Business Context and Reporting Period
This Form 8-K, dated July 13, 2021 (with events reported through July 19, 2021), concerns JATT Acquisition Corp, a Cayman Islands-based special purpose acquisition company (SPAC). The filing details the effectiveness of the company's registration statement, the consummation of its Initial Public Offering (IPO), the exercise of the underwriters' over-allotment option, and related private placements. Note: The request metadata references "Zura Bio Ltd," but the filing text explicitly identifies the registrant as JATT Acquisition Corp.
Key Financial Metrics
- IPO Gross Proceeds: $120,000,000 from the sale of 12,000,000 Units at $10.00 per Unit.
- Over-Allotment Gross Proceeds: $18,540,000 from the sale of 1,800,000 additional Units and 540,000 Private Placement Warrants.
- Total Gross Proceeds: $138,540,000 (IPO + Over-Allotment).
- Private Placement Proceeds: $5,910,000 from the sale of 5,910,000 Private Placement Warrants to the Sponsor at $1.00 per warrant.
- Trust Account Balance: $139,380,000 ($10.10 per Unit) deposited following the closing of the IPO and over-allotment.
- Warrant Exercise Price: $11.50 per share for both public and private warrants.
- Revenue/Profit/Cash Flow: The filing text does not provide operating revenue, net profit, or operating cash flow figures, as the company is a pre-business combination SPAC.
Material Changes
The primary material change is the transition from a private entity to a publicly traded company on the New York Stock Exchange (NYSE) under the symbols JATT (Ordinary Shares), JATT WS (Warrants), and JATT U (Units). The company raised significant capital through the IPO and private placement, establishing a trust account to fund a future business combination. No prior comparable period financial data is provided in this filing.
Guidance, Outlook, and Risks
- Outlook: The company intends to consummate an initial business combination. The Trust Account holds funds for this purpose, with $10.10 per unit secured.
- Contingencies: The Private Placement Warrants are subject to transfer restrictions until 30 days after the completion of the initial business combination.
- Unusual Items: The filing notes that an audited balance sheet reflecting the IPO proceeds will be filed within 4 business days of consummation.
- Risks: Standard SPAC risks apply, including the requirement to complete a business combination within a specified timeframe (terms detailed in the Amended and Restated Memorandum and Articles of Association) or face liquidation.
Investor Verification Checklist
- Verify the final audited balance sheet to be filed within 4 business days of July 16, 2021, to confirm exact cash positions and liabilities.
- Review the Amended and Restated Memorandum and Articles of Association (Exhibit 3.1) for the specific deadline to complete a business combination.
- Confirm the terms of the Underwriting Agreement (Exhibit 1.1) regarding any remaining underwriter obligations or fees.
- Monitor the status of the Trust Account to ensure funds remain segregated for public shareholders.
- Check for any subsequent filings regarding the selection of a target company for the initial business combination.