|
Cayman Islands
|
| |
5812
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Daniel Dusek
Joseph Raymond Casey Ram Narayan Kirkland & Ellis International LLP 26th Floor, Gloucester Tower The Landmark 15 Queen’s Road Central Hong Kong Tel: +852-3761-3300 |
| |
Steve Lin
Kirkland & Ellis International LLP 29th Floor, China World Office 2 No.1 Jian Guo Men Wai Avenue Beijing 100004, P.R. China Tel: +86 10-5737-9300 |
| |
John Owen
Omar Pringle Morrison & Foerster LLP 250 W. 55th Street New York, NY 10019 Tel: +1-212-468-8036 |
| |
Marcia Ellis
Ruomu Li Morrison & Foerster LLP 33th Floor, Edinburgh Tower The Landmark 15 Queen’s Road Central Hong Kong, China Tel: +852-2585-0888 |
|
| | ||||||||||||||||
Title of each class of securities to be registered
|
| | |
Amount to be
registered(1) |
| | |
Proposed maximum
offering price per unit(2) |
| | |
Proposed maximum
aggregate offering price(2) |
| | |
Amount of
registration fee |
|
Ordinary shares(3)(4)
|
| | |
43,125,000 shares
|
| | |
$9.77
|
| | |
$421,115,625
|
| | |
$45,943.71(7)
|
|
Warrants(4)(5)
|
| | |
26,150,000 warrants
|
| | |
—
|
| | |
—
|
| | |
—
|
|
Ordinary shares underlying warrants(4)(6)
|
| | |
26,150,000 shares
|
| | |
$12.09
|
| | |
$316,153,500
|
| | |
$34,492.35(7)
|
|
Total
|
| | | | | | | | | | | | | | |
$80,436.06
|
|
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | iv | | | |
| | | | | iv | | | |
| | | | | iv | | | |
| | | | | v | | | |
| | | | | viii | | | |
| | | | | 1 | | | |
| | | | | 17 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| | | | | 22 | | | |
| | | | | 67 | | | |
| | | | | 69 | | | |
| | | | | 79 | | | |
| | | | | 100 | | | |
| | | | | 101 | | | |
| | | | | 102 | | | |
| | | | | 113 | | | |
| | | | | 116 | | | |
| | | | | 129 | | | |
| | | | | 137 | | | |
| | | | | 153 | | | |
| | | | | 158 | | | |
| | | | | 171 | | | |
| | | | | 178 | | | |
| | | | | 181 | | | |
| | | | | 192 | | | |
| | | | | 207 | | | |
| | | | | 212 | | | |
| | | | | 217 | | | |
| | | | | 218 | | | |
| | | | | 219 | | | |
| | | | | 220 | | | |
| | | | | 221 | | | |
| | | | | 222 | | | |
| | | | | 223 | | | |
| | | | | 224 | | | |
| | | | | 225 | | |
|
“Ancillary Documents”
|
| | means the Sponsor Voting and Support Agreement, the Registration Rights Agreement, the Plan of Merger, the Second Plan of Merger, THIL’s equity incentive plan, as modified pursuant to the Merger Agreement, the THIL Shareholder Lock-Up and Support Agreement, the Sponsor Lock-Up Agreement and each other agreement, document, instrument and/or certificate entered into in connection with the Merger Agreement or therewith and any and all exhibits and schedules thereto. | |
| “Board” | | | means the board of directors of THIL after the closing of the Business Combination. | |
|
“Cayman Companies Law”
|
| | means the Companies Act (as amended) of the Cayman Islands. | |
|
“Dissent Rights”
|
| | means the right of each holder of record of Silver Crest Ordinary Shares to dissent in respect of the First Merger pursuant to Section 238 of the Cayman Companies Law. | |
|
“Dissenting Silver Crest Shareholders”
|
| | means holders of Dissenting Silver Crest Shares. | |
|
“Dissenting Silver Crest Shares”
|
| | means Silver Crest Ordinary Shares that are (i) issued and outstanding immediately prior to the First Effective Time and (ii) held by Silver Crest shareholders who have validly exercised their Dissent Rights (and not waived, withdrawn, lost or failed to perfect such rights). | |
|
“Exchange Act”
|
| | means the Securities Exchange Act of 1934, as amended. | |
|
“First Effective Time”
|
| | means the effective time of the First Merger. | |
|
“Founder Shares”
|
| | means the 8,625,000 Silver Crest Class B Shares held by the Sponsor, which were acquired for an aggregate purchase price of $25,000 prior to the Silver Crest IPO. | |
