter.
All of the Public Shares contain a redemption
feature which allows for the redemption of such Public Shares in connection with the liquidation, if there is a shareholder vote or tender
offer in connection with the initial Business Combination and in connection with certain amendments to the Amended and Restated Memorandum
and Articles of Association (the “Amended and Restated Memorandum and Articles of Association’’
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter.
All of the Public Shares contain a redemption
feature which allows for the redemption of such Public Shares in connection with the liquidation, if there is a shareholder vote or tender
offer in connection with the initial Business Combination and in connection with certain amendments to the Amended and Restated Memorandum
and Articles of Association (the “Amended and Restated Memorandum and Articles of Association’’). In accordance with
Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing
Liabilities from Equity” (“ASC 480”), paragraph 10-S99, redemption provisions not solely within the control of a company
require ordinary shares subject to redemption to be classified outside of permanent equity. Accordingly, all of the Public Shares are
presented as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets. Given
that the Public Shares were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A
ordinary shares classified as temporary equity will be the allocated amount of the proceeds. If it is probable that the equity instrument
will
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
company
require ordinary shares subject to redemption to be classified outside of permanent equity. Accordingly, all of the Public Shares are
presented as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets. Given
that the Public Shares were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A
ordinary shares classified as temporary equity will be the allocated amount of the proceeds. If it is probable that the equity instrument
will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date
of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption
date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the
instrument to equal the redemption value at the end of each reporting period. Genesis Growth Tech Acquisition Corp. will elect to recognize the changes in redemption
value immediately. The change in redemption value was recognized as a one-time charge against additional paid-in capital (to the extent
available) and accumulated deficit. While redemptions cannot cause the Company’s net tangible assets to fall below $5,000
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the
instrument to equal the redemption value at the end of each reporting period. Genesis Growth Tech Acquisition Corp. will elect to recognize the changes in redemption
value immediately. The change in redemption value was recognized as a one-time charge against additional paid-in capital (to the extent
available) and accumulated deficit. While redemptions cannot cause the Company’s net tangible assets to fall below $5,000,001, the
Public Shares are redeemable and will be classified as such on the accompanying condensed balance sheets until such date that a redemption
event takes place. Additionally, each Public Shareholder may elect to redeem its Public Shares irrespective of whether it votes for or
against the proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination,
the initial shareholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased
during or after the Initial Public Offering in favor of a Business Combination.
Notwithstanding the foregoing, the Amended and
Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or
any other person
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination,
the initial shareholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased
during or after the Initial Public Offering in favor of a Business Combination.
Notwithstanding the foregoing, the Amended and
Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or
any other person with whom such shareholder is acting in concert or as a “group” (as defined in Section 13 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more
than an aggregate of 15% of the shares sold in the Initial Public Offering, without the prior consent of the Company.
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Genesis Growth Tech Acquisition Corp. has until 12 months from the closing
of the Initial Public Offering, or December 13, 2022 (the “Combination Period”), to consummate the initial Business Combination.
If the Company anticipates that it may
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
aggregate of 15% of the shares sold in the Initial Public Offering, without the prior consent of the Company.
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Genesis Growth Tech Acquisition Corp. has until 12 months from the closing
of the Initial Public Offering, or December 13, 2022 (the “Combination Period”), to consummate the initial Business Combination.
If the Company anticipates that it may not be able to consummate the initial Business Combination within 12 months, the Company may, by
resolution of its board of directors at the option of the Sponsor, extend the period of time the Company will have to consummate an initial
Business Combination up to two times, each by an additional three months (for a total of up to an additional six months from the closing
of the Initial Public Offering), subject to the Sponsor contributing $0.10 per Unit to the Trust Account. Genesis Growth Tech Acquisition Corp.’s shareholders
will not be entitled to vote on, or redeem their shares in connection with, any such extension. Pursuant to the terms of the Amended and
Restated Memorandum and Articles of Association, in order to extend the period of time to consummate an
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
each by an additional three months (for a total of up to an additional six months from the closing
of the Initial Public Offering), subject to the Sponsor contributing $0.10 per Unit to the Trust Account. Genesis Growth Tech Acquisition Corp.’s shareholders
will not be entitled to vote on, or redeem their shares in connection with, any such extension. Pursuant to the terms of the Amended and
Restated Memorandum and Articles of Association, in order to extend the period of time to consummate an initial Business Combination in
such a manner, the Sponsor must deposit $2,300,000 into the Trust Account on or prior to the date of the applicable deadline, for each
three-month extension. The Sponsor has the option to accelerate the extension of time for consummation of the initial Business Combination
by depositing one or both halves of $4,600,000 at any time prior to the consummation of the initial Business Combination with the same
effect of extending the time the Company will have to consummate an initial Business Combination by three or six months, as applicable.
Genesis Growth Tech Acquisition Corp.’s Sponsor, executive officers,
directors and director nominees (the “initial shareholders”) agreed not to propose any amendment to the Amended and Restated
Memorandum and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
of the initial Business Combination
by depositing one or both halves of $4,600,000 at any time prior to the consummation of the initial Business Combination with the same
effect of extending the time the Company will have to consummate an initial Business Combination by three or six months, as applicable.
Genesis Growth Tech Acquisition Corp.’s Sponsor, executive officers,
directors and director nominees (the “initial shareholders”) agreed not to propose any amendment to the Amended and Restated
Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to provide holders
of the Class A ordinary shares the right to have their shares redeemed in connection with the Company’s initial Business Combination
or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 12 months from the closing of the
Initial Public Offering, which is extendable at the Sponsor’s option to up to 18 months as described above or (B) with respect to
any other provision relating to the rights of holders of the Class A ordinary shares, unless the Company provides the Public Shareholders
with the opportunity to redeem their Class A ordinary shares upon approval of any such amendment at a per-share price, payable in cash,
equal
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
the Company does not complete a Business Combination within 12 months from the closing of the
Initial Public Offering, which is extendable at the Sponsor’s option to up to 18 months as described above or (B) with respect to
any other provision relating to the rights of holders of the Class A ordinary shares, unless the Company provides the Public Shareholders
with the opportunity to redeem their Class A ordinary shares upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest and other income earned on the funds held in the
Trust Account and not previously released to the Company to pay its income taxes, if any, divided by the number of the then-outstanding
Public Shares.
If the Company is unable to complete a Business
Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest and other income earned on the funds held in the
Trust Account and not previously released
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
If the Company is unable to complete a Business
Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest and other income earned on the funds held in the
Trust Account and not previously released to the Company to pay its income taxes, if any (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve,
subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable law.
The Sponsor, officers and directors agreed to
waive their liquidation rights with respect to the Founder Shares if the Company fails to complete
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve,
subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable law.
The Sponsor, officers and directors agreed to
waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination
Period. However, if the initial shareholders or members of the Company’s (as defined below in Note 4) management team acquire Public
Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect
to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter agreed to
waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not
complete a Business Combination within the Combination Period and, in such event, such amount will be included with the other funds held
in the Trust Account that will be available to fund the redemption of the Public Shares. In the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
with respect
to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter agreed to
waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not
complete a Business Combination within the Combination Period and, in such event, such amount will be included with the other funds held
in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible
that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.15
per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be
liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective
target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account.
This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim
of any kind in or to any monies held in the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
, the Sponsor has agreed to be
liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective
target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account.
