UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QsQ

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~September 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-40548

Gobi Acquisition Corp.

(Exact name of registrant as specified in its charter)

Cayman Islands

98-1594224

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

33/F, Three Pacific Place

1 Queen’s Road East Hong Kong

(Address of Principal Executive Offices, Zip Code)

852 2918 0088

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Ordinary Shares par value $0.0001 per share	GOBI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐☒ No ☒☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


	☐ Large accelerated filer	☐Accelerated filer
	☒ Non-accelerated filer	☒ Smaller reporting company
		☒ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☒ No ☐

As of ~~August~~November 1622, 2021, there were 25,853,388 Class A ordinary shares, $0.0001 par value and 6,310,634 Class B ordinary shares, $0.0001 par value, issued and outstanding.

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GOBI ACQUISITION CORP.

QUARTERLY REPORT ON FORM 10-Q

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		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Balance Sheet as of ~~June~~September 30, 2021 (Unaudited)	1

	Condensed ~~Statement~~Statements of Operations for the three months ended September 30, 2021 (Unaudited) and for the period from March 16, 2021 (inception) through ~~June~~September 30, 2021 (Unaudited)	2

	Condensed ~~Statement~~Statements of Changes in Shareholder’s (Deficit) Equity for the three months ended September 30, 2021 (Unaudited) and for the period from March 16, 2021 (inception) through ~~June~~September 30, 2021 (Unaudited)	3

	Condensed Statement of Cash Flows for the period from March 16, 2021 (inception) through ~~June~~September 30, 2021 (Unaudited)	4

	Notes to Condensed Financial Statements (Unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1215

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	1418

Item 4.	Controls and Procedures	1518

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	1620

Item 1A.	Risk Factors	1620

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities	1620

Item 3.	Defaults Upon Senior Securities	1621

Item 4.	Mine Safety Disclosures	1621

Item 5.	Other Information	1621

Item 6.	Exhibits	1722

SIGNATURES		1823

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GOBI ACQUISITION CORP.

CONDENSED BALANCE SHEET

~~June~~ SEPTEMBER 30, 2021

(Unaudited)


Assets:
	September 30, 2021
Assets:
Current assets:
Cash	$	1222,~~767,326~~905
Deferred offering costs		589,425
Prepaid expenses and other current assets		1,066,648
Prepaid expenses and other current assets		22,274
Total current assets		1,289,553
Total current assets		2,379,025
Prepaid expense, non-current		788,179

Investment held in trust account		255,429,243
Cash held in trust account		1,000,050
Total Assets		257,506,975
Total Assets	$	3,379,075

Liabilities and Shareholders’ Equity
Liabilities and Shareholders’ (Deficit) Equity
Accrued offering costs and expenses	$	366,995
Current liabilities:
Due to related party		1,000
Accrued offering costs and expenses	$	10,300
Total Liabilities		367,995
Due to related party		31,332
Working capital loan		1,000,000
Total current liabilities		1,041,632
Deferred underwriters' discount		1,939,888
Total Liabilities		2,981,520

Commitments and Contingencies (Note 6)
Commitments and Contingencies (Note 8)
Class A ordinary shares subject to possible redemption, 25,542,537 shares at redemption value		255,429,243

Shareholders’ Equity:
Shareholders’ (Deficit) Equity:
Preference shares, $0.0001 par value; 3,000,000 shares authorized; none issued and outstanding		—
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized; 300,000 shares issued and outstanding		30
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized; 310,851 issued and outstanding (excluding 25,542,537 shares subject to possible redemption)		31
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 6,437,500 shares issued and outstanding(1)		644
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 6,385,634 shares issued and outstanding		639
Additional paid-in capital		~~3,024,326~~—
Accumulated deficit		(13904,~~920~~458)
Total shareholders’ equity		3,011,080
Total shareholders’ (deficit) equity		(903,788)

Total Liabilities and Shareholders’ Equity	$	3,379,075
Total Liabilities and Shareholders’ (Deficit) Equity	$	257,506,975

(1) This number includes up to 187,500 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5).

The accompanying notes are an integral part of these unaudited condensed financial statements.

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GOBI ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS


			For the ~~Period~~period from
	For the three		March 16,. 2021
	~~For the three~~ months ended		(Inception) to
	~~ended~~September ~~June~~ 30, 2021		~~June~~September 30, 2021
Formation and operating costs	$	6365,~~795~~778	$	13379,~~920~~698
Net loss	$	(6,795)	$	(13,920)
Loss from operations		(365,778)		(379,698)
Basic and diluted weighted average Class B ordinary shares outstanding(1)		6,228,972		6,228,972
Other income (expense)
Basic and diluted net loss per share	$	0.00	$	0.00
Interest income		3,870		3,870
Total other income (expense)		3,870		3,870

Net loss	$	(361,908)	$	(375,828)

Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption		25,188,238		11,703,626
Basic and diluted net loss per Class A ordinary shares	$	(0.01)	$	(0.02)
Basic and diluted weighted average shares outstanding, Class B ordinary shares		6,393,527		6,702,106
Basic and diluted net loss per Class B ordinary shares	$	(0.01)	$	(0.02)

(1) This number excludes an aggregate of up to 187,500 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5).

The accompanying notes are an integral part of these unaudited condensed financial statements.

