Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 10, 2022 | Jun. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | Malacca Straits Acquisition Co Ltd | ||
Document Type | 10-K/A | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 142,456,250 | ||
Amendment Flag | true | ||
Amendment Description | References throughout this Amendment No. 2 to the Annual Report on Form 10-K to “we,” “us,” the “Company” or “our company” are to Malacca Straits Acquisition Company Limited, unless the context otherwise indicates.
This Amendment No. 2 (“Amendment No. 2”) to the Annual Report on Form 10-K/A amends Amendment No. 1 to the Annual Report on Form 10-K/A of the Company as of and for the period ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”) on June 2, 2021 (the “First Amended Filing”). The Company has re-evaluated the Company’s application of ASC 480-10-S99-3A to its accounting classification of the redeemable Class A ordinary shares, par value $0.0001 per share (the “Public Shares”), issued as part of the units sold in the Company’s initial public offering on July 17, 2020. Historically, a portion of the Public Shares was classified as permanent equity to maintain shareholders’ equity greater than $5 million on the basis that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001, as described in the Company’s amended and restated memorandum and articles of association (the “Charter”). Pursuant to such re-evaluation, the Company’s management has determined that the Public Shares include certain provisions that require classification of all of the Public Shares as temporary equity regardless of the net tangible assets redemption limitation contained in the Charter. In addition, in connection with the change in presentation for the Public Shares, the Company determined it should restate its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. Therefore, on November 29, 2021, the Company’s management and the audit committee of the Company’s board of directors (the “Audit Committee”) concluded that the Company’s previously issued (i) audited balance sheet as of July 17, 2020 (the “Post-IPO Balance Sheet” (previously restated in the 10K/A Number 1)), (ii) unaudited financial statements as of and for the three and nine months ended September 30, 2020 contained in the Company’s Quarterly Report on Form 10-Q filed on November 16, 2020, (iii) audited financial statements as of December 31, 2020 as previously issued in the Company’s First Amended Filing, (iv) unaudited financial statements as of and for the three months ended March 31, 2021 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on June 2, 2021, and (v) unaudited financial statements as of and for the three and six months ended June 30, 2021 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2021 (together, and collectively, the “Affected Periods”) should be restated to report all Public Shares as temporary equity and earnings per share and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods in this Amendment No. 2 for the Company’s audited financial statements in the First Amended Filing, and the unaudited condensed financial statements for the periods ended March 31, 2021 and June 30, 2021 in an amended Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021, to be filed with the SEC (the “Q3 Form 10-Q/A”). The restatement does not have an impact on its cash position and cash held in the trust account established in connection with the Company’s initial public offering (the “Trust Account”). The Company’s management has concluded that a material weakness remains in the Company’s internal control over financial reporting and that the Company’s disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness will be described in more detail in the Q3 Form 10-Q/A. We are filing this Amendment No. 2 to amend and restate the First Amended Filing with modification as necessary to reflect the restatements. The following items have been amended to reflect the restatements: Part I, Item 1. Business Part I, Item 1A. Risk Factors Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Part II, Item 8. Financial Statements and Supplementary Data Part II, Item 9A. Controls and Procedures In addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this Amendment No. 2 (Exhibits 31.1, 31.2, 32.1 and 32.2). Except as described above, no other information included in the Annual Report on Form 10-K of the Company as of and for the period ended December 31, 2020, as filed with the SEC on March 31, 2021 (the “Original Filing”) or the First Amended Filing is being amended or updated by this Amendment No. 2 and, other than as described herein, this Amendment No. 2 does not purport to reflect any information or events subsequent to the Original Filing or the First Amended Filing. We have not amended our previously filed quarterly reports on Form 10-Qs for the period affected by the restatement or our previously filed balance sheet, dated July 17, 2020, on Form 8-K. This Amendment No. 2 continues to describe the conditions as of the date of the Original Filing or the First Amended Filing and, except as expressly contained herein, we have not updated, modified or supplemented the disclosures contained in the Original Filing or the First Amended Filing. Accordingly, this Amendment No. 2 should be read in conjunction with the Original Filing and the First Amended Filing and with our filings with