| Restatement of Previously Issued Financial Statements |
of Previously Issued Financial Statements
In the Company’s previously issued financial statements, a portion of the public shares were classified as permanent equity to maintain shareholders’ equity 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. 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. Management re-evaluated the Company’s application of ASC to its accounting classification of public shares. Upon re-evaluation, management determined that the public shares include certain provisions that require classification of the public shares as temporary equity regardless of the minimum net tangible asset required by the Company to complete its initial business combination. 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 impacts were material to the previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements impacted should be restated to report all public shares as temporary equity. As such the Company is restating those periods in this amended Quarterly Report. The impact to the balance sheet as of March 25, 2021, the unaudited balance sheet, statement of operations and statement of cash flows as of March 31, 2021 and for the period from January 13, 2021 (inception) to March 31, 2021 and the unaudited balance sheet, statements of operations and statement of cash flows as of June 30, 2021 and for the three months ended June 30, 2021 and for the period from January 13, 20 21 (inception) to June 30, 2021 is presented below:
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Balance Sheet as of March 25, 2021 |
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| Class A ordinary shares subject to possible redemption |
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$ |
316,378,064 |
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|
$ |
33,621,936 |
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|
$ |
350,000,000 |
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| Class A ordinary shares, $0.0001 par value |
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|
336 |
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|
|
(336 |
) |
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|
— |
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Additional Paid-in Capital |
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|
5,521,316 |
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(5,521,316 |
) |
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— |
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| Accumulated Deficit |
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|
(522,653 |
) |
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(28,100,284 |
) |
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(28,622,937 |
) |
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| Total Shareholders’ Equity (Deficit) |
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$ |
5,000,005 |
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$ |
(33,621,936 |
) |
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$ |
(28,621,931 |
) |
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| Number of shares subject to redemption |
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31,637,806 |
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3,362,194 |
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|
35,000,000 |
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Balance Sheet as of March 31, 2021 (unaudited) |
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Class A ordinary shares subject to possible redemption |
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$ |
316,168,382 |
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|
$ |
33,831,618 |
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$ |
350,000,000 |
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| Class A ordinary shares, $0.0001 par value |
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|
338 |
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(338 |
) |
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— |
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| Class B ordinary shares, $0.0001 par value |
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|
1,006 |
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— |
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|
1,006 |
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Additional Paid-in Capital |
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|
5,730,996 |
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(5,730,996 |
) |
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— |
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(732,339 |
) |
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(28,100,284 |
) |
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(28,832,623 |
) |
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Total Shareholders’ Equity (Deficit) |
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$ |
5,000,001 |
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$ |
(33,831,618 |
) |
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$ |
(28,831,617 |
) |
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Number of shares subject to redemption |
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31,616,838 |
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3,383,162 |
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35,000,000 |
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Statement of operations for the period from January 13, 2021
(inception) through March 31, 2021 (unaudited) |
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Basic and diluted net loss per ordinary share, Class A |
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$ |
0.00 |
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$ |
(0.02 |
) |
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$ |
(0.02 |
) |
Basic and diluted net loss per ordinary share, Class B |
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$ |
(0.08 |
) |
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$ |
0.06 |
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|
$ |
(0.02 |
) |
Statement of Cash Flows for the period from January 13, 2021
(inception) through March 31, 2021 (unaudited) |
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Initial classification of Class A ordinary shares subject to possible redemption |
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$ |
316,378,064 |
|
|
$ |
(316,378,064 |
) |
|
$ |
— |
|
Change in value of Class A ordinary shares subject to possible redemption |
|
$ |
(209,682 |
) |
|
$ |
209,682 |
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|
$ |
— |
|
Balance Sheet as of June 30, 2021 (unaudited) |
|
Class A ordinary shares subject to possible redemption |
|
$ |
364,266,740 |
|
|
$ |
38,233,260 |
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|
$ |
402,500,000 |
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| Class A ordinary shares, $0.0001 par value |
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|
382 |
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(382 |
) |
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— |
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| Class B ordinary shares, $0.0001 par value |
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|
1,006 |
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— |
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|
1,006 |
|
Additional Paid-in Capital |
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5,993,201 |
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(5,993,201 |
) |
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— |
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(994,586 |
) |
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(32,239,678 |
) |
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(33,234,264 |
) |
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Total Shareholders’ Equity (Deficit) |
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$ |
5,000,003 |
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$ |
(38,233,261 |
) |
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$ |
(33,233,258 |
) |
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Number of shares subject to redemption |
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36,426,674 |
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3,823,326 |
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40,250,000 |
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Statement of operations (unaudited) |
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For the three months ended June 30, 2021 |
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Basic and diluted net loss per ordinary share, Class A |
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$ |
0.00 |
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(0.01 |
) |
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|
(0.01 |
) |
Basic and diluted net loss per ordinary share, Class B |
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$ |
(0.03 |
) |
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|
0.02 |
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(0.01 |
) |
For the period from January 13, 2021 (inception) through June 30, 2021 |
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Basic and diluted net loss per ordinary share, Class A |
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$ |
0.00 |
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(0.02 |
) |
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|
(0.02 |
) |
Basic and diluted net loss per ordinary share, Class B |
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$ |
(0.10 |
) |
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|
0.08 |
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(0.02 |
) |
Statement of Cash Flows for the period from January 13, 2021
(inception) through June 30, 2021 (unaudited) |
|
Initial classification of Class A ordinary shares subject to possible redemption |
|
$ |
316,378,064 |
|
|
$ |
(316,378,064 |
) |
|
$ |
— |
|
Change in value of Class A ordinary shares subject to possible redemption |
|
$ |
47,488,678 |
|
|
$ |
(47,488,678 |
) |
|
$ |
— |
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