10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

SUMMIT HEALTHCARE ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

Cayman Islands	001-40466	98-1574360
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)
Unit 1101, 11th Floor 1 Lyndhurst Tower, 1 Lyndhurst Terrace Central, Hong Kong		N/A
(Address of principal executive offices)		(Zip Code)

+852-9162-5199

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A ordinary shares, par value $0.0001 per share	SMIH	The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50	SMIHW	The Nasdaq Stock Market LLC
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant	SMIHU	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act). (Check one):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☒    No  ☐

As of November 19, 2021, 20,000,000 Class A ordinary shares, par value $0.0001, and 5,750,000 Class B ordinary shares, par value $0.0001, were issued and outstanding.

SUMMIT HEALTHCARE ACQUISITION CORP.

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

	Page
Part I. Financial Information
Item 1. Financial Statements
Condensed Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020		1
Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2021 (Unaudited)		2
Condensed Statements of Changes in Shareholders’ (Deficit) Equity for the Three and Nine Months Ended September 30, 2021 (Unaudited)		3
Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2021 (Unaudited)		4
Notes to Condensed Financial Statements (Unaudited)		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		19
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk		23
Item 4. Controls and Procedures		23
Part II. Other Information
Item 1. Legal Proceedings		25
Item 1A. Risk Factors		25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		26
Item 3. Defaults Upon Senior Securities		26
Item 4. Mine Safety Disclosures		26
Item 5. Other Information		26
Item 6. Exhibits		26
Part III. Signatures		28

i

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

SUMMIT HEALTHCARE ACQUISITION CORP.

CONDENSED BALANCE SHEETS

	September 30, 2021 (unaudited)			December 31, 2020
Assets
Current assets:
Cash	$	1,075,137		$	—
Prepaid expenses		221,704			—
Total current assets		1,296,841			—
Deferred offering costs					91,374
Investments held in Trust Account		200,003,049			—
Total Assets	$	201,299,890		$	91,374
Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Equity
Current liabilities:
Accrued offering costs and expenses	$	72,619		$	65,000
Due to related party		37,667			—
Note payable – related party		—			5,010
Total current liabilities		110,286			70,010
FPA liability		2,807,021			—
Warrant liability		13,800,974			—
Deferred underwriting commissions--		7,000,000			—
Total Liabilities		23,718,281			70,010
Commitments and Contingencies (Note 8)
Class A ordinary shares, $0.0001 par value; 20,000,000 shares and -0- shares subject to possible redemption at $10.00 per share at September 30, 2021 and December 31, 2020, respectively		200,000,000			—
Shareholders’ (Deficit) Equity:
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding		—			—
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;		—			—
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 and 6,500,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		575			650	(1)
Additional paid-in capital		—			24,350
Accumulated deficit		(22,418,966	)		(3,636	)
Total shareholders’ (Deficit) Equity		(22,418,391	)		21,364
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ (Deficit) Equity	$	201,299,890		$	91,374

(1) This number includes up to 750,000 Class B ordinary shares subject to forfeiture as of December 31, 2020. On July 23, 2021, the 750,000 Class B ordinary shares were forfeited when the overallotment option expired

The accompanying notes are an integral part of these unaudited condensed financial statements.

1

SUMMIT HEALTHCARE ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

	For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2021
General and administrative expenses	$	202,904		$	246,868
Loss from operations		(202,904	)		(246,868	)
Other income (expense):
Change in fair value of FPA		(561,983	)		(2,807,021	)
Change in fair value of warrant liability		1,797,111			(88,010	)
Transaction costs allocable to warrants		—			(507,417	)
Interest earned on investments held in Trust Account		2,573			3,049
Other income (loss)		1,237,701			(3,399,399	)
Net income (Loss)	$	1,034,797		$	(3,646,267	)
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		20,000,000			8,205,128
Basic and diluted net income (loss) per ordinary share, Class A ordinary shares subject to possible redemption	$	0.04		$	(0.26	)
Basic and diluted weighted average shares outstanding, Class B non-redeemable ordinary shares		5,750,000			5,750,000
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares	$	0.04		$	(0.26	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

2

SUMMIT HEALTHCARE ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT) EQUITY

For the Three and Nine Months Ended September 30, 2021

	Class A Ordinary Shares				Class B Ordinary Shares						Additional Paid-in Capital			Accumulated Deficit			Total Shareholders’ (Deficit) Equity
	Shares		Amount		Shares			Amount
Balance as of December 31, 2020 (audited)		—	$	—		6,500,000		$	650		$	24,350		$	(3,636	)	$	21,364
Excess of private placement proceed over fair value as capital contribution		—		—		—			—			798,445			—			798,445
Accretion of Class A ordinary shares to redemption value		—		—		—			—			(822,795	)		(18,769,138	)		(19,591,933	)
Net loss		—		—		—			—			—			(4,681,064	)		(4,681,064	)
Balance as of June 30, 2021 (unaudited)		—	$	—		6,500,000		$	650		$	—		$	(23,453,838	)	$	(23,453,188	)
Forfeiture of founder shares		—		—		(750,000	)		(75	)		—			75			—
Net income		—		—		—			—			—			1,034,797			1,034,797
Balance as of September 30, 2021 (unaudited)		—		—		5,750,000			575			—			(22,418,966	)		(22,418,391	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

3

SUMMIT HEALTHCARE ACQUISITION CORP.

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2021

Cash Flows from Operating Activities:
Net loss	$	(3,646,267	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Interest earned on investments held in Trust Account		(3,049	)
Change in fair value of FPA liability		2,807,021
Change in fair value of warrant liability		88,010
Transaction costs allocable to warrants		507,417
Changes in operating assets and liabilities:
Prepaid expenses		(221,704	)
Accrued offering costs and expenses		7,619
Due to related party		37,667
Net cash used in operating activities		(423,286	)
Cash Flows from Investing Activities
Investment of cash in Trust Account		(200,000,000	)
Net cash used in investing activities		(200,000,000	)
Cash Flows from Financing Activities:
Proceeds received from initial public offering, net of underwriters’ discount		196,000,000
Proceeds from private placement		6,000,000
Payment of offering costs		(140,554	)
Repayment of note payable from related party		(361,023	)
Net cash provided by financing activities		201,498,423
Net change in cash		1,075,137
Cash, beginning of the period		—
Cash, end of the period	$	1,075,137
Supplemental Non-cash disclosure of cash flow information:
Deferred offering costs paid by Sponsor under promissory note	$	135,544
Deferred underwriting commissions	$	7,000,000

The accompanying notes are an integral part of these unaudited condensed financial statements.

4

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 1 — Organization, Business Operation and Going Concern Consideration

Summit Healthcare Acquisition Corp. (the “Company”) is a blank check company incorporated on December 22, 2020 as a Cayman Islands exempted company. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target under consideration or contemplation and the Company has not, nor has anyone on its behalf, contacted any prospective target business or had any discussions, formal or otherwise, with respect to such a transaction. The Company’s efforts to identify a prospective target business will not be limited to a particular geographic region or industry, although it intends to focus on healthcare.

As of September 30, 2021, the Company had not commenced any operations. All activity for the period from December 22, 2020 (inception) through September 30, 2021 relates to the Company’s formation and the initial public offering (the “IPO”). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

The Company’s Sponsor is Summit Healthcare Acquisition Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on June 8, 2021 (the “Effective Date”). On June 11, 2021, the Company consummated the IPO of 20,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) 10.00 per Unit, generating gross proceeds of $200,000,000, which is discussed in Note 4.

Simultaneously with the consummation of the IPO and the issuance and sale of the Units, the Company consummated the private placement of 6,000,000 Private Placement Warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant, to the Sponsor, generating total proceeds of $6,000,000. Transaction costs amounted to $11,587,941 consisting of $4,000,000 of underwriting commissions, $7,000,000 of deferred underwriting commissions and $587,941 of other cash offering costs. In addition, $1,827,347 of cash was held in the Trust Account (as defined below) temporarily and is available for working capital purposes.

Following the closing of the IPO on June 11, 2021, $200,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a Trust Account and, will be held in a U.S.-based trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee, and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act.

Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its income taxes, if any, the Company’s amended and restated memorandum and articles of association and subject to the requirements of law and regulation, will provide that the proceeds from the IPO and the sale of the Private Placement Warrants held in the Trust Account will not be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the Company’s public shareholders until the earliest of: (i) the completion of an initial Business Combination, and then only in connection with those Class A ordinary shares that such shareholders properly elected to redeem, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association, and (iii) the redemption of the Company’s public shares if the Company has not consummated its Business Combination within 24 months from the closing of the IPO, subject to applicable law.

5

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.

The Company will have 24 months from the closing of the IPO to complete the initial Business Combination (the “Combination Period”) or during any Extension Period. However, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the Company’s officers and directors agreed to (i) waive their redemption rights with respect to their Founder Shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period or during any Extension Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete its initial Business Combination within the prescribed timeframe), and (iv) vote any Founder Shares and public shares held by them in favor of the initial Business Combination.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.00 per public share or (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per public share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay the Company’s tax obligations, provided that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked it Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

6

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Liquidity and Capital Resources

As of September 30, 2021, the Company had approximately $1.08 million of cash for working capital purposes, and working capital of approximately $1.2 million.

The Company’s liquidity needs up to September 30, 2021 had been satisfied through a payment from the Sponsor of $25,000 (see Note 6) for the Founder Shares to cover certain offering costs and the loan under an unsecured promissory note from the Sponsor of $300,000 (see Note 6).

The promissory note was fully repaid on June 11, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 6). As of September 30, 2021, there were no amounts outstanding under any Working Capital Loans.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Note 2 — Restatement of Prior Period Financial Statements

During the preparation of the unaudited condensed financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should classify all Public Shares in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. In the Company’s previously issued financial statements, a portion of the Public Shares were classified as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial Business Combination only if the Company has net tangible assets of at least $5,000,001. Thus, the Company has historically classified a portion of Class A common stock in permanent equity to satisfy the $5,000,000 net tangible asset requirement. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets.

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 the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company.

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 changes and has determined that the related impact was material to the previously issued (i) audited balance sheet as of June 11, 2021, included in exhibit 99.1 to the Company’s Form 8-K filed with the SEC on June 17, 2021 (the “Form 8-K”) and (ii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 16, 2021 (together with the Form 8-K, the “Affected Financial Statements”) and such Affected Financial Statements should no longer be relied upon. Therefore, the Company, in consultation with its Audit Committee, concluded that its Affected Financial Statements should be restated to report all Public Shares as temporary equity. As such the Company is reporting these restatements to the Affected Financial Statements in this Quarterly Report on Form 10-Q.

The Company’s accounting for the Public Shares as temporary equity instead of permanent equity and allocating income and losses pro rata for each class of its ordinary shares result in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position or total operating, investing or financing cash flows.

7

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The impact of the restatement on the audited balance sheet as of June 11, 2021 and unaudited interim financial statements for the period ended June 30, 2021 is presented below:

	As Previously Reported			Adjustments			As Restated
Balance Sheet at June 11, 2021
Class A ordinary shares, $0.0001 par value; subject to possible redemption at  $10.00 per share	$	173,394,700		$	26,605,300		$	200,000,000
Class A ordinary shares - $0.0001 par value		266			(266	)		—
Additional paid-in capital		7,835,896			(7,835,896	)		—
Accumulated deficit	$	(2,836,811	)	$	(18,769,138	)	$	(21,605,949	)
Total shareholders’ equity		5,000,001			(26,605,300	)		(21,605,299	)
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ (Deficit) Equity		202,189,233			—			202,189,233
Number of shares subject to redemption		17,339,470			2,660,530			20,000,000
Balance Sheet at June 30, 2021 (unaudited)
Class A ordinary shares, $0.0001 par value; subject to possible redemption at $10.00 per share	$	171,546,810		$	28,453,190		$	200,000,000
Class A ordinary shares - $0.0001 par value		285			(285	)		—
Additional paid-in capital		9,683,767			(9,683,767	)		—
Accumulated deficit	$	(4,684,700	)	$	(18,769,138	)	$	(23,453,838	)
Total shareholders’ equity (deficit)		5,000,002			(28,453,190	)		(23,453,188	)
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ (Deficit) Equity		202,173,211			—			202,173,211
Number of shares subject to redemption		17,154,681			2,845,319			20,000,000
Statement of Operations for the three months ended June 30, 2021
Basic and diluted weighted average shares outstanding of Class A, ordinary shares subject to redemption		20,000,000			(15,604,396	)		4,395,604
Basic and diluted net income (loss) per share of Class A, ordinary shares subject to redemption	$	0.00		$	(0.46	)	$	(0.46	)
Basic and diluted weighted average shares outstanding of Class B, non-redeemable ordinary shares		5,750,000			—			5,750,000
Basic and diluted net loss per share of Class B, non-redeemable ordinary shares	$	(0.81	)	$	0.35		$	(0.46	)
Statement of Operations for the six months ended June 30, 2021
Basic and diluted weighted average shares outstanding of Class A, ordinary shares subject to redemption	$	20,000,000		$	(17,790,055	)	$	2,209,945
Basic and diluted net income (loss) per share of Class A, ordinary shares subject to redemption	$	—		$	(0.59	)	$	(0.59	)
Basic and diluted weighted average shares outstanding of Class B, non-redeemable ordinary shares		5,750,000			—			5,750,000
Basic and diluted net loss per share of Class B, non-redeemable ordinary shares		(0.81	)		0.22			(0.59	)
Statement of Cash Flows for the six months ended June 30, 2021
Initial value of Class A common stock subject to possible redemption		173,394,700			26,605,300			200,000,000
Change in value of Class A common stock subject to possible redemption		(1,847,890	)		1,847,890			—

Note 3 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

8

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the Company’s prospectus for its Initial Public Offering as filed with the SEC on June 17, 2021 and June 10, 2021, respectively. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant estimates included in these financial statements is the determination of the fair value of the warrant liability and FPA liability.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have cash equivalents as of September 30, 2021 and December 31, 2020.

