References in this report to “we,” “us” or the “Company” refer to LAMF Global Ventures Corp. I. References to our “management” or our “management team” refer to our officers and directors.
Item 1. Business.
Introduction
We are a blank check company formed as a Cayman Islands exempted company on July 20, 2021 whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “business combination”). While we may pursue an acquisition opportunity in any business, industry or geographic location, we intend to focus on opportunities in media, entertainment and sports, as well as within e-commerce and technology, leveraging the expansive professional network and operating expertise of our management team.
On November 16, 2021, we consummated our initial public offering (the “IPO”) of 25,300,000 units (the “Units”), inclusive of 3,300,000 Units sold to the underwriters upon the underwriters’ election to fully exercise their over-allotment option, at a price of $10.00 per Unit, generating total gross proceeds of $253,000,000. Each Unit consists of one Class A ordinary share, par value $0.0001 per share (the “Public Shares”), and one-half of one redeemable warrant (the “Public Warrants”), with each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share for
$11.50 per share.
Prior to the consummation of the IPO, on September 3, 2021, our sponsor, LAMF SPAC Holdings I LLC, a Cayman Islands limited liability company (the “Sponsor”), paid $25,000, or approximately $0.003 per share, to cover formation costs in exchange for an aggregate of 7,666,667 Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”). On November 10, 2021, we effected a share capitalization pursuant to which an additional 766,666 Founder Shares were issued to our Sponsor, resulting in an aggregate of 8,433,333 Founder Shares outstanding.
Simultaneously with the closing of the IPO, the Company consummated the sale of 1,106,000 private placement units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to our Sponsor, generating gross proceeds of $11,060,000. Each Private Placement Unit consists of one Class A ordinary share, par value $0.0001 per share (the “Private Placement Shares”), and one-half of one redeemable warrant (the “Private Placement Warrants”, and together with the Public Warrants, the “Warrants”). The Private Placement Units are identical to the Units, subject to certain limited exceptions as described herein and in the registration statement relating to the IPO.
Following the IPO, the full exercise of the underwriters’ over-allotment option, and the sale of the Private Placement Units, a total of $258,060,000 (which amount includes $9,915,000 of deferred underwriting fees) was placed in a U.S.-based trust account (the “Trust Account”) at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee.
As of December 31, 2022, there was $261,998,590 in investments and cash held in the Trust Account, which includes interest income available to us for franchise and income tax obligations of approximately $100,000, and approximately $268,200 of cash held outside the Trust Account. As of December 31, 2022, we have not withdrawn any interest earned from the Trust Account to pay taxes.
As of December 31, 2022, the proceeds held in the Trust Account were held in cash and United States Treasury securities. The Company classifies its United States Treasury securities as trading in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 320 “Investments-Debt and Equity Securities.” Trading treasury securities are recorded at fair value at the end of each reporting period.
Our Business Strategy
Our strategy is to source and execute a business combination with a company that is growth-oriented and prioritizes its relationship directly with consumers in the dynamic world of media, entertainment, sports, e-commerce and technology. We intend to search globally for the right opportunity, with a focus on North America, Europe and Asia (excluding China and Hong Kong). We will not consummate an initial business combination with a target with its principal business operations in China or Hong Kong.
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