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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 9 Months Ended
Sep. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS [Abstract]  
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS


In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate its previously reported financial statements. The Company determined, at the closing of the Company’s Initial Public Offering and shares sold pursuant to the exercise of the underwriters’ overallotment, it had improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.10 per Class A ordinary share, as of December 31, 2020, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A ordinary shares issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares.


In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings per share calculation to allocate net income (loss) evenly to Class A and Class B 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 (loss) of the Company.



There has been no change in the Company’s total assets, liabilities or operating results.

Balance Sheet as of March 31, 2021 (unaudited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Class A ordinary shares subject to possible redemption
  
$
225,040,249
    
$
53,719,751
    
$
278,760,000
  
Class A ordinary shares
  
$
532
    
$
(532
)
  
$
—
  
Additional paid-in capital
  
$
20,278,082
    
$
(20,278,082
)
  
$
—
  
Accumulated deficit
  
$
(15,279,297
)
  
$
(33,441,137
)
  
$
(48,720,434
)
Total shareholders’ equity (deficit)
  
$
5,000,007
    
$
(53,713,751
)
  
$
(48,719,744
)
Number of shares subject to redemption     22,277,508       5,322,492       27,600,000  

                       
Balance Sheet as of June 30, 2021 (unaudited)
                        
Class A ordinary shares subject to possible redemption
   $
230,466,131
     $
51,053,869
     $
281,520,000
  
Class A ordinary shares
   $
501
     $
(501
)
   $
—
  
Additional paid-in capital
   $
14,852,231
     $
(14,852,231
)
   $
—
  
Accumulated deficit
   $
(9,853,414
)
   $
(36,201,137
)
   $
(46,054,551
)
Total shareholders’ equity (deficit)
   $
5,000,008
     $
(51,053,869
)
   $
(46,053,861
)
Number of shares subject to redemption
    
22,590,729
      
5,009,271
      
27,600,000
  
                         
Condensed Consolidated Statement of Changes in Shareholders’ Equity (Deficit) as of March 31, 2021 (unaudited)
                        
Change in value of Class A ordinary shares subject to redemption
   $
(5,572,127
)
   $
5,572,127
  $
—
  
                         
Condensed Consolidated Statement of Changes in Shareholders’ Equity (Deficit) as of June 30, 2021 (unaudited)
                        
Change in value of Class A ordinary shares subject to redemption
   $
(5,425,882
)
   $
5,425,882
  $
—
  
Accretion for Class A ordinary shares to redemption amount
   $
—
     $
(2,760,000
)
   $
(2,760,000
)
                         
Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited)
                        
Change in value of Class A ordinary shares subject to possible redemption
   $
5,572,127
     $
(5,572,127
)
   $
—
  
                         
Statement of Cash Flows for the Three Months Ended June 30, 2021 (unaudited)
                        
Change in value of Class A ordinary shares subject to possible redemption
   $
10,998,009
     $
(10,998,009
)
   $
—
  
                         
Statement of Operations for the three months ended March 31, 2021 (unaudited)
                        
Weighted average shares outstanding, Class A ordinary shares
    
27,600,000
      
—
      
27,600,000
  
Basic and diluted net income per share, Class A ordinary shares
   $
—
     $
0.16
     $
0.16
  
Weighted average shares outstanding, Class B ordinary shares
    
6,900,000
      
—
      
6,900,000
  
Basic and diluted net loss per share, Class B ordinary shares
   $
0.80
     $
(0.64
)
   $
0.16
  
                         
Statement of Operations for the three months ended June 30, 2021 (unaudited)
                        
Weighted average shares outstanding, Class A ordinary shares
    
27,600,000
      
—
      
27,600,000
  
Basic and diluted net income per share, Class A ordinary shares
   $
—
     $
0.16
     $
0.16
  
Weighted average shares outstanding, Class B ordinary shares
    
6,900,000
      
—
      
6,900,000
  
Basic and diluted net loss per share, Class B ordinary shares
   $
0.79
     $
(0.63
)
   $
0.16
  
                         
Statement of Operations for the six months ended June 30, 2021 (unaudited)
                        
Weighted average shares outstanding, Class A ordinary shares
    
27,600,000
      
—
      
27,600,000
  
Basic and diluted net income per share, Class A ordinary shares
   $
—
     $
0.32
     $
0.32
  
Weighted average shares outstanding, Class B ordinary shares
    
6,900,000
      
—
      
6,900,000
  
Basic and diluted net loss per share, Class B ordinary shares
   $
1.59
     $
(1.27
)
   $
0.32