| “PCAOB” | | | means the Public Company Accounting Oversight Board. | |
|
“Plan of Merger”
|
| | means the plan of merger for the First Merger pursuant to which Merger Sub will be merged with and into Silver Crest, following which the separate corporate existence of Merger Sub shall cease and Silver Crest shall continue as the surviving entity. | |
|
“Private Warrants”
|
| | means the warrants sold to Sponsor in the private placement consummated concurrently with Silver Crest IPO, each entitling its holder to purchase one Silver Crest Class A Share at an exercise price of $11.50 per share, subject to adjustment. | |
|
“Public Shares”
|
| | means all Silver Crest Class A Shares issued in the Silver Crest IPO. | |
|
“Public Warrants”
|
| | means the redeemable warrants issued in the Silver Crest IPO, each entitling its holder to purchase one Silver Crest Class A Share at an exercise price of $11.50 per share, subject to adjustment. | |
|
“Securities Act”
|
| | means the Securities Act of 1933, as amended. | |
|
“Silver Crest Articles”
|
| | means Silver Crest’s amended and restated memorandum and articles of association adopted by special resolution dated January 8, 2021. | |
|
“Silver Crest Class A Share”
|
| | means a Class A ordinary share of Silver Crest, par value $0.0001 per share. | |
|
“Silver Crest Class B Share”
|
| | means a Class B ordinary share of Silver Crest, par value $0.0001 per share. | |
|
“Silver Crest IPO”
|
| | means the initial public offering of Silver Crest, which was consummated on January 19, 2021. | |
|
“Silver Crest Public Shareholders”
|
| | means all holders of the Public Shares. | |
|
“Silver Crest Warrants”
|
| | means the Public Warrants and the Private Warrants. | |
| “Sponsor” | | | means Silver Crest Management LLC. | |
|
“Share Split”
|
| | means the share split to cause the deemed value of the outstanding THIL Ordinary Shares immediately prior to the First Effective Time to equal $10.00 per share on a fully diluted basis, based on THIL’s implied valuation immediately prior to the consummation of the Business Combination (which will be based on a base enterprise valuation of THIL of $1,688,000,000 and certain adjustments thereto as set forth in the Merger Agreement). Unless otherwise indicated, the information disclosed in this proxy statement/prospectus does not reflect the Share Split. | |
|
“system-wide stores”
|
| | means stores owned and operated by THIL and franchise stores. | |
| “THIL” | | | means TH International Limited and/or its subsidiaries. | |
|
“THIL Articles”
|
| | means the amended and restated memorandum and articles of association of THIL, substantially in the form attached to this proxy statement/prospectus as Annex B, to be adopted immediately prior to the First Effective Time. | |
|
“THIL Existing Articles”
|
| | means the amended and restated memorandum and articles of association of THIL adopted by special resolution dated February 26, 2021. | |
|
“THIL Ordinary Share”
|
| | means an ordinary share of THIL, with a par value per share to be calculated pursuant to the methodology set forth in the Merger Agreement. | |
|
“THIL Warrants”
|
| | means the warrants into which the Silver Crest Warrants convert at the First Effective Time, each entitling its holder to purchase one THIL Ordinary Share at a price of $11.50 per share, subject to adjustment. | |
| “Transactions” | | | means the transactions contemplated by the Merger Agreement and the Ancillary Documents. | |
| “Units” | | | means the units issued in the Silver Crest IPO, each consisting of one Silver Crest Class A Share and one-half of one Public Warrant. | |
|
“U.S. GAAP”
|
| | means accounting principles generally accepted in the United States of America. | |
