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REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 9 Months Ended
Sep. 30, 2021
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS [Abstract]  
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
NOTE 2 — REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS


In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should revise its previously reported financial statements. The Company determined, at the closing of the Company’s Initial Public Offering and shares sold pursuant to the exercise of the underwriters’ overallotment, it had improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.10 per Class A ordinary share, as of December 31, 2020, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A ordinary shares issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares.


In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings per share calculation to allocate net income (loss) evenly to Class A and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company.



There has been no change in the Company’s total assets, liabilities or operating results.

Balance Sheet as of December 31, 2020 (audited)
  
As Previously
Reported
    
Adjustment
    
As Revised
  
Class A ordinary shares subject to possible redemption
  
$
219,468,122
    
$
59,291,878
    
$
278,760,000
  
Class A ordinary shares
  
$
587
    
$
(587
)
  
$
—
  
Additional paid-in capital
  
$
25,850,154
    
$
(25,850,154
)
  
$
—
  
Accumulated deficit
  
$
(20,851,423
)
  
$
(33,441,137
)
  
$
(54,292,560
)
Total Shareholders’ Equity (Deficit)
  
$
5,000,008
    
$
(59,291,878
)
  
$
(54,291,870
)