9

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Investments Held in Trust Account

As of September 30, 2021, the assets held in the Trust Account were held in money market fund. The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market funds that invest in U.S. government securities, cash, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on Investments Held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. At September 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Offering Costs Associated with IPO

The Company complies with the requirements of the ASC 340-10-S99-1and SEC Staff Accounting Bulletin (“SAB”) Topic 5A“Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering. Offering costs are charged to ordinary shares subject to possible redemption or the statement of operations based on the relative value of the Public and Private Warrants to the proceeds received from the Units and Private Placement Warrants sold upon the completion of the IPO. Accordingly, on September 30, 2021, offering costs totaling $11,587,941 (consisting of $4,000,000 of underwriting fee, $7,000,000 of deferred underwriting fee and $587,941 of other offering costs), of which $587,941 was allocated to the Public Warrants and Private Warrants and was charged to operations in accordance with ASC 825-10 and $11,080,524 was charged to ordinary shares subject to possible redemption.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815,“Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

10

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Warrant Liability and Forward Purchase Agreement

The Company accounts for the 16,000,000 warrants issued in connection with the IPO (the 10,000,000 Public Warrants and the 6,000,000 Private Placement Warrants) and Forward Purchase Agreement (“FPA”) in accordance with the guidance contained in FASB ASC 815 “Derivatives and Hedging” whereby under that provision the warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company will classify warrants and FPA as liabilities at their fair value. These liabilities are subject to re-measurement at each reporting period. With such re-measurement, the changes in fair value are recognized in the Statement of Operations in the period of change. Derivative warrant liabilities and FPA are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Fair Value Measurements

The fair value of the Company’s assets and liabilities, excluding the warrant liability and FPA liability, which qualify as financial instruments under FASB ASC Topic 820, Fair Value Measurement (“ASC 820”), approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

• Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

• Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

• Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. 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 uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 20,000,000 and 0 Class A ordinary shares, respectively, subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period.

At September 30, 2021, the Class A ordinary shares subject to possible redemption reflected in the condensed balance sheets are reconciled in the following table:

Gross proceeds	$	200,000,000
Less: Proceeds allocated to Public Warrants		(8,511,409	)
Less: Class A ordinary shares issuance costs		(11,080,524	)
Add: Accretion of carrying value to redemption value		19,591,933
Class A ordinary shares subject to possible redemption	$	200,000,000

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SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Net Income (Loss) Per Share of Ordinary Shares

The Company has two classes of shares, which are referred to as Class A Ordinary Shares and Class B Ordinary Shares. Earnings and losses are shared pro rata between the two classes of shares. The 16,000,000 potential common shares for outstanding warrants to purchase the Company’s stock were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per common share is the same as basic net income per common share for the periods. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares:    

	For the Three Months Ended September 30, 2021				For the Nine Months ended September 30, 2021
	Class A		Class B		Class A			Class B
Basic and diluted net income per share:
Numerator:
Allocation of net income (loss)	$	803,726	$	231,071	$	(2,143,878	)	$	(1,502,389	)
Denominator:
Weighted-average shares outstanding		20,000,000		5,750,000		8,205,128			5,750,000
Basic and diluted net income (loss) per share	$	0.04	$	0.04	$	(0.26	)	$	(0.26	)

Income Taxes

ASC 740 clarifies the accounting for uncertainty in income taxes recognized in a Company’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

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SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would hav.e a material effect on the Company’s financial statements.

Note 4 — Initial Public Offering

On June 11, 2021, the Company consummated its IPO of 20,000,000 Units (the “Units”), at a price of $10.00 per unit, generating gross proceeds to the Company of $200,000,000. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. The warrants will become exercisable on the later of 30 days after the completion of the initial Business Combination or 12 months from the closing of the IPO, and will expire five years after the completion of the initial Business Combination or earlier upon redemption or liquidation (see Note 9).

Note 5 — Private Placement

Simultaneously with the closing of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of an aggregate 6,000,000 Private Placement Warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $6,000,000. If the Company does not complete an initial Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable by the Company and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units being sold in the IPO.

Note 6 — Related Party Transactions

Founder Shares

On December 31, 2020, the Company issued to the Sponsor 5,750,000 Class B ordinary shares, par value $0.0001 (the “Founder Shares”), for $25,000 for certain expenses on behalf of the Company, or approximately $0.004 per share. On April 30, 2021, the Company effected a share capitalization, pursuant to which the Company’s initial shareholders held an aggregate of 6,500,000 Class B ordinary shares. The accompanying financial statements have been retroactively adjusted to reflect the stock dividend in the share capitalization. On April 30, 2021, the Company entered into forward purchase agreements (see Note 7) with anchor investors, in connection with entering into the forward purchase agreements, the Sponsor transferred to the anchor investors an aggregate of 375,000 Class B ordinary shares for no cash. On April 30, 2021, the Sponsor transferred 25,000 Class B ordinary shares each to three independent director nominees. Up to 750,000 Founder Shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised. On July 23, 2021, the Sponsor surrendered 750,000 Founder Shares, with no return of capital or payment by the Sponsor, after the expiration of the unexercised underwriters’ over-allotment option. As a result of the foregoing, at September 30, 2021 and December 31, 2020, the Sponsor owned 5,300,000 and 6,500,000 Class B ordinary shares, respectively.

13

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The Sponsor, officers and directors have agreed not to transfer, assign or sell any of their Founder Shares until earliest of (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their ordinary shares for cash, securities or other property (the “Lock-up”). Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor, officers and directors with respect to any Founder Shares.

Promissory Note — Related Party

The Sponsor has agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the IPO. These loans were non-interest bearing, unsecured and are due at the earlier of September 30, 2021 or the closing of the IPO. The loan was to be repaid upon completion of the IPO out of the $1,000,000 of offering proceeds that has been allocated to the payment of offering expenses. The Company had drawn down $140,068 under the promissory note which was fully repaid as of June 11, 2021. As of September 30, 2021 and December 31, 2020, the Company had borrowed $0 and $5,010 under the promissory note.

Related Party Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. As of September 30, 2021 and December 31, 2020, the Company had no borrowings under the Working Capital Loans.

Administrative Service Fee

Commencing on the Effective Date, the Company will pay an affiliate of the Sponsor $10,000 per month for office space, utilities, administrative services and remote support services. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred $30,000 for the administrative service fee for the three and nine months ended September 30, 2021. As of September 30, 2021, the Company accrued $37,667 for the administrative service fee for the period from June 8, 2021 (the Effective Date) to September 30, 2021, which is included in due to related party on the accompanying condensed balance sheet.

Note 7 — Recurring Fair Value Measurements

Warrant Liability and FPA Liability

At September 30, 2021, the Company’s Warrant liability was valued at $13,800,974, and FPA liability was valued at $2,807,021. Under the guidance in ASC 815-40 the Public and Private Warrants and the FPA do not meet the criteria for equity treatment. As such, the Public and Private Warrants and the FPA must be recorded on the balance sheet at fair value. This valuation is subject to re-measurement each balance sheet date. With each re-measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.

Recurring Fair Value Measurements

The following table presents fair value information as of September 30, 2021 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s Warrant liability is based on a valuation models utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the Warrant liability and FPA liability is classified within Level 3 of the fair value hierarchy. The investments held in Trust Account includes money market funds. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its level 1 investments.

14

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities as of September 30, 2021, that were accounted for at fair value on a recurring basis:

	(Level 1)		(Level 2)		(Level 3)
Investments held in Trust Account	$	200,003,049	$	—	$	—
Liabilities
Public Warrants	$	8,601,000	$	—	$	—
Private Warrants	$	—	$	—	$	5,199,974
FPA liability	$	—	$	—	$	2,807,021

Measurement Warrants

The Company established the initial fair value for the Warrants on June 11, 2021, the date of the consummation of the Company’s IPO. The Company used a Monte Carlo simulation model to value the Warrants. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one Class A ordinary share and one-half of one Public Warrant), (ii) the sale of Private Warrants, and (iii) the issuance of Class B ordinary shares, first to the Warrants based on their fair values as determined at initial measurement, with the remaining proceeds allocated to Class A ordinary shares subject to possible redemption (temporary equity), and Class B ordinary shares (permanent equity) based on their relative fair values at the initial measurement date. The estimated fair value of the Public Warrants was transferred from a Level 3 measurement to a Level 1 measurement in September 2021 after detachment of the Public Warrants from the Units and were separately listed and traded. As of September 30, 2021, the Public Warrants were valued using the observed price for Public Warrants and the Private Warrants were valued using a Monte Carlo simulation model.

The key inputs for the valuation of Public and Private Warrants are as follows:

Input	June 11, 2021			September 30, 2021
Volatility		16.30	%		17.8	%
Risk Free Rate		0.89	%		1.04	%
Stock Price	$	9.5746			9.7500
Est. Term Remaining (Yrs)		5.65			5.35

The following table provides a reconciliation of changes in fair value of the beginning and ending balances of the Company’s derivative warrant liabilities classified as level 3:

	Derivative warrant liabilities
Fair value at January 1, 2021	$	—
Initial value at IPO date		13,712,964
Change in fair value		88,010
Transfer of Public warrants from level 3 to level 1		(8,601,000	)
Fair Value at September 30, 2021	$	5,199,974

FPA

To arrive the conclusion of Fair Value of the Forward Purchase Agreements, the Company analyzed the agreements and other documentation. The Company utilized the underlying shares and warrant values determined above and the following inputs in order to project the net asset or liability value of the FPA:

Input	June 11, 2021			September 30, 2021
Volatility		16.30	%		17.8	%
Stock Price	$	9.5746			9.7500
Warrant Price	$	0.851			0.860
Est. Term to Business Combination (Yrs)		0.65			0.35
Probability of Business Combination		85	%		85	%
Purchase price of FPA unit	$	10.00			10.00

The following table provides a reconciliation of changes in fair value of the beginning and ending balances of the Company’s FPA liability classified as level 3:

	FPA liability
Fair value at January 1, 2021	$	—
Initial value at IPO date		2,322,741
Change in fair value		484,280
Fair Value at September 30, 2021	$	2,807,021

Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period.

Note 8 — Commitments & Contingencies

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

15

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock-up period, which occurs (i) in the case of the Founder Shares, and (ii) in the case of the Private Placement Warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriters Agreement

The underwriters have a 45-day option to purchase up to an additional 3,000,000 units to cover over-allotments, if any. The over-allotment option expired unexercised on July 23, 2021.

The underwriters were paid a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO, or $4,000,000. Additionally, the underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO upon the completion of the Company’s initial Business Combination.

Forward Purchase Agreements

On April 30, 2021, the Company entered into forward purchase agreements with the Sponsor, Snow Lake Capital (HK) Limited and Valliance Fund (the “anchor investors”), pursuant to which the anchor investors agreed to subscribe for an aggregate of 3,000,000 Class A ordinary shares plus 750,000 redeemable warrants for a purchase price of $10.00 multiplied by the number of Class A ordinary shares, or $30,000,000 in the aggregate, in a private placement to close concurrently with the closing of the initial business combination. The Company issued 750,000 additional Class B ordinary shares to the Sponsor, which represent the adjustment to the ratio applicable to the conversion of the Class B ordinary shares that the Sponsor would have been entitled to at the closing of the initial business combination as a result of the issuance of 3,000,000 additional Class A ordinary shares under the forward purchase agreements. As a result, the issuance of the Class A ordinary shares at the closing of the initial business combination will not trigger a further adjustment to this ratio. Further, prior to the IPO, the Sponsor transferred to the anchor investors an aggregate of 375,000 Founder Shares for no cash consideration. Subject to certain exceptions to forfeiture and transfer provisions, the Founder Shares transferred in connection with these agreements are subject to similar contractual conditions and restrictions as the Founder Shares issued to the Sponsor in connection with the IPO. The forward purchase warrants will have the same terms as the public warrants.

The forward purchase agreements provide that the anchor investors are entitled to registration rights with respect to the forward purchase securities and Class A ordinary shares underlying the forward purchase warrants and founder shares.

The proceeds from the sale of the forward purchase securities may be used as part of the consideration to the sellers in the initial Business Combination, expenses in connection with the initial Business Combination or for working capital in the post Business Combination company. These purchases will be required to be made regardless of whether any Class A ordinary shares are redeemed by the public shareholders and are intended to provide the Company with a minimum funding level for the initial Business Combination. The anchor investors will not have the ability to approve the initial Business Combination prior to the signing of a material definitive agreement and, if the Company seeks shareholder approval, have agreed to vote their Founder Shares and any public shares held by them in favor of the initial Business Combination. The forward purchase securities will be issued only in connection with the closing of the initial Business Combination.