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GOBI ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY

FOR THE PERIOD FROM MARCH 16, 2021 (INCEPTION) THROUGH ~~JUNE~~SEPTEMBER 30, 2021


	~~Class A~~			~~Class B~~				Additional				~~Total~~
	Class A Ordinary ~~Shares~~Share			Class B Ordinary ~~Shares~~Share				Paid-in		Accumulated		Shareholders'
	Shares	Amount		Shares~~(1)~~		Amount		Capital		Deficit		Equity (Deficit)
Balance as of March 16, 2021 (inception)	—	$	—		—	$	—	$	—	$	—	$	—
Balance as of March 16, 2021 (Inception)	—	$	—		—	$	—	$	—	$	—	$	—
Class B ordinary shares issued to Sponsor	—		—		7,187,500		719		24,281		—		25,000
Net loss	—		—		—		—		—		(7,125)		(7,125)
Balance as of March 31, 2021	—	$	—		7,187,500	$	719	$	24,281	$	(7,125)	$	17,875
Class B ordinary shares forfeited	—		—		(750,000)		(75)		75		—		—
Class A ordinary shares issued in private placement	300,000		30		—		—		2,999,970		—		3,000,000
Net loss	—		—		—		—		—		(6,795)		(6,795)
Balance as of June 30, 2021	300,000	$	30	$	6,437,500	$	644	$	3,024,326	$	(13,920)	$	3,011,080
Sale of 10,851 Private Placement Units on July 14, 2021 through over-allotment	10,851		1		—		—		108,509		—		108,510
Class B ordinary shares forfeited on July 14, 2021	—		—		(51,866)		(5)		5		—		—
Net loss	—		—		—		—		—		(361,908)		(361,908)
Subsequent remeasurement Class A ordinary shares	—		—		—		—		(3,132,840)		(528,630)		(3,661,470)
Balance as of September 30, 2021	310,851	$	31		6,385,634	$	639	$	—	$	(904,458)	$	(903,788)

(1) This number includes up to 187,500 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5).

The accompanying notes are an integral part of these unaudited condensed financial statements.

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GOBI ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM MARCH 16, 2021 (INCEPTION) THROUGH ~~JUNE~~SEPTEMBER 30, 2021


Cash Flows from Operating Activities:
Net loss	$	(13375,~~920~~828)
Adjustments to reconcile net loss to net cash used in operating activities:
Due to related parties		1,000
Interest earned on investments held in Trust Account		(3,870)
Prepaid expenses		(22,274)
Changes in current assets and liabilities:
Accrued offering costs and expenses		5,845
Due to related parties		31,332
Net cash used in operating activities		(29,349)
Prepaid expense		(1,854,827)
Accrued offering costs and expenses		10,300
Net cash used in operating activities		(2,192,893)

Cash Flows from Investing Activities:
Principal deposited in Trust Account		(1255,~~000~~425,~~050~~373)
Cash used in investing activities:		(1,000,050)
Net cash used in investing activities		(255,425,373)

Cash Flows from Financing Activities:
Proceeds from private placement shares		3,000,000
Proceeds received from public offerings, net of underwriters’ discount		254,316,863
Payment of deferred offering costs		(40,069)
Proceeds from private placement		3,108,510
Proceeds from working capital loan		1,000,000
Payment of deferred offering costs		(420,997)
Payment of promissory note to related party		(163,205)
Net cash provided by financing activities		2257,~~796~~841,~~725~~171

Net change in cash		1222,~~767,326~~905
Cash, March 16, 2021 (inception)		—
Cash, end of the period	$	1222,~~767,326~~905

Supplemental disclosure of cash flow information:
Deferred underwriter's discount	$	1,939,888
Initial value of Class A ordinary shares subject to possible redemption	$	250,000,000
Remeasurement of Class A ordinary shares subject to possible redemption	$	5,429,243
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares	$	25,000
Deferred offering costs included in accrued offering costs and expenses	$	361,150
Deferred offering costs paid by Sponsor under the promissory note	$	163,205

The accompanying notes are an integral part of these unaudited condensed financial statements.

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GOBI ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD FROM MARCH 16, 2021 (INCEPTION) THROUGH ~~JUNE~~SEPTEMBER 30, 2021

Note 1—Organization and Business Operation

Gobi Acquisition Corp. (the "Company") was incorporated as a Cayman Islands exempted company on March 16, 2021. The Company was incorporated 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 (the "Business Combination"). The Company has not selected any Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with it.

As of ~~June~~September 30, 2021, the Company had not commenced any operations. All activity for the period from March 16, 2021 (inception) through ~~June~~September 30, 2021 relates to the Company's formation and the initial public offering (the “IPO”) described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on ~~cash~~investment ~~and cash equivalents~~ from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

The Company's Sponsor is PAG Investment, LLC, a Cayman Islands limited liability company (the "Sponsor").

Financing

The registration statement for the Company’s IPO was declared effective on June 28, 2021 (the “Effective Date”). On July 1, 2021, the Company consummated its IPO of 25,000,000 Class A ordinary shares at $10.00 per share, which is discussed in Note 34 (the "Initial Public Offering"), and the sale of 300,000 Class A ordinary shares which is discussed in Note 45 (the "Private Placement"), at a price of $10.00 per share, in a private placement that closed simultaneously with the closing of the IPO.

As of July 1, 2021, transaction costs amounted to $3,359,202 consisting of $1,000,000 of underwriting commissions, $1,750,000 of deferred underwriting commissions and $609,202 of other ~~cash~~ offering costs.

Liquidity and Capital Resources

As of ~~June~~September 30, 2021, the Company had ~~approximately~~cash of $1222,905 and a working capital of $247,921.77 ~~million~~As of ~~cash~~September ~~for~~30, ~~working~~2021, ~~capital~~the ~~purpose~~Company had neither engaged in any operations nor generated any revenues to date. The Company’s only activities since inception have been organizational activities and ~~working~~those ~~capital~~necessary ofto ~~approximately~~prepare $2for ~~million~~the Company’s IPO.