| | |
Assuming
No Redemptions |
| |
Assuming
50% Redemptions |
| |
Assuming
Maximum Redemptions(1) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
THIL Ordinary Shares:(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Existing Silver Crest shareholders(3)
|
| | | | 34,500,000 | | | | | | 17.04% | | | | | | 19,247,092 | | | | | | 10.28% | | | | | | 3,994,184 | | | | | | 2.32% | | |
The Sponsor(4)
|
| | | | 8,625,000 | | | | | | 4.26% | | | | | | 8,625,000 | | | | | | 4.61% | | | | | | 8,625,000 | | | | | | 5.01% | | |
Existing THIL shareholders(5)(6)
|
| | | | 159,367,178 | | | | | | 78.70% | | | | | | 159,367,178 | | | | | | 85.11% | | | | | | 159,367,178 | | | | | | 92.67% | | |
Total THIL Ordinary Shares outstanding at Closing
|
| | | | 202,492,178 | | | | | | 100.00% | | | | | | 187,239,270 | | | | | | 100.00% | | | | | | 171,986,362 | | | | | | 100.00% | | |
Per Share Value of THIL Ordinary
Shares outstanding at Closing(7) |
| | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | |
| | |
Assuming
No Redemptions |
| |
Assuming
50% Redemptions |
| |
Assuming
Maximum Redemptions(1) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
Total THIL Ordinary Shares outstanding at Closing
|
| | | | 202,492,178 | | | | | | 80.33% | | | | | | 187,239,270 | | | | | | 79.06% | | | | | | 171,986,362 | | | | | | 77.62% | | |
Potential sources of dilution: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares underlying granted option shares and restricted shares
|
| | | | 9,432,822 | | | | | | 3.74% | | | | | | 9,432,822 | | | | | | 3.99% | | | | | | 9,432,822 | | | | | | 4.26% | | |
Earn-out shares(1)
|
| | | | 14,000,000 | | | | | | 5.56% | | | | | | 14,000,000 | | | | | | 5.91% | | | | | | 14,000,000 | | | | | | 6.32% | | |
Shares underlying Public Warrants(2)
|
| | | | 17,250,000 | | | | | | 6.84% | | | | | | 17,250,000 | | | | | | 7.28% | | | | | | 17,250,000 | | | | | | 7.79% | | |
Shares underlying Private Warrants(3)
|
| | | | 8,900,000 | | | | | | 3.53% | | | | | | 8,900,000 | | | | | | 3.76% | | | | | | 8,900,000 | | | | | | 4.01% | | |
Total THIL Ordinary Shares
outstanding at Closing (including earn-out shares and shares underlying warrants) |
| | | | 252,075,000 | | | | | | 100.00% | | | | | | 236,822,092 | | | | | | 100.00% | | | | | | 221,569,184 | | | | | | 100.00% | | |
Per Share Value of THIL Ordinary
Shares outstanding at Closing (including earn-out shares and shares underlying warrants)(4) |
| | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | |
| | |
Assuming
No Redemptions |
| |
Assuming
50% Redemptions |
| |
Assuming
Maximum Redemptions(1) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
THIL Ordinary Shares:(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Existing Silver Crest
shareholders(3) |
| | | | 34,500,000 | | | | | | 17.04% | | | | | | 19,247,092 | | | | | | 10.28% | | | | | | 3,994,184 | | | | | | 2.32% | | |
The Sponsor(4)
|
| | | | 8,625,000 | | | | | | 4.26% | | | | | | 8,625,000 | | | | | | 4.61% | | | | | | 8,625,000 | | | | | | 5.01% | | |
Existing THIL shareholders(5)(6)
|
| | | | 159,367,178 | | | | | | 78.70% | | | | | | 159,367,178 | | | | | | 85.11% | | | | | | 159,367,178 | | | | | | 92.67% | | |
Total THIL Ordinary Shares outstanding at Closing
|
| | | | 202,492,178 | | | | | | 100.00% | | | | | | 187,239,270 | | | | | | 100.00% | | | | | | 171,986,362 | | | | | | 100.00% | | |
Per Share Value of THIL Ordinary Shares outstanding at Closing(7)
|
| | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | |
| | |
Assuming
No Redemptions |
| |
Assuming
50% Redemptions |
| |
Assuming
Maximum Redemptions(1) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
Total THIL Ordinary Shares outstanding at Closing
|