16

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 9 — Warrant Liability

As of September 30, 2021, 16,000,000 warrants (the 10,000,000 Public Warrants and the 6,000,000 Private Placement Warrants) are outstanding. Each warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. The warrants will become exercisable on the later of 12 months from the closing of the IPO or 30 days after the completion of its initial Business Combination, and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

• in whole and not in part;

• at a price of $0.01 per warrant;

• upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

• if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemptionperiod. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

• in whole and not in part;

• at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of the Class A ordinary shares;

• if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and

• if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

17

SUMMIT HEALTHCARE ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Company’s Sponsors or its affiliate, without taking into account any Founder Shares held by the Company’s Sponsor or such affiliates, as applicable, prior to such issuance (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

Note 10 — Shareholders’ (Deficit) Equity

Preference shares

The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 and with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021 and December 30, 2020, there were no preference shares issued or outstanding.

Class A Ordinary Shares

The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of December 31, 2020, 0 Class A ordinary shares issued or outstanding. There were 20,000,000  Class A ordinary shares issued and outstanding, including the 20,000,000 shares presented in ordinary shares subject to redemption as September 30, 2021. 

Class B Ordinary Shares

The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders are entitled to one vote for each share of Class B ordinary shares. As of September 30, 2021 and December 31, 2020, there were 5,750,000 and 6,500,000 Class B ordinary shares issued and outstanding, respectively. Of the 6,500,000 Class B ordinary shares, an aggregate of up to 750,000 shares were subject to forfeiture to the Company for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the initial shareholders will collectively own 20% of the Company’s issued and outstanding ordinary shares after the IPO. On July 23, 2021, the Sponsor surrendered 750,000 Founder Shares, with no return of capital or payment by the Sponsor, after the expiration of the unexercised underwriters’ over-allotment option.

Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law. Prior to the initial Business Combination, only holders of the Founder Shares will have the right to vote on the election of directors. Holders of the public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial Business Combination, holders of a majority of the Founder Shares may remove a member of the board of directors for any reason.

The Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if the Company does not consummate an initial Business Combination) at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20%of the sum of (i) the total number of ordinary shares issued and outstanding upon the completion of the IPO, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued or to be issued to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of our management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

Note 11 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based on this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statement.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References to the “Company,” “our,” “us” or “we” refer to Summit Healthcare Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Form 10-Q.Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings.

Overview

We are a blank check company incorporated on December 22, 2020 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We intend to effectuate our initial business combination using cash from the proceeds of our initial public offering (“Initial Public Offering”) and the sale of the private placement warrants and forward purchase securities, the proceeds of the sale of our shares in connection with our initial business combination (pursuant to forward purchase agreements or backstop agreements we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing or other sources.

The issuance of additional ordinary shares in a Business Combination:

• may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions of the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares;

• may subordinate the rights of holders of Class A ordinary shares if preferred shares are issued with rights senior to those afforded our Class A ordinary shares;

• could cause a change of control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;

• may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; and

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• may adversely affect prevailing market prices for our Class A ordinary shares and/or warrants.

Similarly, if we issue debt securities, it could result in:

• default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;

• acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

• our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;

• our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;

• our inability to pay dividends on our Class A ordinary shares;

• using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

• limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

• increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and

• limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception through September 30, 2021 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and, after the Initial Public Offering, identifying a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our initial Business Combination. We generate non-operating income in the form of interest income on marketable securities. We are incurring expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing a Business Combination.

For the three months ended September 30, 2021, we had net income of $1,034,797, which consists of operating and formation costs of $202,904, change in fair value of FPA $561,983, offset by the change in fair value of warrant liabilities of $1,797,111, and interest income on investments held in the Trust Account of $2,573.

For the nine months ended September 30, 2021, we had net loss of $3,646,267, which consists of operating and formation costs of $246,868, change in fair value of FPA $2,807,021, change in fair value of warrant liabilities of $88,010, transaction costs allocable to warrants $507,417, offset by interest income on investments held in the Trust Account of $3,049.

Liquidity and Capital Resources

On June 11, 2021, we consummated our Initial Public Offering of 20,000,000 Units, at a price of $10.00 per Unit, generating gross proceeds of $200,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 6,000,000 Private Placement Warrants to our sponsor at a price of $1.00 per warrant, generating gross proceeds of $6,000,000.

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Following our Initial Public Offering and the sale of the Private Placement Warrants, a total of $200,000,000 was placed in the Trust Account. We incurred $11,587,941 in transaction costs, including $4,000,000 of underwriting fees, $7,000,000 of deferred underwriting fees and $587,941 of other cash offering costs.

For the nine months ended September 30, 2021, cash used in operating activities was $423,286. Net loss of $3,646,267 consists of an unrealized loss on change on fair value of warrants and FPA warrants of $2,895,031, transaction costs allocable to warrants of $507,417, offset by interest earned on investments held in the Trust Account of $3,049, and changes in operating assets and liabilities, which used $(176,418) of cash from operating activities.

As of September 30, 2021, we had investments held in the Trust Account of $200,003,049. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (which interest shall be net of taxes payable and excluding deferred underwriting commissions) to complete our Business Combination. To the extent that our share capital is used, in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of September 30, 2021, we had cash of $1,075,137 of cash for working capital purpose, held in Trust Account temporarily. We intend to use the funds for working capital purpose primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete a Business Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay such loaned amounts. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant unit at the option of the lender. The warrants would be identical to the Private Placement Warrants.

If our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares upon completion of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.

Off-balance sheet financing arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2021.We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay our sponsor a monthly fee of up to $10,000 for office space, and administrative and support services, provided to the Company. We began incurring these fees on June 8, 2021 and will continue to incur these fees monthly until the earlier of the completion of a Business Combination and the Company’s liquidation.

The underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds of our Initial Public Offering upon the completion of our initial Business Combination.

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Critical Accounting Policies

The preparation of condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:

Derivative Financial Instruments

We evaluate our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Warrant Liability and Forward Purchase Agreement

We account for the 16,000,000 warrants issued in connection with the IPO (the 10,000,000 Public Warrants and the 6,000,000 Private Placement Warrants) and Forward Purchase Agreement (“FPA”) in accordance with the guidance contained in FASB ASC 815 “Derivatives and Hedging” whereby under that provision the warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we will classify warrants and FPA as liabilities at their fair value. These liabilities are subject to re-measurement at each reporting period. With such re-measurement, the changes in fair value are recognized in the Statement of Operations in the period of change. Derivative warrant liabilities and FPA are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Class A Ordinary Shares Subject to Possible Redemption

We account for our Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. Our Class A ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 20,000,000 and 0 Class A ordinary shares, respectively, subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ (deficit) equity section of our balance sheet.

Net Income (Loss) Per Share of Ordinary Shares

We have two classes of shares, which are referred to as Class A Ordinary Shares and Class B Ordinary Shares. Earnings and losses are shared pro rata between the two classes of shares. The 16,000,000 potential common shares for outstanding warrants to purchase our stock were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per common share is the same as basic net income per common share for the periods.

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Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 for smaller reporting companies and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. We are currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

Our management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our financial statements.

Restatement of Prior Period Financial Statements

During the preparation of the unaudited condensed financial statements as of and for the quarterly period ended September 30, 2021, we concluded that we should classify all Public Shares in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within our control require ordinary shares subject to redemption to be classified outside of permanent equity. In our previously issued financial statements, a portion of the Public Shares were classified as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that we will consummate its initial Business Combination only if we have net tangible assets of at least $5,000,001. Thus, we have historically classified a portion of Class A common stock in permanent equity to satisfy the $5,000,000 net tangible asset requirement. Previously, we did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, we revised this interpretation to include temporary equity in net tangible assets.

In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, we also restated its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in our income and losses.

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,” we evaluated the changes and has determined that the related impact was material to the previously issued (i) audited balance sheet as of June 11, 2021, included in exhibit 99.1 to our Form 8-K filed with the SEC on June 17, 2021 (the “Form 8-K”) and (ii) unaudited interim financial statements included in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 16, 2021 (together with the Form 8-K, the “Affected Financial Statements”) and such Affected Financial Statements should no longer be relied upon. Therefore, we, in consultation with its Audit Committee, concluded that our Affected Financial Statements should be restated to report all Public Shares as temporary equity. As such we are reporting these restatements to the Affected Financial Statements in this Quarterly Report on Form 10-Q.

Our accounting for the Public Shares as temporary equity instead of permanent equity and allocating income and losses pro rata for each class of its ordinary shares result in non-cash financial statement corrections and will have no impact on our current or previously reported cash position or total operating, investing or financing cash flows.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b-2of the Exchange Act and are not required to provide the information otherwise required under this item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer, who is our principal executive and financial officer, to allow timely decisions regarding required disclosure.

Our principal executive officer and principal financial and accounting officer evaluated the effectiveness of our disclosure controls and procedures and have concluded that as of September 30, 2021, and during the period covered by this report, our disclosure controls and procedures were not effective due to a material weakness in internal controls over financial reporting related to the failure to properly account for complex financial instruments.

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Changes in Internal Control over Financial Reporting

Except as set forth below, there was no change in our internal control over financial reporting that occurred during the period from July 1, 2021 through September 30, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Management identified errors in its historical financial statements related to the accounting for the Public Shares and earnings per share. Because the Public Shares issued in the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside of the Company’s control, the Company should have classified all of these redeemable shares in temporary equity and remeasured these redeemable shares to their redemption value (i.e., $10.00 per share) as of the end of the first reporting period after the date of the Company’s Initial Public Offering. In addition, the earnings per share calculation should have allocated income and losses pro rata between the two classes of shares.

Therefore, in consultation with the audit committee of our board of directors, we concluded that our previously filed (i) balance sheet as of June 11, 2021 included in exhibit 99.1 to our Form 8-K filed with the SEC on June 17, 2021 and (ii) financial statement for the quarter ended June 30, 2021 included in the Form 10-Q filed on August 16, 2021 should be restated to report all Public Shares as temporary equity and earnings per share pro rata between the two classes of shares and should no longer be relied upon. As such, we have restated such financial statement in this quarterly report, as described in Note 2 of the notes to the financial statements included herein.

In light of the identified material weakness, we performed additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the financial statements and related financial information included in this quarterly report fairly present, in all material respects, our financial position, results of operations and cash flows as of and for the periods covered in this report.

Remediation Plan

To address the material weakness, management has devoted, and plans to continue to devote, significant effort and resources to the remediation and improvement of its internal control over financial reporting and to provide processes and controls over the internal communications within the Company, financial advisors and other third-party professionals. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex accounting standards that apply to our financial statements. We plan to include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects. Other than this issue, our disclosure controls and procedures were effective at a reasonable assurance level and, accordingly, provided reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

As we continue to evaluate and improve our financial reporting process, we may take additional actions to modify certain of the remediation measures described above. We cannot assure you that the measures we have taken to date, or any measures we may take in the future, will be sufficient to remediate the material weakness we have identified or avoid potential future material weaknesses.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors.

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our final prospectus for our Initial Public Offering filed with the SEC on June 8, 2021. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our final prospectus for our Initial Public Offering filed with the SEC on June 8, 2021, except we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

We have identified a material weakness in our internal control over financial reporting. If we are unable to develop and maintain effective internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us; materially and adversely affect our business and operating results; and expose us to potential litigation.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected and corrected on a timely basis.

Specifically, our disclosure controls and procedures were not effective due to material weaknesses in internal controls over financial reporting related to the failure to properly account for complex financial instruments. This material weakness resulted in the restatement of (i) our previously filed balance sheet as of June 11, 2021 included in exhibit 99.1 to our Form 8-K filed on June 17, 2021 and (ii) previously issued financial statement for the quarter ended June 30, 2021 included in the Form 10-Q filed on August 16, 2021.

Effective internal control over financial reporting is necessary for us to provide reliable financial reports and prevent fraud. We continue to evaluate steps to remediate the material weakness. These remediation measures may be time consuming and costly and there is no assurance that these initiatives will ultimately have the intended effects.

In order to remediate the material weakness, we plan to continue to devote, significant effort and resources to the remediation and improvement of its internal control over financial reporting and to provide processes and controls over the internal communications within the Company, financial advisors and other third-party professionals. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex accounting standards that apply to our financial statements.

If we are not able to remediate the material weakness, or if we identify any new material weaknesses in the future, we may be unable to maintain compliance with the requirements of securities laws, stock exchange listing rules, or debt instrument covenants regarding timely filing of information; we could lose access to sources of capital or liquidity; and investors may lose confidence in our financial reporting and our stock price may decline as a result. Though we are taking steps to remediate the material weakness, we cannot assure you that the measures we have taken to date, or any measures we may take in the future, will be sufficient to remediate the material weakness or avoid potential future material weaknesses.