~~The~~In ~~Company’s~~order ~~liquidity needs up~~ to ~~June~~finance ~~30,~~transaction ~~2021~~costs ~~had~~in ~~been~~connection ~~satisfied~~with ~~through~~ a ~~payment~~Business ~~from~~Combination, the Company’s Sponsor, ~~of $25~~officers,~~000~~ ~~(see~~directors ~~Note~~and 5)their ~~for~~affiliates ~~the~~intend ~~Founder Shares~~ to ~~cover~~loan ~~certain~~the ~~offering~~Company ~~costs~~funds ~~and~~as ~~the~~may ~~loan~~be ~~under~~required. anOn ~~unsecured~~July ~~promissory~~23, ~~note~~2021, ~~from~~ the ~~Sponsor~~Company ofreceived $~~300~~1,000,000 ~~(see~~from ~~Note~~the ~~5).~~Sponsor Inunder ~~addition,~~an inunsecured ~~order~~promissory tonote ~~finance~~signed ~~transaction~~on ~~costs~~July in19, ~~connection~~2021. ~~with~~On aNovember ~~Business~~20, ~~Combination~~2021, the ~~Company’s~~ Sponsor orsigned an ~~affiliate~~agreement ofto ~~the~~provide ~~Sponsor~~$300,000 ~~or certain~~ of ~~the~~loan ~~Company’s officers and directors may, but are not obligated~~ to, ~~provide~~ the Company ~~Working Capital Loans,~~ as ~~defined below (see Note 5)~~required. ~~As of June 30, 2021, there were no amounts outstanding under any Working Capital Loans.~~

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

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Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company's financial position, results of its operations, closing of the initial public offering and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Note 2 —~~Significant~~ ~~Accounting~~Restatement ~~Policies~~of Previously Issued Financial Statements

In the Company’s previously issued financial statements, a portion of the public shares were classified as permanent equity to maintain shareholders’ equity greater than $5,000,000 on the basis that the Company will consummate its initial Business Combination only if the Company has net tangible assets of at least $5,000,001. Thus, the Company can only complete a merger and continue to exist as a public company if there is sufficient Public Shares that do not redeem at the merger and so it is appropriate to classify the portion of its public shares required to keep its shareholders’ equity above the $5,000,000 threshold as "shares not subject to redemption."

However, in light of recent comment letters issued by the Securities & Exchange Commission (“SEC”) to several special purpose acquisition companies, management re-evaluated the Company’s application of ASC 480-10-99 to its accounting classification of public shares. Upon re-evaluation, management determined that the public shares include certain provisions that require classification of the public shares as temporary equity regardless of the minimum net tangible asset required by the Company to complete its initial Business Combination.

In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements;” the Company evaluated the changes and has determined that the related impact was material to previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements as of July 1, 2021 should be restated because of a misapplication in the guidance around complex accounting for financial instruments and should no longer be relied upon. The Company is reporting the restatements to those periods in this Quarterly Report.

Impact of the Restatement

The impact to the balance sheet as of July 1, 2021 presented below. The following table summarizes the effect of the restatement on each balance sheet line item as of the date:


	As Previously
	Reported		Adjustment		As Restated
Balance Sheet as of July 1, 2021 (per 8-Ks filed on July 8, 2021)
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption at redemption value	$	244,648,640	$	5,351,360	$	250,000,000

Shareholders’ equity (deficit)
Class A ordinary shares - $0.0001 par value		84		(54)		30
Class B ordinary shares - $0.0001 par value		644		—		644
Additional paid-in capital		5,016,430		(5,016,430)		—
Retained Earnings (Accumulated Deficit)		(17,151)		(334,876)		(352,027)
Total shareholders’ equity (deficit)	$	5,000,007	$	(5,351,360)	$	(351,353)

Shares subject to possible redemption		24,464,864		535,136		25,000,000

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Note 3—Significant Accounting Policies

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission (the "SEC").

Emerging Growth Company Status

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended, (the "Securities Act"), as modified by the Jumpstart our Business Startups Act of 2012, (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company has $1222,~~767,326~~905 in cash and no cash equivalents as of ~~June~~September 30, 2021.

~~Deferred~~Investments ~~Offering~~Held ~~Costs~~in Trust Account

~~Deferred~~At ~~offering~~September ~~costs~~30, ~~consist~~2021, offunds ~~accounting~~held ~~and~~in ~~legal~~the ~~expenses~~Trust ~~incurred~~Account ~~through~~include ~~the~~$255,429,243 ~~balance~~of ~~sheet~~investments ~~date~~held ~~that~~in ~~are~~a ~~directly~~money ~~related~~market tofund ~~the~~characterized ~~IPO~~as ~~and~~Level ~~that~~1 ~~will~~investments bewithin ~~charged~~the tofair ~~shareholder’s~~value ~~equity~~hierarchy ~~upon~~under ~~the~~ASC ~~completion~~820 of(as ~~the~~defined ~~IPO~~below).

6Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.

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Cash Held in Trust Account

At June 30, 2021, the Company had $1,000,050 cash held in the Trust Account, the amount of which was the proceeds from private placement shares in advance of $1,000,000 and test payment of $50.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. At ~~June~~September 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Offering Costs Associated with IPO

The Company complies with the requirements of ASC 34-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that were directly related to the IPO. Offering costs are charged to shareholders’ equity or the statement of operations. Accordingly, on July 14, 2021, (upon the underwriters exercising their over-allotment option), offering costs totaling $3,657,597 (consisting of $1,108,507 of underwriting fee, $1,939,888 of deferred underwriting fee and $609,202 of other offering costs) were recognized.

Due to Related Party

The balance of $131,~~000~~332 represents the amount accrued for the administrative support services provided by Sponsor commencing on June 28, 2021 through September 30, 2021.

