Restatement of Previously Issued Audited and Unaudited Financial Statements | Note 2 — Restatement of Previously Issued Audited and Unaudited Financial Statements In May 2021, the audit committee of the Company’s board of directors, after considering the recommendations of management, concluded that, because of a misapplication of the accounting guidance related to its Warrants, the Company’s previously issued financial statements for the periods beginning May 10, 2019 (inception) through December 31, 2020 (collectively, the “Affected Periods”) should no longer be relied upon. As such, the Company is restating its consolidated financial statements for the Affected Periods. On April 12, 2021, the Staff of the SEC issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “Staff Statement”). In the Staff Statement, the Staff of the SEC expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on July 25, 2019, the Company’s Warrants were accounted for as equity within the Company’s previously reported consolidated balance sheets. Accordingly, the consolidated statements of operations did not include any subsequent noncash changes in estimated fair value of the Warrants. The views expressed in the Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement. In light of the Staff Statement, the Company reassessed its accounting for the Warrants. Based on this reassessment, and after discussion and evaluation with the Company’s independent registered public accounting firm and the audit committee, management concluded that the Warrants should be presented as liabilities with subsequent fair value remeasurement. The warrant agreement governing the Warrants includes a provision (the “Replacement of Securities Upon Reorganization”), the application of which could result in a different settlement value for the Warrants depending on their holder. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed The following presents a reconciliation of the consolidated balance sheets, statements of operations and cash flows for the Affected Periods. December 31, 2020 As Previously Restatement As Restated Balance Sheet Public warrants derivative liability — 161,456,462 161,456,462 Private warrants derivative liability — 158,469,002 158,469,002 Total liabilities 16,852,448 319,925,464 336,777,912 Class A common stock subject to possible redemption 295,489,060 (295,489,060 ) — Class A common stock 186 2,955 3,141 Additional paid-in-capital 9,210,213 287,169,386 296,379,599 Accumulated deficit (4,211,183 ) (311,608,745 ) (315,819,928 ) Total stockholders’ equity (deficit) 5,000,001 (24,436,404 ) (19,436,403 ) Statement of Operations for the year ended December 31, 2020 Change in fair value of warrant liabilities — (310,330,174 ) (310,330,174 ) Loss before income tax expense (4,789,152 ) (310,330,174 ) (315,119,326 ) Net loss (4,990,755 ) (310,330,174 ) (315,320,929 ) Basic and diluted net loss per Class B common stock (0.73 ) (39.52 ) (40.25 ) Statement of Cash Flows for the year ended December 31, 2020 Net loss (4,990,755 ) (310,330,174 ) (315,320,929 ) Change in fair value of warrant liabilities — 310,330,174 310,330,174 September 30, 2020 As Previously Restatement As Restated Balance Sheet (unaudited) Public warrants derivative liability — 49,107,054 49,107,054 Private warrants derivative liability — 32,522,036 32,522,036 Total liabilities 12,158,095 81,629,090 93,787,185 Class A common stock subject to possible redemption 300,029,150 (81,629,090 ) 218,400,060 Class A common stock 141 816 957 Additional paid-in-capital 4,670,168 73,311,555 77,981,723 Retained earnings (Accumulated deficit) 328,914 (73,312,371 ) (72,983,457 ) Total stockholders’ equity 5,000,008 — 5,000,008 Statement of Operations for the three months ended September 30, 2020 (unaudited) Change in fair value of warrant liabilities — (68,996,330 ) (68,996,330 ) Loss before income tax expense (787,652 ) (68,996,330 ) (69,783,982 ) Net loss (792,915 ) (68,996,330 ) (69,789,245 ) Basic and diluted net loss per Class B common stock (0.10 ) (8.79 ) (8.89 ) Statement of Operations for the nine months ended September 30, 2020 (unaudited) Change in fair value of warrant liabilities — (72,033,800 ) (72,033,800 ) Loss before income tax expense (208,400 ) (72,033,800 ) (72,242,200 ) Net loss (450,658 ) (72,033,800 ) (72,484,458 ) Basic and diluted net loss per Class B common stock (0.15 ) (9.17 ) (9.32 ) Statement of Cash Flows for the nine months ended September 30, 2020 (unaudited) Net loss (450,658 ) (72,033,800 ) (72,484,458 ) Change in fair value of warrant liabilities — 72,033,800 72,033,800 June 30, 2020 As Previously Restatement As Restated Balance Sheet (unaudited) Public warrants derivative liability — 8,270,721 8,270,721 Private warrants derivative liability — 4,362,039 4,362,039 Total liabilities 11,905,001 12,632,760 24,537,761 Class A common stock subject to possible redemption 300,822,070 (12,632,760 ) 288,189,310 Class A common stock 133 126 259 Additional paid-in-capital 3,877,256 4,315,915 8,193,171 Retained earnings (Accumulated deficit) 1,121,829 (4,316,041 ) (3,194,212 ) Total stockholders’ equity 5,000,003 — 5,000,003 Statement of Operations for the three months ended June 30, 2020 (unaudited) Change in fair value of