☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | 001-39865 | 98-1574497 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
Albany Financial Center, South Ocean Blvd, Suite #507, P.O. Box SP-63158, New Providence, Nassau, The Bahamas | n/a | |
(Address Of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-fourth of one redeemable warrant | LHC.U | New York Stock Exchange | ||
Class A ordinary shares included as part of the units | LHC | New York Stock Exchange | ||
Redeemable warrants included as part of the units | LHCWS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
Item 1. | 1 | |||||
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2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. |
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 447,622 | $ | — | $ | 447,622 | $ | — | ||||||||
Prepaid expenses | 566,604 | 16,771 | 566,604 | 16,771 | ||||||||||||
Total current assets | 1,014,226 | 16,771 | 1,014,226 | 16,771 | ||||||||||||
Investments held in Trust Account | 375,023,633 | — | 375,023,633 | — | ||||||||||||
Deferred offering costs associated with the initial public offering | — | 381,478 | — | 381,478 | ||||||||||||
Total Assets | $ | 376,037,859 | $ | 398,249 | $ | 376,037,859 | $ | 398,249 | ||||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 74,716 | $ | — | $ | 74,716 | $ | — | ||||||||
Accounts payable - related party | 23,345 | — | 23,345 | — | ||||||||||||
Accrued expenses | 128,500 | 245,000 | 128,500 | 245,000 | ||||||||||||
Note payable - related party | — | 162,127 | — | 162,127 | ||||||||||||
Total current liabilities | 226,561 | 407,127 | 226,561 | 407,127 | ||||||||||||
Deferred underwriting commissions | 13,125,000 | — | 13,125,000 | — | ||||||||||||
Warrant liabilities | 10,266,667 | — | 10,266,667 | — | ||||||||||||
Total liabilities | 23,618,228 | 407,127 | 23,618,228 | 407,127 | ||||||||||||
Commitments and Contingencies (Note 6) | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 37,500,000 and 0 shares at $10.00 per share as of September 30, 2021 and December 31, 2020, respectively | 375,000,000 | — | ||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 37,500,000 and 0 shares issued and outstanding at $10.00 per shareredemption value as of September 30, 2021 and December 31, 2020, respectively | 375,000,000 | — | ||||||||||||||
Shareholders’ Deficit: | ||||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued and outstanding | 0— | — | ||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued or outstanding | 0— | — | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized ; 0 non-redeemable shares issued or outstanding | 0 | — | 0 | — | ||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 9,375,000 and 10,062,500 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively (1) | 937 | 1,006 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 9,375,000 and 10,062,500 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively(1) | 937 | 1,006 | ||||||||||||||
Additional paid-in capital | 0 | 23,994 | 0 | 23,994 | ||||||||||||
Accumulated deficit | (22,581,306 | ) | (33,878 | ) | (22,581,306 | ) | (33,878 | ) | ||||||||
Total shareholders’ deficit | (22,580,369 | ) | (8,878 | ) | (22,580,369 | ) | (8,878 | ) | ||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 376,037,859 | $ | 398,249 | $ | 376,037,859 | $ | 398,249 | ||||||||
(1) | As of December 31, 2020, included up to 1,312,500 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. On January 12, 2021, the underwriters partially exercised the over-allotment option; thus, 687,500 shares were forfeited. |
For the Period from | ||||||||||||
For the Three Months Ended | For the Nine Months Ended | September 1, 2020 (Inception) | ||||||||||
September 30, 2021 | September 30, 2021 | through September 30, 2020 | ||||||||||
Operating expenses | ||||||||||||
General and administrative expenses | $ | 276,638 | $ | 905,085 | $ | 11,885 | ||||||
General and administrative expenses - related party | 43,345 | 99,592 | — | |||||||||
Loss from operations | (319,983 | ) | (1,004,677 | ) | (11,885 | ) | ||||||
Other income (expenses): | ||||||||||||
Change in fair value of warrant liabilities | 5,293,750 | 2,312,500 | — | |||||||||
