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 delaware on november 14 , 2019 for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , reorganization or similar initial business combination with one or more businesses . our sponsor is svac sponsor llc , a delaware limited liability company . our registration statements for our ipo became effective on september 9 , 2020. on september 14 , 2020 , we consummated the ipo of 36,000,000 units at $ 10.00 per unit , generating gross proceeds of $ 360.0 million , and incurring offering costs of approximately $ 23.0 million , inclusive of $ 16.2 million in deferred underwriting commissions . the underwriters were granted a 45-day option from the date of the final prospectus relating to the ipo to purchase up to 5,400,000 additional units to cover over-allotments , if any , at $ 10.00 per unit , less underwriting discounts and commissions . on september 18 , 2020 , the underwriters partially exercised the over-allotment option and on september 23 , 2020 , purchased an additional 4,423,453 units , generating gross proceeds of approximately $ 44.2 million , and incurred additional offering costs of approximately $ 2.7 million ( net of approximately $ 221,000 in reimbursement for certain expenses from the underwriters ) , including approximately $ 2.0 million in deferred underwriting fees . as of november 2 , 2020 , holders of the units may elect to separately trade the public shares and the detachable redeemable warrants included in the units . simultaneously with the closing of the ipo , we completed the private sale of an aggregate of 6,133,333 private warrants to our sponsor at a purchase price of $ 1.50 per private placement warrant , generating gross proceeds of $ 9.2 million . in connection with the underwriters ' partial exercise of their over-allotment option , our sponsor purchased an additional 589,794 private placement warrants , generating gross proceeds of approximately $ 0.9 million . upon the closing of the ipo , the sale of the private placement warrants , the sale of the over-allotment units and the sale of 589,794 additional private placement warrants , $ 404.2 million ( $ 10.00 per unit ) of the net proceeds of such sales were placed in the trust account located in the united states with continental stock transfer & trust company acting as trustee , and invested only in u.s. “ government securities , ” within the meaning set forth in section 2 ( a ) ( 16 ) of the investment company act , with a maturity of 185 days or less , or in money market funds meeting the conditions of paragraphs ( d ) ( 2 ) , ( d ) ( 3 ) and ( d ) ( 4 ) of rule 2a-7 under the investment company act , which invest only in direct u.s. government treasury obligations , as determined by us , until the earlier of : ( i ) the completion of an initial business combination and ( ii ) the distribution of the trust account as described elsewhere herein . 58 if we are unable to complete an initial business combination within 24 months from the closing of the ipo , or september 14 , 2022 , 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 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 franchise and income taxes ( less up to $ 100,000 of interest to pay dissolution expenses ) , divided by the number of then-outstanding public shares , which redemption will completely extinguish the public stockholders ' rights as stockholders ( including the right to receive further liquidating distributions , if any ) , subject to applicable law , and ( iii ) as promptly as reasonably possible following such redemption , subject to the approval of our remaining stockholders and our board of directors , dissolve and liquidate , subject in each case to our obligations under delaware law to provide for claims of creditors and the requirements of other applicable law . on february 21 , 2021 , we entered into the merger agreement , which provides for , among other things , ( i ) cyxtera to be contributed to newco by the cyxtera stockholder , with cyxtera becoming a wholly-owned subsidiary of newco , ( ii ) merger sub 1 to be merged with and into newco , with newco surviving the first merger as a wholly-owned subsidiary of svac and merger sub 1 ceasing to exist , and ( iii ) immediately following the first merger , newco to be merged with and into merger sub 2 , with merger sub 2 surviving the second merger as a wholly-owned subsidiary of svac and newco ceasing to exist . as a result of the cyxtera business combination , cyxtera and the various operating subsidiaries of cyxtera will become subsidiaries of svac , with the cyxtera stockholder becoming a stockholder of svac . story_separator_special_tag our investments held in the trust account are classified as trading securities . trading securities are presented on the balance sheet at fair value at the end of each reporting period . gains and losses resulting from the change in fair value of these investments are included in net gain from investments held in trust account in the statement of operations . the estimated fair values of investments held in the trust account are determined using available market information , other than for investments in open-ended money market funds with published daily net asset values ( “ nav ” ) , in which case we use nav as a practical expedient to fair value . the nav on these investments is typically held constant at $ 1.00 per unit . 61 class a common stock subject to possible redemption we account for our class a common stock subject to possible redemption in accordance with the guidance in asc topic 480 “ distinguishing liabilities from equity . ” shares of class a common stock subject to mandatory redemption ( if any ) are classified as liability instruments and are measured at fair value . shares of conditionally redeemable class a common stock ( including class a common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control ) are classified as temporary equity . at all other times , shares of class a common stock are classified as stockholders ' equity . our class a common stock features certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events . accordingly , as of december 31 , 2020 , 38,346,069 shares of class a common stock subject to possible redemption are presented as temporary equity , outside of the stockholders ' equity section of our balance sheet . net loss per common share we comply with accounting and disclosure requirements of fasb asc topic 260 , “ earnings per share . ” net income per share is computed by dividing net income ( loss ) applicable to common stockholders by the weighted average number of shares of common stock outstanding for the period . we have not considered the effect of the warrants sold in the ipo and private placement to purchase an aggregate of 