Item 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations.
References to we, us, our or the Company are to Valor
Latitude Acquisition Corp., except where the context requires otherwise. The following discussion should be read in conjunction with our unaudited condensed financial statements and related notes thereto included 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
This 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 Securities Exchange Act of 1934, as amended (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 were incorporated as a Cayman Islands exempted company on January 21, 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 (the Business Combination). We have not selected any specific Business Combination target
and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination.
As indicated in the accompanying unaudited condensed financial statements, as of March 31, 2021, we had no cash and deferred offering
costs of $327,675.
On May 6, 2021, we consummated the IPO of 20,000,000 Public Units, at a price of $10.00 per Public Unit,
generating gross proceeds of $200,000,000. Simultaneously with the closing of the IPO, we consummated the sale of 4,000,000 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant, in a Private Placement to Valor Latitude LLC
(the Sponsor) and Phoenix SPAC Holdco LLC (Phoenix), generating gross proceeds of $6,000,000.
On May 11,
2021, the underwriters purchased 3,000,000 units generating net proceeds to the Company of approximately $29,400,000 in the aggregate after deducting the underwriter discount.
Of the net proceeds from the IPO, exercise of the over-allotment option, and associated private placements, $230,000,000 of cash was placed in
the Trust Account and $1,961,865 of cash was held outside of the Trust Account and is available for our working capital purposes.
We
cannot assure you that our plans to complete our Initial Business Combination will be successful.
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