This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim
of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the
Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not
be responsible to the extent of any liability for such third-party claims. Genesis Growth Tech Acquisition Corp. will seek to reduce the possibility that the Sponsor
will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for
the Company’s independent registered accounting firm), prospective target businesses or other entities with which the Company does
business execute agreements with the Company waiving any
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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
is deemed to be unenforceable against a third party, the Sponsor will not
be responsible to the extent of any liability for such third-party claims. Genesis Growth Tech Acquisition Corp. will seek to reduce the possibility that the Sponsor
will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for
the Company’s independent registered accounting firm), prospective target businesses or other entities with which the Company does
business execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust
Account.
Proposed Business Combination
On August
22, 2022, the Company, and Biolog-ID, a société anonyme organized under the laws of France (“Biolog-id”), signed
a memorandum of understanding (the “MoU”) with respect to the contemplated merger of the Company with and into Biolog-id (the
“Merger”) with Biolog-id as the continuing company following closing of the Merger and related transactions pursuant to the
“Business Combination Agreement” in the form attached to the MoU. Under French law, no commitment with respect to the proposed
Merger could be agreed prior to Biolog-id completing the consultation process with its
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
olog-id”), signed
a memorandum of understanding (the “MoU”) with respect to the contemplated merger of the Company with and into Biolog-id (the
“Merger”) with Biolog-id as the continuing company following closing of the Merger and related transactions pursuant to the
“Business Combination Agreement” in the form attached to the MoU. Under French law, no commitment with respect to the proposed
Merger could be agreed prior to Biolog-id completing the consultation process with its social and economic committee (comité social
et économique) (the “Works Council”). Biolog-id completed the Works Council consultation process and on August 26,
2022, the Company and Biolog-id entered into a Business Combination Agreement.
By virtue of the Merger, each
Company ordinary share issued and outstanding immediately prior to the effective time of the Merger (after giving effect to specified
events) would be automatically cancelled and extinguished and exchanged for a number of ordinary shares of Biolog-id (received in the
form of American Depositary Shares (ADSs), as determined in accordance with the exchange ratio described in the Business Combination Agreement.
The terms of the Business Combination Agreement, containing customary representations and warranties, covenants, closing conditions, and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
, each
Company ordinary share issued and outstanding immediately prior to the effective time of the Merger (after giving effect to specified
events) would be automatically cancelled and extinguished and exchanged for a number of ordinary shares of Biolog-id (received in the
form of American Depositary Shares (ADSs), as determined in accordance with the exchange ratio described in the Business Combination Agreement.
The terms of the Business Combination Agreement, containing customary representations and warranties, covenants, closing conditions, and
other terms relating to the Merger and the other transactions contemplated thereby, are summarized in the Company’s Current Reports
on Form 8-K filed with the SEC on August 23, 2022 and August 26, 2022.
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Going Concern Consideration
As of September 30, 2022, the Company had approximately
$1.3 million in cash and had a working capital deficit of approximately $49,000.
Genesis Growth Tech Acquisition Corp.’s liquidity needs prior to the
consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor to cover certain expenses on
behalf
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
QUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Going Concern Consideration
As of September 30, 2022, the Company had approximately
$1.3 million in cash and had a working capital deficit of approximately $49,000.
Genesis Growth Tech Acquisition Corp.’s liquidity needs prior to the
consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor to cover certain expenses on
behalf of the Company in exchange for issuance of Founder Shares (as defined in Note 4) and a loan from the Sponsor of approximately $453,000
under the Note (as defined in Note 4). Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has
been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement Warrants held outside
of the Trust Account.
In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but
are not obligated to, loan the Company funds under the Working Capital Loans (as defined and described in Note 4) as needed.
Based on
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Company’s liquidity has
been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement Warrants held outside
of the Trust Account.
In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but
are not obligated to, loan the Company funds under the Working Capital Loans (as defined and described in Note 4) as needed.
Based on the foregoing, management believes
that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or
certain of the Company’s officers and directors to meet its needs through the consummation of a Business Combination. However,
in connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards
Update (“ASU”) No. 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going
Concern,” management has determined that liquidity needs, the mandatory liquidation and subsequent dissolution raises
substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying
amounts of assets or liabilities should the Company
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards
Update (“ASU”) No. 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going
Concern,” management has determined that liquidity needs, the mandatory liquidation and subsequent dissolution raises
substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying
amounts of assets or liabilities should the Company be required to liquidate after December 13, 2022. The financial statements do
not include any adjustment that might be necessary if the Company is unable to continue as a going concern.
Note 2 - Summary of Significant Accounting
Policies
Basis of Presentation
The accompanying unaudited condensed financial
statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain disclosures
included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for
interim financial statements under U.S. GAAP and the rules of the SEC. In the opinion of management
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
The accompanying unaudited condensed financial
statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain disclosures
included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for
interim financial statements under U.S. GAAP and the rules of the SEC. In the opinion of management, the accompanying unaudited condensed
financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the
balances and results for the periods presented. Operating results for the three and nine months ended September 30, 2022 are not necessarily
indicative of the results that may be expected through December 31, 2022.
The accompanying unaudited condensed financial
statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form
10-K filed by the Company with the SEC on April 15, 2022. The financial information as of December 31, 2021, is derived from the audited
financial statements presented in the Company’s Annual Report on Form
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
indicative of the results that may be expected through December 31, 2022.
The accompanying unaudited condensed financial
statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form
10-K filed by the Company with the SEC on April 15, 2022. The financial information as of December 31, 2021, is derived from the audited
financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the
SEC on April 15, 2022.
Emerging Growth Company
Genesis Growth Tech Acquisition Corp. is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and
proxy statements, and
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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and
proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder
approval of any golden parachute payments not previously approved.
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Further, Section 102(b)(1) of the JOBS Act which
exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies
(that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging
growth company can elect to opt out of the extended
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Further, Section 102(b)(1) of the JOBS Act which
exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies
(that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging
growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth
companies but any such an election to opt out is irrevocable. Genesis Growth Tech Acquisition Corp. has elected not to opt out of such extended transition period,
which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company,
as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make the comparison of the Company’s financial statements with those of another public company that is neither an emerging
growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used.
Use of Estimates
The preparation of una
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
has different application dates for public or private companies, the Company,
as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make the comparison of the Company’s financial statements with those of another public company that is neither an emerging
growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used.
Use of Estimates
The preparation of unaudited condensed financial
statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the
reported amounts of expenses during the reporting periods. Making estimates requires management to exercise significant judgment. It is
at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date
of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more
future confirming events. Such estimates may be subject to change as more current information becomes available. Accordingly, the actual
results could differ significantly from those estimates.
Con
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
during the reporting periods. Making estimates requires management to exercise significant judgment. It is
at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date
of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more
future confirming events. Such estimates may be subject to change as more current information becomes available. Accordingly, the actual
results could differ significantly from those estimates.
Concentration of Credit Risk
Financial instruments that potentially subject
the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal
Deposit Insurance Corporation Coverage limit of $250,000, and cash held in Trust Account. Genesis Growth Tech Acquisition Corp. has not experienced losses on these
accounts and management believes the Company is not exposed to significant risks on such accounts.
