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Waverley Capital Acquisition Corp. 1 - WAVC

  • Commons

    $9.71

    +0.31%

    WAVC Vol: 0.0

  • Warrants

    $0.80

    +2.58%

    WAVC+ Vol: 0.0

  • Units

    $9.92

    -0.40%

    WAVC= Vol: 170.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 208.6M
Average Volume: 24.0K
52W Range: $9.63 - $10.00
Weekly %: -0.41%
Monthly %: -0.21%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 101
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-fourth of one redeemable warrant
Trust Size: 30000000.0M

Management

Officers, Directors and Director Nominees.” We are dependent upon our officers and directors and their loss could adversely affect our ability to operate. Our operations are dependent upon a relatively small group of individuals and, in particular, our officers and directors. We believe that our success depends on the continued service of our officers and directors, at least until we have completed our initial business combination. In addition, our officers and directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest in allocating their time among various business activities, including identifying potential business combinations and 62 Table of Contents monitoring the related due diligence. We do not have an employment agreement with, or key-man insurance on the life of, any of our directors or officers. The unexpected loss of the services of one or more of our directors or officers could have a detrimental effect on us. Our ability to successfully effect our initial business combination and to be successful thereafter will be dependent upon the efforts of our key personnel, some of whom may join us following our initial business combination. The loss of key personnel could negatively impact the operations and profitability of our post-combination business. Our ability to successfully effect our initial business combination is dependent upon the efforts of our key personnel. We believe that our success depends on the continued service of our key personnel, at least until we have consummated our initial business combination. None of our officers are required to commit any specified amount of time to our affairs and, accordingly, they will have conflicts of interest in allocating management time among various business activities, including identifying potential business combinations and monitoring the related due diligence. If our officers’ and directors’ other business affairs require them to devote more substantial amounts of time to their other business activities, it could limit their ability to devote time to our affairs and could have a negative impact on our ability to consummate our initial business combination. In addition, we do not have employment agreements with, or key-man insurance on the life of, any of our officers. The unexpected loss of the services of our key personnel could have a detrimental effect on us. The role of our key personnel after our initial business combination, however, remains to be determined. Although some of our key personnel serve in senior management or advisory positions following our initial business combination, it is likely that most, if not all, of the management of the target business will remain in place. These individuals may be unfamiliar with the requirements of operating a public company which could cause us to have to expend time and resources helping them become familiar with such requirements. This could be expensive and time-consuming and could lead to various regulatory issues which may adversely affect our operations. Our key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination, and a particular business combination may be conditioned on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether a particular business combination is the most advantageous. Our key personnel may be able to remain with our company after the completion of our initial business combination only if they are able to negotiate employment or consulting agreements in connection with the business combination. Such negotiations would take place simultaneously with the negotiation of the business combination and could provide for such individuals to receive compensation in the form of cash payments and/or our securities for services they would render to us after the completion of the business combination. Such negotiations also could make such key personnel’s retention or resignation a condition to any such agreement. The personal and financial interests of such individuals may influence their motivation in identifying and selecting a target business. In addition, pursuant to an agreement to be entered into on or prior to the closing of this offering, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement, which is described under the section of this prospectus entitled “Description of Securities—Registration and Shareholder Rights.” We may have a limited ability to assess the management of a prospective target business and, as a result, may affect our initial business combination with a target business whose management may not have the skills, qualifications or abilities to manage a public company. When evaluating the desirability of effecting our initial business combination with a prospective target business, our ability to assess the target business’s management may be limited due to a lack of time, resources 63 Table of Contents or information. Our assessment of the capabilities of the target business’s management, therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should the target business’s management not possess the skills, qualifications or abilities necessary to manage a public company, the operations and profitability of the post-combination business may be negatively impacted. Accordingly, any shareholders who choose to retain their securities and remain shareholders following the business combination could suffer a reduction in the value of their securities. Such shareholders are unlikely to have a remedy for such reduction in value. The officers and directors of an initial business combination candidate may resign upon completion of our initial business combination. The departure of a business combination target’s key personnel could negatively impact the operations and profitability of our post-combination business. The role of an initial business combination candidate’s key personnel upon the completion of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an acquisition candidate’s management team will remain associated with the initial business combination candidate following our initial business combination, it is possible that members of the management of an acquisition candidate will not wish to remain in place. As a result, we may need to reconstitute the management team of the post-transaction company in connection with our initial business combination, which may adversely impact our ability to complete an initial business combination in a timely manner or at all. Our officers and directors presently have, and any of them in the future may have, additional, fiduciary or contractual obligations to other entities, including another blank check company and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses or entities. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us. In addition, Waverley and our sponsor, officers and directors are and may in the future become affiliated with other blank check companies that may have acquisition objectives that are similar to ours. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to such other blank check companies prior to its presentation to us. Our amended and restated memorandum and articles of association provide that we renounce, to the maximum extent permitted by law, our interest or expectancy in, or in being offered an opportunity to participate in any business combination opportunity which may be a corporate opportunity for both us and our sponsor and another entity, including any entities managed by our sponsor or its affiliates and any companies in which our sponsor or such entities have invested about which any of our officers or directors acquires knowledge unless such opportunity is expressly offered to such director or officer solely in his or her capacity as a director or officer of the company and it is an opportunity that we are able to complete on a reasonable basis. We will waive any claim or cause of action we may have in respect thereof. In addition, our amended and restated memorandum and articles of association will contain provisions to exculpate and indemnify, to the maximum extent permitted by law, such persons in respect of any liability, obligation or duty to our company that may arise as a consequence of such persons becoming aware of any business opportunity or failing to present such business opportunity. For a complete discussion of our officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, see “Management—Officers, Directors and Director Nominees,” “Management—Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” 64 Table of Contents Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with Waverley, our sponsor, our directors or officers, although we do not intend to do so, or we may acquire a target business through an Affiliated Joint Acquisition with one or more funds or accounts advised by Waverley and/or one or more investors in funds managed by Waverley. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in the company’s best interest. If this were the case, and the directors fail to act in accordance with their fiduciary duties owed to us as a matter of Cayman Islands law, we may have a claim against such individuals. See “Description of Securities—Certain Differences in Corporate Law—Shareholders’ Suits” for further information on the ability to bring such claims. However, we might not ultimately be successful in any claim we may make against them for such reason. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with Waverley, our sponsor, officers, directors or initial shareholders which may raise potential conflicts of interest. In light of the involvement of Waverley, our sponsor, officers and directors with other entities, we may decide to acquire one or more businesses affiliated with Waverley, our sponsor, officers, directors or initial shareholders. Our directors also serve as officers and board members for other entities, including, as described under “Management—Conflicts of Interest.” Waverley and our sponsor, officers and directors may sponsor, form or participate in other blank check companies similar to ours during the period in which we are seeking an initial business combination. As a result, Waverley and our sponsor, officers and directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other blank check company with which they may become involved, and such entities may compete with us for business combination opportunities. Waverley and its affiliates manage a number of Waverley Funds, which may compete with us for acquisition opportunities. Waverley and our sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no substantive discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria and guidelines for a business combination as set forth in “Proposed Business—Effecting Our Initial Business Combination—Evaluation of a Target Business and Structuring of Our Initial Business Combination” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with Waverley, our sponsor, officers, directors or initial shareholders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Moreover, we may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity affiliated with Waverley and/or one or more investors in funds managed by Waverley. Any such parties may co-invest 65 Table of Contents with us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete the acquisition by making a specified future issuance to any such parties. Since our initial shareholders will lose their entire investment in us if our initial business combination is not completed (other than with respect to public shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On March 6, 2021, our sponsor paid $25,000, or approximately $0.0029 per share, to cover certain of our offering and formation costs in consideration of 8,625,000 Class B ordinary shares, par value $0.0001 each. At the closing of our initial public offering, our sponsor intends to transfer 45,000 founder shares to each of our director nominees and our chief financial officer, resulting in our sponsor holding 8,445,000 founder shares. Prior to the initial investment in the company of $25,000 by the sponsor, the company had no assets, tangible or intangible. The per share price of the founder shares was determined by dividing the amount contributed to the company by the number of founder shares issued. If we increase or decrease the size of this offering, we will effect a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares, on an as-converted basis, at 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 6,000,000 private placement warrants (or 6,600,000 private placement warrants if the underwriters’ over-allotment option is exercised in full), each exercisable to purchase one Class A ordinary share at $11.50 per share, subject to adjustment, at a price of $1.50 per warrant ($9,000,000 in the aggregate or $9,900,000 if the underwriters’ over-allotment option is exercised in full), in a private placement that will close simultaneously with the closing of this offering. If we do not consummate an initial business combination within 24 months from the closing of this offering, the private placement warrants will expire worthless. The personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. This risk may become more acute as the 24-month anniversary of the closing of this offering nears, which is the deadline for our consummation of an initial business combination. We may not have sufficient funds to satisfy indemnification claims of our directors and officers. We have agreed to indemnify our officers and directors to the fullest extent permitted by law. However, our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account and to not seek recourse against the trust account for any reason whatsoever (except to the extent they are entitled to funds from the trust account due to their ownership of public shares). Accordingly, any indemnification provided will be able to be satisfied by us only if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination. Our obligation to indemnify our officers and directors may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions. Involvement of members of our management and companies with which they are affiliated in civil disputes and litigation, governmental investigations or negative publicity unrelated to our business affairs could materially impact our ability to consummate an initial business combination. Members of our management team and companies with which they are affiliated have been, and in