Offering costs associated with issuance of warrants | 0 | (425,516 | ) | — | ||||||||
Net gain from investments held in Trust Account | 9,454 | 23,633 | — | |||||||||
Net income (loss) | $ | 4,983,221 | $ | 905,940 | $ | (11,885 | ) | |||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 37,500,000 | 35,989,011 | — | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.11 | $ | 0.02 | $ | — | ||||||
Weighted average shares outstanding of Class B ordinary shares, basic | 9,375,000 | 9,349,817 | 8,750,000 | |||||||||
Weighted average shares outstanding of Class B ordinary shares, diluted | 9,375,000 | 9,375,000 | — | |||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | 0.11 | $ | 0.02 | $ | (0.00 | ) | |||||
For the Period from | ||||||||||||
For the Three | For the Nine | September 1, 2020 (Inception) | ||||||||||
Months Ended September 30, 2021 | Months Ended September 30, 2021 | through September 30, 2020 | ||||||||||
Operating expenses | ||||||||||||
General and administrative expenses | $ | 276,638 | $ | 905,085 | $ | 11,885 | ||||||
General and administrative expenses - related party | 43,345 | 99,592 | — | |||||||||
Loss from operations | (319,983 | ) | (1,004,677 | ) | (11,885 | ) | ||||||
Other income (expenses): | ||||||||||||
Change in fair value of warrant liabilities | 5,293,750 | 2,312,500 | — | |||||||||
Offering costs associated with issuance of warrants | 0 | (425,516 | ) | — | ||||||||
Net gain from investments held in Trust Account | 9,454 | 23,633 | — | |||||||||
Net income (loss) | $ | 4,983,221 | $ | 905,940 | $ | (11,885 | ) | |||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 37,500,000 | 35,989,011 | — | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.11 | $ | 0.02 | $ | — | ||||||
Weighted average shares outstanding of Class B ordinary shares, basic | 9,375,000 | 9,349,817 | 8,750,000 | |||||||||
Weighted average shares outstanding of Class B ordinary shares, diluted | 9,375,000 | 9,375,000 | — | |||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares | $ | 0.11 | $ | 0.02 | $ | (0.00 | ) | |||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares (1) | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2020 | 0 | $ | 0 | 10,062,500 | $ | 1,006 | $ | 23,994 | $ | (33,878 | ) | $ | (8,878 | ) | ||||||||||||||
Excess cash received over the fair value of the private warrants | — | — | — | — | 4,733,333 | — | 4,733,333 | |||||||||||||||||||||
Class B ordinary shares forfeited | — | — | (687,500 | ) | (69 | ) | 69 | — | — | |||||||||||||||||||
Accretion on Class A ordinary shares subject to possible redemption amount | — | — | — | — | (4,757,396 | ) | (23,453,368 | ) | (28,210,764 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (328,945 | ) | (328,945 | ) | |||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 0 | 0 | 9,375,000 | 937 | 0 | (23,816,191 | ) | (23,815,254 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (3,748,336 | ) | (3,748,336 | ) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited) | 0 | 0 | 9,375,000 | 937 | 0 | (27,564,527 | ) | (27,563,590 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 4,983,221 | 4,983,221 | |||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 0 | $ | 0 | 9,375,000 | $ | 937 | $ | 0 | $ | (22,581,306 | ) | $ | (22,580,369 | ) | ||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares (1) | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2020 | 0 | $ | 0 | 10,062,500 | $ | 1,006 | $ | 23,994 | $ | (33,878 | ) | $ | (8,878 | ) | ||||||||||||||
Excess cash received over the fair value of the private warrants | — | — | — | — | 4,733,333 | — | 4,733,333 | |||||||||||||||||||||
Class B ordinary shares forfeited | — | — | (687,500 | ) | (69 | ) | 69 | — | — | |||||||||||||||||||
Accretion on Class A ordinary shares subject to possible redemption amount | — | — | — | — | (4,757,396 | ) | (23,453,368 | ) | (28,210,764 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (328,945 | ) | (328,945 | ) | |||||||||||||||||||