Cash and Cash Equivalents
Genesis Growth Tech Acquisition Corp. considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2022 and December 31, 2021,
the Company did not have any cash equivalents.
Investments Held in Trust Account
Genesis Growth Tech Acquisition Corp.’s portfolio of investments held
in the Trust
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Company has not experienced losses on these
accounts and management believes the Company is not exposed to significant risks on such accounts.
Cash and Cash Equivalents
Genesis Growth Tech Acquisition Corp. considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2022 and December 31, 2021,
the Company did not have any cash equivalents.
Investments Held in Trust Account
Genesis Growth Tech Acquisition Corp.’s portfolio of investments held
in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company
Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally
have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised
of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the
Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in
money market funds are presented on the balance sheets at fair value at the end of each reporting period. Interest is received through
the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised
of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the
Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in
money market funds are presented on the balance sheets at fair value at the end of each reporting period. Interest is received through
the issuance of additional U.S. government treasury obligations and recorded as interest income in the accompanying unaudited condensed
statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Fair Value of Financial Instruments
The fair value of the Company’s assets and
liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements,” equal or approximate
the carrying amounts represented in the condensed balance sheets, primarily due to their short-term nature.
Fair Value Measurements
Fair value is defined as the price that would
be received for sale of an asset or paid
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Fair Value of Financial Instruments
The fair value of the Company’s assets and
liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements,” equal or approximate
the carrying amounts represented in the condensed balance sheets, primarily due to their short-term nature.
Fair Value Measurements
Fair value is defined as the price that would
be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement
date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
in active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure
fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is
categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Derivative Financial Instruments
Genesis Growth Tech Acquisition Corp. evaluates its equity-linked financial
instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with
ASC Topic 815, “Der
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
In some circumstances, the inputs used to measure
fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is
categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Derivative Financial Instruments
Genesis Growth Tech Acquisition Corp. evaluates its equity-linked financial
instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with
ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). For derivative financial instruments that are classified
as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in the
statements of operations each reporting period.
Genesis Growth Tech Acquisition Corp. accounted for the 12,650,000 warrants
included in the Units sold in the Initial Public Offering and the 8,875,000 Private Placement Warrants in accordance with the guidance
contained in ASC 815. Such guidance provides that the warrants described above are not precluded from equity classification. Equity-classified
contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the
contracts continue to be classified in equity.
Offering Costs Associated with the Initial
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
650,000 warrants
included in the Units sold in the Initial Public Offering and the 8,875,000 Private Placement Warrants in accordance with the guidance
contained in ASC 815. Such guidance provides that the warrants described above are not precluded from equity classification. Equity-classified
contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the
contracts continue to be classified in equity.
Offering Costs Associated with the Initial
Public Offering
Genesis Growth Tech Acquisition Corp. complies with the requirements of
FASB ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting commissions and other costs incurred through the Initial
Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments
issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs were allocated
between the Public Shares, Public Warrants, and Private Placement Warrants, based on a relative fair value basis, compared to total proceeds
received. Additionally, at the Initial Public Offering, offering costs allocated to the Public Shares were charged against temporary equity
and offering costs allocated to the Public Warrants, and Private
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
. Offering costs were allocated to the separable financial instruments
issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs were allocated
between the Public Shares, Public Warrants, and Private Placement Warrants, based on a relative fair value basis, compared to total proceeds
received. Additionally, at the Initial Public Offering, offering costs allocated to the Public Shares were charged against temporary equity
and offering costs allocated to the Public Warrants, and Private Placement Warrants were charged against shareholders’ deficit.
Deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require
the use of current assets or require the creation of current liabilities.
10
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Class A Ordinary Shares Subject to Possible
Redemption
Genesis Growth Tech Acquisition Corp. accounts for its Class A ordinary
shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption
(if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including
Class A ordinary shares that feature redemption rights that are either
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Class A Ordinary Shares Subject to Possible
Redemption
Genesis Growth Tech Acquisition Corp. accounts for its Class A ordinary
shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption
(if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including
Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon
the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times,
Class A ordinary shares are classified as shareholders’ deficit. Genesis Growth Tech Acquisition Corp.’s Class A ordinary shares feature certain redemption
rights that are considered to be outside of its control and subject to the occurrence of uncertain future events. Accordingly, as of September
30, 2022 and December 31, 2021, 27,600,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside
of the shareholders’ deficit section of the Company’s condensed balance sheets.
Under ASC 480-10-S99, the Company has to recognize changes in the redemption
value immediately as
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
redemption
rights that are considered to be outside of its control and subject to the occurrence of uncertain future events. Accordingly, as of September
30, 2022 and December 31, 2021, 27,600,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside
of the shareholders’ deficit section of the Company’s condensed balance sheets.
Under ASC 480-10-S99, the Company has to recognize changes in the redemption
value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of each reporting
period. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon
the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount. The change
in the carrying value of redeemable shares of Class A ordinary shares is treated as a deemed dividend, which results in charges against
additional paid-in capital and accumulated deficit.
The Class A ordinary shares subject to possible
redemption reflected on the accompanying condensed balance sheets are reconciled on the following table:
Gross proceeds from Initial Public Offering
253,000,000
Less:
Fair value of Public W
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
, the Company recognized the accretion from initial book value to redemption amount. The change
in the carrying value of redeemable shares of Class A ordinary shares is treated as a deemed dividend, which results in charges against
additional paid-in capital and accumulated deficit.
The Class A ordinary shares subject to possible
redemption reflected on the accompanying condensed balance sheets are reconciled on the following table:
Gross proceeds from Initial Public Offering
253,000,000
Less:
Fair value of Public Warrants at issuance
(9,740,500
Offering costs allocated to Class A ordinary shares subject to possible redemption
(20,286,042
Plus:
Accretion on Class A ordinary shares subject to possible redemption amount
33,821,542
Class A ordinary shares subject to possible redemption as of December 31, 2021
256,795,000
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption
253,637
Class A ordinary shares subject to possible redemption as of June 30, 2022
257,048,637
Increase in redemption value of Class A ordinary shares subject to possible redemption
1,136,330
Class A ordinary shares subject to possible redemption as of September 30,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
ordinary shares subject to possible redemption as of December 31, 2021
256,795,000
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption
253,637
Class A ordinary shares subject to possible redemption as of June 30, 2022
257,048,637
Increase in redemption value of Class A ordinary shares subject to possible redemption
1,136,330
Class A ordinary shares subject to possible redemption as of September 30, 2022
258,184,967
Net Loss per Ordinary Share
Genesis Growth Tech Acquisition Corp. complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” Genesis Growth Tech Acquisition Corp. has two classes of shares, which are referred to as
Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares, which assumes
a business combination as the most likely outcome. Net income (loss) per ordinary share is calculated by dividing the net income (loss)
by the weighted average number of ordinary shares outstanding for the respective period.
Net loss per ordinary share is computed by dividing
net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares, which assumes
a business combination as the most likely outcome. Net income (loss) per ordinary share is calculated by dividing the net income (loss)
by the weighted average number of ordinary shares outstanding for the respective period.
Net loss per ordinary share is computed by dividing
net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture.
The calculation of diluted net loss does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering
(including the consummation of the Over-allotment) and the private placement warrants to purchase an aggregate of 21,525,000 shares of
Class A ordinary shares in the calculation of diluted loss per share, because their inclusion would be anti-dilutive under the treasury
stock method.