warrant liabilities — (2,685,170 ) (2,685,170 ) Loss before income tax expense (96,889 ) (2,685,170 ) (2,782,059 ) Net loss (124,174 ) (2,685,170 ) (2,809,344 ) Basic and diluted net loss per Class B common stock (0.02 ) (0.34 ) (0.36 ) Statement of Operations for the six months ended June 30, 2020 (unaudited) Change in fair value of warrant liabilities — (3,037,470 ) (3,037,470 ) Income (loss) before income tax expense 579,252 (3,037,470 ) (2,458,218 ) Net income (loss) 342,257 (3,037,470 ) (2,695,213 ) Basic and diluted net loss per Class B common stock (0.06 ) (0.39 ) (0.45 ) Statement of Cash Flows for the six months ended June 30, 2020 (unaudited) Net income (loss) 342,257 (3,037,470 ) (2,695,213 ) Change in fair value of warrant liabilities — 3,037,470 3,037,470 March 31, 2020 As Restatement As Restated Balance Sheet (unaudited) Public warrants derivative liability — 6,524,218 6,524,218 Private warrants derivative liability — 3,423,372 3,423,372 Total liabilities 11,877,840 9,947,590 21,825,430 Class A common stock subject to possible redemption 300,946,240 (9,947,590 ) 290,998,650 Class A common stock 132 99 231 Additional paid-in-capital 3,753,087 1,630,772 5,383,859 Retained earnings (Accumulated deficit) 1,246,003 (1,630,871 ) (384,868 ) Total stockholders’ equity 5,000,007 — 5,000,007 Statement of Operations for the three months ended March 31, 2020 (unaudited) Change in fair value of warrant liabilities — (352,300 ) (352,300 ) Income before income taxes 676,141 (352,300 ) 323,841 Net income 466,431 (352,300 ) 114,131 Basic and diluted net loss per Class B common stock (0.03 ) (0.04 ) (0.07 ) Statement of Cash Flows for the three months ended March 31, 2020 (unaudited) Net income 466,431 (352,300 ) 114,131 Change in fair value of warrant liabilities — 352,300 352,300 December 31, 2019 As Previously Restatement As Restated Balance Sheet Public warrants derivative liability — 6,282,349 6,282,349 Private warrants derivative liability — 3,312,941 3,312,941 Total liabilities 11,692,080 9,595,290 21,287,370 Class A common stock subject to possible redemption 300,479,810 (9,595,290 ) 290,884,520 Class A common stock 136 96 232 Additional paid-in-capital 4,219,513 1,278,475 5,497,988 Retained earnings (Accumulated deficit) 779,572 (1,278,571 ) (498,999 ) Total stockholders’ equity 5,000,006 — 5,000,006 Statement of Operations for the period from May 19, 2019 (inception) through December 31, 2019 Change in fair value of warrant liabilities — (959,526 ) (959,526 ) Allocated expense for warrant issuance cost — (319,045 ) (319,045 ) Income (loss) before income taxes 1,258,636 (1,278,571 ) (19,935 ) Net income (loss) 779,572 (1,278,571 ) (498,999 ) Basic and diluted net loss per Class B common stock (0.12 ) (0.16 ) (0.28 ) Statement of Cash Flows for the period from May 19, 2019 (inception) through December 31, 2019 Net income (loss) 779,572 (1,278,571 ) (498,999 ) Issuance costs related to warrant liability — 319,045 319,045 Change in fair value of warrant liabilities — 959,526 959,526 September 30, 2019 As Restatement As Restated Balance Sheet (unaudited) Public warrants derivative liability — 9,947,060 9,947,060 Private warrants derivative liability — 4,858,980 4,858,980 Total liabilities 11,406,919 14,806,040 26,212,959 Class A common stock subject to possible redemption 299,838,630 (14,806,040 ) 285,032,590 Class A common stock 143 148 291 Additional paid-in-capital 4,860,686 6,489,173 11,349,859 Retained earnings (Accumulated deficit) 138,392 (6,489,321 ) (6,350,929 ) Total stockholders’ equity 5,000,006 — 5,000,006 Statement of Operations for the three months ended September 30, 2019 (unaudited) Change in fair value of warrant liabilities — (6,170,276 ) (6,170,276 ) Allocated expense for warrant issuance cost — (319,045 ) (319,045 ) Income (loss) before income tax expense 388,196 (6,489,321 ) (6,101,125 ) Net income (loss) 194,611 (6,489,321 ) (6,294,710 ) Basic and diluted net loss per Class B common stock (0.07 ) (0.83 ) (0.90 ) Statement of Operations for the period from May 10, 2019 (inception) through September 30, 2019 (unaudited) Change in fair value of warrant liabilities — (6,170,276 ) (6,170,276 ) Allocated expense for warrant issuance cost — (319,045 ) (319,045 ) Income (loss) before income tax expense 331,977 (6,489,321 ) (6,157,344 ) Net income (loss) 138,392 (6,489,321 ) (6,350,929 ) Basic and diluted net loss per Class B common stock (0.08 ) (0.83 ) (0.91 ) Statement of Cash Flows for the period from May 10, 2019 (inception) through September 30, 2019 (unaudited) Net income (loss) 138,392 (6,489,321 ) (6,350,929 ) Issuance costs related to warrant liability — 319,045 319,045 Change in fair value of warrant liabilities — 6,170,276 6,170,276 July 30, 2019 As Previously Restatement As Restated Balance Sheet Public warrants derivative liability — 5,400,000 5,400,000 Private warrants derivative liability — 2,880,000 2,880,000 Total liabilities 11,443,548 8,280,000 19,723,548 Class A common stock subject to possible redemption 285,849,880 (8,280,000 ) 277,569,880 Class A common stock 142 83 225 Additional paid-in-capital 5,175,033 305,917 5,480,950 Accumulated deficit (176,030 ) (306,000 ) (482,030 ) Total stockholders’ equity 5,000,008 — 5,000,008 |