Balance - March 31, 2021 (unaudited, as restated in Note 2) | 0 | 0 | 9,375,000 | 937 | 0 | (23,816,191 | ) | (23,815,254 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (3,748,336 | ) | (3,748,336 | ) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited, as restated in Note 2) | 0 | 0 | 9,375,000 | 937 | 0 | (27,564,527 | ) | (27,563,590 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 4,983,221 | 4,983,221 | |||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 0 | $ | 0 | 9,375,000 | $ | 937 | $ | 0 | $ | (22,581,306 | ) | $ | (22,580,369 | ) | ||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares (1) | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance - September 1, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 10,062,500 | 1,006 | 23,994 | — | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (11,885 | ) | (11,885 | ) | |||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Balance - September 30, 2020 (unaudited) | 0 | $ | 0 | 10,062,500 | $ | 1,006 | $ | 23,994 | $ | (11,885 | ) | $ | 13,115 | |||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares (1) | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance - September 1, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 10,062,500 | 1,006 | 23,994 | — | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (11,885 | ) | (11,885 | ) | |||||||||||||||||||
Balance - September 30, 2020 (unaudited) | 0 | $ | 0 | 10,062,500 | $ | 1,006 | $ | 23,994 | $ | (11,885 | ) | $ | 13,115 | |||||||||||||||
(1) | As of September 30, 2020 and December 31, 2020, included up to 1,312,500 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. On January 12, 2021, the underwriters partially exercised the over-allotment option; thus, 687,500 shares were forfeited. |
For the Period from | ||||||||
For the Nine Months Ended | September 1, 2020 (Inception) | |||||||
September 30, 2021 | through September 30, 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 905,940 | $ | (11,885 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (2,312,500 | ) | — | |||||
Offering costs associated with issuance of warrants | 425,516 | — | ||||||
Net gain from investments held in Trust Account | (23,633 | ) | — | |||||
Change in operating assets: | ||||||||
Prepaid expenses | (549,833 | ) | (13,115 | ) | ||||
Accounts payable | 74,716 | — | ||||||
Accounts payable - related party | 23,345 | — | ||||||
Accrued expenses | 43,500 | — | ||||||
Net cash used in operating activities | (1,412,949 | ) | (25,000 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | (375,000,000 | ) | — | |||||
Net cash used in investing activities | (375,000,000 | ) | — | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from note payable to related party | 6,604 | — | ||||||
Repayment of note payable to related party | (168,731 | ) | — | |||||
Proceeds received from initial public offering, gross | 375,000,000 | — | ||||||
Proceeds received from private placement | 10,000,000 | — | ||||||
Offering costs paid | (7,977,302 | ) | 25,000 | |||||
Net cash provided by financing activities | 376,860,571 | 25,000 | ||||||
Net change in cash | 447,622 | — | ||||||
Cash - beginning of the period | 0 | — | ||||||
Cash - end of the period | $ | 447,622 | $ | — | ||||
Supplemental disclosure of noncash activities: | ||||||||
Offering costs included in accrued expenses | $ | 85,000 | $ | 175,000 | ||||
Offering costs included in accounts payable | $ | — | $ | 8,000 | ||||
Offering costs included in note payable | $ | — | $ | 23,690 | ||||
Deferred underwriting commissions | $ | 13,125,000 | $ | — | ||||
Forfeiture of Class B ordinary shares | $ | 69 | $ | — | ||||
For the Period from | ||||||||
For the Nine | September 1, 2020 (Inception) | |||||||
Months Ended September 30, 2021 | through September 30, 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 905,940 | $ | (11,885 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (2,312,500 | ) | — | |||||
Offering costs associated with issuance of warrants | 425,516 | — | ||||||
Net gain from investments held in Trust Account | (23,633 | ) | — | |||||
Change in operating assets: | ||||||||
Prepaid expenses | (549,833 | ) | (13,115 | ) | ||||
Accounts payable | 74,716 | — | ||||||
Accounts payable - related party | 23,345 | — | ||||||
Accrued expenses | 43,500 | — | ||||||
Net cash used in operating activities | (1,412,949 | ) | (25,000 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | (375,000,000 | ) | — | |||||
