QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable public warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
WAVERLEY CAPITAL ACQUISITION CORP. 1
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
September 30, 2022 |
December 31, 2021 |
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(unaudited) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Prepaid expenses |
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Total Current Assets |
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Investments held in the Trust Account |
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Other assets |
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Total Assets |
$ | $ | ||||||
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LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
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Current Liabilities: |
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Accounts payable and accrued expenses |
$ | $ | ||||||
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Total Current Liabilities |
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Deferred underwriting compensation |
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Total liabilities |
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COMMITMENTS AND CONTINGENCIES (NOTE 6) |
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Class A ordinary shares subject to possible redemption; |
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Shareholders’ deficit: |
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Preferred stock, $ |
— | |||||||
Class A ordinary shares, $ |
— | |||||||
Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
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Total Shareholders’ Deficit |
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Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ deficit |
$ | $ | ||||||
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For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
For the Period from March 1, 2021 (Inception) Through September 30, |
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2022 |
2021 |
2022 |
2021 |
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EXPENSES |
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Administration fee—related party |
$ | $ | $ | $ | ||||||||||||
General and administrative |
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TOTAL EXPENSES |
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OTHER INCOME |
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Income earned on investments held in Trust Account |
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TOTAL OTHER INCOME |
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Net income (loss) |
$ | $ | ( |
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Basic and diluted weighted average shares outstanding, Class A Ordinary Shares |
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Basic and diluted net income (loss) per share of Class A Ordinary Shares |
$ | $ | ( |
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Basic and diluted weighted average shares outstanding, Class B Ordinary Shares |
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Basic and diluted net income (loss) per share of Class B Ordinary Shares |
$ | $ | ( |
) | $ | $ | ( |
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Class B Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Stockholders’ Deficit |
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Shares |
Amount |
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Balance as of January 1, 2022 |
$ | $ | $ | ( |
) | $ | ( |
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Net loss |
— | — | — | ( |
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Balance as of March 31, 2022 |
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Accretion of Class A ordinary shares to redemption value |
— | — | — | ( |
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Net income |
— | — | — | |||||||||||||||||
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Balance as of June 30, 2022 |
$ | $ | $ | ( |
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Accretion of Class A ordinary shares to redemption value |
— | — | — | ( |
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Net income |
— | — | — | |||||||||||||||||
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Balance as of September 30, 2022 |
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Class B Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Stockholders’ Equity |
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Shares |
Amount |
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Balance as of March 1, 2021 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor (1) |
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Net loss |
— | — | — | ( |
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Balance as of March 31, 2021 |
$ | $ | $ | ( |
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Net loss |
— | — | — | ( |
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Balance as of June 30, 2021 |
$ | $ | $ | ( |
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Fair Value of Public Warrants |
— | — | — | |||||||||||||||||
Proceeds from Private Placement Warrants |
— | — | — | |||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value |
— | — | ( |
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Net loss |
— | — | — | ( |
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Balance as of September 30, 2021 |
— | ( |
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(1) | Weighted average Class B shares as of |
For the Nine Months Ended September 30, 2022 |
For the Period From March 1, 2021 (Inception) Through September 30, 2021 |
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Cash Flows From Operating Activities: |
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Net income (loss) |
$ | $ | ( |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Investment income earned on investments held in the Trust Account |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accounts payable and accrued expenses |
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Due to related party |
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Net Cash Used In Operating Activities |
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Cash Flows From Investing Activities: |
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Cash deposited into the Trust Account |
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Net Cash Used in Investing Activities |
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Cash Flows From Financing Activities: |