11
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The tables below present a reconciliation of the
numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares:
For the Three Months Ended September
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Class A ordinary shares in the calculation of diluted loss per share, because their inclusion would be anti-dilutive under the treasury
stock method.
11
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The tables below present a reconciliation of the
numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares:
For the Three Months Ended September 30, 2022
For the Three Months Ended September 30, 2021
Class A
Class B
Class A
Class B
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net income (loss)
3,792
948
(2,668
Denominator:
Basic and diluted weighted average ordinary shares outstanding
25,300,000
6,325,000
5,500,000
Basic and diluted net income (loss) per ordinary share
0.00
0.00
(0.00
For the Nine Months Ended September 30, 2022
For the Period from March 17, 2021 (Inception) through September 30,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
,792
948
(2,668
Denominator:
Basic and diluted weighted average ordinary shares outstanding
25,300,000
6,325,000
5,500,000
Basic and diluted net income (loss) per ordinary share
0.00
0.00
(0.00
For the Nine Months Ended September 30, 2022
For the Period from March 17, 2021 (Inception) through September 30, 2021
Class A
Class B
Class A
Class B
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net loss
(229,339
(57,335
(34,625
Denominator:
Basic and diluted weighted average ordinary shares outstanding
25,300,000
6,325,000
3,555,556
Basic and diluted net income (loss) per ordinary share
(0.01
(0.01
(0.01
Income Taxes
Genesis Growth Tech Acquisition Corp. follows the guidance for accounting
for income taxes under FASB ASC 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute
for the financial statement recognition and measurement of tax positions taken
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
diluted weighted average ordinary shares outstanding
25,300,000
6,325,000
3,555,556
Basic and diluted net income (loss) per ordinary share
(0.01
(0.01
(0.01
Income Taxes
Genesis Growth Tech Acquisition Corp. follows the guidance for accounting
for income taxes under FASB ASC 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute
for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits
to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized
tax benefits as of September 30, 2022 and December 31, 2021. Genesis Growth Tech Acquisition Corp.’s management determined that the Cayman Islands is the
Company’s only major tax jurisdiction. Genesis Growth Tech Acquisition Corp. recognizes accrued interest and penalties related to unrecognized tax benefits
as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2022 and December 31, 2021.
Genesis Growth Tech Acquisition Corp. is currently not aware of any issues under review that could result in significant payments, accruals or material deviation
from its position
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
, 2021. Genesis Growth Tech Acquisition Corp.’s management determined that the Cayman Islands is the
Company’s only major tax jurisdiction. Genesis Growth Tech Acquisition Corp. recognizes accrued interest and penalties related to unrecognized tax benefits
as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2022 and December 31, 2021.
Genesis Growth Tech Acquisition Corp. is currently not aware of any issues under review that could result in significant payments, accruals or material deviation
from its position.
Genesis Growth Tech Acquisition Corp. is considered to be an exempted
Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income
tax filing requirements in the Cayman Islands or the United States of America. As such, the Company’s tax provision was zero
for the period presented. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance
with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected
in the Company’s unaudited condensed financial statements. Genesis Growth Tech Acquisition Corp.’s management does not expect that the total
amount of unrecognized tax benefits will materially change over the next 12 months.
Recent Accounting Pronouncements
In June
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
tax provision was zero
for the period presented. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance
with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected
in the Company’s unaudited condensed financial statements. Genesis Growth Tech Acquisition Corp.’s management does not expect that the total
amount of unrecognized tax benefits will materially change over the next 12 months.
Recent Accounting Pronouncements
In June 2022, the FASB issued ASU No.
2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” The
ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value
and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at
fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The
amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within
those fiscal years. Early adoption is permitted for both interim and annual financial statements that
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
in measuring an equity security at fair value
and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at
fair value. The ASU applies to both holders and issuers of equity and equity-linked securities measured at fair value. The
amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within
those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or
made available for issuance. Genesis Growth Tech Acquisition Corp. is still evaluating the impact of this pronouncement on the condensed financial
statements.
Genesis Growth Tech Acquisition Corp.’s management does not believe
that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect
on the accompanying unaudited condensed financial statements.
12
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note 3 - Initial Public Offering
Each Unit consists of one Class A ordinary share,
par value $0.0001 per share, and one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant
ent
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
, would have a material effect
on the accompanying unaudited condensed financial statements.
12
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note 3 - Initial Public Offering
Each Unit consists of one Class A ordinary share,
par value $0.0001 per share, and one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant
entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 6).
Note 4 - Related-Party Transactions
Founder Shares
Genesis Growth Tech Acquisition Corp. determined that the excess of the
fair value of the Founder Shares acquired by Nomura from the Sponsor over the price paid by Nomura should be recognized as an offering
cost by the Company in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offerings.”
Genesis Growth Tech Acquisition Corp. estimated the fair value of the Founder Shares sold to Nomura to be $8.30 per share or an aggregate of approximately $3.9
million, based on third-party transactions in the Sponsor’s equity interests. Accordingly, the additional offering
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Shares acquired by Nomura from the Sponsor over the price paid by Nomura should be recognized as an offering
cost by the Company in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offerings.”
Genesis Growth Tech Acquisition Corp. estimated the fair value of the Founder Shares sold to Nomura to be $8.30 per share or an aggregate of approximately $3.9
million, based on third-party transactions in the Sponsor’s equity interests. Accordingly, the additional offering cost is allocated
to the separable financial instruments issued in the Initial Public Offering on a relative fair value basis, compared to total proceeds
received. The allocated portion of the additional offering cost associated with the Class A ordinary shares was charged to the carrying
value of Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.
Private Placement Warrants
13
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Each Private Placement Warrant is exercisable
to purchase one Class A ordinary share at $11.50 per share. A portion of the proceeds from the Private Placement Warrants was added to
the proceeds from the Initial Public Offering held in the Trust
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
shares subject to possible redemption upon the completion of the Initial Public Offering.
Private Placement Warrants
13
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Each Private Placement Warrant is exercisable
to purchase one Class A ordinary share at $11.50 per share. A portion of the proceeds from the Private Placement Warrants was added to
the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within
the Combination Period, the Private Placement Warrants will expire worthless.
The Sponsor and the Company’s officers and
directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30
days after the completion of the initial Business Combination.
Promissory Note - Related Party
The Sponsor agreed to loan the Company up to $500,000
to cover expenses related to the Initial Public Offering pursuant to a promissory note, dated May 26, 2021, and amended on October 26,
2021, (the “Note”). This loan was non-interest bearing and payable on the earlier of March 31, 2022,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Placement Warrants until 30
days after the completion of the initial Business Combination.