Net cash used in investing activities | (375,000,000 | ) | — | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from note payable to related party | 6,604 | — | ||||||
Repayment of note payable to related party | (168,731 | ) | — | |||||
Proceeds received from initial public offering, gross | 375,000,000 | — | ||||||
Proceeds received from private placement | 10,000,000 | — | ||||||
Offering costs paid | (7,977,302 | ) | 25,000 | |||||
Net cash provided by financing activities | 376,860,571 | 25,000 | ||||||
Net change in cash | 447,622 | — | ||||||
Cash - beginning of the period | 0 | — | ||||||
Cash - end of the period | $ | 447,622 | $ | — | ||||
Supplemental disclosure of noncash activities: | ||||||||
Offering costs included in accrued expenses | $ | 85,000 | $ | 175,000 | ||||
Offering costs included in accounts payable | $ | — | $ | 8,000 | ||||
Offering costs included in note payable | $ | — | $ | 23,690 | ||||
Deferred underwriting commissions | $ | 13,125,000 | $ | — | ||||
Forfeiture of Class B ordinary shares | $ | 69 | $ | — | ||||
As of March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Unaudited Condensed Balance Sheet | ||||||||||||
Total assets | $ | 376,536,954 | 0 | $ | 376,536,954 | |||||||
Total liabilities | $ | 25,352,208 | 0 | $ | 25,352,208 | |||||||
Class A ordinary shares subject to possible redemption | 346,184,740 | 28,815,260 | 375,000,000 | |||||||||
Shareholders’ equity (deficit) | ||||||||||||
Preference shares | 0 | 0 | 0 | |||||||||
Class A ordinary shares | 288 | (288 | ) | 0 | ||||||||
Class B ordinary shares | 937 | 0 | 937 | |||||||||
Additional paid-in-capital | 5,361,604 | (5,361,604 | ) | 0 | ||||||||
Accumulated deficit | (362,823 | ) | (23,453,368 | ) | (23,816,191 | ) | ||||||
Total shareholders’ equity (deficit) | 5,000,006 | (28,815,260 | ) | (23,815,254 | ) | |||||||
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit) | $ | 376,536,954 | $ | 0 | $ | 376,536,954 | ||||||
For the Three Months Ended March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||
Net loss | $ | (328,945 | ) | $ | 0 | $ | (328,945 | ) | ||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 37,500,000 | (4,583,333 | ) | 32,916,667 | ||||||||
Basic and diluted net income per Class A ordinary share | $ | 0.00 | $ | (0.01 | ) | $ | (0.01 | ) | ||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted | 9,298,611 | 0 | 9,298,611 | |||||||||
Basic and diluted net income per Class B ordinary share | $ | (0.04 | ) | $ | 0.03 | $ | (0.01 | ) |
For the Three Months Ended March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Unaudited Condensed Statement of Cash Flows—Supplemental disclosure of noncash activities: | ||||||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 346,074,800 | $ | (346,074,800 | ) | $ | 0 | |||||
Change in fair value of Class A ordinary shares subject to possible redemption | $ | 109,940 | $ | (109,940 | ) | $ | 0 |
As of June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Unaudited Condensed Balance Sheet | ||||||||||||
Total assets | $ | 376,322,657 | 0 | $ | 376,322,657 | |||||||
Total liabilities | $ | 28,886,247 | 0 | $ | 28,886,247 | |||||||
Class A ordinary shares subject to possible redemption | 342,436,400 | 32,563,600 | 375,000,000 | |||||||||
Shareholders’ equity (deficit) | ||||||||||||
Preference shares | 0 | 0 | 0 | |||||||||
Class A ordinary shares | 326 | (326 | ) | 0 | ||||||||
Class B ordinary shares | 937 | 0 | 937 | |||||||||
Additional paid-in-capital | 9,109,906 | (9,109,906 | ) | 0 | ||||||||
Accumulated deficit | (4,111,159 | ) | (23,453,368 | ) | (27,564,527 | ) | ||||||
Total shareholders’ equity (deficit) | 5,000,010 | (32,563,600 | ) | (27,563,590 | ) | |||||||
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit) | $ | 376,322,657 | $ | 0 | $ | 376,322,657 | ||||||
For the Three Months Ended June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||
Net loss | $ | (3,748,336 | ) | $ | 0 | $ | (3,748,336 | ) | ||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 37,500,000 | 0 | 37,500,000 | |||||||||
Basic and diluted net income (loss) per Class A ordinary share | $ | 0.00 | $ | (0.08 | ) | $ | (0.08 | ) | ||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted | 9,375,000 | 0 | 9,375,000 | |||||||||
Basic and diluted net loss per Class B ordinary share | $ | (0.40 | ) | $ | 0.32 | $ | (0.08 | ) |
