Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Reverse merger

v3.22.2
Reverse merger
12 Months Ended
Feb. 28, 2022
Reverse Merger [Abstract]  
Reverse merger

31

Reverse merger

 

In the consolidation financial statements, the acquisition costs arising from the reverse merger was determined by the aggregate of US$60,000,000 (as below) in cash and using the fair value of the issued equity of the Company amounting to US$525,000,000, being 51,622,419 shares at US$10.17 per share, which represents the market value of the Company at the date of the completion of the reverse merger.

The net assets acquired from the reverse merger were as follows:

 

 

 

US$

 

Cash and cash equivalents

 

 

170,616,649

 

Other receivables

 

 

60,068,819

 

Other payables

 

 

(1,587,820

)

Warrant liabilities

 

 

(69,923,483

)

Less:

 

 

 

 

Cash consideration paid (as above)

 

 

(60,000,000

)

Others

 

 

(17,514

)

As per consolidated statement of cash flows

 

 

99,156,651