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Sale of Units in the Initial Public Offering, net of underwriting discount |
— | |||||||
Sale of Private Placement Warrants to Sponsor |
— | |||||||
Proceeds from the Sponsor promissory note |
— | |||||||
Repayment of the Sponsor promissory note |
— | ( |
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Repayment of the related party advances |
— | ( |
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Payment of offering costs |
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Net Cash Provided By Financing Activities |
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Net change in cash |
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Cash at beginning of period |
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Cash at end of period |
$ | $ | ||||||
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Supplemental disclosure of non-cash financing activities: |
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Deferred underwriting compensation charged to additional paid-in capital in connection with the Initial Public Offering |
$ | — | $ | |||||
Deferred offering costs in exchange for Class B ordinary shares |
$ | — | $ | |||||
Expenses paid by related parties on behalf of the Company |
$ | — | $ | |||||
Offering costs paid by related party |
$ | $ | — | |||||
Remeasurement of Class A ordinary shares to redemption value |
$ | $ | — |
Gross Proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
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Class A ordinary shares issuance costs |
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Plus: |
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Remeasurement of carrying value to initial redemption value |
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Class A ordinary shares subject to possible redemption at December 31, 2021 |
$ | |||
Plus: Accretion of Class A ordinary shares to redemption value for the nine months ended September 30, 2022 |
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Class A ordinary shares subject to possible redemption at September 30, 2022 |
$ | |||
Three months ended September 30, 2022 |
Three months ended September 30, 2021 |
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Class A ordinary shares |
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Numerator: Income (loss) allocable to Class A ordinary shares |
$ | $ | ( |
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Denominator: Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per share, Class A ordinary shares |
$ | $ | ( |
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Class B ordinary shares |
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Numerator: Income (loss) allocable to Class B ordinary shares |
$ | $ | ( |
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Denominator: Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per share, Class B ordinary shares |
$ | $ | ( |
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Nine months ended September 30, 2022 |
For the Period from March 1, 2021 (inception) through September 30, 2021 |
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Class A ordinary shares |
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Numerator: Income (loss) allocable to Class A ordinary shares |
$ | $ | ( |
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Denominator: Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per share, Class A ordinary shares |
$ | $ | ( |
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Class B ordinary shares |
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Numerator: Income (loss) allocable to Class B ordinary shares |
$ | $ | ( |
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Denominator: Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per share, Class B ordinary shares |
$ | $ | ( |
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of the Class A ordinary shares has been at least $ |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
References to the “Company,” “Waverley Capital Acquisition Corp. 1,” “our,” “us” or “we” refer to Waverley Capital Acquisition Corp. 1, references to “
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report includes, and oral statements made from time to time by representatives of the Company may include, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor created thereby. The Company has based these forward-looking statements on management’s current expectations, projections and forecasts about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause its actual business, financial condition, results of operations, performance and/or achievements to be materially different from any future business, financial condition, results of operations, performance and/or achievements expressed or implied by these forward-looking
Overview
We are a blank check company incorporated in the Cayman Islands on March 1, 2021 formed 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 Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, our share capital, debt or a combination of cash, share capital and debt.
We expect to continue to incur significant costs in the pursuit of a Business Combination. We cannot assure you that our plans to complete a Business Combination will be successful.
Results of Operations
We have neither engaged in any operations nor generated any revenues through
For the three months ended September 30, 2022, we had net income of $
For the nine months ended September 30, 2022, we had net income of $417,597, which consists of operating costs of $864,058 offset by interest income on investments held in the Trust Account of $1,281,655.
For the period from March 1, 2021 (inception) through ended
16
Liquidity and Capital Resources
On August 24, 2021, we consummated the Initial Public Offering of 20,000,000 Units at $10.00 per Unit, generating gross proceeds of $200,000,000 as described in Note 3 to the condensed financial statements. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 4,666,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant in a private placement transaction to the Sponsor, generating gross proceeds of $7,000,000 as described in Note 4 to the condensed financial statements.
On September 3, 2021, the Company consummated the sale of 1,487,039 Units pursuant to the underwriters’ exercise of their
Following the Initial Public Offering, the sale of the Private Placement Warrants and the Over-Allotment Closing, a total of $214,870,390 was placed in the Trust Account. We incurred $12,432,293 in costs related to the Initial Public Offering, consisting of $4,297,408 of underwriting fees, $7,520,462 of deferred underwriting fees and $614,423 of other offering costs.