Fair Value ~~of Financial Instruments~~Measurements

~~The~~Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value ofhierarchy, which prioritizes the ~~Company's~~inputs ~~assets~~used ~~and~~in ~~liabilities~~measuring ~~approximates~~fair value. The hierarchy gives the ~~carrying~~highest ~~amounts~~priority ~~represented~~to unadjusted quoted prices in ~~the~~active ~~accompanying~~markets ~~balance~~for ~~sheet,~~identical ~~primarily~~assets ~~due~~or liabilities (Level 1 measurements) and the lowest priority to ~~their~~unobservable ~~short-term~~inputs ~~nature~~(Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

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Net Loss Per Ordinary Share

The Company ~~complies~~has ~~with~~two ~~the~~classes ~~accounting and disclosure requirements~~ of ~~FASB ASC Topic 260~~shares, ~~“Earnings~~which ~~Per~~are ~~Share.”~~referred ~~Net~~to ~~loss~~as ~~per~~Class ~~ordinary~~A ~~share is computed by dividing net loss by the weighted average number of~~ ordinary shares ~~outstanding~~and ~~during~~Class ~~the~~B ~~period, excluding~~ ordinary shares. ~~subject~~Earnings toand ~~forfeiture.~~losses ~~Weighted~~are ~~average~~shared ~~shares~~pro ~~were~~rata ~~reduced~~between ~~for~~ the ~~effect~~two ofclasses ~~an aggregate~~ of ~~937,500 ordinary~~ shares. ~~that~~The ~~were~~table ~~forfeited~~below ifpresents ~~the~~a ~~over-allotment~~reconciliation ~~option is not exercised by the underwriter. As~~ of ~~June 30, 2021,~~ the ~~Company~~numerator ~~did not have any dilutive securities~~ and ~~other~~denominator ~~contracts~~used ~~that~~to ~~could,~~compute ~~potentially,~~basic ~~be exercised or converted into ordinary shares~~ and ~~then share in the earnings of the Company. As a result,~~ diluted net ~~loss~~income per ~~ordinary~~ share isfor ~~the~~each ~~same~~class asof ~~basic net loss per~~ ordinary ~~share for the period presented.~~shares:


	For the Three Months Ended September 30, 2021					For the Period from March 16, 2021 (Inception) to September 30, 2021
	Class A			Class B		Class A			Class B
			Non-					Non-
	Redeemable		Redeemable			Redeemable		Redeemable
	Class A		Class A			Class A		Class A
	ordinary		ordinary			ordinary		ordinary
	shares		shares			shares		shares
Basic and diluted net loss per share:
Numerator:
Allocation of net loss	$	(288,558)	(105)	$	(73,245)	$	(237,088)	(2,972)	$	(135,769)

Denominator:
Weighted-average shares outstanding		25,188,238	9,200		6,393,527		11,703,626	146,699		6,702,106
Basic and diluted net loss per share	$	(0.01)	(0.01)	$	(0.01)	$	(0.02)	(0.02)	$	(0.02)

Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, 28,750,000 Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet, respectively.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company's management determined that the Cayman Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of ~~June~~September 30, 2021, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the period presented.9

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Recent Accounting Pronouncements

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

Note 34— Initial Public Offering

On July 1, 2021, the Company consummated its IPO of 25,000,000 Class A ordinary shares, at a price of $10.00 per share, generating gross proceeds of $250,000,000. PAG Investment LP (the “Fund”), an affiliate of PAG and the sole member of the Sponsor, purchased 20,000,000 Public Shares in the IPO at the public offering price. Shares purchased by the Fund, if any, will not be subject to underwriting discounts and commissions.

The Company paid an underwriting fee at the closing of the IPO of $1,000,000. As of July 1, 2021, an additional fee of $1,750,000 ~~(see Note 6)~~ was deferred and will become payable upon the Company’s completion of an initial Business Combination. The deferred portion of the fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its initial Business Combination.

On July 14, 2021, the Company consummated the Over-Allotment Closing of its sale of an additional 542,537 Shares pursuant to the partial exercise by the underwriters of their over-allotment option (the “Over-Allotment Option”). The Shares were sold at an offering price of $10.00 per Share, generating gross proceeds of $5,425,370.

All of the 25,542,537 Class A ordinary share sold in the IPO and over-allotment contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary share subject to redemption to be classified outside of permanent equity.

The Class A ordinary share is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company recognizes changes in redemption value immediately as they occur. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable ordinary share resulted in charges against additional paid-in capital and accumulated deficit.

As of September 30, 2021, the ordinary share reflected on the balance sheet are reconciled in the following table:

Note 4—Private Placement


Gross proceeds from IPO	$	255,425,373
Less:
Ordinary share issuance costs		(3,657,597)
Plus:
Accretion of carrying value to redemption value		3,657,597
Interest income		3,870
Contingently redeemable ordinary share	$	255,429,243

On June 28, 2021, the Company consummated the private placement of an aggregate of 300,000 Class A ordinary shares at a price of $10.00 per Private Placement Share, for an aggregate purchase price of $3,000,000. The Private Placement Shares purchased by the Sponsor are substantially similar to the Public Shares, except that they will be subject to transfer restrictions until 30 days following the consummation of the Company’s initial business combination, subject to certain limited exceptions.

~~Note 5—Related Party Transactions~~

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Note 5—Private Placement

On June 28, 2021, the Company consummated the private placement of an aggregate of 300,000 Class A ordinary shares at a price of $10.00 per Private Placement Share, for an aggregate purchase price of $3,000,000. The Private Placement Shares purchased by the Sponsor are substantially similar to the Public Shares, except that they will be subject to transfer restrictions until 30 days following the consummation of the Company’s initial Business Combination, subject to certain limited exceptions.

On July 14, 2021, simultaneously with the partial exercise of the Over-Allotment Option, the Company sold an additional 10,851 private placement shares to its Sponsor, PAG Investment, LLC, generating gross proceeds to the Company of $108,510.

Note 6—Related Party Transactions

Founder Shares

On March 19, 2021, the Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs in consideration for 8,625,000 Class B ordinary shares, par value $0.0001 (the "Founder Shares"). On June 8, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of 7,187,500 Class B ordinary shares outstanding. On June 8, the Sponsor transferred 25,000 Founder Shares to each of the Company’s independent directors, Thaddeus Beczak, Dan Carroll and Jane J. Su, which shares will not be subject to forfeiture in the event the underwriter's over-allotment option is not exercised. On June 28, 2021 the Sponsor surrendered an aggregate of 750,000 Class B ordinary shares for no consideration, resulting in the Sponsor holding 6,362,500 Founder’s Shares, up to 187,500 Founder Shares are subject to forfeiture depending on the extent to which the Underwriters’ over-allotment option is exercised. On July 14, 2021, the Sponsor surrendered 51,866 Class B ordinary shares.

The initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company complete a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company's shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property and the Sponsor has agreed not to transfer, assign or sell any of its private placement shares until 30 days after the completion of the initial Business Combination; except, in each case, to certain permitted transferees and under certain circumstances. Any permitted transferees will be subject to the same restrictions and other agreements of the initial shareholders with respect to any Founder Shares or private placement shares. The Company refers to such transfer restrictions as the lock-up.

Notwithstanding the foregoing, if (1) the closing price of the Company's Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial ~~business~~Business ~~combination~~Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the lock-up.

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Due to Related Party

The Company promised to pay the Sponsor $10,000 per month for office space, administrative and support services for the period from the Effective Date to the consummation of the Company’s initial Business Combination. A total of $131,~~000~~332 has been accrued as of ~~June~~September 30, 2021.

Promissory Note—Related Party

On March 19, 2021, the Sponsor agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the IPO. These loans are non-interest bearing, unsecured and are due at the earlier of December 31, 2021 or the closing of the IPO. The loans will be repaid upon the closing of the IPO out of the offering proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) and amounts not to be held in the Trust Account. As of ~~June~~September 30, 2021, the total amount borrowed under the promissory note was fully repaid.

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Related Party Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor, its affiliates or certain of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $2,000,000 of such Working Capital Loans may be convertible into shares of the post Business Combination entity at a price of $10.00 per share at the option of the lender. Such shares would be identical to the Private Placement Share. Except as set forth above, the terms of the Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of ~~June~~September 30, 2021, the Company had no$1,000,000 borrowings under the Working Capital Loans.

As of September 30, 2021, $1,000,000 was outstanding under the Working Capital Loans.

Administrative Service Fee

Commencing on the date that the Company's securities are first listed, the Company will pay to an affiliate of the Sponsor $10,000 per month for office space, administrative and support services. Upon completion of the initial Business Combination or the Company's liquidation, the Company will cease paying these monthly fees. For the period from June 28, 2021 (the “Effective Date”) to ~~June~~September 30, 2021, the Company incurred $131,~~000~~332 in connection with to such expense.

Note 67—~~Commitments~~ &Recurring ~~Contingencies~~Fair Value Measurements

Substantially all of the Company’s investment held in the Trust Account on the condensed balance sheet consist of U. S. Money Market funds which are classified as cash equivalents. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2021, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

Quoted

Significant

Prices In

Other

Active

Observable

Unobservable

September 30,

Markets

Inputs

2021

(Level 1)

(Level 2)

(Level 3)

Assets:

Cash held in Trust Account

255,429,243

—

Note 8—Commitments & Contingencies

Registration Rights

The holders of the Founder Shares, Private Placement Shares and any shares that may be issued upon conversion of Working Capital Loans will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the Company's completion of the initial Business Combination. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock-up period, which occurs (i) in the case of the Founder Shares, as described in Note 56, and (ii) in the case of the Private Placement Shares, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

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Underwriters Agreement

The Company will grant the underwriters a 45-day option from the date of the IPO to purchase up to an additional 750,000 Class A ordinary shares to cover over-allotments, if any. The Over-Allotment option was partially exercised on July 14, 2021.

9The underwriters will be entitled to a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO and the Over-Allotment (not including the proceeds from the Fund). Additionally, the underwriters will be entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO and the Over-Allotment (not including the proceeds from the Fund) upon the completion of the Company's initial Business Combination.

Note 9—Shareholders' Equity

Preference Shares—The Company is authorized to issue 3,000,000 preference shares with a par value of $0.0001 and provide that preference shares may be issued from time to time in one or more series. The Company's board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. As of September 30, 2021, there were no preference shares issued or outstanding.

Class A Ordinary Shares— The Company is authorized to issue 300,000,000 Class A ordinary shares with a par value of $0.0001 per share. At September 30, 2021, there were 310,851 Class A ordinary shares issued or outstanding, excluding 25,542,537 shares subject to possible redemption.

Class B Ordinary Shares—The Company is authorized to issue 30,000,000 Class B ordinary shares with a par value of $0.0001 per share. At September 30, 2021, there were 6,385,634 Class B ordinary shares issued or outstanding. Holders are entitled to one vote for each share of Class B ordinary shares. At March 19, 2021, there were 8,625,000 Class B ordinary shares issued and outstanding. On June 8, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of 7,187,500 Class B ordinary shares outstanding. On June 8, the Sponsor transferred 25,000 Founder Shares to each of the Company’s independent directors, Thaddeus Beczak, Dan Carroll and Jane J. Su, which shares will not be subject to forfeiture in the event the underwriter's over-allotment option is not exercised. On June 28, 2021 the Sponsor surrendered an aggregate of 750,000 Class B ordinary shares for no consideration, resulting in the Sponsor holding 6,362,500 Founder Shares, up to 187,500 Founder Shares are subject to forfeiture depending on the extent to which the Underwriters’ over-allotment option is exercised. On July 14, 2021, the Sponsor surrendered 51,866 Class B ordinary shares. so that the initial shareholders will collectively own 20% of the Company's issued and outstanding ordinary shares after the IPO (excluding the Private Placement Shares and assuming the initial shareholders do not purchase any Class A ordinary shares in the IPO).

Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company's shareholders except as required by law. Prior to the initial Business Combination, only holders of the Founder Shares will have the right to vote on the election of directors. Holders of the Company's public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial Business Combination, holders of a majority of the Founder Shares may remove a member of the board of directors for any reason.

