Please refer to Sections 5.1 "Background to the Business Combination" and 5.4 “Interests of Certain
Persons in the Business Combination” of the Shareholder Circular published on the website of the
Company (www.odyssey-acquisition.com) on 9 March 2022 for additional information.
Financial performance highlights
As a blank cheque company, the Company currently does not have an active business. The Company
did not generate revenue during the period ended 31 December 2021 and is not expected to generate
any operating revenues until after the completion of the Business Combination. The Company’s
activities for the period ended 31 December 2021 were those necessary to prepare for the Private
Placement and the subsequent listing on Euronext Amsterdam, and, after the listing, to identify a target
company for a Business Combination and the potential acquisition, described below. The Company
incurred expenses as a result of being a public company (for legal, financial reporting, accounting and
auditing compliance), as well as due diligence expenses.
The net loss of the Company for the period ended 31 December 2021 was EUR 8.910.374,93, due to
the operating expenses and impairment of the Company’s investment in its wholly owned subsidiary
Odyssey Acquisition Subsidiary BV.
Financial position highlights
The Company’s main asset accounts refer to its investment in its Odyssey Acquisition Subsidiary BV
whereas on the liability section, the significant balances refer to the Trade Creditors and Accruals.
3. Principal risk and uncertainties
The Company has analysed the risks and uncertainties to its business, and the Board has considered
their potential impact, their likelihood, the controls that the Company has in place and steps the
Company can take to mitigate such risks. The Company’s principal risks and uncertainties can be
summarised as follows:
Risk
Likelihood Mitigating factors
Medium To support the management team’s
Benefits not achieved.
The potential benefits of the Business
Combination may not be fully achieved,
or may not be achieved within the
expected timeframe.
efforts in evaluating Benevolent as a
potential Business Combination
candidate, the Company engaged
financial, technological, scientific,
commercial, legal, accounting and
tax advisors. Furthermore, the
management team and its advisors
reviewed
documentation, made available by
Benevolent and engaged in
relevant
underlying
extensive Q&A sessions with
Benevolent’s management team,
covering a wide variety of topics.
The
Company’s
management
team’s due diligence included site
visits to Benevolent’s offices and
research laboratories.
Liquidation of the Company.
Low
The Board put in place controls in
selecting Benevolent as the most
suitable Business Combination
target. (See “Risk – Benefits not
The Company faces certain risks and
costs if the Business Combination is
not completed, including the risk of
diverting management focus and
achieved
–
Mitigating factors”
resources
from
other
Business
above.). The Business Combination
with Benevolent is expected to be
Combination opportunities, which could
result in the Company being unable to
effect a Business Combination within
the Business Combination deadline by
completed
in
April
2022,
significantly ahead of the liquidation
deadline.
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