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Warburg Pincus Capital Corp I-B - WPCB

  • Commons

    $9.80

    +0.10%

    WPCB Vol: 1.0K

  • Warrants

    $1.02

    +1.52%

    WPCB+ Vol: 2.7K

  • Units

    $10.03

    +0.43%

    WPCB= Vol: 2.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 537.8M
Average Volume: 66.9K
52W Range: $9.63 - $10.02
Weekly %: +0.00%
Monthly %: +0.20%
Inst Owners: 56

Info

Target: Searching
Days Since IPO: 275
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-fifth of one redeemable warrant
Trust Size: 50000000.0M

📰News and PRs

Management

Officers, Directors and Director Nominees.” Our Officers And Directors Presently Have, And Any Of Them In The Future May Have, Additional Fiduciary, Contractual Or Other Obligations To Other Entities, Including Another Blank Check Company, 65 Table of Contents 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. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary, contractual or other obligations to other entities, including, without limitation, the WP Funds and certain companies in which Warburg Pincus or such entities have invested, pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. As a result, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he, she or it has then-current fiduciary, contractual or other obligations (including, without limitation, any WP Funds), then, subject to their fiduciary duties under Cayman Islands law, he, she or it will be required to honor such fiduciary or contractual obligations to present such business combination opportunity to such entity, before we can pursue such opportunity. If the WP Funds or other entities decide to pursue any such opportunity, we would likely be precluded from pursuing the same until such time as the WP Fund has determined to no longer pursue such opportunity. If it is determined that such investment is appropriate for the WP Funds, such opportunity will be pursued by such WP Funds in accordance with Warburg Pincus’ current policies and procedures and such WP Funds’ governing agreements and generally not by the company. In addition, affiliates of our sponsor currently sponsor another blank check company, Warburg Pincus I—A, where Mr. Turner is the Chairman, Chief Executive Officer and Chief Financial Officer of Warburg Pincus I—A; therefore, Warburg Pincus I—A may present an additional conflict of interest in pursuing an acquisition target. However, we do not expect these duties to materially affect our ability to complete our initial business combination, and believe some of this conflict will naturally be mitigated by the different nature of the acquisition targets for the WP Funds and the types of acquisitions expected to be attractive for the company. Our amended and restated memorandum and articles of association will provide that we renounce, to the maximum extent permitted by law, our interest in any corporate opportunity (including any business combination opportunity) offered to any director or officer or about which any of our officers or directors acquires knowledge unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the officer or director is permitted to refer that opportunity to us without violating another legal obligation. In addition, our amended and restated 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 more detailed discussion of our executive officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management—Officers, Directors and Director Nominees,” “Management—Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our Executive 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, executive 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 our sponsor, our directors or executive officers, although we do not intend to do so, or we may acquire a target business through or in conjunction with one or more affiliates of Warburg Pincus. We do not 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. 66 Table of Contents 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 our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. See the section titled “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 Our Sponsor, Executive Officers, Directors Or Initial Shareholders Which May Raise Potential Conflicts Of Interest. In light of the involvement of our sponsor, its partners and employees, and our executive officers and directors with other entities, we may decide to acquire one or more businesses affiliated with such persons. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management—Conflicts of Interest.” 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, including Warburg Pincus I—A. Such entities may compete with us for business combination opportunities. 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 our sponsor, executive 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. Our Management May Not Be Able To Maintain Control Of A Target Business After Our Initial Business Combination. Upon The Loss Of Control Of A Target Business, New Management May Not Possess The Skills, Qualifications Or Abilities Necessary To Profitably Operate Such Business. We may structure our initial business combination so that the post-business combination company in which our public shareholders own shares will own less than 100% of the equity interests or assets of a target business, but we will only complete such business combination if the post-business combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-business combination company owns 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post-business combination company, depending on valuations ascribed to the target and us in the business combination. For example, we could pursue a transaction in which we issue a substantial number of new Class A ordinary shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new Class A ordinary shares, our shareholders immediately prior to such transaction could own less than a majority of our outstanding Class A ordinary shares 67 Table of Contents subsequent to such transaction. In addition, other minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company’s shares than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain control of the target business. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business. Since Our Sponsor, Executive Officers And Directors 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 December 9, 2020, our sponsor paid $25,000, or approximately $0.002 per share, to cover certain expenses on our behalf in consideration of 14,375,000 Class B ordinary shares, par value $0.0001. In February 2021, our sponsor transferred 35,000 founder shares to an independent director. 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 8,666,667 private placement warrants (or 9,666,667 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 ($13,000,000 in the aggregate or $14,500,000 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 executive 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. Certain of our officers and directors have or will have direct and indirect economic interests in us and/or our sponsor after the consummation of this offering and such interests may potentially conflict with those of our public shareholders as we evaluate and decide whether to recommend a potential business combination to our public shareholders. Certain of our officers and directors may own membership interests in our sponsor and indirect interests in our Class B ordinary shares and private placement warrants which may result in interests that differ from the economic interests of the investors in this offering, which includes making a determination of whether a particular target business is an appropriate business with which to effectuate our initial business combination. There may be a potential conflict of interest between our officers and directors that hold membership interests in our sponsor and our public shareholders that may not be resolved in favor of our public shareholders. See “Management—Conflicts of Interest.” We May Not Have Sufficient Funds To Satisfy Indemnification Claims Of Our Directors And Executive 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 68 Table of Contents 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. General Risk Factors We Are A Recently Incorporated Company With No Operating History And No Revenues, And You Have No Basis On Which To Evaluate Our Ability To Achieve Our Business Objective. We are a recently formed company, incorporated under the laws of the Cayman Islands with no operating results, and we will not commence operations until obtaining funding through this offering. Because we lack an operating history, you have no basis upon which to evaluate our ability to achieve our business objective of completing our initial business combination with one or more target businesses. We have no plans, arrangements or understandings with any prospective target business concerning a business combination and may be unable to complete our initial business combination. If we fail to complete our initial business combination, we will never generate any operating revenues. Past Performance By Warburg Pincus, Our Management Team Or Their Respective Affiliates May Not Be Indicative Of Future Performance Of An Investment In Us. Information regarding performance is presented for informational purposes only. Any past experience or performance of our management team and their respective affiliates is not a guarantee of either: (1) our ability to successfully identify and execute a transaction or (2) success with respect to any business combination that we may consummate. You should not rely on the historical record of the performance of Warburg Pincus, our management team or their respective affiliates as indicative of the future performance of an investment in us or the returns we will, or are likely to, generate going forward. Our management has no experience in operating special purpose acquisition companies. Cyber Incidents Or Attacks Directed At Us Could Result In Information Theft, Data Corruption, Operational Disruption And/Or Financial Loss. We depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences on our business and lead to financial loss. Changes In Laws Or Regulations, Or A Failure To Comply With Any Laws And Regulations, May Adversely Affect Our Business, Including Our Ability To Negotiate And Complete Our Initial Business Combination, And Results Of Operations. We are subject to laws and regulations enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance with, and monitoring 69 Table of Contents of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our initial business combination, and results of operations. We Are An Emerging Growth Company And A Smaller Reporting Company Within The Meaning Of The Securities Act, And If We Take Advantage Of Certain Exemptions From Disclosure Requirements Available To “Emerging Growth Companies” Or “Smaller Reporting Companies,” This Could Make Our Securities Less

