WALDWLOW SIGNALFINANCIAL10-Q
WALDW's quarterly filing shows routine SPAC operational updates with modest cash position decline and expanded disclosure on warrant liabilities and forward purchase agreements.
The filing reflects typical SPAC activity during the target identification phase, with updated financial statement periods and enhanced disclosures around warrant accounting and forward purchase commitments. The language changes indicate normal quarterly reporting progression with more detailed explanations of the company's capital structure and business combination search process.
Comparing 2022-05-16 vs 2021-11-18View on EDGAR →
FINANCIAL ANALYSIS
The company's cash position declined modestly from $1.5M to $1.1M, representing normal operating expenses during the target search phase. Current assets similarly decreased from $1.7M to $1.3M, reflecting ongoing operational costs typical for SPACs. The overall financial picture shows a stable but gradually declining cash position as expected for a SPAC actively seeking acquisition targets.
FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
$1.5M→$1.1M
Cash decreased 27.6% — monitor burn rate and upcoming capital needs.
Current Assets
Balance Sheet
$1.7M→$1.3M
Current assets declined 26.7% — monitor working capital adequacy and short-term liquidity.
LANGUAGE CHANGES
NEW — 2022-05-16
PRIOR — 2021-11-18
ADDED
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Financial Statements 1 Condensed Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021 1 Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2022 and March 31, 2021 2 Unaudited Condensed Statements of Changes in Shareholders Deficit for the Three Months Ended March 31, 2022 and March 31, 2021 3 Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2022 and March 31, 2021 4 Notes to Condensed Financial Statements 5 Item 2.
All activity since January 12, 2021 relates to the Company s formation and the initial public offering (the Initial Public Offering ) and identifying a target or targets for a Business Combination, as described below.
The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering and change in fair value of its warrant and forward purchase agreement liabilities.
Of the total transaction costs, $ 719,201 was reclassified as non-operating expense in the statements of operations with the rest of the offering costs charged to shareholders deficit.
6 On February 22, 2021, the Sponsor and Dynamo Master Fund (a member of the Sponsor) entered into a forward purchase agreement (the Sponsor Forward Purchase Agreement ), with the Company that provided for the purchase of up to an aggregate of 13,000,000 units, with each unit consisting of one Class A ordinary share and one-third of one redeemable warrant, for an aggregate purchase price of $ 130,000,000 , or $ 10.00 per unit, in a private placement to close substantially concurrently with the closing of the Company s initial Business Combination (the Forward Purchase Securities ).
On October 20, 2021, the Company received an allocation notice from the Sponsor and Dynamo Master Fund committing to purchase an aggregate of 16,000,000 units, with each unit consisting of one Class A ordinary share and one-third of one redeemable warrant, for an aggregate purchase price of $ 160,000,000 , or $ 10.00 per unit.
On December 20, 2021, the Sponsor and Burwell Mountain Trust (a member of the Sponsor) entered into an assignment and assumption agreement (the Assignment and Assumption Agreement ).
The Assignment and Assumption Agreement provides for the assignment by the Sponsor and assumption by Burwell Mountain Trust of all of the Sponsor s rights and benefits as purchaser under the Sponsor Forward Purchase Agreement, including the right to purchase the Forward Purchase Securities subscribed for by the Sponsor.
Liquidity, Capital Resources and Going Concern As of March 31, 2022, the Company had cash in an operating bank account, outside of the Trust Account, with $ 1,088,980 available for working capital needs.
REMOVED
Financial Statements Condensed Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 (audited) 1 Condensed Statements of Operations for the three and nine months ended September 30, 2021 (unaudited) 2 Condensed Statements of Changes in Shareholders Deficit for the three and nine months ended September 30, 2021 (unaudited) 3 Condensed Statement of Cash Flows for the nine months ended September 30, 2021 (unaudited) 4 Notes to Unaudited Condensed Financial Statements 5 Item 2.
All activity since January 12, 2021 relates to the Company s formation and the initial public offering (the Initial Public Offering ), as described below.
The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering.
Of the total transaction costs, $ 719,201 was reclassified as non-operating expense in the condensed statement of operations with the rest of the offering costs charged to shareholders equity.
Liquidity As of September 30, 2021, the Company had cash in an operating bank account, outside of the Trust Account, of $335,058 available for working capital needs.
As of September 30, 2021 the Company had working capital of $ 422,644 .
As of September 30, 2021, none of the amount in the Trust Account was withdrawn as described above.
6 Through September 30, 2021, the Company s liquidity needs were satisfied through receipt of $ 25,000 from the sale of the Founder Shares and the remaining net proceeds from the Initial Public Offering and the sale of Private Placement Warrants.
On October 28, 2021, the Sponsor funded the $ 1,500,000 available under the Working Capital Loans to the Company (see Notes 6 and 12).
The Company anticipates that the $ 335,058 in its operating bank account as of September 30, 2021, in addition to the subsequent $1,500,000 draw down of the Working Capital Loans available, will be sufficient to allow the Company to operate for at least the next 12 months from the issuance of the financial statements, assuming that a Business Combination is not consummated during that time.
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