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Description of Organization, Business Operations and Basis of Presentation (Tables)

11 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Impact of the Restatement

The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities.

															As of December 31, 2020
									As Previously Reported						Restatement Adjustment						As Restated
Balance Sheet
Total assets									$	415,400,119					$	—					$	415,400,119
Liabilities and shareholders’ equity
Total current liabilities									$	143,016					$	—					$	143,016
Deferred legal fees									—						—						—
Deferred underwriting commissions									14,490,000						—						14,490,000
Derivative warrant liabilities									—						53,801,110						53,801,110
Total liabilities									14,633,016						$	53,801,110					68,434,126
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption									395,767,100						(53,801,110)						341,965,990
Shareholders’ equity
Preference shares - $0.0001 par value									—						—						—
Class A ordinary shares - $0.0001 par value									182						538						720
Class B ordinary shares - $0.0001 par value									1,035						—						1,035
Additional paid-in-capital									5,139,066						29,488,822						34,627,888
Accumulated deficit									(140,280)						(29,489,360)						(29,629,640)
Total shareholders’ equity									5,000,003						—						5,000,003
Total liabilities and shareholders’ equity									$	415,400,119					$	—					$	415,400,119

									Period From February 11, 2020 (Inception) Through December 31, 2020
									As Previously Reported						Restatement Adjustment						As Restated
Statement of Operations
Loss from operations									$	(349,873)					$	—					$	(349,873)
Other (expense) income
Change in fair value of derivative warrant liabilities									—						(28,525,220)						(28,525,220)
Financing costs allocated to derivative warrant liabilities									—						(964,140)						(964,140)
Interest earned on investments held in Trust Account									209,593						—						209,593
Total other (expense) income									209,593						(29,489,360)						(29,279,767)
Net loss									$	(140,280)					$	(29,489,360)					$	(29,629,640)
Basic and Diluted weighted-average Class A ordinary shares outstanding									41,400,000						—						$	41,400,000
Basic and Diluted net loss per Class A shares									$	0.01					—						$	0.01
Basic and Diluted weighted-average Class B ordinary shares outstanding									10,350,000						—						10,350,000
Basic and Diluted net loss per Class B share									$	(0.03)					$	(2.85)					$	(2.88)

									Period From February 11, 2020 (Inception) Through December 31, 2020
									As Previously Reported						Restatement Adjustment						As Restated
Statement of Cash Flows
Net Loss									(140,280)						(29,489,360)						(29,629,640)
Change in fair value of derivative warrant liabilities									—						28,525,220						28,525,220
Financing costs allocated to derivative warrant liabilities									—						964,140						964,140
Net cash used in operating activities									(592,406)						—						(592,406)
Net cash used in investing activities									(414,000,000)						—						(414,000,000)
Net cash provided by financing activities									415,454,160						—						415,454,160
Net change in cash									$	861,754					$	—					$	861,754

															As of September 30, 2020
									As Previously Reported						Restatement Adjustment						As Restated
Unaudited Condensed Balance Sheet
Total assets									$	415,422,378					$	—					$	415,422,378
Liabilities and shareholders’ equity
Total current liabilities									$	115,692					$	—					$	115,692
Deferred underwriting commissions									14,490,000						—						14,490,000
Derivative warrant liabilities									—						46,451,340						46,451,340
Total liabilities									14,605,692						$	46,451,340					61,057,032
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption									395,816,680						(46,451,340)						349,365,340
Shareholders’ equity
Preference shares - $0.0001 par value									—						—						—
Class A ordinary shares - $0.0001 par value									182						503						685
Class B ordinary shares - $0.0001 par value									1,035						—						1,035
Additional paid-in-capital									5,089,486						22,139,097						27,228,583
Accumulated deficit									(90,697)						(22,139,590)						(22,230,287)
Total shareholders’ equity									5,000,006						—						5,000,006
Total liabilities and shareholders’ equity									$	415,422,378					$	—					$	415,422,378

									Three Months Ended September 30, 2020
									As Previously Reported						Restatement Adjustment						As Restated
Unaudited Condensed Statement of Operations
Loss from operations									$	(134,386)					$	—					$	(134,386)
Other (expense) income
Change in fair value of derivative warrant liabilities									—						(21,175,450)						(21,175,460)
Financing costs									—						(964,140)						(964,140)
Interest earned on investments held in Trust Account									89,468						—						89,468
Total other (expense) income									89,468						(22,139,590)						(22,050,122)
Net loss									$	(44,918)					$	(22,139,590)					$	(22,184,508)
Basic and Diluted weighted-average Class A ordinary shares outstanding									41,400,000						—						$	41,400,000
Basic and Diluted net loss per Class A share									$	—					—						$	—
Basic and Diluted weighted-average Class B ordinary shares outstanding									10,350,000						—						10,350,000
Basic and Diluted net loss per Class B share									$	(0.01)					$	(2.14)					$	(2.15)

									Period From February 11, 2020 (Inception) Through September 30, 2020
									As Previously Reported						Restatement Adjustment						As Restated
Unaudited Condensed Statement of Operations
Loss from operations									$	(180,165)					$	—					$	(180,165)
Other (expense) income
Change in fair value of warrant liabilities									—						(21,175,450)						(21,175,450)
Financing costs									—						(964,140)						(964,140)
Interest earned on investments held in Trust Account									89,468						—						89,468
Total other (expense) income									89,468						(22,139,590)						(22,050,122)
Net loss									$	(90,697)					$	(22,139,590)					$	(22,230,287)
Basic and Diluted weighted-average Class A ordinary shares outstanding									41,400,000						—						$	41,400,000
Basic and Diluted net loss per Class A share									$	—					—						$	—
Basic and Diluted weighted-average Class B ordinary shares outstanding									10,350,000						—						10,350,000
Basic and Diluted net loss per Class B share									$	(0.02)					$	(2.14)					$	(2.16)

									Period From February 11, 2020 (Inception) Through September 30, 2020
									As Previously Reported						Restatement Adjustment						As Restated
Unaudited Condensed Statement of Cash Flows
Net Loss									(90,697)						(22,139,590)						(22,230,287)
Change in fair value of derivative warrant liabilities									—						21,175,450						21,175,450
Financing costs allocated to derivative warrant liabilities									—						964,140						964,140
Net cash used in operating activities									(501,937)						—						(501,937)
Net cash used in investing activities									(414,000,000)						—						(414,000,000)
Net cash provided by financing activities									415,454,160						—						415,454,160
Net change in cash									$	952,223					$	—					$	952,223

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- References

No definition available.

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X

- Definition

Tabular disclosure of the nature and effects of a restatement to correct an error in the reported results of operations of prior periods. When prior period adjustments are recorded, the resulting effects (both gross and net of applicable income tax) on the net income of prior periods are disclosed in the annual report for the year in which the adjustments are made, and amended filings of previously issued reports are typically issued.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

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