the SEC subsequent to the Original Filing. This Amendment No. 2 (“Amendment No. 2”) to the Annual Report on Form 10-K/A amends Amendment No. 1 to the Annual Report on Form 10-K/A of the Company as of and for the period ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”) on June 2, 2021 (the “First Amended Filing”). The Company has re-evaluated the Company’s application of ASC 480-10-S99-3A to its accounting classification of the redeemable Class A ordinary shares, par value $0.0001 per share (the “Public Shares”), issued as part of the units sold in the Company’s initial public offering on July 17, 2020. Historically, a portion of the Public Shares was classified as permanent equity to maintain shareholders’ equity greater than $5 million on the basis that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001, as described in the Company’s amended and restated memorandum and articles of association (the “Charter”). Pursuant to such re-evaluation, the Company’s management has determined that the Public Shares include certain provisions that require classification of all of the Public Shares as temporary equity regardless of the net tangible assets redemption limitation contained in the Charter. In addition, in connection with the change in presentation for the Public Shares, the Company determined it should restate its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. Therefore, on November 29, 2021, the Company’s management and the audit committee of the Company’s board of directors (the “Audit Committee”) concluded that the Company’s previously issued (i) audited balance sheet as of July 17, 2020 (the “Post-IPO Balance Sheet” (previously restated in the 10K/A Number 1)), (ii) unaudited financial statements as of and for the three and nine months ended September 30, 2020 contained in the Company’s Quarterly Report on Form 10-Q filed on November 16, 2020, (iii) audited financial statements as of December 31, 2020 as previously issued in the Company’s First Amended Filing, (iv) unaudited financial statements as of and for the three months ended March 31, 2021 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on June 2, 2021, and (v) unaudited financial statements as of and for the three and six months ended June 30, 2021 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2021 (together, and collectively, the “Affected Periods”) should be restated to report all Public Shares as temporary equity and earnings per share and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods in this Amendment No. 2 for the Company’s audited financial statements in the First Amended Filing, and the unaudited condensed financial statements for the periods ended March 31, 2021 and June 30, 2021 in an amended Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021, to be filed with the SEC (the “Q3 Form 10-Q/A”). The restatement does not have an impact on its cash position and cash held in the trust account established in connection with the Company’s initial public offering (the “Trust Account”). The Company’s management has concluded that a material weakness remains in the Company’s internal control over financial reporting and that the Company’s disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness will be described in more detail in the Q3 Form 10-Q/A. We are filing this Amendment No. 2 to amend and restate the First Amended Filing with modification as necessary to reflect the restatements. The following items have been amended to reflect the restatements: Part I, Item 1. Business Part I, Item 1A. Risk Factors Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Part II, Item 8. Financial Statements and Supplementary Data Part II, Item 9A. Controls and Procedures In addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this Amendment No. 2 (Exhibits 31.1, 31.2, 32.1 and 32.2). Except as described above, no other information included in the Annual Report on Form 10-K of the Company as of and for the period ended December 31, 2020, as filed with the SEC on March 31, 2021 (the “Original Filing”) or the First Amended Filing is being amended or updated by this Amendment No. 2 and, other than as described herein, this Amendment No. 2 does not purport to reflect any information or events subsequent to the Original Filing or the First Amended Filing. We have not amended our previously filed quarterly reports on Form 10-Qs for the period affected by the restatement or our previously filed balance sheet, dated July 17, 2020, on Form 8-K. This Amendment No. 2 continues to describe the conditions as of the date of the Original Filing or the First Amended Filing and, except as expressly contained herein, we have not updated, modified or supplemented the disclosures contained in the Original Filing or the First Amended Filing. Accordingly, this Amendment No. 2 should be read in conjunction with the Original Filing and the First Amended Filing and with our filings with the SEC subsequent to the Original Filing. | ||
Entity Central Index Key | 0001807594 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-39383 | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Interactive Data Current | Yes | ||
Class A Ordinary Shares | |||
Document Information Line Items | |||
Entity Common Stock, Shares Outstanding | 14,375,000 | ||
Class B Ordinary Shares | |||
Document Information Line Items | |||
Entity Common Stock, Shares Outstanding | 3,593,750 |
