Restatement of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2020

Restatement of Previously Issued Financial Statements

Note 2 - Restatement of Previously Issued Financial Statements

The Company concluded it should restate its previously issued financial statements by amending Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on May 25, 2021, 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. In the Company’s previously issued financial statements, a portion of the Class A ordinary shares issued in the IPO (“Public Shares”) was 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

re-evaluated

ASC

480-10-S99,

and concluded that it would change its accounting and reflect the full amount of all redeemable Public Shares in temporary equity. As a result of the change in presentation for the Class A ordinary shares subject to possible redemption, the Company also has restated its earnings per ordinary share calculation to allocate income and losses pro rata between the two classes of ordinary shares. This presentation shows both classes of ordinary shares share pro rata in the income and losses of the Company.

The change 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, September 30, 2020, and December 31, 2020 (as described in Note 4), and Quarterly Report on Form 10-Q as of March 31, 2021 filed on May 25, 2021 and Quarterly Report on Form 10-Q as of June 30, 2021 filed on August 13, 2021.

The Company’s management and the audit committee of the Company’s Board of

Directors

concluded that it is to restate the Company’s previously issued financial statements in Annual report on Form 10-K/A filed on May 25, 2021, and Quarterly Report on Form 10-Q as of March 31, 2021 filed on May 25, 2021 and Quarterly Report on Form 10-Q as of June 30, 2021 filed on August 13, 2021. The restated reported values of the Class A ordinary shares subject to possible redemption as accounted for under ASC 480-10-S99 are included in the financial statements herein. The Company’s Initial Public Offering is restated in Note 4.

The following tables summarize the effect of the restatement on each financial statement in Annual report on Form 10-K/A filed on May 25, 2021 as of February 13, 2020, March 31, 2020, June 30, 2020, September 30, 2020, and December 31, 2020 line item as of the dates, and for the period, indicated:


	As Previously Restated in the First Amended Filing			Adjustment			As Restated
Balance Sheet as of February 13, 2020
Class A Ordinary shares subject to possible redemption	$	234,052,236		$	41,947,764		$	276,000,000
Class A Ordinary shares, $0.0001 par value	$	419		$	(419	)	$	—
Additional Paid in Capital	$	8,998,141		$	(8,998,141	)	$	—
Accumulated Deficit	$	(3,999,245	)	$	(32,949,204	)	$	(36,948,449	)
Total Shareholders’ Equity (Deficit)	$	5,000,005		$	(41,947,764	)	$	(36,947,759	)
Number of shares subject to redemption		23,405,224			4,194,776			27,600,000


	As Previously Restated in the First Amended Filing			Adjustment			As Restated
Balance Sheet as of March 31, 2020 (unaudited)
Class A Ordinary share s subject to possible redemption	$	246,977,618		$	29,022,382		$	276,000,000
Class A Ordinary shares, $0.0001 par value	$	290		$	(290	)	$	—
Additional Paid in Capital	$	(3,964,388	)	$	3,964,388		$	—
Retained Earnings (Accumulated Deficit)	$	8,963,409		$	(32,986,480	)	$	(24,023,071	)
Total Shareholders’ Equity (Deficit)	$	5,000,001		$	(29,022,382	)	$	(24,022,381	)
Number of shares subject to redemption		24,697,762			2,902,238			27,600,000


	As Previously Restated in the First Amended Filing		Adjustment			As Restated
Statement of Operations For the three months ended March 31, 2020 (unaudited)
Weighted average shares outstanding of Class A ordinary shares, basic and diluted		27,600,000		(13,186,667	)		14,413,333
Weighted average shares outstanding of Class B ordinary shares, basic and diluted		6,474,725		425,275			6,900,000
Basic and diluted net income per ordinary share, Class A	$	0.06	$	0.36		$	0.42
Basic and diluted net income per ordinary share, Class B	$	1.12	$	(0.70)		$	0.42


	As Previously Restated in the First Amended Filing		Adjustment			As Restated
Statement of Cash Flows for the three months ended March 31, 2020
Supplemental disclosure of cash flow information:
Initial value of Class A ordinary shares subject to possible redemption	$	264,535,214	$	(264,535,214	)	$	—