As a result of the material weakness and the related restatements due to the change in the accounting for the Public Shares and earnings per share, and other matters raised or that may in the future be identified, we face potential for adverse regulatory consequences, including investigations, penalties or suspensions by the SEC or the Nasdaq, litigation or other disputes which may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from the restatements and material weakness in our internal control over financial reporting and the preparation of our consolidated financial statements. As of the date of this report, we have no knowledge of any such regulatory consequences, litigation, claim or dispute. However, we can provide no assurance that such regulatory consequences, litigation, claim or dispute will not arise in the future. Any such regulatory consequences, litigation, claim or dispute, whether successful or not, could subject us to additional costs, divert the attention of our management, or impair our reputation. Each of these consequences could have a material adverse effect on our business, results of operations and financial condition.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

Unregistered Sales

On December 31, 2020, our Sponsor paid $25,000, or approximately $0.004 per share, to cover certain expenses on our behalf in consideration of 5,750,000 Founder Shares. Following a share capitalization on April 30, 2021, our Sponsor held an aggregate of 6,500,000 Founder Shares and then, in connection with entering into the forward purchase agreements, transferred to the anchor investors an aggregate of 375,000 Founder Shares for no cash consideration. These 375,000 Founder Shares are not subject to forfeiture in the event the underwriters’ over-allotment option is not exercised. On April 30, 2021, our Sponsor transferred 25,000 Founder Shares to each of our independent directors. These 75,000 Founder Shares are not subject to forfeiture in the event the underwriter’s over-allotment option is not exercised. On July 23, 2021, our Sponsor surrendered 750,000 Founder Shares, with no return of capital or payment by the Sponsor, after the expiration of the unexercised underwriters’ over-allotment option. As of November 19, 2021, the Sponsor held 5,300,000 Founder Shares with an effective purchase price of approximately $0.004 per share, the anchor investors held 375,000 Founder Shares and the independent directors held 75,000 Founder Shares, respectively.

We have not sold any equity securities during the quarter ended September 30, 2021 that were not previously disclosed in a current report on Form 8-K that was filed during the quarter. During the quarter ended September 30, 2021, we did not repurchase any shares of our equity securities.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits.

Exhibit Number	Description
31.1*	Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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Exhibit Number	Description
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

** Furnished.

27

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 22 day of November 2021.

SUMMIT HEALTHCARE ACQUISITION CORP.
By:	/s/ Bo Tan
	Name: Bo Tan

Title: Chief Executive Officer,

Co-Chief Investment

Officer and Director

(Principal Executive Officer and Principal

Financial and Accounting Officer)

28

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a)

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bo Tan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Summit Healthcare Acquisition Corp. (the “Company”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. [Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

c. Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: November 22, 2021

/s/ Bo Tan

Bo Tan

Chief Executive Officer and Co-Chief Investment Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a)

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bo Tan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Summit Healthcare Acquisition Corp. (the “Company”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. [Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

c. Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: November 22, 2021

/s/ Bo Tan

Bo Tan

Chief Executive Officer and Co-Chief Investment Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. § 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Bo Tan, Chief Executive Officer of Summit Healthcare Acquisition Corp. (the “Company”), certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Quarterly Report of the Company on Form 10-Q for the fiscal quarter ended September 30, 2021 (the “Quarterly Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 22, 2021

/s/ Bo Tan

Bo Tan

Chief Executive Officer and Co-Chief Investment Officer

(Principal Executive Officer)

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. § 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Bo Tan, Chief Executive Officer and Co-Chief Investment Officer (Principal Financial Officer) of Summit Healthcare Acquisition Corp. (the “Company”), certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Quarterly Report of the Company on Form 10-Q for the fiscal quarter ended September 30, 2021 (the “Quarterly Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 22, 2021

/s/ Bo Tan

Bo Tan

Chief Executive Officer and Co-Chief Investment Officer

(Principal Financial Officer)

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 19, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	SUMMIT HEALTHCARE ACQUISITION CORP.
Entity Central Index Key	0001839185
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	E9
Entity File Number	001-40466
Entity Tax Identification Number	98-1574360
Entity Address, Address Line One	Unit 1101
Entity Address, Address Line Two	11th Floor
Entity Address, Address Line Three	1 Lyndhurst Tower, 1 Lyndhurst Terrace
Entity Address, City or Town	Central
Entity Address, Country	HK
Entity Address, Postal Zip Code	00000
City Area Code	852
Local Phone Number	9162-5199
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value $0.0001per share
Trading Symbol	SMIH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		20,000,000
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,750,000
Warrant
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
Trading Symbol	SMIHW
Security Exchange Name	NASDAQ
Capital Units
Document Information [Line Items]
Title of 12(b) Security	Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
Trading Symbol	SMIHU
Security Exchange Name	NASDAQ

XML

Condensed Balance Sheets - USD ($)		Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash		$ 1,075,137
Prepaid expenses		221,704
Total current assets		1,296,841
Deferred offering costs			$ 91,374
Investments held in Trust Account		200,003,049
Total Assets		201,299,890	91,374
Current liabilities:
Accrued offering costs and expenses		72,619	65,000
Due to related party		37,667
Note payable – related party		0	5,010
Total current liabilities		110,286	70,010
Warrant liability		13,800,974
Deferred underwriting commissions		7,000,000
Total Liabilities		23,718,281	70,010
Commitments and Contingencies (Note 8)
Class A ordinary shares, $0.0001 par value; 20,000,000 shares and -0- shares subject to possible redemption at $10.00 per share at September 30, 2021 and December 31, 2020, respectively		200,000,000
Shareholders' (Deficit) Equity:
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
Additional paid-in capital			24,350
Accumulated deficit		(22,418,966)	(3,636)
Total shareholders' (Deficit) Equity		(22,418,391)	21,364
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders' (Deficit) Equity		201,299,890	91,374
Common Class A
Current liabilities:
Class A ordinary shares, $0.0001 par value; 20,000,000 shares and -0- shares subject to possible redemption at $10.00 per share at September 30, 2021 and December 31, 2020, respectively		200,000,000
Shareholders' (Deficit) Equity:
Common Stock		0
Total shareholders' (Deficit) Equity		0	0
Common Class B
Shareholders' (Deficit) Equity:
Common Stock	[1]	575	650
Total shareholders' (Deficit) Equity		575	$ 650
FPA
Current liabilities:
Warrant liability		$ 2,807,021

[1] This number includes up to 750,000 Class B ordinary shares subject to forfeiture as of December 31, 2020. On July 23, 2021, the 750,000 Class B ordinary shares were forfeited when the overallotment option expired

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	Jul. 23, 2021	Sep. 30, 2021	Dec. 31, 2020
Preferred stock par or stated value per share		$ 0.0001	$ 0.0001
Preferred stock shares authorized		5,000,000	5,000,000
Preferred stock shares issued		0	0
Preferred stock shares outstanding		0	0
Number of Shares Forfeited During the Period		0
Common Class A
Temporary Equity, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Temporary Equity, Shares Outstanding		20,000,000	0
Temporary Equity, Redemption Price Per Share		$ 10.00	$ 10.00
Common stock par or stated value per share		$ 0.0001	$ 0.0001
Common stock shares authorized		500,000,000	500,000,000
Common stock shares issued			0
Common stock shares outstanding			0
Common Class B
Common stock par or stated value per share		$ 0.0001	$ 0.0001
Common stock shares authorized		50,000,000	50,000,000
Common stock shares issued		5,750,000	6,500,000
Common stock shares outstanding		5,750,000	6,500,000
Number of Shares Forfeited During the Period			750,000
Number of Overallotment Shares Forfeited During the Period	750,000

XML

Condensed Statements of Operations - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
General and administrative expenses	$ 202,904	$ 246,868
Loss from operations	(202,904)	(246,868)
Other income (expense):
Change in fair value of FPA	(561,983)	(2,807,021)
Change in fair value of warrant liability	1,797,111	(88,010)
Transaction costs allocable to warrants	0	(507,417)
Interest earned on investments held in Trust Account	2,573	3,049
Other income (loss)	1,237,701	(3,399,399)
Net income (Loss)	$ 1,034,797	$ (3,646,267)
Class A Common Stock Subject To Possible Redemption
Other income (expense):
Basic and diluted weighted average shares outstanding	20,000,000	8,205,128
Basic and diluted net income (loss) per ordinary shares	$ 0.04	$ (0.26)
Class B Shares Outstanding, NonRedeemable Ordinary Share
Other income (expense):
Basic and diluted weighted average shares outstanding	5,750,000	5,750,000
Basic and diluted net income (loss) per ordinary shares	$ 0.04	$ (0.26)

XML

Condensed Statements of Changes in Shareholders' (Deficit) Equity - USD ($)	Total	Additional Paid-in Capital	Accumulated Deficit	Common Class A	Common Class B
Balances at beginning at Dec. 31, 2020	$ 21,364	$ 24,350	$ (3,636)	$ 0	$ 650
Balances at beginning, Shares at Dec. 31, 2020				0	6,500,000
Excess of private placement proceed over fair value as capital contribution	798,445	798,445
Accretion of Class A ordinary shares to redemption value	(19,591,933)	(822,795)	(18,769,138)
Net loss	(4,681,064)		(4,681,064)
Balances at end at Jun. 30, 2021	(23,453,188)	0	(23,453,838)	$ 0	$ 650
Balances at end, Shares at Jun. 30, 2021				0	6,500,000
Balances at beginning at Dec. 31, 2020	21,364	24,350	(3,636)	$ 0	$ 650
Balances at beginning, Shares at Dec. 31, 2020				0	6,500,000
Accretion of Class A ordinary shares to redemption value				$ (19,591,933)
Net loss	(3,646,267)			(2,143,878)	$ (1,502,389)
Balances at end at Sep. 30, 2021	(22,418,391)	0	(22,418,966)	$ 0	$ 575
Balances at end, Shares at Sep. 30, 2021				0	5,750,000
Balances at beginning at Jun. 30, 2021	(23,453,188)	0	(23,453,838)	$ 0	$ 650
Balances at beginning, Shares at Jun. 30, 2021				0	6,500,000
Forfeiture of founder shares			75		$ (75)
Forfeiture of founder shares, Shares					(750,000)
Net loss	1,034,797		1,034,797	$ 803,726	$ 231,071
Balances at end at Sep. 30, 2021	$ (22,418,391)	$ 0	$ (22,418,966)	$ 0	$ 575
Balances at end, Shares at Sep. 30, 2021				0	5,750,000

XML

Condensed Statement of Cash Flows - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Cash Flows from Operating Activities:
Net loss	$ 1,034,797	$ (3,646,267)
Adjustments to reconcile net loss to net cash provided by operating activities:
Interest earned on investments held in Trust Account		(3,049)
Change in fair value of FPA liability	561,983	2,807,021
Change in fair value of warrant liability	(1,797,111)	88,010
Transaction costs allocable to warrants	0	507,417
Changes in operating assets and liabilities:
Prepaid expenses		(221,704)
Accrued offering costs and expenses		7,619
Due to related party		37,667
Net cash used in operating activities		(423,286)
Cash Flows from Investing Activities
Investment of cash in Trust Account		(200,000,000)
Net cash used in investing activities		(200,000,000)
Cash Flows from Financing Activities:
Proceeds received from initial public offering, net of underwriters' discount		196,000,000
Proceeds from private placement		6,000,000
Payment of offering costs		(140,554)
Repayment of note payable from related party		(361,023)
Net cash provided by financing activities		201,498,423
Net change in cash		1,075,137
Cash, beginning of the period		0
Cash, end of the period	$ 1,075,137	1,075,137
Supplemental Non-cash disclosure of cash flow information:
Deferred offering costs paid by Sponsor under promissory note		135,544
Deferred underwriting commissions		$ 7,000,000

XML

Organization, Business Operation and Going Concern Consideration

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Business Operation and Going Concern Consideration

Note 1 — Organization, Business Operation and Going Concern Consideration

Summit Healthcare Acquisition Corp. (the “Company”) is a blank check company incorporated on December 22, 2020 as a Cayman Islands exempted company. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target under consideration or contemplation and the Company has not, nor has anyone on its behalf, contacted any prospective target business or had any discussions, formal or otherwise, with respect to such a transaction. The Company’s efforts to identify a prospective target business will not be limited to a particular geographic region or industry, although it intends to focus on healthcare.

As of September 30, 2021, the Company had not commenced any operations. All activity for the period from December 22, 2020 (inception) through September 30, 2021 relates to the Company’s formation and the initial public offering (the “IPO”). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

The Company’s Sponsor is Summit Healthcare Acquisition Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on June 8, 2021 (the “Effective Date”). On June 11, 2021, the Company consummated the IPO of 20,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) 10.00 per Unit, generating gross proceeds of $200,000,000, which is discussed in Note 4.

Simultaneously with the consummation of the IPO and the issuance and sale of the Units, the Company consummated the private placement of 6,000,000 Private Placement Warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant, to the Sponsor, generating total proceeds of $6,000,000. Transaction costs amounted to $11,587,941 consisting of $4,000,000 of underwriting commissions, $7,000,000 of deferred underwriting commissions and $587,941 of other cash offering costs. In addition, $1,827,347 of cash was held in the Trust Account (as defined below) temporarily and is available for working capital purposes.

Following the closing of the IPO on June 11, 2021, $200,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a Trust Account and, will be held in a U.S.-based trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee, and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act.

Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its income taxes, if any, the Company’s amended and restated memorandum and articles of association and subject to the requirements of law and regulation, will provide that the proceeds from the IPO and the sale of the Private Placement Warrants held in the Trust Account will not be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the Company’s public shareholders until the earliest of: (i) the completion of an initial Business Combination, and then only in connection with those Class A ordinary shares that such shareholders properly elected to redeem, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association, and (iii) the redemption of the Company’s public shares if the Company has not consummated its Business Combination within 24 months from the closing of the IPO, subject to applicable law.

The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.