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The ~~underwriters~~Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to aliquidating ~~cash~~distributions ~~underwriting~~from ~~discount~~the ofTrust ~~two~~Account ~~percent~~if ~~(2%~~the Company does not consummate an initial Business Combination) at the time of the ~~gross~~initial ~~proceeds~~Business Combination or earlier at the option of the ~~IPO~~holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares (but, for the avoidance of doubt, not including Private Placement Shares) will equal, in the ~~proceeds~~aggregate, ~~from~~20% of the ~~Fund~~total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), orincluding $1the total number of Class A ordinary shares issued,~~000,000~~ (or updeemed toissued $1or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued,~~750,000~~ ifby the ~~underwriters'~~Company ~~over-allotment~~in ~~option~~connection iswith ~~exercised~~or in ~~full).~~relation ~~Additionally,~~to the ~~underwriters~~consummation ~~will~~of bethe ~~entitled~~initial Business Combination, excluding any private placement shares issued to the Sponsor in a ~~deferred~~private ~~underwriting~~placement ~~discount~~to ofoccur ~~3.5%~~concurrently ofwith the ~~gross~~closing ~~proceeds~~ of the IPO, ~~(not~~any ~~including~~Class ~~the~~A ~~proceeds~~ordinary ~~from~~shares ~~the~~or ~~Fund)~~equity-linked ~~upon~~securities ~~the~~exercisable ~~completion~~for ofor ~~the~~convertible ~~Company's~~into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Shares issued to our Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

Note 7 10—~~Shareholders'~~ ~~Equity~~Subsequent Events

Preference Shares—The Company is authorized to issue 3,000,000 preference shares with a par value of $0.0001 and provide that preference shares may be issued from time to time in one or more series. The Company's board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. As of June 30, 2021, there were no preference shares issued or outstanding.

Class A Ordinary Shares— The Company is authorized to issue 300,000,000 Class A ordinary shares with a par value of $0.0001 per share. At June 30, 2021, there were 300,000 Class A ordinary shares issued or outstanding.

Class B Ordinary Shares—The Company is authorized to issue 30,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders are entitled to one vote for each share of Class B ordinary shares. At March 19, 2021, there were 8,625,000 Class B ordinary shares issued and outstanding. On June 8, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled, resulting in an aggregate of 7,187,500 Class B ordinary shares outstanding. On June 8, the Sponsor transferred 25,000 Founder Shares to each of the Company’s independent directors, Thaddeus Beczak, Dan Carroll and Jane J. Su, which shares will not be subject to forfeiture in the event the underwriter's over-allotment option is not exercised. On June 28, 2021 the Sponsor surrendered an aggregate of 750,000 Class B ordinary shares for no consideration, resulting in the Sponsor holding 6,362,500 Founder Shares, up to 187,500 Founder Shares are subject to forfeiture depending on the extent to which the Underwriters’ over-allotment option is exercised. On July 14, 2021, the Sponsor surrendered 51,866 Class B ordinary shares. so that the initial shareholders will collectively own 20% of the Company's issued and outstanding ordinary shares after the IPO (excluding the Private Placement Shares and assuming the initial shareholders do not purchase any Class A ordinary shares in the IPO).

The Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if the Company does not consummate an initial Business Combination) at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares (but, for the avoidance of doubt, not including Private Placement Shares) will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any private placement shares issued to our sponsor in a private placement to occur concurrently with the closing of the IPO, any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Shares issued to our Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

Note 8— Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statement was able to be issued. Except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statement.

10On November 20, 2021, the Sponsor signed an agreement to provide $300,000 of loan to the Company as required.

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The registration statement for the Company’s IPO was declared effective on June 28, 2021. On July 1, 2021, the Company consummated its IPO of 25,000,000 Class A ordinary shares at $10.00 per share, and the sale of 300,000 Class A ordinary shares, at a price of $10.00 per share, in a private placement that closed simultaneously with the closing of the IPO.

On July 14, 2021, the Company consummated the closing (the “Over-Allotment Closing”) of its sale of an additional 542,537 Shares pursuant to the partial exercise by the underwriters of their over-allotment option (the “Over-Allotment Option”). The Shares were sold at an offering price of $10.00 per Share, generating gross proceeds of $5,425,370. Simultaneously with the partial exercise of the Over-Allotment Option, the Company sold an additional 10,851 private placement warrants to its Sponsor, PAG Investment, LLC, generating gross proceeds to the Company of $108,510. Following the Over-Allotment Closing, an aggregate amount of $5,425,373 has been placed in the Company’s Trust Account established in connection with the IPO. In connection with the partially exercise of the Over-allotment Option, the Sponsor surrendered 51,866 Founder shares, resulting in the Sponsor holding 6,385,634 Founder Shares as of July 14, 2021.

On July 19, 2021, the Company issued an unsecured promissory note (the “Note”) in the principal amount of $1,000,000 to the Sponsor. The Note does not bear interest and is repayable in full upon consummation of the Company’s initial Business Combination. If the Company does not complete a Business Combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a Business Combination, the Sponsor shall have the option, but not the obligation, to convert the principal balance of the Note, in whole or in part, into Private Placement Shares, at a price of $10.00 per Private Placement Shares. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References to the “Company,” “our,” “us” or “we” refer to Gobi Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

~~From~~This ~~Attorney~~Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings.

Overview

We are a blank check company incorporated in Cayman Islands on March 16, 2021, 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 (the “Business Combination”).

Our Sponsor is PAG Investment, LLC (the “Sponsor”), a Cayman Islands limited liability company. The registration statement for the initial public offering (“Initial Public Offering”) was declared effective on June 28, 2021. On July 1, 2021, we consummated our Initial Public Offering of 25,000,000 Class A ordinary shares, at $10.00 per share, generating gross proceeds of $250 million, and incurring offering costs of approximately $3.36 million, inclusive of $1.00 million of underwriting discount, $1.75 million in deferred underwriting commissions and $0.61 million of other ~~cash~~ offering costs. The underwriter was granted a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 750,000 additional Class A ordinary shares to cover over-allotments, if any, at $10.00 per share.

Simultaneously with the closing of the Initial Public Offering, we consummated the private placement (“Private Placement”) of 300,000 Class A ordinary shares, at a price of $10.00 per Private Placement Share, generating gross proceeds to us of $3 million.