Promissory Note - Related Party
The Sponsor agreed to loan the Company up to $500,000
to cover expenses related to the Initial Public Offering pursuant to a promissory note, dated May 26, 2021, and amended on October 26,
2021, (the “Note”). This loan was non-interest bearing and payable on the earlier of March 31, 2022, or the completion of
the Initial Public Offering. As of the date of the Initial Public Offering, the Company had borrowed approximately $453,000 under the
Note. In December 2021, subsequent to the Initial Public Offering, the Company repaid $200,000 on the Note and also offset the $25,000
receivable related to the Private Placement Warrants against the Note. As a result, as of December 31, 2021, the Company had approximately
$228,000 outstanding on the Note, which was due upon demand. In March 2022, the Company repaid the remaining balance of the Note to the
Sponsor. As of September 30, 2022, the Company had no outstanding balance under the Note.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
the Note and also offset the $25,000
receivable related to the Private Placement Warrants against the Note. As a result, as of December 31, 2021, the Company had approximately
$228,000 outstanding on the Note, which was due upon demand. In March 2022, the Company repaid the remaining balance of the Note to the
Sponsor. As of September 30, 2022, the Company had no outstanding balance under the Note.
Working Capital Loans
In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and
directors, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company
completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released
to it. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account
to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working
Capital Loans would either be repaid upon consum
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
be required (“Working Capital Loans”). If the Company
completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released
to it. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account
to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working
Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion,
up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of
$1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working
Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of September 30, 2022 and
December 31, 2021, the Company had no borrowings under the Working Capital Loans.
Administrative Support Agreement
On December 8, 2021, the Company entered
into an agreement with the Sponsor, pursuant to which
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working
Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of September 30, 2022 and
December 31, 2021, the Company had no borrowings under the Working Capital Loans.
Administrative Support Agreement
On December 8, 2021, the Company entered
into an agreement with the Sponsor, pursuant to which the Company agreed to reimburse the Sponsor for office space, secretarial and
administrative services provided to the Company in the amount of $10,000 per month through the earlier of the consummation of the
initial Business Combination and the Company’s liquidation. For the three and nine months ended September 30, 2022, the
Company incurred and accrued expenses of $30,000 and $100,000, respectively, under this agreement. As of September 30, 2022 and
December 31, 2021, the Company had an outstanding balance of $100,000 and $10,000 under this agreement, respectively, which is
included in “Accrued expenses” on the accompanying condensed balance sheets.
Note 5 - Commit
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
and nine months ended September 30, 2022, the
Company incurred and accrued expenses of $30,000 and $100,000, respectively, under this agreement. As of September 30, 2022 and
December 31, 2021, the Company had an outstanding balance of $100,000 and $10,000 under this agreement, respectively, which is
included in “Accrued expenses” on the accompanying condensed balance sheets.
Note 5 - Commitments and Contingencies
Registration Rights
The holders of the Founder Shares, Private Placement
Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the
exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration
rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The
holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent
to the Company’s completion of the initial Business Combination. However, the registration and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
may be issued upon conversion of Working Capital Loans) are entitled to registration
rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The
holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent
to the Company’s completion of the initial Business Combination. However, the registration and shareholder rights agreement provides
that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lock-up periods with respect to such securities. Genesis Growth Tech Acquisition Corp. will bear the expenses incurred in connection with the filing
of any such registration statements.
14
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Underwriting Agreement
Risks and Uncertainties
Management is currently evaluating the impact
of the COVID-19 pandemic on its condensed financial statements and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, the results of operations and/or search for a target company, the specific
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
.
14
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Underwriting Agreement
Risks and Uncertainties
Management is currently evaluating the impact
of the COVID-19 pandemic on its condensed financial statements and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, the results of operations and/or search for a target company, the specific
impact is not readily determinable as of the date of these condensed financial statements. The condensed financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
In February 2022, the Russian Federation and Belarus
commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have
instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on
the world economy are not determinable as of the date of these condensed financial statements. The specific impact on the Company’s
financial condition, results of operations, and cash flows is also not determinable as of the date of these condensed financial statements.
Based upon this review,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
country of Ukraine. As a result of this action, various nations, including the United States, have
instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on
the world economy are not determinable as of the date of these condensed financial statements. The specific impact on the Company’s
financial condition, results of operations, and cash flows is also not determinable as of the date of these condensed financial statements.
Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed
financial statements, which have not previously been disclosed within the condensed financial statements.
Note 6 - Shareholders’ Deficit
Preference shares - Genesis Growth Tech Acquisition Corp.
is authorized to issue 5,000,000 preference shares, par value $0.0001 per share, with such designations, voting and other rights and preferences
as may be determined from time to time by the Company’s board of directors. As of September 30, 2022 and December 31, 2021, there
were no preference shares issued or outstanding.
Class A Ordinary shares - Genesis Growth Tech Acquisition Corp.
is authorized to issue 500,000,000 Class A ordinary shares with a par value of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
,000,000 preference shares, par value $0.0001 per share, with such designations, voting and other rights and preferences
as may be determined from time to time by the Company’s board of directors. As of September 30, 2022 and December 31, 2021, there
were no preference shares issued or outstanding.
Class A Ordinary shares - Genesis Growth Tech Acquisition Corp.
is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of September 30, 2022 and December
31, 2021, there were 25,300,000 Class A ordinary shares issued and outstanding, all of which were subject to possible redemption and were
classified outside of permanent equity in the accompanying condensed balance sheets.
Class B Ordinary shares - Genesis Growth Tech Acquisition Corp.
is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders are entitled to one vote for
each Class B ordinary share. As of September 30, 2022 and December 31, 2021, there were 6,325,000 Class B ordinary shares issued and outstanding,
which amounts have been retroactively rest
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
permanent equity in the accompanying condensed balance sheets.
Class B Ordinary shares - Genesis Growth Tech Acquisition Corp.
is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders are entitled to one vote for
each Class B ordinary share. As of September 30, 2022 and December 31, 2021, there were 6,325,000 Class B ordinary shares issued and outstanding,
which amounts have been retroactively restated to reflect the share surrender on September 20, 2021, and the share capitalization on December
8, 2021, as discussed in Note 4.
Holders of the Class A ordinary shares and holders
of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders,
except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on
the appointment of the Company’s directors prior to the initial Business Combination.
15
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The Class B ordinary shares will automatically
convert into Class
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
as a single class on all matters submitted to a vote of the Company’s shareholders,
except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on
the appointment of the Company’s directors prior to the initial Business Combination.
15
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The Class B ordinary shares will automatically
convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or
be entitled to liquidating distributions from the Trust Account if the Company does not consummate an initial Business Combination) at
the time of the Company’s initial Business Combination or earlier at the option of the holders thereof at a ratio such that the
number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis,
20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of our Initial Public Offering, plus
(ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
the option of the holders thereof at a ratio such that the
number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis,
20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of our Initial Public Offering, plus
(ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business
Combination, excluding any Class A ordinary shares, or equity-linked securities exercisable for or convertible into Class A ordinary shares
issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any private placement warrants issued to
the sponsor, its affiliates or any member of the Company’s management team upon conversion of working capital loans (if any). In
no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.
Warrants - As of September 30, 2022
and December 31, 2021, 12,650,000 Public Warrants and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
issued, to any seller in the initial Business Combination and any private placement warrants issued to
the sponsor, its affiliates or any member of the Company’s management team upon conversion of working capital loans (if any). In
no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.
Warrants - As of September 30, 2022
and December 31, 2021, 12,650,000 Public Warrants and 8,875,000 Private Placement Warrants were outstanding.