Balance Sheet
Balance Sheet | Dec. 31, 2020USD ($) |
ASSETS | |
Cash | $ 730,837 |
Prepaid expenses | 75,844 |
Total Current Assets | 806,681 |
Cash and marketable securities held in Trust Account | 143,815,744 |
TOTAL ASSETS | 144,622,425 |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
Current liabilities- accrued expenses | 81,485 |
Derivative warrant liabilities | 12,186,260 |
Deferred underwriting fee payable | 5,031,250 |
Total Liabilities | 17,298,995 |
Commitments and Contingencies | |
Class A ordinary shares subject to possible redemption, 14,375,000 shares at $10.00 per share | 143,750,000 |
Shareholders’ Deficit | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | |
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,593,750 shares issued and outstanding | 359 |
Additional paid-in capital | |
Accumulated deficit | (16,426,929) |
Total Shareholders’ Deficit | (16,426,570) |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ 144,622,425 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) | Dec. 31, 2020$ / sharesshares |
Preference shares,par value (in Dollars per share) | $ / shares | $ 0.0001 |
Preference shares, authorized | 1,000,000 |
Preference shares, issued | |
Preference shares, outstanding | |
Class A Ordinary Shares | |
Ordinary shares subject to possible redemption | 14,375,000 |
Ordinary shares subject to possible redemption, per share (in Dollars per share) | $ / shares | $ 10 |
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Ordinary shares, authorized | 200,000,000 |
Class B Ordinary Shares | |
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Ordinary shares, authorized | 20,000,000 |
Ordinary shares, issued | 3,593,750 |
Ordinary shares, outstanding | 3,593,750 |
Statement of Operations
Statement of Operations | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Income Statement [Abstract] | |
Formation and operating costs | $ 311,104 |
Loss from operations | (311,104) |
Other income (expense): | |
Interest earned – bank | 4 |
Interest earned on marketable securities held in Trust Account | 65,744 |
Issuance costs related to warrant liability | (186,456) |
Change in fair market value of derivative warrant liabilities | (7,193,729) |
Net Loss | $ (7,625,541) |
Weighted average shares outstanding of Class A redeemable ordinary shares (in Shares) | shares | 6,577,869 |
Basic and diluted net income per share, Class A redeemable ordinary shares (in Dollars per share) | $ / shares | $ (0.75) |
Weighted average shares outstanding of Class B non-redeemable ordinary shares (in Shares) | shares | 3,593,750 |
Basic and diluted net loss per share, Class B non-redeemable ordinary shares (in Dollars per share) | $ / shares | $ (0.75) |
Statement of Changes in Shareho
Statement of Changes in Shareholders’ Equity - 12 months ended Dec. 31, 2020 - USD ($) | Class AOrdinary Shares | Class BOrdinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | |||||
Balance (in Shares) at Dec. 31, 2019 | |||||
Issuance of Class B ordinary shares to Sponsor | $ 359 | 24,641 | 25,000 | ||
Issuance of Class B ordinary shares to Sponsor (in Shares) | 3,593,750 | ||||
Excess of cash received over fair value of private placement warrants | 2,473,094 | 2,473,094 | |||
Accretion for Class A ordinary shares subject to redemption amount | (2,497,735) | (8,801,388) | (11,299,123) | ||
Net loss | (7,625,541) | (7,625,541) | |||
Balance at Dec. 31, 2020 | $ 359 | $ (16,426,929) | $ (16,426,570) | ||
Balance (in Shares) at Dec. 31, 2020 | 3,593,750 |
Statement of Cash flows
Statement of Cash flows | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ (7,625,541) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Formation cost paid by Sponsor in exchange for issuance of founder shares | 1,707 |
Interest earned on marketable securities held in Trust Account | (65,744) |
Change in fair value of derivative warrant liability | 7,193,729 |
Warrant issuance transaction costs | 186,456 |
Changes in operating assets and liabilities: | |
Prepaid expenses | (75,844) |
Accrued expenses | 81,485 |
Net cash used in operating activities | (303,752) |
Cash Flows from Investing Activities: | |
Investment of cash in Trust Account | (143,750,000) |
Net cash used in investing activities | (143,750,000) |
Cash Flows from Financing Activities: | |
Proceeds from sale of Units, net of underwriting discounts paid | 140,875,000 |
Proceeds from sale of Private Placement Warrants | 4,375,000 |
Proceeds from promissory note – related party | 10,000 |
Repayment of promissory note – related party | (246,330) |
Payments of offering costs | (229,081) |
Net cash provided by financing activities | 144,784,589 |
Net Change in Cash | 730,837 |
Cash – Beginning | |
Cash – Ending | 730,837 |
Non-Cash Investing and Financing Activities: | |
Offering costs paid directly by Sponsor from proceeds of issuance of Class B ordinary shares | 25,000 |
Deferred underwriting fee payable | 5,031,250 |
Payment of offering costs through promissory note | $ 234,623 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2020 | |
