UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

ITIQUIRA ACQUISITION CORP.

(Exact name of registrant as specified in its charter)


Cayman Islands	001-39986	N/A
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

430 Park Avenue, Suite 202 New York, New York (Address Of Principal Executive Offices)		10022 (Zip Code)

(646) 350-0341

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant	ITQRU	Nasdaq Capital Market
Class A ordinary shares included as part of the units	ITQ	Nasdaq Capital Market
Redeemable warrants included as part of the units	ITQRW	Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of November 11, 2022, 23,000,000 Class A ordinary shares, par value $0.0001 per share, and 5,750,000 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding, respectively.

Table of Contents

ITIQUIRA ACQUISITION CORP.

Form 10-Q

For the Quarter Ended September 30, 2022

Table of Contents


		Page
PART I. FINANCIAL INFORMATION		1
Item 1.	Condensed Financial Statements	1
	Condensed Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021	1
	Unaudited Condensed Statements of Operations for the three and nine months ended September 30, 2022 and 2021	2
	Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the three and nine months ended September 30, 2022 and 2021	3
	Unaudited Condensed Statements of Cash Flows for the nine months ended September 30, 2022 and 2021	4
	Notes to Unaudited Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
PART II. OTHER INFORMATION		26
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	26

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements

ITIQUIRA ACQUISITION CORP.

CONDENSED BALANCE SHEETS


	September 30,		December 31,
	2022		2021
	(Unaudited)
Assets:
Current assets:
Cash	$	273,277	$	619,236
Prepaid expenses - current		173,521		439,612
Total current assets		446,798		1,058,848
Prepaid expenses		—		42,951
Investments held in Trust Account		231,460,919		230,068,808
Total Assets	$	231,907,717	$	231,170,607

Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
Current liabilities:
Accounts payable	$	937,813	$	569,190
Accrued expenses		260,467		569,059
Note payable - related party		380,000		—
Total current liabilities		1,578,280		1,138,249
Deferred underwriting commissions		8,050,000		8,050,000
Derivative warrant liabilities		543,000		9,412,000
Total liabilities		10,171,280		18,600,249

Commitments and Contingencies (Note 5)

Class A ordinary shares subject to possible redemption; 23,000,000 shares at redemption value of $10.06 and $10.00 per share at September 30, 2022 and December 31, 2021, respectively		231,360,919		230,000,000

Shareholders’ Deficit:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at September 30, 2022 and December 31, 2021		—		—
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; no non-redeemable shares issued and outstanding at September 30, 2022 and December 31, 2021		—		—
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding at September 30, 2022 and December 31, 2021		575		575
Additional paid-in capital		—		—
Accumulated deficit		(9,625,057)		(17,430,217)
Total shareholders’ deficit		(9,624,482)		(17,429,642)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit	$	231,907,717	$	231,170,607

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

ITIQUIRA ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative expenses	$	190,797	$	188,030	$	1,005,032	$	571,190
General and administrative expenses - related party		30,000		30,000		90,000		80,000
Loss from operations		(220,797)		(218,030)		(1,095,032)		(651,190)
Other income (expenses):
Change in fair value of derivative warrant liabilities		905,000		6,171,000		8,869,000		8,524,000
Transaction costs allocated to warrant liabilities		—		—		—		(644,619)
Income from investments held in Trust Account		1,154,887		29,338		1,392,111		40,375
Net income	$	1,839,090	$	5,982,308	$	9,166,079	$	7,268,566

Weighted average shares outstanding of Class A ordinary shares, basic and diluted		23,000,000		23,000,000		23,000,000		19,798,535
Basic and diluted net income per share, Class A ordinary shares	$	0.06	$	0.21	$	0.32	$	0.29
Weighted average shares outstanding of Class B ordinary shares, basic and diluted		5,750,000		5,750,000		5,750,000		5,645,604
Basic and diluted net income per ordinary share, Class B ordinary shares	$	0.06	$	0.21	$	0.32	$	0.29

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

ITIQUIRA ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

For the Three AND NINE Months Ended SEPTEMBER 30, 2022


	Ordinary Shares						Additional				Total
	Class A			Class B			Paid-in		Accumulated		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance - January 1, 2022	—	$	—	5,750,000	$	575	$	—	$	(17,430,217)	$	(17,429,642)
Net income	—		—	—		—		—		3,420,835		3,420,835
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption	—		—	—		—		—		(49,000)		(49,000)
Balance - March 31, 2022	—		—	5,750,000		575		—		(14,058,382)		(14,057,807)
Net income	—		—	—		—		—		3,906,154		3,906,154
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption	—		—	—		—		—		(157,000)		(157,000)
Balance - June 30, 2022	—		—	5,750,000		575		—		(10,309,228)		(10,308,653)
Net income	—		—	—		—		—		1,839,090		1,839,090
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption	—		—	—		—		—		(1,154,919)		(1,154,919)
Balance - September 30, 2022	—	$	—	5,750,000	$	575	$	—	$	(9,625,057)	$	(9,624,482)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021


	Ordinary Shares						Additional				Total
	Class A			Class B			Paid-in		Accumulated		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance - January 1, 2021	—	$	—	5,750,000	$	575	$	24,425	$	(29,374)	$	(4,374)
Accretion of Class A ordinary shares subject to redemption	—		—	—		—		(24,425)		(23,409,201)		(23,433,626)
Net loss	—		—	—		—		—		(418,152)		(418,152)
Balance - March 31, 2021	—	$	—	5,750,000	$	575	$	—	$	(23,856,727)	$	(23,856,152)
Net income	—		—	—		—		—		1,704,410		1,704,410
Balance - June 30, 2021	—	$	—	5,750,000	$	575	$	—	$	(22,152,317)	$	(22,151,742)
Net income	—		—	—		—		—		5,982,308		5,982,308
Balance - September 30, 2021	—

SEC Form 10-Q filed by Itiquira Acquisition Corp.