The Public Warrants will become exercisable at
$11.50 per share 30 days after the completion of a Business Combination; provided that the Company has an effective registration statement
under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating
to them is available (or the Company permits holders to exercise their warrants on a cashless basis and such cashless exercise is exempt
from registration under the Securities Act). Genesis Growth Tech Acquisition Corp. has agreed that as soon as practicable, but in no event later than 15 business
days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC
a registration statement covering
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating
to them is available (or the Company permits holders to exercise their warrants on a cashless basis and such cashless exercise is exempt
from registration under the Securities Act). Genesis Growth Tech Acquisition Corp. has agreed that as soon as practicable, but in no event later than 15 business
days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC
a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants. Genesis Growth Tech Acquisition Corp. will use its commercially
reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination
and to maintain the effectiveness of such registration statement, and a current prospectus relating to those Class A ordinary shares until
the warrants expire or are redeemed, as specified in the warrant agreements; provided that if the Company’s Class A ordinary shares
are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise
their warrants to do
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
prospectus relating to those Class A ordinary shares until
the warrants expire or are redeemed, as specified in the warrant agreements; provided that if the Company’s Class A ordinary shares
are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise
their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the
Company so elects, the Company will not be required to file or maintain in effect a registration statement, but the Company will use its
commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th
day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration
statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on
a “cash
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th
day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration
statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on
a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use
its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not
available.
The warrants will expire five years after the
completion of a Business Combination or earlier upon redemption or liquidation.
16
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Except as described below, the Private Placement
Warrants were identical to those of the warrants sold as part of the Units in the Initial Public Offering. The Private Placement Warrants
(including the Class A ordinary shares issuable upon exercise of the Private Placement
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
five years after the
completion of a Business Combination or earlier upon redemption or liquidation.
16
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Except as described below, the Private Placement
Warrants were identical to those of the warrants sold as part of the Units in the Initial Public Offering. The Private Placement Warrants
(including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable
until 30 days after the completion of the initial Business Combination and they will not be redeemable by the Company. Holders of the
Company’s private placement warrants have the option to exercise the Private Placement Warrants on a cashless basis.
Redemption of Warrants When the Price per Class A Ordinary Share
Equals or Exceeds $18.00
Once the warrants become exercisable, the Company
may call the Public Warrants for redemption (except with respect to the Private Placement Warrants):
in whole and not in part;
at a price of $0.01 per warrant;
upon a minimum of 30 days’ prior written notice of redemption; and
if, and only if, the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
on a cashless basis.
Redemption of Warrants When the Price per Class A Ordinary Share
Equals or Exceeds $18.00
Once the warrants become exercisable, the Company
may call the Public Warrants for redemption (except with respect to the Private Placement Warrants):
in whole and not in part;
at a price of $0.01 per warrant;
upon a minimum of 30 days’ prior written notice of redemption; and
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
If the Company calls the Public Warrants for redemption,
management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,”
as described in the warrant agreements. Additionally, in no event will the Company be required to net cash settle any Warrants. If the
Company is unable to complete the initial Business Combination within the Combination Period and the Company liquidates the funds held
in the Trust Account, holders of warrants will not receive any of such funds with respect to their
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
for redemption,
management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,”
as described in the warrant agreements. Additionally, in no event will the Company be required to net cash settle any Warrants. If the
Company is unable to complete the initial Business Combination within the Combination Period and the Company liquidates the funds held
in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any
distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants
may expire worthless.
Note 7 - Fair Value Measurements
Genesis Growth Tech Acquisition Corp. determines the level in the fair value
hierarchy within which each fair value measurement falls based on the lowest level input that is significant to the fair value measurement
and performs an analysis of the assets and liabilities at each reporting period end.
The following tables present information about
the Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy:
September 30, 2022
Description
Quoted Prices in Active Markets (Level 1)
Significant Other Observable Inputs (Level 2)
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
within which each fair value measurement falls based on the lowest level input that is significant to the fair value measurement
and performs an analysis of the assets and liabilities at each reporting period end.
The following tables present information about
the Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy:
September 30, 2022
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 - Money Market Fund
258,284,967
17
GENESIS GROWTH TECH ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
December 31, 2021
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 - Money Market Fund
256,795,678
Transfers to/from Levels 1, 2 and 3 are recognized
at the beginning of the reporting period. There were no transfers between levels
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
FINANCIAL STATEMENTS
December 31, 2021
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 - Money Market Fund
256,795,678
Transfers to/from Levels 1, 2 and 3 are recognized
at the beginning of the reporting period. There were no transfers between levels for the nine months ended September 30, 2022.
Level 1 assets include investments in money market
funds that invest solely in U.S. government securities. Genesis Growth Tech Acquisition Corp. uses inputs such as actual trade data, quoted market prices from dealers
or brokers, and other similar sources to determine the fair value of its investments.
Note 8 - Subsequent Events
Genesis Growth Tech Acquisition Corp. evaluated subsequent events and transactions that occurred
after the balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, the
Company did not identify any subsequent events that have occurred that would require adjustments to the disclosures in the accompanying
unaudited condensed financial statements.
18
Item 2. Management’s Discussion and Analysis of Financial
Condition and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
similar sources to determine the fair value of its investments.
Note 8 - Subsequent Events
Genesis Growth Tech Acquisition Corp. evaluated subsequent events and transactions that occurred
after the balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, the
Company did not identify any subsequent events that have occurred that would require adjustments to the disclosures in the accompanying
unaudited condensed financial statements.
18
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
References to the “Company,” “Genesis
Growth Tech Acquisition Corp.,” “our,” “us” or “we” refer to Genesis Growth Tech Acquisition
Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction
with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained
in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
Cautionary Note Regarding Forward-Looking Statements
This quarterly report on Form 10-Q (this “Report”)
includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities
Act
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
read in conjunction
with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained
in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
Cautionary Note Regarding Forward-Looking Statements
This quarterly report on Form 10-Q (this “Report”)
includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities
Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these
forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject
to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,”
“should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “continue,” or the negative of such terms
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
and assumptions about us that may cause our actual results, levels of activity, performance
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,”
“should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or
contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings. We undertake no obligation
to revise or publicly release the results of any revision to any forward-looking statements, except as required by law. Given these risks
and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
Overview
We are a blank check company incorporated on March
17, 2021 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses or entities. We intend to effectuate our initial Business Combination
using cash from the proceeds of our Initial
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
required by law. Given these risks
and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
Overview
We are a blank check company incorporated on March
17, 2021 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses or entities. We intend to effectuate our initial Business Combination
using cash from the proceeds of our Initial Public Offering and the private placement of the Private Placement Warrants, the proceeds
of the sale of our shares in connection with our initial Business Combination (pursuant to forward purchase agreements or backstop agreements
we may enter into), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a
combination of the foregoing or other sources.
The issuance of additional shares in a business
combination:
may significantly dilute the
equity interest of investors in our Initial Public Offering, which dilution would increase if the anti-dilution provisions in the Class
B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class
B ordinary shares;
may
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
debt issued to bank or other lenders or the owners of the target, or a
combination of the foregoing or other sources.
The issuance of additional shares in a business
combination:
may significantly dilute the
equity interest of investors in our Initial Public Offering, which dilution would increase if the anti-dilution provisions in the Class
B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class
B ordinary shares;
may subordinate the rights
of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded our Class A ordinary shares;
could cause a change in control
if a substantial number of our Class A ordinary shares are issued, which may affect, among other things, our ability to use our net operating
loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;
may have the effect of delaying
or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us;
may adversely affect prevailing
market prices for our units, Class A ordinary shares and/or warrants; and
may not result in adjustment
to the exercise price of our warrants.
