Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

Jun. 30, 2021

Restatement of Previously Issued Financial Statements

Schedule of impact of the restatements on the Company's previously issued financial statements

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

June 30, 2021 (unaudited)	As Previously Reported		Adjustment		As Restated
Total assets	$	415,549,535	$	1	$	415,549,536
Total liabilities		36,602,571		—		36,602,571
Class A ordinary shares subject to redemption		373,946,960		40,053,040		414,000,000
Preference shares, par value $0.0001		—		—		—
Class A ordinary shares, par value $0.0001		400		(400)		—
Class B ordinary shares, par value $0.0001		1,035		—		1,035
Additional paid-in capital		—		—		—
Accumulated deficit		4,998,569		(40,052,639)		(35,054,070)
Total shareholders’ equity (deficit)		5,000,004		(40,053,039)		(35,053,035)
Total liabilities, Class A ordinary shares subject to redemption and shareholders’ equity (deficit)	$	415,549,535	$	1	$	415,549,536
Class A ordinary shares subject to redemption		37,394,696		4,005,304		41,400,000
Class A ordinary shares		4,005,304		(4,005,304)		—

The Company’s statement of changes in 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 six months ended June 30, 2021:

Form 10-Q: Six Months Ended June 30, 2021 (unaudited)
	As Previously Reported		Adjustment		As Restated
Supplemental Disclosure of Noncash Financing Activities:
Change in value of Class A ordinary shares subject to possible redemption	$	18,038,990	$	(18,038,990)	$	—

The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the three and six months ended June 30, 2021:

		EPS for Class A ordinary shares
	As Previously Reported		Adjustment		As Restated
Form 10-Q (June 30,2021) – three months ended June 30, 2021 (unaudited)
Net loss	$	(2,878,827)	$	—	$	(2,878,827)
Weighted average shares outstanding		41,400,000		—		41,400,000
Basic and diluted loss per share	$	—	$	(0.06)	$	(0.06)
Form 10-Q (June 30,2021) – six months ended June 30, 2021 (unaudited)
Net income	$	18,038,986	$	—	$	18,038,986
Weighted average shares outstanding		41,400,000		—		41,400,000
Basic and diluted earnings per share	$	—	$	0.35	$	0.35

	EPS for Class B ordinary shares
	As Previously Reported		Adjustment		As Restated
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 (unaudited)
Net loss	$	(2,878,827)	$	—	$	(2,878,827)
Weighted average shares outstanding		10,350,000		—		10,350,000
Basic and diluted loss per share	$	(0.28)	$	0.22	$	(0.06)
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 (unaudited)
Net income	$	18,038,986	$	—	$	18,038,986
Weighted average shares outstanding		10,350,000		—		10,350,000
Basic and diluted earnings per share	$	1.74	$	(1.39)	$	0.35

Schedule of Class A ordinary shares subject to possible redemption reflected on the condensed balance sheet

Gross Proceeds	$	414,000,000
Less:
Proceeds allocated to Public Warrants		(19,458,000)
Class A ordinary shares issuance costs		(22,524,192)
Plus:
Accretion of carrying value to redemption value		41,982,192
Class A ordinary shares subject to possible redemption	$	414,000,000