Restatement Of Previously Issued Financial Statements

7 Months Ended

Dec. 31, 2021

Restatement Of Previously Issued Financial Statements [Abstract]

Restatement Of Previously Issued Financial Statements

Note 2 – Restatement of Previously Issued Financial Statements

Subsequent to the issuance of the financial statements as of December 31, 2021 and for the period ended from May 27, 2021 (inception) to December 31, 2021, the Company identified an error in its calculation of basic and diluted net loss per share and concluded that the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 17, 2022 should be restated. As discussed in Note 6, on September 10, 2021, the Company amended certain terms of the Class L ordinary shares (the “Class L Shares”) held by the Sponsor. As a result of the amendment, the Class L Shares no longer meet the requirement to be classified in equity and should be recorded as a liability. The Company did not consider the Class L Shares in its calculation of basic and diluted net loss per share for the period from May 27, 2021 (inception) to December 31, 2021. Management re-evaluated this conclusion and determined that basic and diluted net loss per share should be calculated by attributing net loss for the period from May 27, 2021 (inception) to September 30, 2021 to the Class L Shares, which represent the Sponsor’s existing equity interest in the Company and the only class of shares outstanding for that period. The net loss for the period from October 1, 2021 to December 31, 2021 will be attributed to the redeemable Class A ordinary shares and nonredeemable Class A ordinary shares, based on the respective participation rights of those shares for that period. The Class L ordinary shares had no participation rights effective October 1, 2021.

Impact of the Restatement on Net Loss Per Share of Ordinary Shares

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MELI KASZEK PIONEER CORP

NOTES TO FINANCIAL STATEMENTS

	December 31, 2021
	As previously reported						Adjustment						As Restated
		Class A ordinary shares subject to possible redemption		Class A non-redeemable ordinary shares		Class L ordinary shares		Class A ordinary shares subject to possible redemption		Class A non-redeemable ordinary shares		Class L ordinary shares		Class A ordinary shares subject to possible redemption		Class A non-redeemable ordinary shares		Class L ordinary shares
Basic and diluted net loss per share :
Numerator:
Allocation of net loss including accretion of temporary equity	$	(98,016,501)	$	(3,324,038)	$	—	$	54,028,658	$	1,832,276	$	(55,860,934)	$	(43,987,843)	$	(1,491,762)	$	(55,860,934)
Accretion of temporary equity to redemption value		16,715,815		—		—		—		—		—		16,715,815		—		—
Allocation of net loss	$	(81,300,686)	$	(3,324,038)	$	—	$	54,028,658	$	1,832,276	$	(55,860,934)	$	(27,272,028)	$	(1,491,762)	$	(55,860,934)
Denominator:
Weighted-average shares outstanding		12,001,147		406,995		—		16,748,853		568,005		12,739,286		28,750,000		975,000		12,739,286
Basic and diluted net loss per share	$	(6.77)	$	(8.17)	$	—	$	5.82	$	6.64	$	(4.38)	$	(0.95)	$	(1.53)	$	(4.38)