19
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
our ability to use our net operating
loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;
may have the effect of delaying
or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us;
may adversely affect prevailing
market prices for our units, Class A ordinary shares and/or warrants; and
may not result in adjustment
to the exercise price of our warrants.
19
Similarly, if we issue debt or otherwise incur
significant debt, it could result in:
default and foreclosure on
our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;
acceleration of our obligations
to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the
maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
our immediate payment of all
principal and accrued interest, if any, if the debt is payable on demand;
our inability to obtain necessary
additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;
our inability to pay dividends
on our Class A ordinary shares;
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
we make all principal and interest payments when due if we breach certain covenants that require the
maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
our immediate payment of all
principal and accrued interest, if any, if the debt is payable on demand;
our inability to obtain necessary
additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;
our inability to pay dividends
on our Class A ordinary shares;
using a substantial portion
of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our Class A ordinary
shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;
limitations on our flexibility
in planning for and reacting to changes in our business and in the industry in which we operate;
increased vulnerability to
adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and
limitations on our ability
to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and
other purposes and other disadvantages compared to our competitors who have less debt.
As indicated in the accompanying financial statements,
as of September 30, 2022,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
and reacting to changes in our business and in the industry in which we operate;
increased vulnerability to
adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and
limitations on our ability
to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and
other purposes and other disadvantages compared to our competitors who have less debt.
As indicated in the accompanying financial statements,
as of September 30, 2022, we had approximately $1.3 million in cash, and working capital deficit of approximately $49,000. Further, we
expect to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans to raise capital
or to complete our initial Business Combination will be successful.
On August 22, 2022, we signed a memorandum of
understanding (the “MoU”) with Biolog-ID, a société anonyme organized under the laws of France (“Biolog-id”),
with respect to our contemplated merger with and into Biolog-id (the “Merger”) with Biolog-id as the continuing company following
closing of the Merger and related transactions pursuant to the “Business Combination Agreement” in the form attached to the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Business Combination will be successful.
On August 22, 2022, we signed a memorandum of
understanding (the “MoU”) with Biolog-ID, a société anonyme organized under the laws of France (“Biolog-id”),
with respect to our contemplated merger with and into Biolog-id (the “Merger”) with Biolog-id as the continuing company following
closing of the Merger and related transactions pursuant to the “Business Combination Agreement” in the form attached to the
MoU. Under French law, no commitment with respect to the proposed Merger could be agreed prior to Biolog-id completing the consultation
process with its social and economic committee (comité social et économique) (the “Works Council”). Biolog-id
completed the Works Council consultation process and on August 26, 2022, we entered into a Business Combination Agreement with Biolog-id
(the “Business Combination Agreement”).
By virtue of the Merger, each of our
ordinary shares issued and outstanding immediately prior to the effective time of the Merger (after giving effect to specified
events) would be automatically cancelled and extinguished and exchanged for a number of ordinary shares of Biolog-id (received in
the form of American Depositary Shares (ADS
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
Works Council consultation process and on August 26, 2022, we entered into a Business Combination Agreement with Biolog-id
(the “Business Combination Agreement”).
By virtue of the Merger, each of our
ordinary shares issued and outstanding immediately prior to the effective time of the Merger (after giving effect to specified
events) would be automatically cancelled and extinguished and exchanged for a number of ordinary shares of Biolog-id (received in
the form of American Depositary Shares (ADSs)), as determined in accordance with the exchange ratio described in the Business
Combination Agreement. The terms of the Business Combination Agreement, containing customary representations and warranties,
covenants, closing conditions, and other terms relating to the Merger and the other transactions contemplated thereby, are further
described in our Current Reports on Form 8-K filed with the SEC on August 23, 2022 and August 26, 2022.
Results of Operations
Our entire activity since inception up to September
30, 2022 was in preparation for our formation and our Initial Public Offering, and, subsequent to our Initial Public Offering, identifying
a target company for a Business Combination. We will not be generating any operating revenues until the closing and completion of our
initial
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
further
described in our Current Reports on Form 8-K filed with the SEC on August 23, 2022 and August 26, 2022.
Results of Operations
Our entire activity since inception up to September
30, 2022 was in preparation for our formation and our Initial Public Offering, and, subsequent to our Initial Public Offering, identifying
a target company for a Business Combination. We will not be generating any operating revenues until the closing and completion of our
initial Business Combination, at the earliest.
20
For the three months ended September 30, 2022,
we had a net income of approximately $4,700, which consisted of income from investments held in the Trust Account of approximately $1.1
million, offset by general and administrative expenses of approximately $1.1 million and $30,000 in general and administrative expenses
for related party.
For the three months ended September 30, 2021,
we had a net loss of approximately $3,000 consisting of general and administrative expenses.
For the nine months ended September 30, 2022,
we had a net loss of approximately $287,000, which consisted of general and administrative expenses of approximately $1.7 million and
$90
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
general and administrative expenses of approximately $1.1 million and $30,000 in general and administrative expenses
for related party.
For the three months ended September 30, 2021,
we had a net loss of approximately $3,000 consisting of general and administrative expenses.
For the nine months ended September 30, 2022,
we had a net loss of approximately $287,000, which consisted of general and administrative expenses of approximately $1.7 million and
$90,000 in general and administrative expenses for related party, offset by income from investments held in the Trust Account of approximately
$1.5 million.
For the period from March 17, 2021 (inception)
through September 30, 2021, we had a net loss of approximately $35,000 consisting of general and administrative expenses.
Liquidity and Capital Resources
Prior to the completion of our Initial Public
Offering, our liquidity needs were satisfied through (i) $25,000 paid by our Sponsor to cover certain expenses in exchange for the issuance
of the Founder Shares to our Sponsor and (ii) the receipt of a loan of up to $500,000 from our Sponsor under the Note. Prior to the completion
of our Initial
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
a net loss of approximately $35,000 consisting of general and administrative expenses.
Liquidity and Capital Resources
Prior to the completion of our Initial Public
Offering, our liquidity needs were satisfied through (i) $25,000 paid by our Sponsor to cover certain expenses in exchange for the issuance
of the Founder Shares to our Sponsor and (ii) the receipt of a loan of up to $500,000 from our Sponsor under the Note. Prior to the completion
of our Initial Public Offering, we borrowed approximately $453,000 under the Note, which was fully repaid in March 2022. The net proceeds
from (i) the sale of the units in our Initial Public Offering, after deducting non-reimbursed offering expenses of approximately $738,000,
underwriting commissions of $2,530,000 (excluding deferred underwriting commissions of $13,915,000), and (ii) the sale of the Private
Placement Warrants for a purchase price of $8,875,000 was $258,645,000. Of that amount, $257,148,600 is held in the Trust Account, which
includes the deferred underwriting commissions described above. The proceeds held in the Trust Account are invested only in U
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
738,000,
underwriting commissions of $2,530,000 (excluding deferred underwriting commissions of $13,915,000), and (ii) the sale of the Private
Placement Warrants for a purchase price of $8,875,000 was $258,645,000. Of that amount, $257,148,600 is held in the Trust Account, which
includes the deferred underwriting commissions described above. The proceeds held in the Trust Account are invested only in U.S. government
treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act which invest only in direct U.S. government treasury obligations. The remaining $1,832,700 is held outside of the
Trust Account.