Upon the closing of the Initial Public Offering and the Private Placement, $250,000,000 ($10.1000 per share) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed in the Trust Account.

On July 14, 2021, we consummated the Over-Allotment Closing of our sale of an additional 542,537 Shares pursuant to the partial exercise by the underwriters of their over-allotment option the Over-Allotment Option. The Shares were sold at an offering price of $10.00 per Share, generating gross proceeds of $5,425,370. Simultaneously with the partial exercise of the Over-Allotment Option, the Company sold an additional 10,851 private placement shares to its Sponsor, PAG Investment, LLC, generating gross proceeds to the Company of $108,510. Following the Over-Allotment Closing, an aggregate amount of $5,425,373 has been placed in the Company’s Trust Account established in connection with the IPO. In connection with the partially exercise of the Over-allotment Option, the Sponsor surrendered 51,866 Founder shares, resulting in the Sponsor holding 6,385,634 Founder Shares as of July 14, 2021.

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If we are unable to complete an initial Business Combination within the Combination Period, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the sale of the private placement shares, the proceeds of the sale of our shares in connection with our initial business combination (pursuant to backstop agreements we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing or other sources.

Liquidity and Capital Resources

As of ~~June~~September 30, 2021, we had ~~approximately~~cash of $1222,905 and a working capital of $247,921.77 ~~million~~As of ~~cash~~September ~~for~~30, ~~working~~2021, ~~capital~~we ~~purpose~~had neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and ~~working~~those ~~capital~~necessary ofto ~~approximately~~prepare $2for ~~million~~the IPO.

12In order to finance transaction costs in connection with a business combination, our Sponsor, officers, directors and their affiliates intend to loan us funds as may be required. On July 23, 2021, we received $1,000,000 from our sponsor under an unsecured promissory note signed on July 19, 2021. On November 20, 2021, our sponsor signed an agreement to provide $300,000 of loan to us as required.

~~Table~~Based on the foregoing, management believes that we will have sufficient working capital and borrowing capacity to meet our needs through the earlier of ~~Contents~~the consummation of a business combination or one year from this filing. Over this time period, we will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial business combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the business combination.

Our liquidity needs up to June 30, 2021 had been satisfied through a payment from the Sponsor of $25,000 for the Founder Shares to cover certain offering costs and the loan under an unsecured promissory note from the Sponsor of $300,000. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of our officers and directors may, but are not obligated to, provide us Working Capital Loans. As of June 30, 2021, there were no amounts outstanding under any Working Capital Loans.

Based on the foregoing, management believes that we will have sufficient working capital and borrowing capacity to meet our needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, we will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Results of Operations

Our entire activity since inception up to ~~June~~September 30, 2021 was in preparation for our Initial Public Offering. We will not generate any operating revenues until the closing and completion of our initial Business Combination, at the earliest.

For the three months ended ~~June~~September 30, 2021, we had a net loss of $6361,~~795~~908, which consisted offormatting ~~insurance~~and ~~expense~~operating costs of $5365,~~795~~778 ~~and~~offset ~~administrative~~by ~~service~~interest ~~expense~~income of $13,~~000~~870.

For the period from March 16, 2021 through ~~June~~September 30, 2021, we had a net loss of $13375,~~920~~828, which consisted ~~of formation~~formatting ~~expenses~~and ~~$7,125,~~operating ~~insurance~~costs ~~expense~~of $5379,~~795~~698 ~~and~~offset ~~administrative~~by ~~service~~interest ~~expense~~income of $13,~~000~~870.

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Commitments and Contractual Obligations

Registration Rights

The holders of the Founder Shares, Private Placement Shares and any shares that may be issued upon conversion of Working Capital Loans will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock-up period, which occurs (i) in the case of the Founder Shares, and (ii) in the case of the Private Placement Shares, 30 days after the completion of the initial Business Combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company will grant the underwriters a 45-day option from the date of the IPO to purchase up to an additional 750,000 Class A ordinary shares to cover over-allotments, if any.

The underwriters was entitled to a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO (not including the proceeds from the Fund), or $1,000,000 (or up to $1,750,000 if the underwriters' over-allotment option is exercised in full). Additionally, the underwriters will be entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO (not including the proceeds from the Fund) upon the completion of the Company's initial Business Combination.

Critical Accounting Policies

The preparation of the unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. We have identified the following as our critical accounting policies:

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Deferred Offering Costs Associated with the Initial Public Offering

Deferred offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that were directly related to the Initial Public Offering and that were charged to shareholder’s equity upon the completion of the Initial Public Offering in July 2021.

Net Loss Per Ordinary Share

We comply with accounting and disclosure requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. As of ~~June~~September 30, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary shares for the period presented.

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JOBS Act

The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an "emerging growth company" and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an "emerging growth company," we choose to rely on such exemptions, we may not be required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the principal executive officer's compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an "emerging growth company," whichever is earlier.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of ~~June~~September 30, 2021. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of ~~June~~September 30, 2021, we were not subject to any market or interest rate risk. The net proceeds of the Initial Public Offering, including amounts in the Trust Account, will be invested in U.S. government securities with a maturity of 185 days or less or in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

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We have not engaged in any hedging activities since our inception and we do not expect to engage in any hedging activities with respect to the market risk to which we are exposed.

