Restatement of Previously Reported Financial Information

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Reported Financial Information

Note 9 — Restatement of Previously Reported Financial Information

Following the filing of the quarterly report for the period ended September 30, 2021, filed with the SEC on November 9, 2021, the Company, having performed further assessment, concluded that, effective with its financial statements for quarterly period ended September 30, 2021, it should restate its prior filed financial information for the period ended March 31, 2021, to classify all Class A ordinary shares subject to possible redemption in temporary equity and to recognize the accretion from the initial book value to the redemption value, and it should restate its prior filed financial information for the period ended June 30, 2021, to correct the recognition of the accretion from the initial book value to redemption value. 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, or total shareholders’ equity (deficit). Also, in connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company also restated its earnings per share calculation to allocate income and losses shared pro rata between Class A ordinary shares subject to possible redemption and non-redeemable ordinary shares for the affected periods. This presentation contemplates a Business Combination as the most likely outcome, in which case, Class A ordinary shares subject to possible redemption and non-redeemable ordinary shares share pro rata in the income and losses of the Company. As a result, the Company restated its previously filed financial information to present all redeemable Class A ordinary shares as temporary equity and to recognize a remeasurement adjustment from the initial book value to redemption value at the time of its Initial Public Offering.

The following tables contain unaudited quarterly financial information for the quarterly period ended September 30, 2021 that has been updated to reflect the restatement related to the calculation of earnings per share. The restatement had no impact on net loss, net cash flows from operating, investing or financing activities. The financial information that has been previously filed or otherwise reported for the quarterly period ended September 30, 2021 is superseded by the information in this Quarterly Report, and should no longer be relied upon.

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 nine months ended September 30, 2021:

	EPS for Class A ordinary shares subject to possible redemption
	As Previously Reported			Adjustment			As Restated
Form 10-Q (September 30, 2021) - three months ended September 30, 2021
Weighted average shares outstanding		33,040,000			(1,040,000	)		32,000,000
Basic and diluted earnings per ordinary share	$	(0.05	)	$	0.00		$	(0.05	)
Form 10-Q (September 30, 2021) - nine months ended September 30, 2021
Weighted average shares outstanding		24,689,231			(777,143	)		23,912,088
Basic and diluted earnings per ordinary share	$	(0.15	)	$	(0.00	)	$	(0.15	)

	EPS for non-redeemable ordinary shares
	As Previously Reported			Adjustment			As Restated
Form 10-Q (September 30, 2021) - three months ended September 30, 2021
Weighted average shares outstanding		8,000,000			1,040,000			9,040,000
Basic and diluted earnings per ordinary share	$	(0.05	)	$	0.00		$	(0.05	)
Form 10-Q (September 30, 2021) - nine months ended September 30, 2021
Weighted average shares outstanding		7,747,253			777,143			8,524,396
Basic and diluted earnings per ordinary share	$	(0.15	)	$	(0.00	)	$	(0.15	)