We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing interest and other income earned on the Trust Account (less taxes payable
and deferred underwriting commissions), to complete our initial Business Combination. We may withdraw interest income (if any) to pay
income taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held
in the Trust
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
,700 is held outside of the
Trust Account.
We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing interest and other income earned on the Trust Account (less taxes payable
and deferred underwriting commissions), to complete our initial Business Combination. We may withdraw interest income (if any) to pay
income taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held
in the Trust Account. We expect the interest income earned on the amount in the Trust Account (if any) will be sufficient to pay our income
taxes. To the extent that our equity or debt is used, in whole or in part, as consideration to complete our initial Business Combination,
the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue our growth strategies.
Prior to the completion of our initial Business
Combination, we have available to us the $1,832,700 of proceeds held outside the Trust Account, as well as certain funds from loans from
our Sponsor, its affiliates or members of our management team. We will use these funds to primarily identify and evaluate target businesses,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue our growth strategies.
Prior to the completion of our initial Business
Combination, we have available to us the $1,832,700 of proceeds held outside the Trust Account, as well as certain funds from loans from
our Sponsor, its affiliates or members of our management team. We will use these funds to primarily identify and evaluate target businesses,
perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective
target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses,
and structure, negotiate and complete a Business Combination.
21
We do not believe we will need to raise additional
funds following our Initial Public Offering in order to meet the expenditures required for operating our business prior to our initial
Business Combination, other than funds available from loans from our Sponsor, its affiliates or members of our management team. However,
if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial Business
Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
not believe we will need to raise additional
funds following our Initial Public Offering in order to meet the expenditures required for operating our business prior to our initial
Business Combination, other than funds available from loans from our Sponsor, its affiliates or members of our management team. However,
if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial Business
Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior
to our initial Business Combination. In order to fund working capital deficiencies or finance transaction costs in connection with any
intended initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are
not obligated to, loan us funds. If we complete our initial Business Combination, we may repay such loaned amounts out of the proceeds
of the Trust Account released to us. In the event that our initial Business Combination does not close, we may use a portion of the working
capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants of the post-Business
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
loan us funds. If we complete our initial Business Combination, we may repay such loaned amounts out of the proceeds
of the Trust Account released to us. In the event that our initial Business Combination does not close, we may use a portion of the working
capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant
at the option of the lender. The warrants would be identical to the Private Placement Warrants. The terms of such loans, if any, have
not been determined and no written agreements exist with respect to such loans. Prior to the completion of our initial Business Combination,
we do not expect to seek loans from parties other than our Sponsor, its affiliates or our management team as we do not believe third parties
will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.
We expect our primary liquidity requirements during
that period to include approximately $300,000 for legal, accounting, due diligence, travel and other expenses associated with structuring,
neg
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
. Prior to the completion of our initial Business Combination,
we do not expect to seek loans from parties other than our Sponsor, its affiliates or our management team as we do not believe third parties
will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.
We expect our primary liquidity requirements during
that period to include approximately $300,000 for legal, accounting, due diligence, travel and other expenses associated with structuring,
negotiating and documenting successful business combinations; $100,000 for legal and accounting fees related to regulatory reporting obligations;
$800,000 for directors and officers insurance premiums; $120,000 for office space, administrative and support services; $100,000 for Nasdaq
and other regulatory fees; and $430,000 for general working capital that will be used for miscellaneous expenses and reserves. These amounts
are estimates and may differ materially from our actual expenses.
Moreover, we may need to obtain additional financing
to complete our initial Business Combination, either because the transaction requires more cash than is available from the proceeds held
in our Trust Account, or because we become obligated to redeem a significant number of our public shares upon completion of the Business
Combination, in which case
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
other regulatory fees; and $430,000 for general working capital that will be used for miscellaneous expenses and reserves. These amounts
are estimates and may differ materially from our actual expenses.
Moreover, we may need to obtain additional financing
to complete our initial Business Combination, either because the transaction requires more cash than is available from the proceeds held
in our Trust Account, or because we become obligated to redeem a significant number of our public shares upon completion of the Business
Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. If we have not
consummated our initial Business Combination within the required time period because we do not have sufficient funds available to us,
we will be forced to cease operations and liquidate the Trust Account.
Based on the foregoing, we believe that we will
have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of our officers and
directors to meet our needs through the consummation of a Business Combination. However, in connection with our assessment of going concern
considerations in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
.
Based on the foregoing, we believe that we will
have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of our officers and
directors to meet our needs through the consummation of a Business Combination. However, in connection with our assessment of going concern
considerations in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” we have determined
that liquidity needs, the mandatory liquidation and subsequent dissolution raises substantial doubt about our ability to continue as a
going concern. No adjustments have been made to the carrying amounts of assets or liabilities should we be required to liquidate after
December 13, 2022. The financial statements do not include any adjustment that might be necessary if we are unable to continue as a going
concern.
Commitments and Contractual Obligations
Registration and Shareholder Rights
The holders of the Founder Shares, Private Placement
Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the
exercise of the Private Placement Warrants and warrants that
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
to liquidate after
December 13, 2022. The financial statements do not include any adjustment that might be necessary if we are unable to continue as a going
concern.
Commitments and Contractual Obligations
Registration and Shareholder Rights
The holders of the Founder Shares, Private Placement
Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the
exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration
rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The
holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities.
In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent
to the Company’s completion of the initial Business Combination. However, the registration and shareholder rights agreement provides
that we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable
lock-up periods with respect to such securities. We will bear the expenses incurred in connection with the filing of any such registration
statements.
22
Under
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
we register such securities.
In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent
to the Company’s completion of the initial Business Combination. However, the registration and shareholder rights agreement provides
that we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable
lock-up periods with respect to such securities. We will bear the expenses incurred in connection with the filing of any such registration
statements.
22
Underwriting Agreement
The underwriter was entitled to an underwriting
discount of $0.10 per Unit, or $2.5 million in the aggregate (including over-allotment), of which $2.2 million was paid upon the closing
of the Initial Public Offering and $0.3 million was paid upon the exercise of the over-allotment option. In addition, $0.55 per unit,
or $13.9 million in the aggregate, will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting
commissions will become payable to the underwriter from the amounts held in the Trust Account solely in the event that we complete a Business
Combination, subject to the terms of the underwriting agreement.
Critical Accounting Policies
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1865697
ticker:GGAA
name:Genesis Growth Tech Acquisition Corp.
exchange:Nasdaq
filing_type:10-Q
Text:
and $0.3 million was paid upon the exercise of the over-allotment option. In addition, $0.55 per unit,
or $13.9 million in the aggregate, will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting
commissions will become payable to the underwriter from the amounts held in the Trust Account solely in the event that we complete a Business
Combination, subject to the terms of the underwriting agreement.
Critical Accounting Policies and Estimates
This management’s discussion and analysis
of our financial condition and results of operations is based on our condensed financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States of America. The preparation of our condensed financial statements requires
us to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and the disclosure of
contingent assets and liabilities in our condensed financial statements. On an ongoing basis, we evaluate our estimates and judgments,
including those related to fair value of financial instruments and accrued expenses. We base our estimates on historical experience, known
trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis
for making judgments about the
|
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