Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
14.    Equity
Equity Following the Conversion and Reverse Share Split
On March 9, 2023, we entered into a Bridge Facility Agreement (Note 12) that provided that subsequent to closing, the Company was required to issue 534,911 Class A ordinary shares in total. This consisted of (i) 534,911 Class A ordinary shares representing 2.3% of the outstanding Class A ordinary shares outstanding on the date of closing, excluding earnout shares and employee awards, and (ii) 105,431 shares associated with the deemed and irrevocable exercise of all the AlbaCore Warrants as of March 27, 2023 (Note 15).

The following tables display the number of shares of Babylon Holdings Limited, for Class A ordinary and Class B ordinary shares authorized, issued and outstanding as of January 1, 2022, and reconciled for activity that occurred during the period presented, including the shares issued pursuant to closing conditions in the Bridge Facility, to the shares issued and outstanding as of March 31, 2023:
(In thousands of shares) Class A ordinary shares Class B ordinary shares
Authorized 260,000 124,000
On issue at January 1, 2023 24,859
Issued during the period prior to Bridge Facility 86
Issued as part of Warrant Settlement 105
Issued as part of Bridge Facility 535
Issued during the period subsequent to Bridge Facility
On issue at March 31, 2023—fully paid 25,585

Foreign Currency Translation Reserve
Exchange differences arising on translation of the foreign controlled entities are recognized in other comprehensive loss and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
Other Comprehensive Income (“OCI”) Accumulated in Reserves, Net of Tax
For the Three Months Ended For the Year Ended
March 31, 2023
December 31, 2022
(in thousands) $ $
January 1,
4,272 (2,808)
Foreign operations – foreign currency translation differences
(565) 7,080
March 31, 3,707 4,272
Retained Earnings
The retained earnings account represents retained profits or losses less amounts distributed to shareholders.