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 62.58%
% of Float Held by Institutions 62.58%
Number of Institutions Holding Shares 56

Mutual Fund Holders

Holder Shares Date Reported Value % Out
Credit Suisse Strategic Income Fund 15000 2021-07-30 147300 0.03

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2021-11-16 Whitebox Advisors LLC 223,400 $2,190,000 0.0% -0.7% 0.326%
2021-11-12 Starboard Value LP 847,085 $8,279,999 0.2% -16.7% 1.235%
2021-08-16 Whitebox Advisors LLC 225,000 $2,190,000 0.0% +12.5% 0.328%
2021-08-16 Credit Suisse AG 215,000 $2,120,000 0.0% 0 0.313%
2021-08-16 DLD Asset Management LP 72,000 $730,000 0.1% 0 0.105%
2021-08-12 Monashee Investment Management LLC 49,990 $490,000 0.1% 0 0.073%
2021-08-06 HighTower Advisors LLC 13,623 $130,000 0.0% 0 0.020%

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q FORM 10-Q 2021-11-12 https://www.sec.gov/Archives/edgar/data/1836074/000119312521327149/d234399d10q.htm
4 FORM 4 SUBMISSION 2021-08-26 https://www.sec.gov/Archives/edgar/data/1836074/000089924321034251/xslF345X03/doc4.xml
3 FORM 3 SUBMISSION 2021-08-26 https://www.sec.gov/Archives/edgar/data/1836074/000089924321034250/xslF345X02/doc3.xml
4 FORM 4 SUBMISSION 2021-08-26 https://www.sec.gov/Archives/edgar/data/1836074/000089924321034249/xslF345X03/doc4.xml
8-K 8-K 2021-08-25 https://www.sec.gov/Archives/edgar/data/1836074/000119312521256338/d223615d8k.htm
10-Q FORM 10-Q 2021-08-05 https://www.sec.gov/Archives/edgar/data/1836074/000119312521237935/d182245d10q.htm
4 FORM 4 SUBMISSION 2021-06-22 https://www.sec.gov/Archives/edgar/data/1836074/000089924321025324/xslF345X03/doc4.xml
4 FORM 4 SUBMISSION 2021-06-22 https://www.sec.gov/Archives/edgar/data/1836074/000089924321025323/xslF345X03/doc4.xml
3 FORM 3 SUBMISSION 2021-06-22 https://www.sec.gov/Archives/edgar/data/1836074/000089924321025315/xslF345X02/doc3.xml
8-K 8-K 2021-06-14 https://www.sec.gov/Archives/edgar/data/1836074/000119312521189579/d152043d8k.htm
10-Q 10-Q 2021-05-25 https://www.sec.gov/Archives/edgar/data/1836074/000119312521171323/d166171d10q.htm
NT 10-Q NT 10-Q 2021-05-18 https://www.sec.gov/Archives/edgar/data/1836074/000119312521165420/d141185dnt10q.htm
8-K 8-K 2021-04-23 https://www.sec.gov/Archives/edgar/data/1836074/000119312521129128/d172638d8k.htm
4 FORM 4 SUBMISSION 2021-04-20 https://www.sec.gov/Archives/edgar/data/1836074/000089924321016453/xslF345X03/doc4.xml
8-K 8-K 2021-03-15 https://www.sec.gov/Archives/edgar/data/1836074/000119312521081492/d103820d8k.htm
SC 13G 2021-03-11 https://www.sec.gov/Archives/edgar/data/1836074/000131924421000159/WPCB_SC13G.htm
8-K FORM 8-K 2021-03-09 https://www.sec.gov/Archives/edgar/data/1836074/000119312521075030/d134320d8k.htm
424B4 424B4 2021-03-08 https://www.sec.gov/Archives/edgar/data/1836074/000119312521073425/d69264d424b4.htm
EFFECT 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/999999999521000845/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000089924321010075/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000089924321010073/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000089924321010068/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000089924321010045/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000089924321010038/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000089924321010031/xslF345X02/doc3.xml
CERT NYSE CERTIFICATION 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000087666121000303/WPCB030421.pdf
8-A12B 8-A12B 2021-03-04 https://www.sec.gov/Archives/edgar/data/1836074/000119312521068849/d150172d8a12b.htm
CORRESP 2021-03-03 https://www.sec.gov/Archives/edgar/data/1836074/000119312521067074/filename1.htm
CORRESP 2021-03-03 https://www.sec.gov/Archives/edgar/data/1836074/000119312521067068/filename1.htm
CORRESP 2021-03-02 https://www.sec.gov/Archives/edgar/data/1836074/000119312521065749/filename1.htm
S-1/A AMENDMENT NO. 3 TO FORM S-1 2021-03-02 https://www.sec.gov/Archives/edgar/data/1836074/000119312521065726/d69264ds1a.htm
UPLOAD 2021-03-02 https://www.sec.gov/Archives/edgar/data/1836074/000000000021002507/filename1.pdf
S-1/A AMENDMENT NO. 2 TO FORM S-1 2021-03-01 https://www.sec.gov/Archives/edgar/data/1836074/000119312521063134/d69264ds1a.htm
S-1/A AMENDMENT NO. 1 TO FORM S-1 2021-02-25 https://www.sec.gov/Archives/edgar/data/1836074/000119312521055285/d69264ds1a.htm
S-1 FORM S-1 2021-02-17 https://www.sec.gov/Archives/edgar/data/1836074/000119312521046564/d69264ds1.htm
DRS 2021-01-13 https://www.sec.gov/Archives/edgar/data/1836074/000095012321000299/filename1.htm