The Company will have 24 months from the closing of the IPO to complete the initial Business Combination (the “Combination Period”) or during any Extension Period. However, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the Company’s officers and directors agreed to (i) waive their redemption rights with respect to their Founder Shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period or during any Extension Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete its initial Business Combination within the prescribed timeframe), and (iv) vote any Founder Shares and public shares held by them in favor of the initial Business Combination.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.00 per public share or (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per public share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn to pay the Company’s tax obligations, provided that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked it Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

Liquidity and Capital Resources

As of September 30, 2021, the Company had approximately $1.08 million of cash for working capital purposes, and working capital of approximately $1.2 million.

The Company’s liquidity needs up to September 30, 2021 had been satisfied through a payment from the Sponsor of $25,000 (see Note 6) for the Founder Shares to cover certain offering costs and the loan under an unsecured promissory note from the Sponsor of $300,000 (see Note 6).

The promissory note was fully repaid on June 11, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 6). As of September 30, 2021, there were no amounts outstanding under any Working Capital Loans.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

XML

Restatement of Prior Period Financial Statements

9 Months Ended

Sep. 30, 2021

Prior Period Adjustment [Abstract]

Restatement of Prior Period Financial Statements

Note 2 — Restatement of Prior Period Financial Statements

During the preparation of the unaudited condensed financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should classify all Public Shares in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. In the Company’s previously issued financial statements, a portion of the Public Shares were classified as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial Business Combination only if the Company has net tangible assets of at least $5,000,001. Thus, the Company has historically classified a portion of Class A common stock in permanent equity to satisfy the $5,000,000 net tangible asset requirement. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets.

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 the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company.

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 changes and has determined that the related impact was material to the previously issued (i) audited balance sheet as of June 11, 2021, included in exhibit 99.1 to the Company’s Form 8-K filed with the SEC on June 17, 2021 (the “Form 8-K”) and (ii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 16, 2021 (together with the Form 8-K, the “Affected Financial Statements”) and such Affected Financial Statements should no longer be relied upon. Therefore, the Company, in consultation with its Audit Committee, concluded that its Affected Financial Statements should be restated to report all Public Shares as temporary equity. As such the Company is reporting these restatements to the Affected Financial Statements in this Quarterly Report on Form 10-Q.

The Company’s accounting for the Public Shares as temporary equity instead of permanent equity and allocating income and losses pro rata for each class of its ordinary shares result in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position or total operating, investing or financing cash flows.

The impact of the restatement on the audited balance sheet as of June 11, 2021 and unaudited interim financial statements for the period ended June 30, 2021 is presented below:

	As Previously Reported			Adjustments			As Restated
Balance Sheet at June 11, 2021
Class A ordinary shares, $0.0001 par value; subject to possible redemption at  $10.00 per share	$	173,394,700		$	26,605,300		$	200,000,000
Class A ordinary shares - $0.0001 par value		266			(266	)		—
Additional paid-in capital		7,835,896			(7,835,896	)		—
Accumulated deficit	$	(2,836,811	)	$	(18,769,138	)	$	(21,605,949	)
Total shareholders’ equity		5,000,001			(26,605,300	)		(21,605,299	)
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ (Deficit) Equity		202,189,233			—			202,189,233
Number of shares subject to redemption		17,339,470			2,660,530			20,000,000
Balance Sheet at June 30, 2021 (unaudited)
Class A ordinary shares, $0.0001 par value; subject to possible redemption at $10.00 per share	$	171,546,810		$	28,453,190		$	200,000,000
Class A ordinary shares - $0.0001 par value		285			(285	)		—
Additional paid-in capital		9,683,767			(9,683,767	)		—
Accumulated deficit	$	(4,684,700	)	$	(18,769,138	)	$	(23,453,838	)
Total shareholders’ equity (deficit)		5,000,002			(28,453,190	)		(23,453,188	)
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ (Deficit) Equity		202,173,211			—			202,173,211
Number of shares subject to redemption		17,154,681			2,845,319			20,000,000
Statement of Operations for the three months ended June 30, 2021
Basic and diluted weighted average shares outstanding of Class A, ordinary shares subject to redemption		20,000,000			(15,604,396	)		4,395,604
Basic and diluted net income (loss) per share of Class A, ordinary shares subject to redemption	$	0.00		$	(0.46	)	$	(0.46	)
Basic and diluted weighted average shares outstanding of Class B, non-redeemable ordinary shares		5,750,000			—			5,750,000
Basic and diluted net loss per share of Class B, non-redeemable ordinary shares	$	(0.81	)	$	0.35		$	(0.46	)
Statement of Operations for the six months ended June 30, 2021
Basic and diluted weighted average shares outstanding of Class A, ordinary shares subject to redemption	$	20,000,000		$	(17,790,055	)	$	2,209,945
Basic and diluted net income (loss) per share of Class A, ordinary shares subject to redemption	$	—		$	(0.59	)	$	(0.59	)
Basic and diluted weighted average shares outstanding of Class B, non-redeemable ordinary shares		5,750,000			—			5,750,000
Basic and diluted net loss per share of Class B, non-redeemable ordinary shares		(0.81	)		0.22			(0.59	)
Statement of Cash Flows for the six months ended June 30, 2021
Initial value of Class A common stock subject to possible redemption		173,394,700			26,605,300			200,000,000
Change in value of Class A common stock subject to possible redemption		(1,847,890	)		1,847,890			—

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the Company’s prospectus for its Initial Public Offering as filed with the SEC on June 17, 2021 and June 10, 2021, respectively. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant estimates included in these financial statements is the determination of the fair value of the warrant liability and FPA liability.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have cash equivalents as of September 30, 2021 and December 31, 2020.

Investments Held in Trust Account

As of September 30, 2021, the assets held in the Trust Account were held in money market fund. The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market funds that invest in U.S. government securities, cash, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on Investments Held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. At September 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Offering Costs Associated with IPO

The Company complies with the requirements of the ASC 340-10-S99-1and SEC Staff Accounting Bulletin (“SAB”) Topic 5A“Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering. Offering costs are charged to ordinary shares subject to possible redemption or the statement of operations based on the relative value of the Public and Private Warrants to the proceeds received from the Units and Private Placement Warrants sold upon the completion of the IPO. Accordingly, on September 30, 2021, offering costs totaling $11,587,941 (consisting of $4,000,000 of underwriting fee, $7,000,000 of deferred underwriting fee and $587,941 of other offering costs), of which $587,941 was allocated to the Public Warrants and Private Warrants and was charged to operations in accordance with ASC 825-10 and $11,080,524 was charged to ordinary shares subject to possible redemption.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815,“Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Warrant Liability and Forward Purchase Agreement

The Company accounts for the 16,000,000 warrants issued in connection with the IPO (the 10,000,000 Public Warrants and the 6,000,000 Private Placement Warrants) and Forward Purchase Agreement (“FPA”) in accordance with the guidance contained in FASB ASC 815 “Derivatives and Hedging” whereby under that provision the warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company will classify warrants and FPA as liabilities at their fair value. These liabilities are subject to re-measurement at each reporting period. With such re-measurement, the changes in fair value are recognized in the Statement of Operations in the period of change. Derivative warrant liabilities and FPA are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Fair Value Measurements

The fair value of the Company’s assets and liabilities, excluding the warrant liability and FPA liability, which qualify as financial instruments under FASB ASC Topic 820, Fair Value Measurement (“ASC 820”), approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

• Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

• Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

• Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. 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 uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 20,000,000 and 0 Class A ordinary shares, respectively, subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period.

At September 30, 2021, the Class A ordinary shares subject to possible redemption reflected in the condensed balance sheets are reconciled in the following table:

Gross proceeds	$	200,000,000
Less: Proceeds allocated to Public Warrants		(8,511,409	)
Less: Class A ordinary shares issuance costs		(11,080,524	)
Add: Accretion of carrying value to redemption value		19,591,933
Class A ordinary shares subject to possible redemption	$	200,000,000

Net Income (Loss) Per Share of Ordinary Shares

The Company has two classes of shares, which are referred to as Class A Ordinary Shares and Class B Ordinary Shares. Earnings and losses are shared pro rata between the two classes of shares. The 16,000,000 potential common shares for outstanding warrants to purchase the Company’s stock were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per common share is the same as basic net income per common share for the periods. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares:    

	For the Three Months Ended September 30, 2021				For the Nine Months ended September 30, 2021
	Class A		Class B		Class A			Class B
Basic and diluted net income per share:
Numerator:
Allocation of net income (loss)	$	803,726	$	231,071	$	(2,143,878	)	$	(1,502,389	)
Denominator:
Weighted-average shares outstanding		20,000,000		5,750,000		8,205,128			5,750,000
Basic and diluted net income (loss) per share	$	0.04	$	0.04	$	(0.26	)	$	(0.26	)

Income Taxes

ASC 740 clarifies the accounting for uncertainty in income taxes recognized in a Company’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would hav.e a material effect on the Company’s financial statements.

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Initial Public Offering

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Initial Public Offering

Note 4 — Initial Public Offering

On June 11, 2021, the Company consummated its IPO of 20,000,000 Units (the “Units”), at a price of $10.00 per unit, generating gross proceeds to the Company of $200,000,000. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. The warrants will become exercisable on the later of 30 days after the completion of the initial Business Combination or 12 months from the closing of the IPO, and will expire five years after the completion of the initial Business Combination or earlier upon redemption or liquidation (see Note 9).

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Private Placement

9 Months Ended

Sep. 30, 2021

Private Placement Warrants [Abstract]

Private Placement

Note 5 — Private Placement

Simultaneously with the closing of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of an aggregate 6,000,000 Private Placement Warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $6,000,000. If the Company does not complete an initial Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable by the Company and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units being sold in the IPO.

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Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 6 — Related Party Transactions

Founder Shares

On December 31, 2020, the Company issued to the Sponsor 5,750,000 Class B ordinary shares, par value $0.0001 (the “Founder Shares”), for $25,000 for certain expenses on behalf of the Company, or approximately $0.004 per share. On April 30, 2021, the Company effected a share capitalization, pursuant to which the Company’s initial shareholders held an aggregate of 6,500,000 Class B ordinary shares. The accompanying financial statements have been retroactively adjusted to reflect the stock dividend in the share capitalization. On April 30, 2021, the Company entered into forward purchase agreements (see Note 7) with anchor investors, in connection with entering into the forward purchase agreements, the Sponsor transferred to the anchor investors an aggregate of 375,000 Class B ordinary shares for no cash. On April 30, 2021, the Sponsor transferred 25,000 Class B ordinary shares each to three independent director nominees. Up to 750,000 Founder Shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised. On July 23, 2021, the Sponsor surrendered 750,000 Founder Shares, with no return of capital or payment by the Sponsor, after the expiration of the unexercised underwriters’ over-allotment option. As a result of the foregoing, at September 30, 2021 and December 31, 2020, the Sponsor owned 5,300,000 and 6,500,000 Class B ordinary shares, respectively.

The Sponsor, officers and directors have agreed not to transfer, assign or sell any of their Founder Shares until earliest of (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their ordinary shares for cash, securities or other property (the “Lock-up”). Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor, officers and directors with respect to any Founder Shares.

Promissory Note — Related Party

The Sponsor has agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the IPO. These loans were non-interest bearing, unsecured and are due at the earlier of September 30, 2021 or the closing of the IPO. The loan was to be repaid upon completion of the IPO out of the $1,000,000 of offering proceeds that has been allocated to the payment of offering expenses. The Company had drawn down $140,068 under the promissory note which was fully repaid as of June 11, 2021. As of September 30, 2021 and December 31, 2020, the Company had borrowed $0 and $5,010 under the promissory note.

Related Party Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. As of September 30, 2021 and December 31, 2020, the Company had no borrowings under the Working Capital Loans.

Administrative Service Fee

Commencing on the Effective Date, the Company will pay an affiliate of the Sponsor $10,000 per month for office space, utilities, administrative services and remote support services. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred $30,000 for the administrative service fee for the three and nine months ended September 30, 2021. As of September 30, 2021, the Company accrued $37,667 for the administrative service fee for the period from June 8, 2021 (the Effective Date) to September 30, 2021, which is included in due to related party on the accompanying condensed balance sheet.

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Recurring Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

Note 7 — Recurring Fair Value Measurements

Warrant Liability and FPA Liability

At September 30, 2021, the Company’s Warrant liability was valued at $13,800,974, and FPA liability was valued at $2,807,021. Under the guidance in ASC 815-40 the Public and Private Warrants and the FPA do not meet the criteria for equity treatment. As such, the Public and Private Warrants and the FPA must be recorded on the balance sheet at fair value. This valuation is subject to re-measurement each balance sheet date. With each re-measurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.

Recurring Fair Value Measurements

The following table presents fair value information as of September 30, 2021 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s Warrant liability is based on a valuation models utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the Warrant liability and FPA liability is classified within Level 3 of the fair value hierarchy. The investments held in Trust Account includes money market funds. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its level 1 investments.