Item 4. Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

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Evaluation of Disclosure Controls and Procedures

~~Under~~As ~~the~~required ~~supervision~~by ~~and~~Rules ~~with~~13a-15 ~~the~~and ~~participation~~15d-15 ofunder ~~our~~the ~~management~~Exchange Act, ~~including~~ our ~~principal~~Chief ~~executive~~Executive ~~officer~~Officer and ~~principal~~Chief ~~financial~~Financial ~~officer,~~Officer wecarried ~~conducted~~out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2021. Management identified an error in our historical financial statements related to the ~~end~~accounting offor the ~~fiscal~~Class ~~quarter~~A ~~ended~~ordinary ~~June~~shares 30on the balance sheet dated July 1, 2021, asincluded ~~such~~in ~~term~~Exhibit is99.1 ~~defined~~to inour ~~Rules~~Form ~~13a~~8-15K filed with the SEC on July 8, 2021 (ethe “Previous Balance Sheet”). Because the Class A ordinary shares issued in the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside of the Company’s control, the Company should have classified all of these redeemable shares in temporary equity and ~~15d-15~~remeasured these redeemable shares to their redemption value (i.e., $10.00 per share) ~~under~~as of the ~~Exchange~~end ~~Act~~of first reporting period after the date of the Company’s Initial Public Offering. ~~Based~~Therefore, onin ~~this~~consultation ~~evaluation~~with audit committee of our board of directors, we concluded that our ~~principal~~Previous ~~executive~~Balance ~~officer~~Sheet should be restated to report all Class A ordinary shares as temporary equity and ~~principal~~should ~~financial~~no ~~officer~~longer ~~has~~be ~~concluded~~relied ~~that~~upon. ~~during~~As ~~the~~such, ~~period~~we ~~covered~~have byrestated such financial statements in this quarterly report, as described in Note 2 of the notes to the financial statements included herein. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective.

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 principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended ~~June~~September 30, 2021 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Remediation of a Material weakness in Internal Control over Financial Reporting

We recognize the importance of the control environment as it sets the overall tone for the Company and is the foundation for all other components of internal control. Consequently, we designed and implemented remediation measures to address the material weakness previously identified and enhance our internal control over financial reporting. In light of the material weakness, we enhanced our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our condensed consolidated financial statements, including providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications.

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PART II-OTHER INFORMATION ~~[Counsel to review and update]~~

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our final prospectus filed with the SEC on June 28, 2021., Weexcept ~~may~~for ~~disclose changes to such factors or disclose additional factors from time to time in our future filings with~~ the ~~SEC~~following.

We have identified a material weakness in our internal control over financial reporting. This material weakness could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our management is likewise required, on a quarterly basis, to evaluate the effectiveness of our internal controls and to disclose any changes and material weaknesses identified through such evaluation in those internal controls. 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.

As described elsewhere in this Quarterly Report, we identified a material weakness in our internal control over financial reporting related to the accounting for complex financial instruments as a result of the change in classification of all of our redeemable Class A ordinary shares as temporary equity. As a result of this material weakness, our management concluded that our internal control over financial reporting was not effective as of September 30, 2021.

To respond to this material weakness, we have devoted, and plan to continue to devote, significant effort and resources to the remediation and improvement of our internal control over financial reporting. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex accounting standards that apply to our financial statements. Our plans at this time include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

Any failure to maintain such internal control could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis. If our financial statements are not accurate, investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis, we could be subject to sanctions or investigations by the stock exchange on which our ordinary shares are listed, the SEC or other regulatory authorities. In either case, there could result a material adverse effect on our business. Failure to timely file will cause us to be ineligible to utilize short form registration statements on Form S-3 or Form S-4, which may impair our ability to obtain capital in a timely fashion to execute our business strategies or issue shares to effect an acquisition. Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our securities.

We can give no assurance that the measures we have taken and plan to take in the future will remediate the material weakness identified or that any additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. In addition, even if we are successful in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of our financial statements.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Simultaneously with the consummation of the Initial Public Offering and the partial exercise of the over-allotment option by the underwriters, our sponsor purchased 310,851 Private Placement Shares, at a price of $10.00 per Private Placement Share to the Sponsor, generating gross proceeds of approximately $3.1 million. A portion of the proceeds from the Private Placement Shares was added to the proceeds from the Initial Public Offering held in the Trust Account.

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generating gross proceeds of approximately $3.1 million. A portion of the proceeds from the Private Placement Shares was added to the proceeds from the Initial Public Offering held in the Trust Account.

Of the gross proceeds received from the Initial Public Offering and the partial exercise of the option to purchase additional Shares, $5,425,372.60 was placed in the Trust Account. The net proceeds of the Initial Public Offering and certain proceeds from the Private Placement are invested in U.S. government treasury bills with a maturity of 185 days or less and in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.

We paid a total of approximately $51.1 million in underwriting discounts and commissions related to the Initial Public Offering. In addition, the underwriters agreed to defer $81.9 million in underwriting discounts and commissions.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Exhibit Number		Description

1.1		Underwriting Agreement between the Company, Citigroup Global Markets Inc., Goldman Sachs (Asia) L.L.C. and UBS Securities LLC (1)
10.1		Promissory Note between the Company and the Sponsor(1)

3.1		Amended and Restated Memorandum and Articles of Association(1)

10.1		Private Placement Class A Ordinary Shares Purchase Agreement between the Company and the Sponsor(1)

10.2		Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Company(1)

10.3		Registration and Shareholder Rights Agreement among the Company, the Sponsor and certain other equityholders named therein(1)

10.4		Letter Agreement among the Company, the Sponsor and the Company’s officers and directors(1)

10.5		Administrative Services Agreement between the Company and the Sponsor(1)

10.6		Promissory Note between the Company and the Sponsor(2)

31.1*		Certification of Chief Executive Officer (Principal Executive Officer) 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.

32.1**		Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


101.INS*		XBRL Instance Document

101.SCH*		XBRL Taxonomy Extension Schema Document

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

*	Filed herewith.

**	Furnished herewith.

(1) Previously filed as an exhibit to our Current Report on Form 8-K filed on July 220, 2021 and incorporated by reference herein.

(2) Previously filed as an exhibit to our Current Report on Form 8-K filed on July 20, 2021 and incorporated by reference herein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Gobi Acquisition Corp.
Date: August 16, 2021	By:	/s/ Jack Li
Date: November 22, 2021	By:	/s/ Jack Li
		Name: Jack Li
		Title: Chief Executive Officer, Chief Financial Officer and Director

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