| | | | 202,492,178 | | | | | | 80.33% | | | | | | 187,239,270 | | | | | | 79.06% | | | | | | 171,986,362 | | | | | | 77.62% | | |
Potential sources of dilution: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares underlying granted option shares
and restricted shares |
| | | | 9,432,822 | | | | | | 3.74% | | | | | | 9,432,822 | | | | | | 3.99% | | | | | | 9,432,822 | | | | | | 4.26% | | |
Earn-out shares(1)
|
| | | | 14,000,000 | | | | | | 5.56% | | | | | | 14,000,000 | | | | | | 5.91% | | | | | | 14,000,000 | | | | | | 6.32% | | |
Shares underlying Public Warrants(2)
|
| | | | 17,250,000 | | | | | | 6.84% | | | | | | 17,250,000 | | | | | | 7.28% | | | | | | 17,250,000 | | | | | | 7.79% | | |
Shares underlying Private Warrants(3)
|
| | | | 8,900,000 | | | | | | 3.53% | | | | | | 8,900,000 | | | | | | 3.76% | | | | | | 8,900,000 | | | | | | 4.01% | | |
Total THIL Ordinary Shares outstanding at Closing (including earn-out shares and shares underlying warrants)
|
| | | | 252,075,000 | | | | | | 100.00% | | | | | | 236,822,092 | | | | | | 100.00% | | | | | | 221,569,184 | | | | | | 100.00% | | |
Per Share Value of THIL Ordinary Shares outstanding at Closing (including earn-out shares and shares underlying warrants)(4)
|
| | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | | | | | 10.00 | | | | | | | | |
| | |
Year ended
December 31, |
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | |
(in thousands except per share data)
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
Total revenues
|
| | |
|
57,257
|
| | | |
|
212,085
|
| | | |
|
32,848
|
| | | |
|
61,027
|
| | | |
|
237,266
|
| | | |
|
36,748
|
| |
Company owned and operated store costs and expenses
|
| | | | 76,614 | | | | | | 243,731 | | | | | | 37,749 | | | | | | 70,827 | | | | | | 273,426 | | | | | | 42,348 | | |
Costs of other revenues
|
| | | | 7,842 | | | | | | 5,208 | | | | | | 807 | | | | | | 2,623 | | | | | | 4,642 | | | | | | 720 | | |
Marketing expenses
|
| | | | 8,020 | | | | | | 16,986 | | | | | | 2,631 | | | | | | 3,916 | | | | | | 15,213 | | | | | | 2,356 | | |
General and administrative expenses
|
| | | | 51,067 | | | | | | 79,366 | | | | | | 12,292 | | | | | | 34,214 | | | | | | 67,040 | | | | | | 10,383 | | |
Franchise and royalty expenses
|
| | | | 4,727 | | | | | | 8,592 | | | | | | 1,331 | | | | | | 3,277 | | | | | | 8,330 | | | | | | 1,290 | | |
Other operating costs and expenses
|
| | | | 439 | | | | | | 2,713 | | | | | | 420 | | | | | | 2,022 | | | | | | 66 | | | | | | 10 | | |
Loss on disposal of property and
equipment |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 741 | | | | | | 115 | | |
Other income
|
| | | | (196) | | | | | | (3,339) | | | | | | (517) | | | | | | (302) | | | | | | (38) | | | | | | (6) | | |
Total costs and expenses, net
|
| | | | 148,513 | | | | | | 353,257 | | | | | | 54,713 | | | | | | 116,577 | | | | | | 369,420 | | | | | | 57,216 | | |
Operating loss
|
| | | | (91,256) | | | | | | (141,172) | | | | | | (21,865) | | | | | | (55,550) | | | | | | (132,154) | | | | | | (20,468) | | |
Interest income
|
| | | | 2,272 | | | | | | 511 | | | | | | 79 | | | | | | 384 | | | | | | 266 | | | | | | 41 | | |
Foreign currency transaction
gain / (loss) |
| | | | 1,156 | | | | | | (2,399) | | | | | | (372) | | | | | | 764 | | | | | | (941) | | | | | | (146) | | |
Loss before income taxes
|
| | | | (87,828) | | | | | | (143,060) | | | | | | (22,158) | | | | | | (54,402) | | | | | | (132,829) | | | | | | (20,573) | | |
Income tax expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | (87,828) | | | | | | (143,060) | | | | | | (22,158) | | | | | | (54,402) | | | | | | (132,829) | | | | | | (20,573) | | |
Less: Net Loss attributable to non-controlling interests
|