The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities as of September 30, 2021, that were accounted for at fair value on a recurring basis:

	(Level 1)		(Level 2)		(Level 3)
Investments held in Trust Account	$	200,003,049	$	—	$	—
Liabilities
Public Warrants	$	8,601,000	$	—	$	—
Private Warrants	$	—	$	—	$	5,199,974
FPA liability	$	—	$	—	$	2,807,021

Measurement Warrants

The Company established the initial fair value for the Warrants on June 11, 2021, the date of the consummation of the Company’s IPO. The Company used a Monte Carlo simulation model to value the Warrants. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one Class A ordinary share and one-half of one Public Warrant), (ii) the sale of Private Warrants, and (iii) the issuance of Class B ordinary shares, first to the Warrants based on their fair values as determined at initial measurement, with the remaining proceeds allocated to Class A ordinary shares subject to possible redemption (temporary equity), and Class B ordinary shares (permanent equity) based on their relative fair values at the initial measurement date. The estimated fair value of the Public Warrants was transferred from a Level 3 measurement to a Level 1 measurement in September 2021 after detachment of the Public Warrants from the Units and were separately listed and traded. As of September 30, 2021, the Public Warrants were valued using the observed price for Public Warrants and the Private Warrants were valued using a Monte Carlo simulation model.

The key inputs for the valuation of Public and Private Warrants are as follows:

Input	June 11, 2021			September 30, 2021
Volatility		16.30	%		17.8	%
Risk Free Rate		0.89	%		1.04	%
Stock Price	$	9.5746			9.7500
Est. Term Remaining (Yrs)		5.65			5.35

To arrive the conclusion of Fair Value of the Forward Purchase Agreements, the Company analyzed the agreements and other documentation. The Company utilized the underlying shares and warrant values determined above and the following inputs in order to project the net asset or liability value of the FPA:

Input	June 11, 2021			September 30, 2021
Volatility		16.30	%		17.8	%
Stock Price	$	9.5746			9.7500
Warrant Price	$	0.851			0.860
Est. Term to Business Combination (Yrs)		0.65			0.35
Probability of Business Combination		85	%		85	%
Purchase price of FPA unit	$	10.00			10.00

The following table provides a reconciliation of changes in fair value of the beginning and ending balances of the Company’s FPA liability classified as level 3:

	FPA liability
Fair value at January 1, 2021	$	—
Initial value at IPO date		2,322,741
Change in fair value		484,280
Fair Value at September 30, 2021	$	2,807,021

Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period.

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Commitments & Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments & Contingencies

Note 8 — Commitments & Contingencies

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock-up period, which occurs (i) in the case of the Founder Shares, and (ii) in the case of the Private Placement Warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriters Agreement

The underwriters have a 45-day option to purchase up to an additional 3,000,000 units to cover over-allotments, if any. The over-allotment option expired unexercised on July 23, 2021.

The underwriters were paid a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO, or $4,000,000. Additionally, the underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO upon the completion of the Company’s initial Business Combination.

Forward Purchase Agreements

On April 30, 2021, the Company entered into forward purchase agreements with the Sponsor, Snow Lake Capital (HK) Limited and Valliance Fund (the “anchor investors”), pursuant to which the anchor investors agreed to subscribe for an aggregate of 3,000,000 Class A ordinary shares plus 750,000 redeemable warrants for a purchase price of $10.00 multiplied by the number of Class A ordinary shares, or $30,000,000 in the aggregate, in a private placement to close concurrently with the closing of the initial business combination. The Company issued 750,000 additional Class B ordinary shares to the Sponsor, which represent the adjustment to the ratio applicable to the conversion of the Class B ordinary shares that the Sponsor would have been entitled to at the closing of the initial business combination as a result of the issuance of 3,000,000 additional Class A ordinary shares under the forward purchase agreements. As a result, the issuance of the Class A ordinary shares at the closing of the initial business combination will not trigger a further adjustment to this ratio. Further, prior to the IPO, the Sponsor transferred to the anchor investors an aggregate of 375,000 Founder Shares for no cash consideration. Subject to certain exceptions to forfeiture and transfer provisions, the Founder Shares transferred in connection with these agreements are subject to similar contractual conditions and restrictions as the Founder Shares issued to the Sponsor in connection with the IPO. The forward purchase warrants will have the same terms as the public warrants.

The forward purchase agreements provide that the anchor investors are entitled to registration rights with respect to the forward purchase securities and Class A ordinary shares underlying the forward purchase warrants and founder shares.

The proceeds from the sale of the forward purchase securities may be used as part of the consideration to the sellers in the initial Business Combination, expenses in connection with the initial Business Combination or for working capital in the post Business Combination company. These purchases will be required to be made regardless of whether any Class A ordinary shares are redeemed by the public shareholders and are intended to provide the Company with a minimum funding level for the initial Business Combination. The anchor investors will not have the ability to approve the initial Business Combination prior to the signing of a material definitive agreement and, if the Company seeks shareholder approval, have agreed to vote their Founder Shares and any public shares held by them in favor of the initial Business Combination. The forward purchase securities will be issued only in connection with the closing of the initial Business Combination.

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Warrant Liability

9 Months Ended

Sep. 30, 2021

Warrant Liability [Abstract]

Warrant Liability

Note 9 — Warrant Liability

As of September 30, 2021, 16,000,000 warrants (the 10,000,000 Public Warrants and the 6,000,000 Private Placement Warrants) are outstanding. Each warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. The warrants will become exercisable on the later of 12 months from the closing of the IPO or 30 days after the completion of its initial Business Combination, and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

• in whole and not in part;

• at a price of $0.01 per warrant;

• upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

• if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemptionperiod. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

• in whole and not in part;

• at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of the Class A ordinary shares;

• if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and

• if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Company’s Sponsors or its affiliate, without taking into account any Founder Shares held by the Company’s Sponsor or such affiliates, as applicable, prior to such issuance (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

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Shareholders' (Deficit) Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Shareholders' (Deficit) Equity

Note 10 — Shareholders’ (Deficit) Equity

Preference shares

The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 and with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021 and December 30, 2020, there were no preference shares issued or outstanding.

Class A Ordinary Shares

The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of December 31, 2020, 0 Class A ordinary shares issued or outstanding. There were 20,000,000  Class A ordinary shares issued and outstanding, including the 20,000,000 shares presented in ordinary shares subject to redemption as September 30, 2021. 

Class B Ordinary Shares

The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders are entitled to one vote for each share of Class B ordinary shares. As of September 30, 2021 and December 31, 2020, there were 5,750,000 and 6,500,000 Class B ordinary shares issued and outstanding, respectively. Of the 6,500,000 Class B ordinary shares, an aggregate of up to 750,000 shares were subject to forfeiture to the Company for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the initial shareholders will collectively own 20% of the Company’s issued and outstanding ordinary shares after the IPO. On July 23, 2021, the Sponsor surrendered 750,000 Founder Shares, with no return of capital or payment by the Sponsor, after the expiration of the unexercised underwriters’ over-allotment option.

Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law. Prior to the initial Business Combination, only holders of the Founder Shares will have the right to vote on the election of directors. Holders of the public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial Business Combination, holders of a majority of the Founder Shares may remove a member of the board of directors for any reason.

The Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if the Company does not consummate an initial Business Combination) at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20%of the sum of (i) the total number of ordinary shares issued and outstanding upon the completion of the IPO, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued or to be issued to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of our management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

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Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 11 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based on this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statement.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the Company’s prospectus for its Initial Public Offering as filed with the SEC on June 17, 2021 and June 10, 2021, respectively. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods.

Emerging Growth Company Status

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

Use of Estimates

The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant estimates included in these financial statements is the determination of the fair value of the warrant liability and FPA liability.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have cash equivalents as of September 30, 2021 and December 31, 2020.

Investments Held in Trust Account

Investments Held in Trust Account

As of September 30, 2021, the assets held in the Trust Account were held in money market fund. The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market funds that invest in U.S. government securities, cash, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on Investments Held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. At September 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Due to Related Party

Offering Costs Associated with IPO

Offering Costs Associated with IPO

The Company complies with the requirements of the ASC 340-10-S99-1and SEC Staff Accounting Bulletin (“SAB”) Topic 5A“Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering. Offering costs are charged to ordinary shares subject to possible redemption or the statement of operations based on the relative value of the Public and Private Warrants to the proceeds received from the Units and Private Placement Warrants sold upon the completion of the IPO. Accordingly, on September 30, 2021, offering costs totaling $11,587,941 (consisting of $4,000,000 of underwriting fee, $7,000,000 of deferred underwriting fee and $587,941 of other offering costs), of which $587,941 was allocated to the Public Warrants and Private Warrants and was charged to operations in accordance with ASC 825-10 and $11,080,524 was charged to ordinary shares subject to possible redemption.

Derivative Financial Instruments

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815,“Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Warrant Liability and Forward Purchase Agreement

Warrant Liability and Forward Purchase Agreement

The Company accounts for the 16,000,000 warrants issued in connection with the IPO (the 10,000,000 Public Warrants and the 6,000,000 Private Placement Warrants) and Forward Purchase Agreement (“FPA”) in accordance with the guidance contained in FASB ASC 815 “Derivatives and Hedging” whereby under that provision the warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company will classify warrants and FPA as liabilities at their fair value. These liabilities are subject to re-measurement at each reporting period. With such re-measurement, the changes in fair value are recognized in the Statement of Operations in the period of change. Derivative warrant liabilities and FPA are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Fair Value Measurements

Fair Value Measurements

The fair value of the Company’s assets and liabilities, excluding the warrant liability and FPA liability, which qualify as financial instruments under FASB ASC Topic 820, Fair Value Measurement (“ASC 820”), approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

• Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

• Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

• Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Class A Ordinary Shares Subject to Possible Redemption

Class A Ordinary Shares Subject to Possible RedemptionThe Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. 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 uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 20,000,000 and 0 Class A ordinary shares, respectively, subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period.

At September 30, 2021, the Class A ordinary shares subject to possible redemption reflected in the condensed balance sheets are reconciled in the following table:

Gross proceeds	$	200,000,000
Less: Proceeds allocated to Public Warrants		(8,511,409	)
Less: Class A ordinary shares issuance costs		(11,080,524	)
Add: Accretion of carrying value to redemption value		19,591,933
Class A ordinary shares subject to possible redemption	$	200,000,000

Net Income (Loss) Per Share of Ordinary Shares

Net Income (Loss) Per Share of Ordinary Shares

The Company has two classes of shares, which are referred to as Class A Ordinary Shares and Class B Ordinary Shares. Earnings and losses are shared pro rata between the two classes of shares. The 16,000,000 potential common shares for outstanding warrants to purchase the Company’s stock were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income per common share is the same as basic net income per common share for the periods. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares:    

	For the Three Months Ended September 30, 2021				For the Nine Months ended September 30, 2021
	Class A		Class B		Class A			Class B
Basic and diluted net income per share:
Numerator:
Allocation of net income (loss)	$	803,726	$	231,071	$	(2,143,878	)	$	(1,502,389	)
Denominator:
Weighted-average shares outstanding		20,000,000		5,750,000		8,205,128			5,750,000
Basic and diluted net income (loss) per share	$	0.04	$	0.04	$	(0.26	)	$	(0.26	)

Income Taxes

Income Taxes

ASC 740 clarifies the accounting for uncertainty in income taxes recognized in a Company’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would hav.e a material effect on the Company’s financial statements.

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Restatement of Prior Period Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Prior Period Adjustment [Abstract]

Summary of impact of revision on audited balance sheet

The impact of the restatement on the audited balance sheet as of June 11, 2021 and unaudited interim financial statements for the period ended June 30, 2021 is presented below:

	As Previously Reported			Adjustments			As Restated
Balance Sheet at June 11, 2021
Class A ordinary shares, $0.0001 par value; subject to possible redemption at  $10.00 per share	$	173,394,700		$	26,605,300		$	200,000,000
Class A ordinary shares - $0.0001 par value		266			(266	)		—
Additional paid-in capital		7,835,896			(7,835,896	)		—
Accumulated deficit	$	(2,836,811	)	$	(18,769,138	)	$	(21,605,949	)
Total shareholders’ equity		5,000,001			(26,605,300	)		(21,605,299	)
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ (Deficit) Equity		202,189,233			—			202,189,233
Number of shares subject to redemption		17,339,470			2,660,530			20,000,000
Balance Sheet at June 30, 2021 (unaudited)
Class A ordinary shares, $0.0001 par value; subject to possible redemption at $10.00 per share	$	171,546,810		$	28,453,190		$	200,000,000
Class A ordinary shares - $0.0001 par value		285			(285	)		—
Additional paid-in capital		9,683,767			(9,683,767	)		—
Accumulated deficit	$	(4,684,700	)	$	(18,769,138	)	$	(23,453,838	)
Total shareholders’ equity (deficit)		5,000,002			(28,453,190	)		(23,453,188	)
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ (Deficit) Equity		202,173,211			—			202,173,211
Number of shares subject to redemption		17,154,681			2,845,319			20,000,000
Statement of Operations for the three months ended June 30, 2021
Basic and diluted weighted average shares outstanding of Class A, ordinary shares subject to redemption		20,000,000			(15,604,396	)		4,395,604
Basic and diluted net income (loss) per share of Class A, ordinary shares subject to redemption	$	0.00		$	(0.46	)	$	(0.46	)
Basic and diluted weighted average shares outstanding of Class B, non-redeemable ordinary shares		5,750,000			—			5,750,000
Basic and diluted net loss per share of Class B, non-redeemable ordinary shares	$	(0.81	)	$	0.35		$	(0.46	)
Statement of Operations for the six months ended June 30, 2021
Basic and diluted weighted average shares outstanding of Class A, ordinary shares subject to redemption	$	20,000,000		$	(17,790,055	)	$	2,209,945
Basic and diluted net income (loss) per share of Class A, ordinary shares subject to redemption	$	—		$	(0.59	)	$	(0.59	)
Basic and diluted weighted average shares outstanding of Class B, non-redeemable ordinary shares		5,750,000			—			5,750,000
Basic and diluted net loss per share of Class B, non-redeemable ordinary shares		(0.81	)		0.22			(0.59	)
Statement of Cash Flows for the six months ended June 30, 2021
Initial value of Class A common stock subject to possible redemption		173,394,700			26,605,300			200,000,000
Change in value of Class A common stock subject to possible redemption		(1,847,890	)		1,847,890			—