SEC Filings

Form Type Form Description Filing Date Document Link
8-K 8-K 2021-11-19 https://www.sec.gov/Archives/edgar/data/1849580/000119312521335289/d266169d8k.htm
10-Q 10-Q 2021-11-15 https://www.sec.gov/Archives/edgar/data/1849580/000119312521329971/d260775d10q.htm
8-K 8-K 2021-10-12 https://www.sec.gov/Archives/edgar/data/1849580/000119312521296997/d229483d8k.htm
4 OWNERSHIP DOCUMENT 2021-10-07 https://www.sec.gov/Archives/edgar/data/1849580/000095014221003089/xslF345X03/es210190198_4-wcac1.xml
SC 13G 2021-09-10 https://www.sec.gov/Archives/edgar/data/1849580/000117266121001920/guggenheim-wavc083121.htm
8-K 8-K 2021-09-09 https://www.sec.gov/Archives/edgar/data/1849580/000119312521268948/d196137d8k.htm
SC 13G SC 13G 2021-09-03 https://www.sec.gov/Archives/edgar/data/1849580/000110465921112922/tm2126887d1_sc13g.htm
8-K 8-K 2021-08-30 https://www.sec.gov/Archives/edgar/data/1849580/000119312521260798/d661757d8k.htm
SC 13G 2021-08-30 https://www.sec.gov/Archives/edgar/data/1849580/000090514821000621/efc21-515_sc13g.htm
SC 13G 2021-08-30 https://www.sec.gov/Archives/edgar/data/1849580/000089534521000754/ff458441_13g-waverly.htm
8-K 8-K 2021-08-25 https://www.sec.gov/Archives/edgar/data/1849580/000119312521256343/d221503d8k.htm
424B4 424B4 2021-08-23 https://www.sec.gov/Archives/edgar/data/1849580/000119312521253954/d36199d424b4.htm
EFFECT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/999999999521003243/xslEFFECTX01/primary_doc.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002699/xslF345X02/es210179092_3-wcac1.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002698/xslF345X02/es210178118_3-silbermann.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002697/xslF345X02/es210178117_3-osborne.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002696/xslF345X02/es210178116_3-leff.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002695/xslF345X02/es210178115_3-henricks.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002694/xslF345X02/es210178114_3-gandler.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002693/xslF345X02/es210178113_3-bronfman.xml
3 OWNERSHIP DOCUMENT 2021-08-19 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002692/xslF345X02/es210178112_3-bewkes.xml
CERT NYSE CERTIFICATION 2021-08-18 https://www.sec.gov/Archives/edgar/data/1849580/000087666121001209/WVAC081821.pdf
8-A12B 8-A12B 2021-08-18 https://www.sec.gov/Archives/edgar/data/1849580/000119312521249903/d114316d8a12b.htm
CORRESP 2021-08-18 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002669/filename1.htm
CORRESP 2021-08-18 https://www.sec.gov/Archives/edgar/data/1849580/000095014221002667/filename1.htm
S-1/A S-1/A 2021-08-02 https://www.sec.gov/Archives/edgar/data/1849580/000119312521231745/d36199ds1a.htm
CORRESP 2021-07-30 https://www.sec.gov/Archives/edgar/data/1849580/000119312521231757/filename1.htm
UPLOAD 2021-06-22 https://www.sec.gov/Archives/edgar/data/1849580/000000000021007648/filename1.pdf
S-1/A S-1/A 2021-06-09 https://www.sec.gov/Archives/edgar/data/1849580/000119312521185690/d36199ds1a.htm
CORRESP 2021-06-08 https://www.sec.gov/Archives/edgar/data/1849580/000119312521185687/filename1.htm
UPLOAD 2021-04-23 https://www.sec.gov/Archives/edgar/data/1849580/000000000021005104/filename1.pdf
S-1 S-1 2021-03-30 https://www.sec.gov/Archives/edgar/data/1849580/000119312521098759/d36199ds1.htm