Summary of Significant Accounting Policies (Tables)

6 Months Ended

9 Months Ended

Jan. 11, 2021

Sep. 30, 2021

Summary of Significant Accounting Policies

Summary of effect of the financial statement adjustments related to the restatement

	8-K Originally
As of January 11, 2021	Filed		Adjustment		As Restated
Total assets	$	278,183,053	$	—	$	278,183,053
Total current liabilities	$	861,057	$	—	$	861,057
Deferred underwriting commissions		9,660,000		—		9,660,000
Derivative warrant liabilities		—		22,148,000		22,148,000
Total liabilities	$	10,521,057	$	22,148,000	$	32,669,057
Class A ordinary shares subject to possible redemption		262,661,990		13,338,010		276,000,000
Preference shares		—		—		—
Class A ordinary shares		133		(133)		—
Class B ordinary shares		690		—		690
Additional paid-in capital		5,040,999		(5,040,999)		—
Accumulated deficit		(41,816)		(30,444,878)		(30,486,694)
Total shareholders’ equity (deficit)	$	5,000,006	$	(35,486,010)	$	(30,486,004)
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit)	$	278,183,053	$	—	$	278,183,053

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of March 31, 2021:

	As Previously
As of March 31, 2021	Reported		Adjustment		As Restated
Total assets	$	277,256,530	$	—	$	277,256,530
Total liabilities	$	29,335,868	$	—	$	29,335,868
Class A ordinary shares subject to possible redemption		242,920,660		33,079,340		276,000,000
Preference shares		—		—		—
Class A ordinary shares		331		(331)		—
Class B ordinary shares		690		—		690
Additional paid-in capital	$	3,503,723		(3,503,723)		—
Retained earnings (accumulated deficit)	$	1,495,258		(29,575,286)	$	(28,080,028)
Total shareholders' equity (deficit)	$	5,000,002	$	(33,079,340)	$	(28,079,338)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit)	$	277,256,530	$	—	$	277,256,530

The Company’s statement of shareholders’ equity (deficit) has been restated to reflect the changes to the impacted shareholders’ equity (deficit) accounts described above.

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the three months ended March 31, 2021:

Supplemental Disclosure of Noncash Financing Activities:		As Reported		Adjustment		As Restated
Initial value of Class A ordinary shares subject to possible redemption	$	240,513,990	$	(240,513,990)	$	—
Change in value of Class A ordinary shares subject to possible redemption	$	(8,038,720)	$	8,038,720	$	—

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of June 30, 2021:

	As Previously
As of June 30, 2021	Reported		Adjustment		As Restated
Total assets	$	277,467,799	$	—	$	277,467,799
Total liabilities	$	39,992,526	$	—	$	39,992,526
Class A ordinary shares subject to possible redemption		232,475,270		43,524,730		276,000,000
Preference shares		—		—		—
Class A ordinary shares		435		(435)		—
Class B ordinary shares		690		—		690
Additional paid-in capital	$	13,949,009		(13,949,009)		—
Accumulated deficit	$	(8,950,131)		(29,575,286)	$	(38,525,417)
Total shareholders' equity (deficit)	$	5,000,003	$	(43,524,730)	$	(38,524,727)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit)	$	277,467,799	$	—	$	277,467,799

The Company’s statement of shareholders’ equity (deficit) has been restated to reflect the changes to the impacted shareholders’ equity (deficit) accounts described above.

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the six months ended June 30, 2021:

Supplemental Disclosure of Noncash Financing Activities:	As Reported		Adjustment		As Restated
Initial value of Class A ordinary shares subject to possible redemption	$	240,513,990	$	(240,513,990)	$	—
Change in value of Class A ordinary shares subject to possible redemption	$	(8,038,720)	$	8,038,720	$	—

The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods:

	Earnings Per Share for Class A ordinary shares
	As Reported		Adjustment		As Restated
For the three months ended March 31, 2021
Net income	$	1,528,079	$	—	$	1,528,079
Weighted average shares outstanding		27,600,000		(3,066,667)		24,533,333
Basic and diluted earnings per ordinary share	$	—	$	0.05	$	0.05
For three months ended June 30, 2021
Net loss	$	(10,445,389)	$	—	$	(10,445,389)
Weighted average shares outstanding		27,600,000		—		27,600,000
Basic and diluted earnings per ordinary share	$	—	$	(0.30)	$	(0.30)
For the six months ended June 30, 2021
Net loss	$	(8,917,310)	$	—	$	(8,917,310)
Weighted average shares outstanding		27,600,000		(1,524,862)		26,075,138
Basic and diluted earnings per ordinary share	$	—	$	(0.27)	$	(0.27)

	Earnings Per Share for Class B ordinary shares
	As Reported		Adjustment		As Restated
For the three months ended March 31, 2021
Net income	$	1,528,079	$	—	$	1,528,079
Weighted average shares outstanding		6,800,000		—		6,800,000
Basic and diluted earnings per ordinary share	$	0.22	$	(0.17)	$	0.05
For three months ended June 30, 2021
Net loss	$	(10,445,389)	$	—	$	(10,445,389)
Weighted average shares outstanding		6,900,000		—		6,900,000
Basic and diluted earnings per ordinary share	$	(1.51)	$	1.21	$	(0.30)
For the six months ended June 30, 2021
Net loss	$	(8,917,310)	$	—	$	(8,917,310)
Weighted average shares outstanding		6,850,276		—		6,850,276
Basic and diluted earnings per ordinary share	$	(1.31)	$	1.04	$	(0.27)

Schedule of basic and diluted net income (loss) per common share

	For the Three				For the Nine				For the Period From
	Months Ended				Months Ended				July 8, 2020 (Inception) Through
	September 30, 2021				September 30, 2021				September 30, 2020
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net income (loss)	$	2,699,294	$	674,824	$	(4,405,422)	$	(1,137,770)	$	—	$	(20,233)
Denominator:
Basic and diluted weighted average ordinary shares outstanding		27,600,000		6,900,000		26,589,011		6,867,033		—		6,000,000
Basic and diluted net income (loss) per ordinary share	$	0.10	$	0.10	$	(0.17)	$	(0.17)	$	—	$	(0.00)