20,197,611 shares of class a common stock in the calculation of diluted earnings per share , since their inclusion would be anti-dilutive under the treasury stock method . as a result , diluted earnings per share is the same as basic earnings per share for the period . our statement of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of income per share . net income per share , basic and diluted for class a common stock is calculated by dividing the net gain from investments held in the trust account of approximately $ 169,000 , net of applicable franchise taxes of approximately $ 169,000 for the year ended december 31 , 2020 , by the weighted average number of shares of class a common stock outstanding for the period . net loss per share , basic and diluted for class b common stock for the year ended december 31 , 2020 is calculated by dividing the general and administration expenses of approximately $ 174,000 and franchise taxes of approximately $ 31,000 , resulting in a net loss of approximately $ 205,000 , by the weighted average number of class b common stock outstanding for the period . off-balance sheet arrangements and contractual obligations as of december 31 , 2020 , we did not have any off-balance sheet arrangements as defined in item 303 ( a ) ( 4 ) ( ii ) of regulation s-k and did not have any commitments or contractual obligations . jobs act the jobs act contains provisions that , among other things , relax certain reporting requirements for qualifying public companies . we qualify as an “ emerging growth company ” and under the jobs act are allowed to comply with new or revised accounting pronouncements based on the effective date for private ( not publicly traded ) companies . we have elected 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 , the 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 , ( 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 chief executive officer 's compensation to median employee compensation . these exemptions will apply for a period of five years following

liquidity and capital resources as of december 31 , 2020 , we had approximately $ 2.6 million in our operating bank account , and working capital of approximately $ 2.5 million . further , we have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans . our liquidity needs to date have been satisfied through the payment of $ 25,000 from our sponsor to purchase the founder shares , a loan under a promissory note of approximately $ 141,000 from our sponsor , and the net proceeds from the consummation of the sale of the private placement not held in the trust account . we fully repaid the promissory note on september 14 , 2020. in addition , in order to finance transaction costs in connection with an initial business combination , our sponsor or an affiliate of our sponsor , or our officers and directors may , but are not obligated to , provide us working capital loans . as of december 31 , 2020 , there were no working capital loans outstanding . based on the foregoing , management believes that we will have sufficient working capital and borrowing capacity from our sponsor or an affiliate of our sponsor , or certain of our officers and directors to meet its needs through the earlier of the consummation of an initial 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 initial business combination .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2020 , we had approximately $ 2.6 million in our operating bank account , and working capital of approximately $ 2.5 million . further , we have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans . our liquidity needs to date have been satisfied through the payment of $ 25,000 from our sponsor to purchase the founder shares , a loan under a promissory note of approximately $ 141,000 from our sponsor , and the net proceeds from the consummation of the sale of the private placement not held in the trust account . we fully repaid the promissory note on september 14 , 2020. in addition , in order to finance transaction costs in connection with an initial business combination , our sponsor or an affiliate of our sponsor , or our officers and directors may , but are not obligated to , provide us working capital loans . as of december 31 , 2020 , there were no working capital loans outstanding . based on the foregoing , management believes that we will have sufficient working capital and borrowing capacity from our sponsor or an affiliate of our sponsor , or certain of our officers and directors to meet its needs through the earlier of the consummation of an initial 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 initial business combination .
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 Suspicious Activity Report : 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 delaware on november 14 , 2019 for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , reorganization or similar initial business combination with one or more businesses . our sponsor is svac sponsor llc , a delaware limited liability company . our registration statements for our ipo became effective on september 9 , 2020. on september 14 , 2020 , we consummated the ipo of 36,000,000 units at $ 10.00 per unit , generating gross proceeds of $ 360.0 million , and incurring offering costs of approximately $ 23.0 million , inclusive of $ 16.2 million in deferred underwriting commissions . the underwriters were granted a 45-day option from the date of the final prospectus relating to the ipo to purchase up to 5,400,000 additional units to cover over-allotments , if any , at $ 10.00 per unit , less underwriting discounts and commissions . on september 18 , 2020 , the underwriters partially exercised the over-allotment option and on september 23 , 2020 , purchased an additional 4,423,453 units , generating gross proceeds of approximately $ 44.2 million , and incurred additional offering costs of approximately $ 2.7 million ( net of approximately $ 221,000 in reimbursement for certain expenses from the underwriters ) , including approximately $ 2.0 million in deferred underwriting fees . as of november 2 , 2020 , holders of the units may elect to separately trade the public shares and the detachable redeemable warrants included in the units . simultaneously with the closing of the ipo , we completed the private sale of an aggregate of 6,133,333 private warrants to our sponsor at a purchase price of $ 1.50 per private placement warrant , generating gross proceeds of $ 9.2 million . in connection with the underwriters ' partial exercise of their over-allotment option , our sponsor purchased an additional 589,794 private placement warrants , generating gross proceeds of approximately $ 0.9 million . upon the closing of the ipo , the sale of the private placement warrants , the sale of the over-allotment units and the sale of 589,794 additional private placement warrants , $ 404.2 million ( $ 10.00 per unit ) of the net proceeds of such sales were placed in the trust account located in the united states with continental stock transfer & trust company acting as trustee , and invested only in u.s. “ government securities , ” within the meaning set forth in section 2 ( a ) ( 16 ) of the investment company act , with a maturity of 185 days or less , or in money market funds meeting the conditions of paragraphs ( d ) ( 2 ) , ( d ) ( 3 ) and ( d ) ( 4 ) of rule 2a-7 under the investment company act , which invest only in direct u.s. government treasury obligations , as determined by us , until the earlier of : ( i ) the completion of an initial business combination and ( ii ) the distribution of the trust account as described elsewhere herein . 