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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of basic and diluted net income (loss) per common share

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares:

	For the Three Months Ended September 30, 2021				For the Nine Months ended September 30, 2021
	Class A		Class B		Class A			Class B
Basic and diluted net income per share:
Numerator:
Allocation of net income (loss)	$	803,726	$	231,071	$	(2,143,878	)	$	(1,502,389	)
Denominator:
Weighted-average shares outstanding		20,000,000		5,750,000		8,205,128			5,750,000
Basic and diluted net income (loss) per share	$	0.04	$	0.04	$	(0.26	)	$	(0.26	)

Summary of Class A ordinary shares subject to possible redemption

At September 30, 2021, the Class A ordinary shares subject to possible redemption reflected in the condensed balance sheets are reconciled in the following table:

Gross proceeds	$	200,000,000
Less: Proceeds allocated to Public Warrants		(8,511,409	)
Less: Class A ordinary shares issuance costs		(11,080,524	)
Add: Accretion of carrying value to redemption value		19,591,933
Class A ordinary shares subject to possible redemption	$	200,000,000

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Recurring Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Fair Value Hierarchy the Company's Assets and Liabilities

	(Level 1)		(Level 2)		(Level 3)
Investments held in Trust Account	$	200,003,049	$	—	$	—
Liabilities
Public Warrants	$	8,601,000	$	—	$	—
Private Warrants	$	—	$	—	$	5,199,974
FPA liability	$	—	$	—	$	2,807,021

Public and Private Warrants

Summary of Valuation of Public and Private Warrants

The key inputs for the valuation of Public and Private Warrants are as follows:

Input	June 11, 2021			September 30, 2021
Volatility		16.30	%		17.8	%
Risk Free Rate		0.89	%		1.04	%
Stock Price	$	9.5746			9.7500
Est. Term Remaining (Yrs)		5.65			5.35

FPA liability

Summary of Valuation of Public and Private Warrants

To arrive the conclusion of Fair Value of the Forward Purchase Agreements, the Company analyzed the agreements and other documentation. The Company utilized the underlying shares and warrant values determined above and the following inputs in order to project the net asset or liability value of the FPA:

Input	June 11, 2021			September 30, 2021
Volatility		16.30	%		17.8	%
Stock Price	$	9.5746			9.7500
Warrant Price	$	0.851			0.860
Est. Term to Business Combination (Yrs)		0.65			0.35
Probability of Business Combination		85	%		85	%
Purchase price of FPA unit	$	10.00			10.00

Summary of reconciliation of changes in fair value of derivative warrant liabilities

The following table provides a reconciliation of changes in fair value of the beginning and ending balances of the Company’s FPA liability classified as level 3:

	FPA liability
Fair value at January 1, 2021	$	—
Initial value at IPO date		2,322,741
Change in fair value		484,280
Fair Value at September 30, 2021	$	2,807,021

Derivative Warrant Liabilities [Member]

Summary of reconciliation of changes in fair value of derivative warrant liabilities

The following table provides a reconciliation of changes in fair value of the beginning and ending balances of the Company’s derivative warrant liabilities classified as level 3:

	Derivative warrant liabilities
Fair value at January 1, 2021	$	—
Initial value at IPO date		13,712,964
Change in fair value		88,010
Transfer of Public warrants from level 3 to level 1		(8,601,000	)
Fair Value at September 30, 2021	$	5,199,974

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Organization, Business Operation and Going Concern Consideration - Additional information (Detail) - USD ($)			9 Months Ended	24 Months Ended
	Jun. 11, 2021	Apr. 30, 2021	Sep. 30, 2021	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued, price per share			$ 10.00
Proceeds from issuance initial public offering			$ 196,000,000
Class of warrants and rights issued during the period			16,000,000
Proceeds from issuance of private placement			$ 6,000,000
Deferred underwriting commissions noncurrent			7,000,000
Minimum net worth required for compliance			5,000,001
Cash			1,075,137
Working capital (deficit)			1,200,000
Proceeds from unsecured notes payable			300,000
Working capital loans			$ 0
Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Dissolution expense				$ 100,000
Private Placement Warrants
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrants and rights issued during the period			6,000,000
Sponsor
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock			$ 25,000
Sponsor | Private Placement Warrants
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Class of warrants and rights issued during the period			6,000,000
Class of warrants and rights issued, price per warrant			$ 1.00
Proceeds from issuance of private placement			$ 6,000,000
IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued, price per share	$ 10.00
Proceeds from issuance initial public offering	$ 200,000,000		200,000,000
Payments for underwriting expense			4,000,000
Deferred underwriting commissions noncurrent			7,000,000
Other offering costs			587,941
Payments to acquire restricted certificates of deposit			1,827,347
Stock issuance costs			$ 11,587,941
Common Class A | Sponsor
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock		$ 30,000,000
Common Class A | IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period, shares, new issues	20,000,000
Shares issued, price per share	$ 10.00
Proceeds from issuance initial public offering	$ 200,000,000

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Restatement of Prior Period Financial Statements - Summary of Impact of Revision on Audited Balance Sheet (Detail) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Jun. 11, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption	$ 200,000,000	$ 200,000,000	$ 200,000,000	$ 200,000,000	$ 200,000,000
Additional paid-in capital		0	0		0	$ 24,350
Accumulated deficit	(22,418,966)	(23,453,838)	(23,453,838)	(22,418,966)	(21,605,949)	(3,636)
Total shareholders' equity	(22,418,391)	(23,453,188)	(23,453,188)	(22,418,391)	(21,605,299)	21,364
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders' (Deficit) Equity	201,299,890	$ 202,173,211	$ 202,173,211	201,299,890	$ 202,189,233	91,374
Number of shares subject to redemption		20,000,000	20,000,000		20,000,000
Initial value of Class A common stock subject to possible redemption			$ 200,000,000
Change in value of Class A common stock subject to possible redemption			$ 0
Class A Ordinary Shares Subject To Redemption [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic and diluted weighted average shares outstanding		4,395,604	2,209,945
Basic and diluted net income (loss) per ordinary shares		$ (0.46)	$ (0.59)
Class B Non-redeemable Ordinary Shares [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic and diluted weighted average shares outstanding		5,750,000	5,750,000
Basic and diluted net income (loss) per ordinary shares		$ (0.46)	$ (0.59)
Common Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption	200,000,000			200,000,000
Common Stock	0	$ 0	$ 0	0	$ 0
Total shareholders' equity	$ 0	0	0	$ 0		$ 0
Number of shares subject to redemption	20,000,000			20,000,000		0
Basic and diluted weighted average shares outstanding	20,000,000			8,205,128
Basic and diluted net income (loss) per ordinary shares	$ 0.04			$ (0.26)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption		171,546,810	171,546,810		173,394,700
Additional paid-in capital		9,683,767	9,683,767		7,835,896
Accumulated deficit		(4,684,700)	(4,684,700)		(2,836,811)
Total shareholders' equity		5,000,002	5,000,002		5,000,001
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders' (Deficit) Equity		$ 202,173,211	$ 202,173,211		$ 202,189,233
Number of shares subject to redemption		17,154,681	17,154,681		17,339,470
Initial value of Class A common stock subject to possible redemption			$ 173,394,700
Change in value of Class A common stock subject to possible redemption			$ (1,847,890)
As Previously Reported | Class A Ordinary Shares Subject To Redemption [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic and diluted weighted average shares outstanding		20,000,000	20,000,000
Basic and diluted net income (loss) per ordinary shares		$ 0.00
As Previously Reported | Class B Non-redeemable Ordinary Shares [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic and diluted weighted average shares outstanding		5,750,000	5,750,000
Basic and diluted net income (loss) per ordinary shares		$ (0.81)	$ (0.81)
As Previously Reported | Common Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common Stock		$ 285	$ 285		$ 266
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption		28,453,190	28,453,190		26,605,300
Additional paid-in capital		(9,683,767)	(9,683,767)		(7,835,896)
Accumulated deficit		(18,769,138)	(18,769,138)		(18,769,138)
Total shareholders' equity		(28,453,190)	(28,453,190)		(26,605,300)
Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders' (Deficit) Equity		$ 0	$ 0		$ 0
Number of shares subject to redemption		2,845,319	2,845,319		2,660,530
Initial value of Class A common stock subject to possible redemption			$ 26,605,300
Change in value of Class A common stock subject to possible redemption			$ 1,847,890
Adjustments | Class A Ordinary Shares Subject To Redemption [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic and diluted weighted average shares outstanding		(15,604,396)	(17,790,055)
Basic and diluted net income (loss) per ordinary shares		$ (0.46)	$ (0.59)
Adjustments | Class B Non-redeemable Ordinary Shares [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic and diluted net income (loss) per ordinary shares		$ 0.35	$ 0.22
Adjustments | Common Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common Stock		$ (285)	$ (285)		$ (266)

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Restatement of Prior Period Financial Statements - Summary of Impact of Revision on Audited Balance Sheet (Parenthetical) (Detail) - Common Class A - $ / shares	Sep. 30, 2021	Jun. 30, 2021	Jun. 11, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock par or stated value per share	0.0001	0.0001	0.0001	0.0001
Temporary Equity, Redemption Price Per Share	$ 10.00	10.00	10.00	$ 10.00
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Temporary Equity, Par or Stated Value Per Share		0.0001	0.0001
Common stock par or stated value per share		0.0001	0.0001
Temporary Equity, Redemption Price Per Share		10.00	10.00
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Temporary Equity, Par or Stated Value Per Share		0.0001	0.0001
Common stock par or stated value per share		0.0001	0.0001
Temporary Equity, Redemption Price Per Share		$ 10.00	$ 10.00

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Restatement of Prior Period Financial Statements - Additional Information (Detail)	Sep. 30, 2021 USD ($)
Prior Period Adjustment [Abstract]
Minimum net tangible assets required to consummate initial business combination	$ 5,000,000
Minimum net worth required for compliance	$ 5,000,001

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Significant Accounting Policies - Additional information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Jun. 11, 2021	Dec. 31, 2020
Cash Equivalents	$ 0	$ 0			$ 0
FDIC insured amount	250,000	250,000
Deferred underwriting commissions	$ 7,000,000	7,000,000
Offering costs charged to the shareholders' equity		$ 11,080,524
Class of warrants and rights issued during the period		16,000,000
Temporary equity, shares outstanding			20,000,000	20,000,000
Warrant
Antidilutive securities excluded from computation of earnings per share, Amount	16,000,000	16,000,000
US Government Securities [Member]
Restricted Investments Term		185 days
IPO
Stock issuance costs		$ 11,587,941
Payments for underwriting expense		4,000,000
Deferred underwriting commissions	$ 7,000,000	7,000,000
Other offering costs		587,941
Public Warrants And Private Warrants | IPO
Other offering costs		$ 587,941
Private Placement Warrants
Class of warrants and rights issued during the period		6,000,000
Public Warrants
Class of warrants and rights issued during the period		10,000,000
Common Class A
Offering costs charged to the shareholders' equity		$ 11,080,524
Temporary equity, shares outstanding	20,000,000	20,000,000			0

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Significant Accounting Policies - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021
Class of Stock [Line Items]
Allocation of net income (loss)	$ 1,034,797	$ (4,681,064)	$ (3,646,267)
Common Class A
Class of Stock [Line Items]
Allocation of net income (loss)	$ 803,726		$ (2,143,878)
Weighted-average shares outstanding	20,000,000		8,205,128
Basic and diluted net income (loss) per share	$ 0.04		$ (0.26)
Common Class B
Class of Stock [Line Items]
Allocation of net income (loss)	$ 231,071		$ (1,502,389)
Weighted-average shares outstanding	5,750,000		5,750,000
Basic and diluted net income (loss) per share	$ 0.04		$ (0.26)

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Significant Accounting Policies - Summary of Class A ordinary shares subject to possible redemption (Detail) - USD ($)		6 Months Ended	9 Months Ended
	Jun. 11, 2021	Jun. 30, 2021	Sep. 30, 2021
Temporary Equity [Line Items]
Gross proceeds			$ 196,000,000
Less: Class A ordinary shares issuance costs			(11,080,524)
Add: Accretion of carrying value to redemption value		$ 19,591,933
Class A ordinary shares subject to possible redemption	$ 200,000,000	$ 200,000,000	200,000,000
Common Class A [Member]
Temporary Equity [Line Items]
Less: Class A ordinary shares issuance costs			(11,080,524)
Add: Accretion of carrying value to redemption value			19,591,933
Class A ordinary shares subject to possible redemption			200,000,000
IPO [Member]
Temporary Equity [Line Items]
Gross proceeds	200,000,000		200,000,000
Less: Proceeds allocated to Public Warrants			$ (8,511,409)
IPO [Member] | Common Class A [Member]
Temporary Equity [Line Items]
Gross proceeds	$ 200,000,000

