XML 12 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover Page - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 13, 2021
Jun. 30, 2020
Entity Information [Line Items]      
Document Type 10-K/A    
Amendment Flag true    
Document Period End Date Dec. 31, 2020    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Trading Symbol CCAC    
Entity Registrant Name CITIC Capital Acquisition Corp.    
Entity Central Index Key 0001794621    
Current Fiscal Year End Date --12-31    
Entity Filer Category Non-accelerated Filer    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Shell Company true    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
Entity Small Business true    
Entity File Number 001-39222    
Entity Incorporation, State or Country Code E9    
Entity Tax Identification Number 00-0000000    
Entity Address, Address Line One 9/F East Tower, Genesis Beijing    
Entity Address, Address Line Two No. 8 Xinyuan South Road    
Entity Address, Address Line Three Chaoyang District    
Entity Address, City or Town Beijing    
Entity Address, Country CN    
Entity Address, Postal Zip Code 100027    
City Area Code 86 10    
Local Phone Number 5802 3889    
Document Annual Report true    
Document Transition Report false    
Title of 12(b) Security Class A ordinary shares, par value $0.0001 per share    
Security Exchange Name NYSE    
Entity Public Float     $ 271,000,000
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
ICFR Auditor Attestation Flag false    
Amendment Description References throughout this Amendment No. 2 to the Annual Report on Form 10-K to “we,” “us,” the “Company” or “our company” are to CITIC Capital Acquisition Corp., unless the context otherwise indicates. This Amendment No. 2 (“Amendment No. 2”) to the Annual Report on Form 10-K/A amends the Annual Report on Form 10-K of CITIC Capital Acquisition Corp., for the year ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021 (the “Original Filing”) and the Amendment No. 1 to the Annual Report on Form 10-K/A of CITIC Capital Acquisition Corp., for the fiscal year ended December 31, 2020, as filed with the SEC on May 25, 2021 (“Amendment No. 1”). In preparation of the Company’s unaudited condensed financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should restate its financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its Amended and Restated Memorandum and Articles of Association currently provides that the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. The Company revised this interpretation to include temporary equity in net tangible assets. Therefore, on December 13, 2021, the Company’s management and the audit committee of the Company’s board of directors (the “Audit Committee”), concluded that the Company’s previously issued (i) audited balance sheet as of February 13, 2020, as previously revised in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, filed with the SEC on May 25, 2021 and (ii) audited financial statements for the year ended December 31, 2020, as previously revised in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, filed with the SEC on May 25, 2021 should be restated to report all Public Shares as temporary equity and should no longer be relied upon. We are filing this Amendment No. 2 to include additional risk factors under Item 1A, the Management’s Discussion and Analysis of Financial Condition and Results of Operation described in Item 7, and Financial Statements and Supplementary Data described in Item 8, which such financial data give effect to the change in accounting for the Public Shares as disclosed in the Original Filing, and Item 9A, Controls and Procedures. The above changes did not have any impact on the Company’s cash position and cash held in the trust account established in connection with the IPO (the “Trust Account”). The Company’s management has concluded that in light of the classification error described above, a material weakness exists in the Company’s internal control over financial reporting and that the Company’s disclosure controls and procedures were not effective. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Item 1A, Risk Factors, is hereby amended to add additional risk factors, and Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operation, and Item 8, Financial Statements and Supplementary Data, of the Original Filing are hereby amended and restated in their entirety. This Amendment No. 2 should be read in conjunction with the Original Filing and Amendment No.1 and with our other filings with the SEC subsequent to the Original Filing and Amendment No. 1. This Amendment No. 2 reflects events occurring after the filing of the Original Filing, and, except as described above, does not modify or update any other disclosures in the Original Filing.    
Capital Units      
Entity Information [Line Items]      
Trading Symbol CCAC.U    
Title of 12(b) Security Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant    
Security Exchange Name NYSE    
Warrant      
Entity Information [Line Items]      
Trading Symbol CCAC WS    
Title of 12(b) Security Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share    
Security Exchange Name NYSE    
Class A Common Stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   27,600,000  
Class B common stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   6,900,000