Commitments and Contingencies |
3 Months Ended | |
|---|---|---|
Mar. 31, 2021 | ||
| Commitments and Contingencies Disclosure [Abstract] | ||
| Commitments and Contingencies |
Note 8 — Commitments and Contingencies 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 ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement signed on March 22, 2021, the effective date of the IPO, requiring the Company to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement The Company granted the underwriter a
45-day option from the date of the IPO to purchase up to 5,250,000 additional Units to cover over-allotments, if any, at the price paid by the underwriters in the IPO. The underwriters were paid an underwriting discount of $0.20 per unit, or $7.0 million in the aggregate upon the closing of the IPO. Additionally, a deferred underwriting discount of $0.35 per unit, or $12.25 million in the aggregate, will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. The Company had $12.25 million accrued as of March 31, 2021. Subsequent to the financial statement date, on April 13, 2021, the underwriters exercised their over-allotment in full which increased the underwriting discount in aggregate to $8.05 million and increased the deferred underwriting fees to $14.09 million (see Note 11). |