| | | | (174) | | | | | | (1,060) | | | | | | (164) | | | | | | (735) | | | | | | (447) | | | | | | (69) | | |
Net Loss attributable to shareholders of THIL
|
| | | | (87,654) | | | | | | (142,000) | | | | | | (21,994) | | | | | | (53,667) | | | | | | (132,382) | | | | | | (20,504) | | |
Basic and diluted loss per ordinary share
|
| | | | (877) | | | | | | (1,416) | | | | | | (219) | | | | | | (537) | | | | | | (1,183) | | | | | | (183) | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
|
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||
|
(in thousands)
|
| |||||||||||||||||||||||||||||
|
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||
Total current assets
|
| | | | 289,075 | | | | | | 250,893 | | | | | | 38,858 | | | | | | 343,412 | | | | | | 53,188 | | |
Total non-current assets
|
| | | | 154,921 | | | | | | 329,467 | | | | | | 51,028 | | | | | | 442,522 | | | | | | 68,538 | | |
Total assets
|
| | | | 443,996 | | | | | | 580,360 | | | | | | 89,886 | | | | | | 785,934 | | | | | | 121,726 | | |
Total current liabilities
|
| | | | 65,521 | | | | | | 128,244 | | | | | | 19,862 | | | | | | 163,724 | | | | | | 25,358 | | |
Total non-current liabilities
|
| | | | 5,883 | | | | | | 19,064 | | | | | | 2,953 | | | | | | 31,678 | | | | | | 4,906 | | |
Total liabilities
|
| | | | 71,404 | | | | | | 147,308 | | | | | | 22,815 | | | | | | 195,402 | | | | | | 30,264 | | |
Total shareholders’ equity
|
| | | | 372,592 | | | | | | 433,052 | | | | | | 67,071 | | | | | | 590,532 | | | | | | 91,462 | | |
Total liabilities and shareholders’ equity
|
| | | | 443,996 | | | | | | 580,360 | | | | | | 89,886 | | | | | | 785,934 | | | | | | 121,726 | | |
| | |
Year ended
December 31, |
| |
Six months
ended June 30, |
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
Net cash used in operating activities
|
| | | | (77,121) | | | | | | (145,773) | | | | | | (22,577) | | | | | | (77,886) | | | | | | (114,727) | | | | | | (17,769) | | |
Net cash used in investing activities
|
| | | | (56,095) | | | | | | (144,747) | | | | | | (22,418) | | | | | | (31,580) | | | | | | (121,236) | | | | | | (18,777) | | |
Net cash provided by financing activities
|
| | | | 212,802 | | | | | | 221,125 | | | | | | 34,248 | | | | | | 212,756 | | | | | | 287,470 | | | | | | 44,523 | | |
Effect of foreign currency exchange rate changes on cash
|
| | | | 4,730 | | | | | | (16,173) | | | | | | (2,505) | | | | | | 2,435 | | | | | | (1,379) | | | | | | (214) | | |
Net increase/ (decrease) in cash
|
| | | | 84,316 | | | | | | (85,568) | | | | | | (13,252) | | | | | | 105,725 | | | | | | 50,128 | | | | | | 7,763 | | |
Cash at beginning of year/period
|
| | | | 176,126 | | | | | | 260,442 | | | | | | 40,337 | | | | | | 260,442 | | | | | | 174,874 | | | | | | 27,085 | | |
Cash at end of year/period
|
| | | | 260,442 | | | | | | 174,874 | | | | | | 27,085 | | | | | | 366,167 | | | | | | 225,002 | | | | | | 34,848 | | |
| | |
Year ended
December 31, 2020 |
| |
Six months ended
June 30, 2021 |
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |||||||||||||
Revenues – company owned and operated stores
|
| | | | 206,036 | | | | | | 31,911 | | | | | | 229,870 | | | | | | 35,602 | | |
Food and packaging costs – company owned and operated stores
|
| | | | (74,402) | | | | | | (11,523) | | | | | | (76,575) | | | | | | (11,860) | | |
Gross profit – company owned and operated stores
|
| | | | 131,634 | | | | | | 20,388 | | | | | | 153,295 | | | | | | 23,742 | | |
Payroll and employee benefits(1)
|
| | | | (50,314) | | | | | | (7,793) | | | | | | (67,897) | | | | | | (10,516) | | |
Occupancy and other operating expenses(2)
|
| | | | (119,015) | | | | | | (18,433) | | | | | | (128,954) | | | | | | (19,972) | | |
Franchise and royalty expenses(3)
|
