Restatement of Previously Reported Financial Statements (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

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

As of March 31, 2021	As Previously Reported			Adjustment			As Restated
Total assets	$	324,159,830					$	324,159,830
Total liabilities	$	11,749,240					$	11,749,240
Class A ordinary shares subject to possible redemption		307,410,580			12,589,420			320,000,000
Preference shares		—			—			—
Class A ordinary shares		230			(126	)		104
Class B ordinary shares		800			—			800
Additional paid-in capital		5,541,749			(5,541,749	)		—
Accumulated deficit		(542,769	)		(7,047,545	)		(7,590,314	)
Total shareholders’ equity (deficit)	$	5,000,010		$	(12,589,420	)	$	(7,589,410	)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit)	$	324,159,830		$	—		$	324,159,830

The Company’s statement of shareholders’ equity (deficit) has been restated to reflect the changes to the impacted shareholders’ equity accounts for the three months ended March 31, 2021 in the table below:

Statement of Shareholders’ Equity (Deficit) as of March 31, 2021 (unaudited)	As Previously Reported			Adjustment			As Restated
Sale of Class A ordinary shares in initial public offering, gross	$	320,000,000		$	(320,000,000	)	$	—
Offering costs	$	(17,471,641	)	$	17,471,641		$	—
Sale of private placement shares to Sponsor in private placement	$	10,400,000		$	(10,400,000	)	$	—
Shares subject to possible redemption	$	(307,410,580	)	$	307,410,580		$	—
Sale of private placement shares to Sponsor in private placement, net of offering costs	$	—		$	10,383,883		$	10,383,883
Accretion of Class A ordinary shares subject to redemption	$	—		$	(17,455,524	)	$	(17,455,524	)
Total shareholders’ equity (deficit)	$	5,000,010		$	(12,589,420	)	$	(7,589,410	)

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:

Form 10-Q: Three Months Ended March 31, 2021
	As Previously Reported		Adjustment			As Restated
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A ordinary shares subject to possible redemption	$	307,243,740	$	(307,243,740	)	$	—
Change in value of Class A ordinary shares subject to possible redemption	$	166,840	$	(166,840	)	$	—

The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the three months ended March 31, 2021:

	EPS for Class A ordinary shares
	As Previously Reported			Adjustment			As Restated
Form 10-Q (March 31, 2021) - three months ended March 31, 2021
Weighted average shares outstanding		30,725,168			(23,258,501	)		7,466,667
Basic and diluted earnings per ordinary share	$	—		$	(0.04	)	$	(0.04	)
	EPS for Class B ordinary shares
	As Reported			Adjustment			As Restated
Form 10-Q (March 31, 2021) - three months ended March 31, 2021
Weighted average shares outstanding		7,773,461			(297,461	)		7,476,000
Basic and diluted earnings per ordinary share	$	(0.07	)	$	0.03		$	(0.04	)