For the Six Months Ended June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Unaudited Condensed Statement of Operations | ||||||||||||
Net loss | $ | (4,077,281 | ) | $ | 0 | $ | (4,077,281 | ) | ||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 37,500,000 | (2,279,006 | ) | 35,220,994 | ||||||||
Basic and diluted net income per Class A ordinary share | $ | 0.00 | $ | (0.09 | ) | $ | (0.09 | ) | ||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted | 9,337,017 | 0 | 9,337,017 | |||||||||
Basic and diluted net income per Class B ordinary share | $ | (0.44 | ) | $ | 0.35 | $ | (0.09 | ) |
For the Six Months Ended June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Unaudited Condensed Statement of Cash Flows—Supplemental disclosure of noncash activities: | ||||||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 346,074,800 | $ | (346,074,800 | ) | $ | 0 | |||||
Change in fair value of Class A ordinary shares subject to possible redemption | $ | (3,638,400 | ) | $ | 3,638,400 | $ | 0 |
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income - basic | $ | 3,986,577 | $ | 996,644 | $ | 719,116 | $ | 186,824 | $ | 3,986,577 | $ | 996,644 | $ | 719,116 | $ | 186,824 | ||||||||||||||||
Allocation of net income - diluted | $ | 3,986,577 | $ | 996,644 | $ | 718,717 | $ | 187,223 | $ | 3,986,577 | $ | 996,644 | $ | 718,717 | $ | 187,223 | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Weighted average ordinary shares outstanding, basic | 37,500,000 | 9,375,000 | 35,989,011 | 9,349,817 | 37,500,000 | 9,375,000 | 35,989,011 | 9,349,817 | ||||||||||||||||||||||||
Weighted average ordinary shares outstanding, diluted | 37,500,000 | 9,375,000 | 35,989,011 | 9,375,000 | 37,500,000 | 9,375,000 | 35,989,011 | 9,375,000 | ||||||||||||||||||||||||
Basic net income per ordinary share | $ | 0.11 | $ | 0.11 | $ | 0.02 | $ | 0.02 | $ | 0.11 | $ | 0.11 | $ | 0.02 | $ | 0.02 | ||||||||||||||||
Diluted net income per ordinary share | $ | 0.11 | $ | 0.11 | $ | 0.02 | $ | 0.02 | $ | 0.11 | $ | 0.11 | $ | 0.02 | $ | 0.02 | ||||||||||||||||
Gross proceeds received from Initial Public Offering | $ | 375,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (7,312,500 | ) | ||
Offering costs allocated to Class A ordinary shares | (20,898,264 | ) | ||
Plus: | ||||
Accretion on Class A ordinary shares to redemption value | 28,210,764 | |||
Class A ordinary shares subject to possible redemption | $ | 375,000,000 | ||
Fair Value Measured as of September 30, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments held in Trust Account - U.S. Treasury Securities | $ | 375,023,633 | $ | — | $ | — | $ | 375,023,633 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liabilities - public warrants | $ | 6,000,000 | $ | — | $ | — | $ | 6,000,000 | ||||||||
Warrant liabilities - private warrants | $ | — | $ | — | $ | 4,266,667 | $ | 4,266,667 |
Warrant liabilities at January 1, 2021 | $ | 0 | ||
Issuance of Public and Private Warrants | 12,579,167 | |||
Public Warrants transferred to Level 1 | (7,312,500 | ) | ||
Change in fair value of warrant liabilities | (266,667 | ) | ||
Warrant liabilities at March 31, 2021 | 5,000,000 | |||
Change in fair value of warrant liabilities | 1,466,667 | |||
Warrant liabilities at June 30, 2021 | 6,466,667 | |||
Change in fair value of warrant liabilities | (2,200,000 | ) | ||
Warrant liabilities at September 30, 2021 | $ | 4,266,667 | ||
September 30, 2021 | January 12, 2021 | |||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock Price | $ | 9.74 | $ | 9.80 | ||||
Term (in years) | 5.50 | 5.97 | ||||||
Volatility | 11.50 | % | 14.20 | % | ||||
Risk-free interest rate | 1.06 | % | 0.66 | % | ||||
Dividend yield | 0 | 0 |
September 30, 2021 | January 12, 2021 | |||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock Price | $ | 9.74 | $ | 9.80 | ||||
Term (in years) | 5.50 | 5.97 | ||||||
Volatility | 11.50 | % | 14.20 | % | ||||
Risk-free interest rate | 1.06 | % | 0.66 | % | ||||
Dividend yield | 0 | 0 |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: | LEO HOLDINGS CORP. II | |||||
By: | /s/ Lyndon Lea | |||||
Name: | Lyndon Lea | |||||
Title: | President and Chief Executive Officer (Principal Executive Officer) |