Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 326

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 326
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 and results of operations.

Movements during the period on the Group’s commitment subject to possible redemption are detailed below. Movements of the SPAC’s IPO initial costs and interest earned represent a non-cash charge against commitments subject to redemption and have no impact on the Group’s consolidated statement of cash flows during the period which will be settled upon any redemptions:

  Commitment subject to possible redemption                         
  Balance at December 31, 2021                                      
  Amortization of SPAC IPO initial cost                     10,325  
  Interest earned on trust account                           3,362  
  Commitment subject to possible redemption raised         220,458  
  Balance at December 31, 2022                             234,145  
  Amortization of SPAC IPO initial cost                      6,166  
  Interest earned on trust account                          10,109  
  Redemptions                                            ( 65,164)  
  Deposits                                                   2,100  
  Balance at December 31, 2023                             187,356  
  Interest earned on trust account                           6,021  
  Deposits                                                   1,977  
  Redemptions                                           ( 141,301)  
  Balance at December 31, 2024                              54,053  

d. Gross obligation under put option

i. VBI - Option arrangements

The business combination concluded on July 1, 2022, included VBI Option arrangements with the non-controlling shareholders of VBI. The Group exercised its call option on August 01, 2024, that resulted in the derecognition of the gross obligation under put option.

ii. Igah GP IV - Option arrangements

The business combination with Igah GP IV concluded on November 30, 2022 and included Igah Option arrangements with the selling shareholders of Igah GP IV.

  Patria Investments Limited      F-53  

  Table of Contents  

  Notes to the consolidated financial statements                                             
  As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022  
  (Amounts in thousands of United States dollars - US$, except where otherwise stated)       
 ─────────────────────────────────────────────────────────────────────────────────────────────

The Group increased its stake in Igah GP IV on December 23, 2024, that resulted in partial derecognition of the gross obligation. The option to exercise the remaining