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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2021

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

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In connection with the preparation of the Company’s financial statements as of September 30, 2021, management identified errors made in its historical financial statements where, as of December 31, 2020, the Company improperly valued its Class A ordinary shares subject to possible redemption. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per Class A ordinary share 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 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 error related to temporary equity and permanent equity for December 31, 2020. This resulted in an adjustment to the 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.

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In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also restated its income (loss) per ordinary share calculated to allocate net income (loss) on a pro-rata basis 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 is no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss).

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The impact of the restatement on the Company’s financial statements is reflected in the following table.

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​	​	​	​	​	​	​	​	​	​
​	​	As Previously		​	​	​	​	​	​
Balance Sheet as of June 19, 2020 (audited)		Reported			Adjustment			As Restated
Additional paid-in capital	​	$	591,876	​	$	(591,876)	​	$	—
Accumulated deficit	​	​	(53,396,448)	​	​	591,876	​	​	(52,804,572)
​	​	​	​	​	​	​	​	​	​
Balance Sheet as of June 30, 2020	​	​	​	​	​	​	​	​	​
Additional paid-in capital	​	​	591,876	​	​	(591,876)	​	​	—
Accumulated deficit	​	​	(60,499,085)	​	​	591,876	​	​	(59,907,209)
​	​	​	​	​	​	​	​	​	​
Balance Sheet as of September 30, 2020	​	​	​	​	​	​	​	​	​
Additional paid-in capital	​	​	591,876	​	​	(591,876)	​	​	—
Accumulated deficit	​	​	(61,442,856)	​	​	591,876	​	​	(60,850,980)
​	​	​	​	​	​	​	​	​	​
Balance Sheet as of December 31, 2020 (audited)	​	​	​	​	​	​	​	​	​
Class A ordinary shares subject to possible redemption	​	$	511,622,540	​	$	5,877,460	​	$	517,500,000
Class A ordinary shares	​	$	59	​	$	(59)	​	$	—
Additional paid-in capital	​	$	6,724,439	​	$	(6,724,439)	​	$	—
Accumulated deficit	​	$	(82,180,324)	​	$	847,038	​	$	(81,333,286)
Total Shareholders’ Deficit	​	$	(75,454,532)	​	$	(5,877,460)	​	$	(81,331,992)
​	​	​	​	​	​	​	​	​	​
Balance Sheet as of March 31, 2021	​	​	​	​	​	​	​	​	​
Additional paid-in capital	​	$	847,038	​	$	(847,038)	​	$	—
Accumulated deficit	​	$	(61,622,790)	​	$	847,038	​	$	(60,775,752)
​	​	​	​	​	​	​	​	​	​
Balance Sheet as of June 30, 2021	​	​	​	​	​	​	​	​	​
Additional paid-in capital	​	$	847,038	​	$	(847,038)	​	$	—
Accumulated deficit	​	$	(64,317,938)	​	$	847,038	​	$	(63,470,900)
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Period from February 11, 2020 (Inception) through June 30, 2020	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding, Class A ordinary shares	​	​	51,750,000	​	​	(47,683,929)	​	​	4,066,071
Basic and diluted earnings per share, Class A ordinary shares	​	$	—	​	$	(0.55)	​	$	(0.55)
Weighted average shares outstanding, Class B ordinary shares	​	​	11,389,568	​	​	(6,979)	​	​	11,382,589
Basic and diluted earnings per share, Class B ordinary shares	​	$	(0.74)	​	$	0.19	​	$	(0.55)
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Three Months Ended June 30, 2020	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding, Class A ordinary shares	​	​	51,750,000	​	​	(45,494,505)	​	​	6,255,495
Basic and diluted earnings per share, Class A ordinary shares	​	$	—	​	$	(0.48)	​	$	(0.48)
Basic and diluted earnings per share, Class B ordinary shares	​	$	(0.74)	​	$	0.26	​	$	(0.48)
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Period from February 11, 2020 (Inception) through September 30, 2020	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding, Class A ordinary shares	​	​	51,750,000	​	​	(28,774,784)	​	​	22,975,216
