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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 4 Months Ended
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Dec. 31, 2020
Restatement [Abstract] |
Restatement Of Previously Issued Financial Statements | NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) and Private Placement Warrants issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of ordinary shares, all holders of the warrants would be entitled to receive cash for their warrants (the “tender offer provision”). In connection with the audit of the Company’s financial statements for the period ended December 31, 2020, the Company’s management further evaluated the warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management and after discussion with the Company’s independent registered public accounting firm, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management and after discussion with the Company’s independent registered public accounting firm, concluded the tender offer provision included in the warrant agreement fails the “classified in shareholders’ equity” criteria as contemplated by ASC Section 815-40-25. As a result of the above, the Company should have classified the warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period. The Company’s accounting for the warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported operating expenses, cash or investments held in the trust account.
|  | As |  |  |  |  |  |  |
|  | Previously |  |  |  |  |  | As |
|  | Reported |  |  | Adjustments |  |  | Restated |
Balance sheet as of November 23, 2020 (audited) |  |  |  |  |  |  |  |  |  |  |  |
Warrant Liability |  | $ | — |  |  | $ | 1,598,233 |  |  | $ | 1,598,233 |
Total Liabilities |  |  | 3,167,722 |  |  |  | 1,598,233 |  |  |  | 4,765,955 |
Ordinary Shares Subject to Possible Redemption |  |  | 74,121,170 |  |  |  | (1,598,233 | ) |  |  | 72,522,937 |
Class A Ordinary Shares |  |  | 100 |  |  |  | 18 |  |  |  | 118 |
Additional Paid-in Capital |  |  | 5,004,636 |  |  |  | 107,501 |  |  |  | 5,112,137 |
Accumulated Deficit |  |  | (4,961 | ) |  |  | (107,519 | ) |  |  | (112,480 | )
Balance sheet as of December 31, 2020 (audited) |  |  |  |  |  |  |  |  |  |  |  |
Warrant Liability |  | $ | — |  |  | $ | 3,404,014 |  |  | $ | 3,404,014 |
Total Liabilities |  |  | 3,510,148 |  |  |  | 3,404,014 |  |  |  | 6,914,162 |
Ordinary Shares Subject to Possible Redemption |  |  | 85,264,880 |  |  |  | (3,404,020 | ) |  |  | 81,860,860 |
Class A Ordinary Shares |  |  | 111 |  |  |  | 34 |  |  |  | 145 |
Additional Paid-in Capital |  |  | 5,440,915 |  |  |  | 1,681,045 |  |  |  | 7,121,960 |
Accumulated Deficit |  |  | (441,255 | ) |  |  | (1,681,073 | ) |  |  | (2,122,328 | )
Shareholders’ Equity |  |  | 5,000,001 |  |  |  | 6 |  |  |  | 5,000,007 |
Period from August 20, 2020 (inception) to December 31, 2020 (audited) |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liability |  | $ | — |  |  | $ | 1,573,554 |  |  | $ | 1,573,554 |
Allocation of initial public offering costs |  |  | — |  |  |  | 107,519 |  |  |  | 107,519 |
Net loss |  |  | (441,255 | ) |  |  | (1,681,073 | ) |  |  | (2,122,328 | )
Weighted average shares outstanding of Class A redeemable ordinary shares |  |  | 8,326,328 |  |  |  | (144,993 | ) |  |  | 8,181,335 |
Weighted average shares outstanding of Class B non-redeemable ordinary shares |  |  | 2,414,403 |  |  |  | 46,692 |  |  |  | 2,461,095 |
Basic and diluted net loss per share, Class B |  |  | (0.18 | ) |  |  | (0.68 | ) |  |  | (0.86 | )
Cash Flow Statement for the Period from August 20, 2020 (inception) to December 31, 2020 (audited) |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (441,255 | ) |  | $ | (1,681,073 | ) |  | $ | (2,122,328 | )
Allocation of initial public offering costs |  |  | — |  |  |  | 107,519 |  |  |  | 107,519 |
Change in fair value of warrant liability |  |  | — |  |  |  | 1,573,554 |  |  |  | 1,573,554 |
Initial classification of warrant liability |  |  | — |  |  |  | 1,830,460 |  |  |  | 1,830,460 |
Initial classification of common stock subject to possible redemption |  |  | 74,121,170 |  |  |  | (1,598,233 | ) |  |  | 72,522,937 |
Change in value of common stock subject to possible redemption |  |  | (436,290 | ) |  |  | (1,993,560 | ) |  |  | (2,429,850 | )

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