Restatement of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Restatement of Prior Period Financial Statementsf

Note 2 — Restatement of Prior Period Financial Statements

As a result of recent guidance to Special Purpose Acquisition Companies by the SEC regarding redeemable equity instruments, the Company revisited its application of ASC 480-10-S99 on the Company’s financial statements. The Company had previously classified a portion of its Public Subunits (and the underlying Class A ordinary shares) in permanent equity. Subsequent to the re-evaluation, the Company’s management concluded that all of its Public Subunits should be classified as temporary equity. The identified errors impacted the Company’s Form 8-K filing on May 14, 2021 containing the Company’s audited balance sheet as of April 13, 2021 (the “Closing Form 8-K”). In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements;” the Company evaluated the errors and has determined that the related impacts were material. Accordingly, the Company filed an amendment to the Closing Form 8-K on March 17, 2022 to restate its audited balance sheet as of April 13, 2021 to correct this error.

Impact of the Restatement

The impact of the revision on the audited balance sheet as of April 13, 2021 is presented below.

	As Previously Reported			Adjustments			As Restated
Audited Balance Sheet as of April 13, 2021
Class A ordinary shares subject to redemption	$	135,867,432		$	25,732,568		$	161,600,000
Class A ordinary shares, $0.0001 par value		322			(254	)		68
Additional paid-in capital		5,961,518			(5,961,518	)		-
Accumulated deficit		(962,303	)		(19,770,796	)		(20,733,099	)
Total shareholders’ equity		5,000,007			(25,732,568	)		(20,732,561	)