Basic and diluted earnings per share, Class A ordinary shares	​	$	—	​	$	(0.27)	​	$	(0.27)
Weighted average shares outstanding, Class B ordinary shares	​	​	12,022,500	​	​	(23,308)	​	​	11,999,192
Basic and diluted earnings per share, Class B ordinary shares	​	$	(0.78)	​	$	0.51	​	$	(0.27)
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Three Months Ended September 30, 2020	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding, Class A ordinary shares	​	​	51,750,000	​	​	—	​	​	51,750,000
Basic and diluted earnings per share, Class A ordinary shares	​	$	0.00	​	$	(0.01)	​	$	(0.01)
Basic and diluted earnings per share, Class B ordinary shares	​	$	(0.07)	​	$	0.06	​	$	(0.01)
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Period from February 11, 2020 (Inception) through December 30, 2020 (audited)	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding, Class A ordinary shares	​	​	51,750,000	​	​	(20,604,167)	​	​	31,145,833
Basic and diluted earnings per share, Class A ordinary shares	​	$	—	​	$	(0.69)	​	$	(0.69)
Weighted average shares outstanding, Class B ordinary shares	​	​	12,288,052	​	​	(22,427)	​	​	12,265,625
Basic and diluted earnings per share, Class B ordinary shares	​	$	(2.43)	​	$	1.74	​	$	(0.69)
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Three Months Ended March 31, 2021	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding, Class A ordinary shares	​	​	51,162,254	​	​	587,746	​	​	51,750,000
Basic and diluted earnings per share, Class A ordinary shares	​	$	—	​	$	0.32	​	$	0.32
Weighted average shares outstanding, Class B ordinary shares	​	​	13,525,246	​	​	(587,746)	​	​	12,937,500
Basic and diluted earnings per share, Class B ordinary shares	​	$	1.52	​	$	(1.20)	​	$	0.32
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Three Months Ended June 30, 2021	​	​	​	​	​	​	​	​	​
Basic and diluted earnings per share, Class A ordinary shares	​	$	—	​	$	(0.04)	​	$	(0.04)
Basic and diluted earnings per share, Class B ordinary shares	​	$	(0.21)	​	$	0.17	​	$	(0.04)
​	​	​	​	​	​	​	​	​	​
Statement of Operations for the Six Months Ended June 30, 2021	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding, Class A ordinary shares	​	​	51,457,751	​	​	292,249	​	​	51,750,000
Basic and diluted earnings per share, Class A ordinary shares	​	$	—	​	$	0.28	​	$	0.28
Weighted average shares outstanding, Class B ordinary shares	​	​	13,229,749	​	​	(292,249)	​	​	12,937,500
Basic and diluted earnings per share, Class B ordinary shares	​	$	1.35	​	$	(1.07)	​	$	0.28
​	​	​	​	​	​	​	​	​	​
Statement of Changes in Shareholders Equity (Deficit) for the Period from February 11, 2020 (Inception) through December 30, 2020 (audited)	​	​	​	​	​	​	​	​	​
Offering costs allocated to equity in connection with IPO	​	​	(27,860,038)	​	​	27,860,038	​	​	—
Initial Classification of Public Warrants	​	​	(24,150,000)	​	​	24,150,000	​	​	—
Initial Classification of FPA Liability	​	​	(255,538)	​	​	255,538	​	​	—
Change in value of ordinary shares subject to possible redemption	​	​	5,877,460	​	​	(5,877,460)	​	​	—
Accretion to shares subject to redemption	​	​	—	​	​	(52,265,576)	​	​	(52,265,576)
Total Shareholders’ deficit	​	​	(75,454,532)	​	​	(5,877,460)	​	​	(81,331,992)
​	​	​	​	​	​	​	​	​	​
Statement of Changes in Shareholders Equity (Deficit) for the Three Months Ended March 31, 2021	​	​	​	​	​	​	​	​	​
Change in value of ordinary shares subject to possible redemption	​	​	(5,877,460)	​	​	5,877,460	​	​	—
​	​	​	​	​	​	​	​	​	​
Statement of Cash Flows for the Period from February 11, 2020 (Inception) through December 30, 2020 (audited)	​	​	​	​	​	​	​	​	​
Change in Class A ordinary shares subject to possible redemption	​	​	(5,877,460)	​	​	5,877,460	​	​	—
​	​	​	​	​	​	​	​	​	​
Statement of Cash Flows for the Three Months Ended March 31, 2021	​	​	​	​	​	​	​	​	​
Change in Class A ordinary shares subject to possible redemption	​	​	5,877,460	​	​	(5,877,460)	​	​	—

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- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

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