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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
3 Months Ended
Dec. 31, 2020
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS  
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Note 2 —RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

After preparation of the Company’s unaudited condensed financial statements for the quarterly period ended September 30, 2021, the Company concluded it should revise its previously issued financial statements to classify all Class A ordinary shares subject to redemption in temporary equity. In accordance with ASC 480-10-S99, redemption provisions not solely within the control of the Company require shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these condensed financial statements, the Company revised this interpretation to include temporary equity in net tangible assets.

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 corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 10-K of and for the period ended December 31, 2020 (the “Affected Period”) as filed with the Securities and Exchange Commission (“SEC”) on March 23, 2021 (the “Original Filing”) and subsequently amended on June 2, 2021 (the “First Amended Filing”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Period should be restated to present all Class A ordinary shares subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements in this Form 10-K/A. The Original Filing and First Amended Filing should no longer be relied upon.

The restatement does not have an impact on the Company’s cash position and cash held in the trust account established in connection with the IPO (the “Trust Account”).

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 December 31, 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2020

​

​

As

​

​

​

​

​

​

​

​

Previously

​

Restatement

​

​

​

​

    

Reported

    

Adjustment

    

As Restated

Balance Sheet

 

​

  

 

​

  

 

​

  

Total assets

​

$

416,346,780

​

$

—

​

$

416,346,780

Liabilities and Shareholders’ equity

​

 

  

​

 

  

​

 

  

Total current liabilities

​

$

416,521

​

$

—

​

$

416,521

Deferred underwriting commissions

​

 

14,490,000

​

 

—

​

 

14,490,000

Derivative liabilities

​

 

40,532,280

​

 

—

​

 

40,532,280

Total liabilities

​

 

55,438,801

​

 

—

​

 

55,438,801

Class A ordinary shares, $0.0001 par value; shares subject to possible redemption

​

 

355,907,970

​

 

58,092,030

​

 

414,000,000

Shareholders’ equity

​

 

  

​

 

  

​

 

  

Preference shares - $0.0001 par value

​

 

—

​

 

—

​

 

—

Class A ordinary shares - $0.0001 par value

​

 

581

​

 

(581)

​

 

—

Class B ordinary shares - $0.0001 par value

​

 

1,035

​

 

—

​

 

1,035

Additional paid-in-capital

​

 

16,798,022

​

 

(16,798,022)

​

 

—

Accumulated deficit

​

 

(11,799,629)

​

 

(41,293,427)

​

 

(53,093,056)

Total shareholders’ (deficit)

​

 

5,000,009

​

 

(58,092,030)

​

 

(53,092,021)

Total liabilities and shareholders’ (deficit)

​

$

416,346,780

​

$

—

​

$

416,346,780

​

The Company’s statement of shareholders’ deficit has been restated to reflect the changes to the impacted shareholders’ equity 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 period from September 28, 2020 (inception) through December 31, 2020:

​

​

​

​

​

​

​

​

​

​

​

For the Period from September 28, 2020 (inception) through December 31, 2020

​

    

As Previously Reported

    

Adjustment

    

As Restated

Supplemental Disclosure of Noncash Financing Activities:

​

​

​

 

​

  

 

​

​

Initial value of Class A ordinary shares subject to possible redemption

​

$

362,617,170

​

$

(362,617,170)

​

$

—

Change in value of Class A ordinary shares subject to possible redemption

​

$

(6,709,200)

​

$

6,709,200

​

$

—

​

The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the period from September 28, 2020 (inception) through December 31, 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

EPS for Class A ordinary shares

​

    

As Previously Reported

    

Adjustment

    

As Restated

Form 10-K/A (December 31, 2020)

 

​

  

 

​

  

 

​

  

Net loss

​

$

(11,799,629)

​

$

—

​

$

(11,799,629)

Weighted average shares outstanding

​

 

41,400,000

​

 

(33,750,000)

​

 

7,650,000

Basic and diluted loss per share

​

$

—

​

$

(0.66)

​

$

(0.66)

​

​

​

​

​

​

​

​

​

​

​

​

​

EPS for Class B ordinary shares

​

    

As Previously Reported

    

Adjustment

    

As Restated

Form 10-K/A (December 31, 2020)

 

​

  

 

​

  

 

​

  

Net loss

​

$

(11,799,629)

​

$

—

​

$

(11,799,629)

Weighted average shares outstanding

​

 

10,350,000

​

 

—

​

 

10,350,000

Basic and diluted loss per share

​

$

(1.14)

​

$

0.48

​

$

(0.66)

​

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 December 15, 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 15, 2020

​

​

As

​

​

​

​

​

​

​

​

Previously

​

Restatement

​

​

​

​

    

Reported

    

Adjustment

    

As Restated

Balance Sheet

 

​

  

 

​

  

 

​

  

Total assets

​

$

416,788,700

​

$

—

​

$

416,788,700

Liabilities, Class A ordinary shares subject to redemption and Shareholders’ equity (deficit)

​

 

  

​

 

  

​

 

  

Total current liabilities

​

$

762,402

​

$

—

​

$

762,402

Deferred underwriting fee payable

​

 

14,490,000

​

 

—

​

 

14,490,000

Derivative liabilities

​

 

29,873,200

​

 

—

​

 

29,873,200

Total liabilities

​

 

45,125,602

​

 

—

​

 

45,125,602

Class A ordinary shares, $0.0001 par value; shares subject to possible redemption

​

 

366,663,090

​

 

47,336,910

​

 

414,000,000

Shareholders’ equity (deficit)

​

 

  

​

 

  

​

 

  

Preference shares - $0.0001 par value

​

 

—

​

 

—

​

 

—

Class A ordinary shares - $0.0001 par value

​

 

473

​

 

(473)

​

 

—

Class B ordinary shares - $0.0001 par value

​

 

1,035

​

 

—

​

 

1,035

Additional paid-in-capital

​

 

6,129,570

​

 

(6,129,570)

​

 

—

Accumulated deficit

​

 

(1,131,070)

​

 

(41,206,867)

​

 

(42,337,937)

Total shareholders’ (deficit)

​

 

5,000,008

​

 

(47,336,910)

​

 

(42,336,902)

Total liabilities, Class A ordinary shares subject to redemption and shareholders’ equity (deficit)

​

$

416,788,700

​

$

—

​

$

416,788,700

​

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. As of December 31, 2020, there were 41,400,000 Class A ordinary shares outstanding, all of which were subject to possible redemption.

The Class A ordinary shares issued in the Initial Public Offering and issued as part of the Over-Allotment Units were recognized in Class A ordinary shares stock subject to possible redemption as follows

​

​

​

​

​

Gross Proceeds for initial public offering and over-allotment

    

$

414,000,000

Less:

​

 

—

Offering costs allocated to Class A shares subject to possible redemption

​

 

(22,524,192)

Proceeds allocated to Public Warrants at issuance

​

 

(19,458,000)

Plus:

​

 

  

Remeasurement of Class A ordinary shares subject to possible redemption amount

​

 

41,982,192

​

​

​

​

Class A ordinary shares subject to possible redemption

​

$

414,000,000

​

Going Concern

In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until December 15, 2022 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after December 15, 2022.