	As Previously Restated in the First Amended Filing			Adjustment			As Restated
Balance Sheet as of June 30, 2020 (unaudited)
Class A Ordinary shares subject to possible redemption	$	248,419,296		$	27,580,704		$	276,000,000
Class A Ordinary shares, $0.0001 par value	$	276		$	(276	)	$	—
Additional Paid in Capital	$	(5,410,869	)	$	5,410,869		$	—
Retained Earnings (Accumulated Deficit)	$	10,409,904		$	(32,991,297	)	$	(22,581,393	)
Total Shareholders’ Equity (Deficit)	$	5,000,001		$	(27,580,704	)	$	(22,580,703	)
Number of shares subject to redemption		24,841,930			2,758,070			27,600,000


	As Previously Restated in the First Amended Filing			Adjustment		As Adjusted
Statement of Operations For the three months ended June 30, 2020
Basic and diluted net income per ordinary share, Class A	$	—		$	0.04	$	0.04
Basic and diluted net loss per ordinary share, Class B	$	(0.20	)	$	0.24	$	0.04


	As Previously Restated in the First Amended Filing		Adjustment			As Restated
Statement of Operations For the six months ended June 30, 2020 (unaudited)
Weighted average shares outstanding of Class A ordinary shares, basic and diluted		27,600,000		(6,556,906	)		21,043,094
Weighted average shares outstanding of Class B ordinary shares, basic and diluted		6,687,363		212,637			6,900,000
Basic and diluted net income per ordinary share, Class A	$	0.07	$	0.30		$	0.37
Basic and diluted net (loss) income per ordinary share, Class B	$	1.29	$	(0.92)		$	0.37


	As Previously Restated in the First Amended Filing		Adjustment			As Restated
Statement of Cash Flows for the six months ended June 30, 2020
Supplemental disclosure of cash flow information:
Initial value of Class A ordinary shares subject to possible redemption	$	264,434,096	$	(264,434,096	)	$	—


	As Previously Restated in the First Amended Filing			Adjustment			As Restated As Adjusted
Balance Sheet as of September 30, 2020 (unaudited)
Class A Ordinary share s subject to possible redemption	$	237,171,607		$	38,828,393		$	276,000,000
Ordinary shares Class A, $0.0001 par value	$	388		$	(388	)	$	—
Additional Paid in Capital	$	5,836,708		$	(5,836,708	)	$	—
Accumulated Deficit	$	(837,785	)	$	(32,991,297	)	$	(33,829,082	)
Total Shareholders’ Equity (Deficit)	$	5,000,001		$	(38,828,393	)	$	(33,828,392	)
Number of shares subject to redemption		23,717,161			3,882,839			27,600,000


	As Previously Restated in the First Amended Filing			Adjustment			As Adjusted
Statement of Operations For the three months ended September 30, 2020
Basic and diluted net income per ordinary share, Class A	$	—		$	(0.33	)	$	(0.33	)
Basic and diluted net loss per ordinary share, Class B	$	(1.63	)	$	1.30		$	(0.33	)


	As Previously Restated in the First Amended Filing			Adjustment		As Restated As Adjusted
Statement of Operations For the nine months ended September 30, 2021 (unaudited)
Weighted average shares outstanding of Class A ordinary shares, basic and diluted		27,600,000			(4,347,253)		23,252,747
Weighted average shares outstanding of Class B ordinary shares, basic and diluted		6,758,759			141,241		6,900,000
Basic and diluted net income (loss) per ordinary share, Class A	$	0.07		$	(0.10)	$	(0.03)
Basic and diluted net loss per ordinary share, Class B	$	(0.39	)	$	0.36	$	(0.03)


	As Previously Restated in the First Amended Filing		Adjustment			As Restated
Statement of Cash Flows for the nine months ended September 30, 2020
Supplemental disclosure of cash flow information:
Initial value of Class A ordinary shares subject to possible redemption	$	264,272,806	$	(264,272,806	)	$	—