58 if we are unable to complete an initial business combination within 24 months from the closing of the ipo , or september 14 , 2022 , 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 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 franchise and income taxes ( less up to $ 100,000 of interest to pay dissolution expenses ) , divided by the number of then-outstanding public shares , which redemption will completely extinguish the public stockholders ' rights as stockholders ( including the right to receive further liquidating distributions , if any ) , subject to applicable law , and ( iii ) as promptly as reasonably possible following such redemption , subject to the approval of our remaining stockholders and our board of directors , dissolve and liquidate , subject in each case to our obligations under delaware law to provide for claims of creditors and the requirements of other applicable law . on february 21 , 2021 , we entered into the merger agreement , which provides for , among other things , ( i ) cyxtera to be contributed to newco by the cyxtera stockholder , with cyxtera becoming a wholly-owned subsidiary of newco , ( ii ) merger sub 1 to be merged with and into newco , with newco surviving the first merger as a wholly-owned subsidiary of svac and merger sub 1 ceasing to exist , and ( iii ) immediately following the first merger , newco to be merged with and into merger sub 2 , with merger sub 2 surviving the second merger as a wholly-owned subsidiary of svac and newco ceasing to exist . as a result of the cyxtera business combination , cyxtera and the various operating subsidiaries of cyxtera will become subsidiaries of svac , with the cyxtera stockholder becoming a stockholder of svac . story_separator_special_tag our investments held in the trust account are classified as trading securities . trading securities are presented on the balance sheet at fair value at the end of each reporting period . gains and losses resulting from the change in fair value of these investments are included in net gain from investments held in trust account in the statement of operations . the estimated fair values of investments held in the trust account are determined using available market information , other than for investments in open-ended money market funds with published daily net asset values ( “ nav ” ) , in which case we use nav as a practical expedient to fair value . the nav on these investments is typically held constant at $ 1.00 per unit . 61 class a common stock subject to possible redemption we account for our class a common stock subject to possible redemption in accordance with the guidance in asc topic 480 “ distinguishing liabilities from equity . ” shares of class a common stock subject to mandatory redemption ( if any ) are classified as liability instruments and are measured at fair value . shares of conditionally redeemable class a common stock ( including class a common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control ) are classified as temporary equity . at all other times , shares of class a common stock are classified as stockholders ' equity . our class a common stock features certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events . accordingly , as of december 31 , 2020 , 38,346,069 shares of class a common stock subject to possible redemption are presented as temporary equity , outside of the stockholders ' equity section of our balance sheet . net loss per common share we comply with accounting and disclosure requirements of fasb asc topic 260 , “ earnings per share . ” net income per share is computed by dividing net income ( loss ) applicable to common stockholders by the weighted average number of shares of common stock outstanding for the period . we have not considered the effect of the warrants sold in the ipo and private placement to purchase an aggregate of 20,197,611 shares of class a common stock in the calculation of diluted earnings per share , since their inclusion would be anti-dilutive under the treasury stock method . as a result , diluted earnings per share is the same as basic earnings per share for the period . our statement of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of income per share . net income per share , basic and diluted for class a common stock is calculated by dividing the net gain from investments held in the trust account of approximately $ 169,000 , net of applicable franchise taxes of approximately $ 169,000 for the year ended december 31 , 2020 , by the weighted average number of shares of class a common stock outstanding for the period . net loss per share , basic and diluted for class b common stock for the year ended december 31 , 2020 is calculated by dividing the general and administration expenses of approximately $ 174,000 and franchise taxes of approximately $ 31,000 , resulting in a net loss of approximately $ 205,000 , by the weighted average number of class b common stock outstanding for the period . off-balance sheet arrangements and contractual obligations as of december 31 , 2020 , we did not have any off-balance sheet arrangements as defined in item 303 ( a ) ( 4 ) ( ii ) of regulation s-k and did not have any commitments or contractual obligations . jobs act the jobs act contains provisions that , among other things , relax certain reporting requirements for qualifying public companies . we qualify as an “ emerging growth company ” and under the jobs act are allowed to comply with new or revised accounting pronouncements based on the effective date for private ( not publicly traded ) companies . we have elected 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 , the 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 , ( 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 chief executive officer 's compensation to median employee compensation . these exemptions will apply for a period of five years following

