Revision of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Financial Statements

Note 2 — Revision of Previously Issued Financial Statements

In the Company’s previously issued financial statements, a portion of the public shares were classified as permanent equity to maintain shareholders’ equity of at least $5,000,001 on the basis that the Company can only consummate its initial business combination if the Company has net tangible assets of at least $5,000,001. The Company revisited its application of ASC 480-10-S99 on the Company’s financial statements. Subsequent to the re-evaluation, the Company’s management concluded that all of its Class A ordinary shares should be classified as temporary equity. The identified errors impacted the Company’s Annual report on form 10-K/A filed on May 25, 2021 containing restatement of previously issued financial statements as of February 13, 2020, March 31, 2020, June 30, 2020, and September 30, 2020, and financial statements as of December 31, 2020, and Quarterly Report on Form 10-Q filed on May 25, 2021 containing financial statements as of March 31, 2021 and Quarterly Report on Form 10-Q

filed on August 13, 2021 containing financial statements as of June 30, 2021. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements;” the Company evaluated the errors and has determined that the related impacts were not material to the aforementioned Form 8-K, Form 10-Q and Form 10-K reports. Accordingly, the Company has corrected such immaterial errors by adjusting its prior financial statements and classified all its Class A ordinary shares as temporary equity. The Company will also correct previously reported financial information for such immaterial errors in future filings, as applicable.

In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has revised its earnings per ordinary share calculation to allocate income and losses shared pro rata between the two classes of ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income and losses of the Company.

Impact of the Revision

The impact of the revision on the Company’s previously presented financial information contained in this report is presented below:

Balance Sheet as of December 31, 2020
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption at redemption value	$	227,479,630		$	48,520,370		$	276,000,000
Shareholders’ equity (deficit)
Class A ordinary shares—$0.0001 par value		485			(485	)		—
Class B ordinary shares—$0.0001 par value		690			—			690
Additional paid-in-capital		15,528,588			(15,528,588	)		—
Accumulated Deficit		(10,529,762	)		(32,991,297	)		(43,521,059	)
Total shareholders’ equity (deficit)	$	5,000,001		$	(48,520,370	)	$	(43,520,369	)
Shares subject to possible redemption		22,747,963			4,852,037			27,600,000