| | | | (8,592) | | | | | | (1,331) | | | | | | (8,330) | | | | | | (1,290) | | |
Depreciation and amortization(4)
|
| | | | 27,838 | | | | | | 4,312 | | | | | | 26,670 | | | | | | 4,131 | | |
Store level marketing expenses(5)
|
| | | | (8,242) | | | | | | (1,277) | | | | | | (9,196) | | | | | | (1,424) | | |
Pre-opening costs and expenses(6)
|
| | | | 19,850 | | | | | | 3,074 | | | | | | 22,800 | | | | | | 3,531 | | |
Non cash rental adjustment(7)
|
| | | | 12,118 | | | | | | 1,877 | | | | | | 10,398 | | | | | | 1,610 | | |
Input VAT Refund(8)
|
| | | | 2,716 | | | | | | 421 | | | | | | 5,245 | | | | | | 812 | | |
Adjusted Store Contribution
|
| | | | 7,993 | | | | | | 1,238 | | | | | | 4,031 | | | | | | 624 | | |
Deferred revenue related to customer loyalty program(9)
|
| | | | 2,152 | | | | | | 333 | | | | | | 781 | | | | | | 121 | | |
Adjusted Store EBITDA
|
| | | | 10,145 | | | | | | 1,571 | | | | | | 4,812 | | | | | | 745 | | |
Income Statement Data:
|
| |
Nine Months Ended
September 30, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||
Revenue
|
| | | $ | — | | | | | $ | — | | |
Loss from operations
|
| | | | (5,367,078) | | | | | | (5,000) | | |
Interest income on marketable securities
|
| | | | 108,792 | | | | | | — | | |
Provision for income taxes
|
| | | | — | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | 4,445,500 | | | | | | — | | |
Net loss
|
| | | | (812,734) | | | | | | (5,000) | | |
Basic and diluted net income per share, Class A ordinary shares
|
| | | | (0.02) | | | | | | — | | |
Weighted average shares outstanding, Class A ordinary shares
|
| | | | 31,981,752 | | | | | | — | | |
Basic and diluted net loss per share, Class B ordinary shares
|
| | | | (0.02) | | | | | | 0.00 | | |
Weighted average shares outstanding, Class B ordinary shares
|
| | | | 8,542,883 | | | | | | 7,500,000(1) | | |
Balance Sheet Data:
|
| |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
Working capital
|
| | | $ | (3,062,540) | | | | | $ | (229,671) | | |
Trust account
|
| | | | 345,108,792 | | | | | | — | | |
Total assets
|
| | | | 345,873,644 | | | | | | 249,671 | | |
Total Liabilities
|
| | | | 33,161,392 | | | | | | 229,671 | | |
Value of Class A ordinary shares subject to redemption
|
| | | | 345,000,000 | | | | | | — | | |
Total Shareholders’ (Deficit) Equity
|
| | | | (32,287,748) | | | | | | 20,000 | | |
| | |
Year Ended December 31, 2020
RMB |
| |||||||||||||||||||||
| | |
THIL
|
| |
Silver Crest
|
| |
Pro Forma
Combined Assuming No Redemptions |
| |
Pro Forma
Combined Assuming Maximum Redemptions |
| ||||||||||||
Basic and diluted loss per ordinary share
|
| | | | (1,416.10) | | | | | | (0.00) | | | | | | (0.77) | | | | | | (0.91) | | |
Weighted average number of ordinary shares
|
| | | | 100,275 | | | | | | 7,500,000 | | | | | | 201,547,413 | | | | | | 170,776,948 | | |
| | |
Six Months Ended June 30, 2021
RMB |
| |||||||||||||||||||||
| | |
THIL
|
| |
Silver Crest
|
| |
Pro Forma
Combined Assuming No Redemptions |
| |
Pro Forma
Combined Assuming Maximum Redemptions |
| ||||||||||||
Basic and diluted loss per ordinary share
|
| | | | (1,183.38) | | | | | | — | | | | | | (0.78) | | | | | | (0.92) | | |
Weighted average number of ordinary shares
|
| | | | 111,868 | | | | | | — | | | | | | 202,002,649 | | | | | | 171,496,833 | | |
Basic and diluted loss per Silver Crest | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares
|
| | | | | | | | | | (0.52) | | | | | | | | | | | | | | |
Class B ordinary shares
|
| | | | | | | | | | (0.52) | | | | | | | | | | | | | | |
Weighted average number of Silver Crest | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares
|
| | | | | | | | | | 34,500,000 | | | | | | | | | | | | | | |
Class B ordinary shares
|
| | | | | | | | | | 7,500,000 | | | | | | | | | | | | | | |