For the nine months ended
For the period from March 1, 2021 (inception) to
As of September 30, 2022, we had investments held in the Trust Account of $
As of September 30, 2022, we had cash of $1,
In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or an affiliate of the Sponsor, or certain of the Company’s executive officers and directors may, but are not obligated to, loan the Company funds as may be required. If we complete a Business Combination, we would repay such Working Capital Loans. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such Working Capital Loans but no proceeds from the Trust Account would be used for such repayment. Up to $2,000,000 of such Working Capital Loans may be convertible into warrants at a price of $1.50 per warrant, at the option of the lender. The warrants would be identical to the Private Placement Warrant.
We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking
In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company currently has less than 12 months from the date these financial statements were issued to complete a Business Combination within the Combination Period (initial completion without an extension ends on August 24, 2023), the mandatory liquidation requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued.
17
Off-Balance Sheet Arrangements
We had no obligations, assets or liabilities, which would be considered
Contractual Obligations
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of the Sponsor a sum of $20,000 per month for office space and secretarial and administrative services. We began incurring these fees on August 19, 2021 and will continue to incur these fees monthly until the earlier of the completion of the Business Combination and our liquidation.
The underwriters are entitled to a deferred underwriting fee of $0.35 per Unit, or $7,520,462 in the aggregate. The deferred underwriting fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.
Critical Accounting Policies
The preparation of condensed financial statements and related disclosures in conformity with US GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the critical accounting policies set forth below.
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “
Net Loss Per Ordinary Share
We apply the two-class method in calculating net loss per ordinary share. Earnings and losses are shared pro rata between the two classes of shares.
Recent Accounting Standards
In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January
Our management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.
18
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Not required for smaller reporting companies.
Item 4. Controls and Procedures.
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and our principal financial and accounting officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the fiscal quarter ended
We previously identified a material weakness in 2021 related to our control around the interpretation and accounting for certain complex financial instruments that was not effectively designed or maintained. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. We designed and implemented new controls to remediate the control. We have expanded and improved our processes to ensure that the
PART II-OTHER INFORMATION
Item 1. Legal Proceedings.
None.
Item 1A. Risk Factors.
Factors that could cause the Company’s actual business, financial condition and/or results of operations to differ materially from those in this Quarterly Report are any of the risks factors described in our annual report on Form
A new U.S. federal excise tax could be imposed on us in connection with redemptions of our shares.
On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. Because we may acquire a domestic corporation or engage in a transaction in which a domestic corporation becomes our parent or our affiliate and our securities trade on US stock exchange, we may become a “covered corporation” within the meaning of the IR Act. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax; however, no guidance has been issued to date. The IR Act applies only to repurchases that occur after December 31, 2022.
Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination or otherwise, would depend on a number of factors, including (i) the structure of a Business Combination, (ii) the fair market value of the redemptions and repurchases in connection with the Business Combination or otherwise, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination or a reduction in the cash available for a redemption of the Public Shares in connection with a Business Combination or otherwise.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
None.
19
Item 6. Exhibits
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended, and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
WAVERLEY CAPITAL ACQUISITION CORP. 1 | ||||||||
Date: |
By: | /s/ Daniel Leff | ||||||
Name: | Daniel Leff | |||||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||||
Date: |
By: | /s/ Alan Henricks | ||||||
Name: | Alan Henricks | |||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
21
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Daniel Leff, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Waverley Capital Acquisition Corp. 1;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) [Omitted];
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of a quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: |
By: | /s/ Daniel Leff | ||||
Daniel Leff | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Alan Henricks, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Waverley Capital Acquisition Corp. 1;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) [Omitted];
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of a quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: |
By: | /s/ Alan Henricks | ||||
Alan Henricks | ||||||
Chief Financial Officer | ||||||
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Waverley Capital Acquisition Corp. 1 (the Company) on Form 10-Q for the period ending
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: |
By: | /s/ Daniel Leff | ||||
Daniel Leff | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Waverley Capital Acquisition Corp. 1 (the Company) on Form 10-Q for the period ending
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: |
By: | /s/ Alan Henricks | ||||
Alan Henricks | ||||||
Chief Financial Officer | ||||||
(Principal Financial and Accounting Officer) |