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Initial Public Offering - Additional Information (Detail) - USD ($)		9 Months Ended
	Jun. 11, 2021	Sep. 30, 2021
Shares issued, price per share		$ 10.00
Proceeds from issuance initial public offering		$ 196,000,000
Class of warrant or right, threshold period for exercise from date of closing public offering		12 months
Class of warrant or right redemption threshold consecutive trading days		30 days
IPO
Shares issued, price per share	$ 10.00
Proceeds from issuance initial public offering	$ 200,000,000	$ 200,000,000
Common Class A | IPO
Stock shares issued during the period shares	20,000,000
Shares issued, price per share	$ 10.00
Proceeds from issuance initial public offering	$ 200,000,000

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Private Placement - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Private Placement [Line Items]
Class of warrants and rights issued during the period	16,000,000
Proceeds from private placement | $	$ 6,000,000
Private Placement Warrants
Private Placement [Line Items]
Class of warrants and rights issued during the period	6,000,000
Sponsor | Private Placement Warrants
Private Placement [Line Items]
Class of warrants and rights issued during the period	6,000,000
Class of warrants and rights issued, price per warrant | $ / shares	$ 1.00
Proceeds from private placement | $	$ 6,000,000

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Related Party Transactions - Additional Information (Detail)				3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Apr. 30, 2021 USD ($) Nominees shares	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares
Related Party Transaction [Line Items]
Offering proceeds allocated to payment of offering expenses					$ 1,000,000
Proceeds from issuance of debt					140,068
Note payable – related party	$ 0		$ 5,010	$ 0	0
Due to related parties	$ 37,667			$ 37,667	$ 37,667
Working Capital Loan
Related Party Transaction [Line Items]
Warrants issued price per warrant | $ / shares	$ 1.00			$ 1.00	$ 1.00
Due to related parties	$ 0		$ 0	$ 0	$ 0
Working capital loans convertible into warrants	1,500,000			1,500,000	1,500,000
Administrative Service Fee
Related Party Transaction [Line Items]
Due to related parties	37,667			37,667	37,667
Expenses from transactions with related party	10,000			30,000	30,000
Sponsor
Related Party Transaction [Line Items]
Proceeds from issuance of common stock					25,000
Sponsor | Promissory Note
Related Party Transaction [Line Items]
Debt instrument, face amount	$ 300,000			$ 300,000	$ 300,000
Sponsor | Founder shares
Related Party Transaction [Line Items]
Class B ordinary share issued to initial shareholders, shares | shares		25,000
Sponsor | Founder shares | Director
Related Party Transaction [Line Items]
Number of independent director nominees | Nominees		3
Common Class B
Related Party Transaction [Line Items]
Common stock par or stated value per share | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares outstanding | shares	5,750,000		6,500,000	5,750,000	5,750,000
Common Class B | Sponsor
Related Party Transaction [Line Items]
Common stock par or stated value per share | $ / shares	$ 0.0001			$ 0.0001	$ 0.0001
Stock issued during period, value, issued for services			$ 25,000
Proceeds from sponsor to cover certain offering costs per share value | $ / shares			$ 0.004
Common stock shares outstanding | shares	5,750,000	6,500,000	6,500,000	5,750,000	5,750,000
Class B ordinary share issued to initial shareholders, shares | shares		750,000	5,750,000
Share price | $ / shares	$ 12.00			$ 12.00	$ 12.00
Number of trading days for determining the share price					20 days
Number of consecutive trading days for determining the share price					30 days
Waiting period after which the share trading days are considered					150 days
Common Class B | Sponsor | Founder shares
Related Party Transaction [Line Items]
Common stock shares outstanding | shares	5,300,000		6,500,000	5,300,000	5,300,000
Common stock shares subject to forfeiture | shares					750,000
Common Class B | Anchor investors
Related Party Transaction [Line Items]
Class B ordinary share issued to initial shareholders, shares | shares		375,000
Proceeds from issuance of common stock		$ 0
Common Class B | Anchor investors | Founder shares
Related Party Transaction [Line Items]
Class B ordinary share issued to initial shareholders, shares | shares		375,000
Proceeds from issuance of common stock		$ 0

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Recurring Fair Value Measurements - Summary of Fair Value Hierarchy the Company's Assets and Liabilities (Detail)	Sep. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liability	$ 13,800,974
FPA liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liability	2,807,021
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held in Trust Account	200,003,049
Fair Value, Recurring | Public Warrants | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liability	8,601,000
Fair Value, Recurring | Public Warrants | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liability	0
Fair Value, Recurring | Private Warrants | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liability	5,199,974
Fair Value, Recurring | FPA liability | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liability	$ 2,807,021

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Recurring Fair Value Measurements - Summary of Valuation of Public and Private Warrants (Detail) - Public and Private Warrants	Sep. 30, 2021 $ / shares yr	Jun. 11, 2021 yr $ / shares
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	17.8	16.30
Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	1.04	0.89
Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input | $ / shares	9.7500	9.5746
Est. Term Remaining (Yrs)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input | yr	5.35	5.65

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Recurring Fair Value Measurements - Summary of Valuation of Public and Private Warrants of FPA (Detail) - FPA liability	Sep. 30, 2021 yr $ / shares	Jun. 11, 2021 $ / shares yr
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	17.8	16.30
Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	9.7500	9.5746
Warrant Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.860	0.851
Est. Term to Business Combination (Yrs)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input | yr	0.35	0.65
Probability of Business Combination
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	85	85
Purchase price of FPA unit
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	10.00	10.00

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Recurring Fair Value Measurements - Summary of reconciliation of changes in fair value of derivative warrant liabilities (Detail) - Fair Value, Inputs, Level 3 [Member]	9 Months Ended
	Sep. 30, 2021 USD ($)
Derivative Warrant Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0
Initial value at IPO date	13,712,964
Change in fair value	88,010
Transfer of Public warrants from level 3 to level 1	(8,601,000)
Ending balance	5,199,974
FPA Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Initial value at IPO date	2,322,741
Change in fair value	484,280
Ending balance	$ 2,807,021

XML

Recurring Fair Value Measurements - Additional information (Detail)	Sep. 30, 2021 USD ($)
Warrant liability	$ 13,800,974
FPA liability
Warrant liability	$ 2,807,021

XML

Commitments & Contingencies - Additional Information (Detail) - USD ($)				9 Months Ended
	Jun. 11, 2021	Apr. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Loss Contingencies [Line Items]
Overallotment option vesting period				45 days
Underwriting discount				(2.00%)
Deferred underwriting fee percent on gross proceeds of the IPO				3.50%
Class of warrant or right, exercise price of warrants or rights		$ 10.00		$ 11.50
Sponsor
Loss Contingencies [Line Items]
Proceeds from issuance of common stock				$ 25,000
Sponsor | Founder Shares [Member]
Loss Contingencies [Line Items]
Stock issued during period, shares, issued for services		25,000
IPO
Loss Contingencies [Line Items]
Cash underwriting discount of the IPO paid to underwriters				$ 4,000,000
Common Class A | Anchor investors
Loss Contingencies [Line Items]
Stock issued during period, shares, issued for services		3,000,000
Common Class A | Sponsor
Loss Contingencies [Line Items]
Proceeds from issuance of common stock		$ 30,000,000
Common stock shares issued with effect of conversion		3,000,000
Common Class A | IPO
Loss Contingencies [Line Items]
Stock shares issued during the period shares	20,000,000
Common Class B | Anchor investors
Loss Contingencies [Line Items]
Stock issued during period, shares, issued for services		375,000
Proceeds from issuance of common stock		$ 0
Common Class B | Anchor investors | Founder Shares [Member]
Loss Contingencies [Line Items]
Stock issued during period, shares, issued for services		375,000
Proceeds from issuance of common stock		$ 0
Common Class B | Sponsor
Loss Contingencies [Line Items]
Stock issued during period, shares, issued for services		750,000	5,750,000
Redeemable Warrants | Anchor investors
Loss Contingencies [Line Items]
Stock issued during period, shares, issued for services		750,000
Maximum | Common Class A | Over-Allotment Option
Loss Contingencies [Line Items]
Stock shares issued during the period shares				3,000,000
Maximum | Private Placement Warrants
Loss Contingencies [Line Items]
Minimum lock in period required for warrant exercise from the date of business combination				30 days

XML

Warrant Liability - Additional Information (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2021	Apr. 30, 2021
Disclosure of Warrant Liability [Line Items]
Class of warrant or right, outstanding	16,000,000
Class of warrant or right, exercise price of warrants or rights	$ 11.50	$ 10.00
Class of warrant or right, threshold period for exercise from date of closing public offering	12 months
Class of warrant or right redemption threshold consecutive trading days	30 days
Common Class A | Share Price Equal or Exceeds Eighteen Rupees Per Dollar
Disclosure of Warrant Liability [Line Items]
Class of warrant or right, exercise price adjustment percentage higher of market value	180.00%
Common Class A | Share Price Equal or Less Nine Point Two Rupees Per Dollar
Disclosure of Warrant Liability [Line Items]
Share redemption trigger price	$ 9.20
Minimum percentage gross proceeds required from issuance of equity	60.00%
Class of warrant or right, exercise price adjustment percentage higher of market value	115.00%
Public Warrants
Disclosure of Warrant Liability [Line Items]
Class of warrant or right, outstanding	10,000,000
Public Warrants | Share Price Equal or Exceeds Eighteen Rupees Per Dollar
Disclosure of Warrant Liability [Line Items]
Class of warrants redemption price per unit	$ 0.01
Number of days of notice to be given for redemption of warrants	30 days
Number of consecutive trading days for determining share price	20 days
Number of trading days for determining the share price	30 days
Public Warrants | Share Price Equal or Exceeds Ten Rupees Per Dollar
Disclosure of Warrant Liability [Line Items]
Class of warrants redemption price per unit	$ 0.10
Number of days of notice to be given for redemption of warrants	30 days
Number of consecutive trading days for determining share price	20 days
Number of trading days for determining the share price	30 days
Public Warrants | Share Price Equal or Less Nine Point Two Rupees Per Dollar
Disclosure of Warrant Liability [Line Items]
Number of consecutive trading days for determining share price	20 days
Public Warrants | Common Class A | Share Price Equal or Exceeds Eighteen Rupees Per Dollar
Disclosure of Warrant Liability [Line Items]
Share price	$ 18.00
Public Warrants | Common Class A | Share Price Equal or Exceeds Ten Rupees Per Dollar
Disclosure of Warrant Liability [Line Items]
Share price	$ 10.00
Private Placement Warrants
Disclosure of Warrant Liability [Line Items]
Class of warrant or right, outstanding	6,000,000

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Shareholders' (Deficit) Equity - Additional Information (Detail) - $ / shares		3 Months Ended	9 Months Ended
	Jul. 23, 2021	Sep. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Jun. 11, 2021	Apr. 30, 2021	Dec. 31, 2020
Stock Holders Equity Note [Line Items]
Preferred stock shares authorized		5,000,000	5,000,000				5,000,000
Preferred stock par or stated value per share		$ 0.0001	$ 0.0001				$ 0.0001
Preferred stock shares issued		0	0				0
Preferred stock shares outstanding		0	0				0
Temporary equity, shares outstanding				20,000,000	20,000,000
Sponsor
Stock Holders Equity Note [Line Items]
Preferred stock shares authorized		5,000,000	5,000,000
Preferred stock par or stated value per share		$ 0.0001	$ 0.0001
Preferred stock shares issued		0	0				0
Preferred stock shares outstanding		0	0				0
Number of shares forfeited during the period	750,000
IPO | Sponsor
Stock Holders Equity Note [Line Items]
Percentage of number of shares of common stock outstanding			20.00%
Common Class A
Stock Holders Equity Note [Line Items]
Common stock shares authorized		500,000,000	500,000,000				500,000,000
Common stock par or stated value per share		$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common stock shares issued							0
Common stock shares outstanding							0
Temporary equity, shares outstanding		20,000,000	20,000,000				0
Temporary Equity, Shares Issued		20,000,000	20,000,000
Common Class A | Sponsor
Stock Holders Equity Note [Line Items]
Common stock shares authorized		500,000,000	500,000,000
Common stock par or stated value per share		$ 0.0001	$ 0.0001
Common Class B
Stock Holders Equity Note [Line Items]
Common stock shares authorized		50,000,000	50,000,000				50,000,000
Common stock par or stated value per share		$ 0.0001	$ 0.0001				$ 0.0001
Common stock shares issued		5,750,000	5,750,000				6,500,000
Common stock shares outstanding		5,750,000	5,750,000				6,500,000
Number of shares forfeited during the period		750,000
Common Class B | Sponsor
Stock Holders Equity Note [Line Items]
Common stock shares authorized		50,000,000	50,000,000
Common stock par or stated value per share		$ 0.0001	$ 0.0001
Common stock shares issued		6,500,000	6,500,000				6,500,000
Common stock shares outstanding		5,750,000	5,750,000			6,500,000	6,500,000
Common stock shares issued subject to forfeiture		750,000	750,000
Common Class A and Class B | Sponsor
Stock Holders Equity Note [Line Items]
Common stock, Conversion basis			one-to-one