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Restatement of Previously Issued Financial Statements
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Prior Period Adjustment [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 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 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 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 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
 
  
As 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
 
  
As Adjustment
 
  
As
Restated
 
Unaudited Balance Sheet as of June 30, 2021 
  
      
  
      
  
      
Class A ordinary share 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
 
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 shares 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, 202
0
  
      
  
      
  
      
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 (unaudited)
  
      
  
      
  
      
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
  
$
—  
 
  
$
0.04
 
  
$
0.04
 
Basic and diluted
net (loss) income per 
ordinary
share, Class B
  
$
(0.20
) 
  
$
0.24
 
  
$
0.04
 
       
 
  
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
 
Balance Sheet as of September 30, 2020 (unaudited)
  
      
  
      
  
      
Class A ordinary shares subject to possible redemption
  
$
237,171,607
 
  
$
38,828,393
 
  
$
276,000,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A ordinary shares
 $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, 202
0
  
      
  
      
  
      
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
 
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
)
 
 
$
—