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Restatement 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 — Restatement 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 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 connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has restated its earnings per ordinary share calculation to allocate income and losses 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 Restatement
The impact of the restatement on the Company’s previously presented financial information contained in this report is presented below:
 
 
  
As Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Balance Sheet as of March 31, 2021
 
Class A ordinary share
s
subject to possible redemption
    $ 239,250,830      $ 36,749,170      $ 276,000,000  
Ordinary shares Class A, 
$0.0001 par value
   
$
 367     
$
 (367 )    
$
 —    
Additional
 Paid in Capital
   
$
 3,757,506     
$
 (3,757,506 )    
$
 —    
Retained Earnings (Accumulated Deficit)
   
$
 1,241,442     
$
 (32,991,297 )    
$
 (31,749,855 ) 
    
 
 
     
 
 
     
 
 
  
Total Shareholders’
 Equity (Deficit)
    $  5,000,005      $ (36,749,170 )     $ (31,749,165 ) 
    
 
 
     
 
 
     
 
 
  
Number of shares subject to redemption
      23,925,083        3,674,917        27,600,000  
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
As Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Statements of Operations For the three months ended March 31, 2021
 
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
  
 
27,600,000
 
  
 
—  
 
  
 
27,600,000
 
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
  
 
6,900,000
 
  
 
—  
 
  
 
6,900,000
 
Basic and diluted net income per ordinary share, Class A
  
$
—  
 
  
$
0.27
 
  
$
0.34
 
Basic and diluted net income per ordinary share, Class B
  
$
1.70
 
  
$
(1.36
) 
  
$
0.34
 
 
 
  
As Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Balance Sheet as of June 30, 2021
 
Class A ordinary share
s
 subject to possible redemption
  
$
237,374,770
 
  
$
38,625,230
 
  
$
276,000,000
 
Ordinary shares Class A, $0.0001 par value
  
$
386
 
  
$
(386
) 
  
$
—  
 
Additional Paid in Capital
  
$
5,633,547
 
  
$
(5,633,547
) 
  
$
—  
 
Accumulated Deficit
  
$
(634,617
) 
  
$
(32,991,297
) 
  
$
(33,625,914
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Shareholders’ Equity (Deficit)
  
$
5,000,006
 
  
$
(38,625,230
) 
  
$
(33,625,224
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
Number of shares subject to redemption
  
 
23,737,477
 
  
 
3,862,523
 
  
 
27,600,000
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
As Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Statements of Operations For the three months ended June 30, 2021
 
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
  
 
27,600,000
 
  
 
—  
 
  
 
27,600,000
 
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
  
 
6,900,000
 
  
 
—  
 
  
 
6,900,000
 
Basic and diluted net income per ordinary share, Class A
  
$
—  
 
  
$
(0.05
) 
  
$
(0.05
) 
Basic and diluted net loss per ordinary share, Class B
  
$
(0.02
) 
  
$
(0.03
) 
  
$
(0.05
) 
 
 
  
As Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Statements of Operations For the six months ended June 30, 2021
 
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
  
 
27,600,000
 
  
 
—  
 
  
 
27,600,000
 
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
  
 
6,900,000
 
  
 
—  
 
  
 
6,900,000
 
Basic and diluted net income per ordinary share, Class A
  
$
—  
 
  
$
0.29
 
  
$
0.29
 
Basic and diluted net income per ordinary share, Class B
  
$
1.43
 
  
$
(1.14
) 
  
$
0.29