Description of Organization and Business Operations [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Malacca Straits Acquisition Company Limited (formerly known as Bilbao Street Limited; the “Company”) was incorporated in the Cayman Islands on July 17, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company changed its name to Malacca Straits Acquisition Company Limited on February 26, 2020. While the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus its search on businesses which are currently part of Southeast Asian business conglomerates in the media, food processing, renewable energy and healthcare industries. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. All activity through December 31, 2020 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on July 14, 2020. On July 17, 2020, the Company consummated the Initial Public Offering of 12,500,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), generating gross proceeds of $125,000,000 which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,000,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per warrant in a private placement to Malacca Straits Management Company Limited (the “Sponsor”), generating gross proceeds of $4,000,000, which is described in Note 5. Following the closing of the Initial Public Offering on July 17, 2020, an amount of $125,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), located in the United States, which has been invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in money market funds selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the redemption of any Public Shares properly tendered in connection with a shareholder vote to amend the Amended and Restated Memorandum and Articles of Association to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete its initial Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity and (iii) the redemption of all of the Public Shares if the Company is unable to complete its initial Business Combination within the Combination Period (as defined below), subject to applicable law. On July 21, 2020, the underwriters exercised their over-allotment option in full, resulting in an additional 1,875,000 Units issued for an aggregate amount of $18,750,000. In connection with the underwriters’ exercise of their over-allotment option, the Company also consummated the sale of an additional 375,000 Private Placement Warrants at $1.00 per Private Placement Warrant, generating total proceeds of $375,000. A total of $18,750,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $143,750,000. Transaction costs amounted to $8,394,954, consisting of $2,875,000 of underwriting fees, $5,031,250 of deferred underwriting fees and $488,704 of other offering costs. Transaction costs of $186,456 attributable to the warrants were expensed. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The rules of the stock exchange that the Company will list its securities on will require that the Company’s initial Business Combination must be with one or more target businesses that have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the Company signing a definitive agreement in connection with the initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company will provide the holders of its issued and outstanding Public Shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The public shareholders will be entitled to redeem their Public Shares, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination (initially $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and net of taxes payable), divided by the number of then issued and outstanding Public Shares. The per-share amount to be distributed to public shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and after payment of underwriters’ fees and commissions or any greater net tangible asset or cash requirement which may be contained in the agreement relating to the initial Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote any Founder Shares (as defined in Note 5) and Public Shares held by it in favor of approving a Business Combination. Additionally, public shareholders may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association will provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior consent of the Company. The Sponsor and the Company’s officers and directors have agreed to waive: (i) their redemption rights with respect to any Founder Shares and Public Shares held by them in connection with the completion of the Company’s Business Combination and (ii) their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete its initial Business Combination within the Combination Period (as defined below) (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete its initial Business Combination within the Combination Period). The Company will have until January 17, 2022 to complete a Business Combination (the “Combination Period”). If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per-share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below (i) $10.00 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Going Concern As of December 31, 2020, the Company had approximately $731,000 in its operating bank accounts available to fund a Business Combination. In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”) (see Note 5). In connection with the Company’s assessment of going concern considerations in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has determined that if the Company is unable to complete a Business Combination during the Combination Period, then the Company will cease all operations except for the purpose of liquidating. The Company’s liquidity requirements, date for mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period. The Company intends to complete a Business Combination before the mandatory liquidation date. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS Amendment In connection with the preparation of the Company’s condensed financial statements as of September 30, 2021, management identified errors made in its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its Class A ordinary shares subject to possible redemption. The Company filed its September 30, 2021 condensed financial statements on 11/15/2021 to include a revision to previously issued financial statements for the period ended December 31, 2020. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Public Shares underlying the Units 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 temporary equity should include all shares of 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 classification error related to temporary equity and permanent equity. This resulted in an adjustment to the initial 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. See Note 1, Note 3 and Note 7, which have been updated to reflect the restatement contained in this Annual Report. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company also restated its income (loss) per common share calculation to allocate net income (loss) pro rata 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. Please see Note 3 and Note 8, which have been updated to reflect the restatement contained in this Annual report. The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below: As Restated Adjustments As Restated Balance sheet as of July 17, 2020 (audited) Class A Ordinary Shares Subject to Possible Redemption $ 112,226,290 $ 12,773,710 $ 125,000,000 Class A Ordinary Shares 128 (128 ) - Additional Paid-in Capital 5,172,418 (5,172,418 ) - Accumulated Deficit (172,901 ) (7,601,164 ) (7,774,065 ) Total Shareholders’ Equity (Deficit) 5,000,004 (12,773,710 ) (7,773,706 ) As Restated Adjustments As Restated Balance sheet as of September 30, 2020 (unaudited) Class A Ordinary Shares Subject to Possible Redemption $ 130,045,250 $ 13,704,750 $ 143,750,000 Class A Ordinary Shares 137 (137 ) - Additional Paid-in Capital 4,903,225 (4,903,225 ) - Retained Earnings (Accumulated Deficit) 96,286 (8,801,388 ) (8,705,102 ) Total Shareholders’ Equity (Deficit) 5,000,007 (13,704,750 ) (8,704,743 ) As Restated Adjustments As Restated Balance sheet as of December 31, 2020 (audited) Class A Ordinary Shares Subject to Possible Redemption $ 122,323,420 $ 21,426,580 $ 143,750,000 Class A Ordinary Shares 214 (214 ) - Additional Paid-in Capital 12,624,978 (12,624,978 ) - Accumulated Deficit (7,625,541 ) (8,801,388 ) (16,426,929 ) Total Shareholders’ Equity (Deficit) 5,000,010 (21,426,580 ) (16,426,570 ) As Restated Adjustments As Restated Statement of Operations for the three months ended September 30, 2020 (unaudited) Weighted average shares outstanding of Class A redeemable ordinary shares 14,300,000 (2,506,522 ) 11,793,478 Basic and diluted net income (loss) per share, Class A redeemable ordinary shares $ - $ 0.01 $ 0.01 Weighted average shares outstanding of Class B non-redeemable ordinary shares 3,593,750 - 3,593,750 Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares $ (0.02 ) $ 0.01 $ 0.01 As Restated Adjustments As Restated Statement of Operations for the nine months ended September 30, 2020 (unaudited) Weighted average shares outstanding of Class A redeemable ordinary shares 14,300,000 (10,340,146 ) 3,959,854 Basic and diluted net income (loss) per share, Class A redeemable ordinary shares $ - $ 0.01 $ 0.01 Weighted average shares outstanding of Class B non-redeemable ordinary shares 3,593,750 - 3,593,750 Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares $ (0.03 ) $ 0.02 $ 0.01 As Restated Adjustments As Restated Statement of operations for the year ended December 31, 2020 (audited) Weighted average shares outstanding of Class A redeemable ordinary shares 14,330,357 (7,752,488 ) 6,577,869 Basic and diluted net income (loss) per share, Class A redeemable ordinary shares $ - $ (0.75 ) $ (0.75 ) Weighted average shares outstanding of Class B non-redeemable ordinary shares 3,402,841 - 3,593,750 Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares $ (2.26 ) $ 1.51 $ (0.75 ) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the nine months ended September 30, 2020 and year ended December 31, 2020: For the Nine Months Ended September 30, 2020 (unaudited) As Restated Adjustments As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary share subject to possible redemption $ (53,860 ) $ 53,860 $ - Initial classification of ordinary shares subject to possible redemption $ 134,746,420 $ (134,746,420 ) $ - For the Year Ended December 31, 2020 (audited) As Restated Adjustments As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary share subject to possible redemption $ 10,097,130 $ (10,097,130 ) $ - Initial classification of ordinary shares subject to possible redemption $ 112,226,290 $ (112,226,290 ) $ - |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company had no activity for the period from July 17, 2019 (inception) through December 31, 2019. Accordingly, the balance sheet as of December 31, 2019, and the statements of operations and statement of cash flows for the comparative period from July 17, 2019 (inception) through December 31, 2019, are not presented. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020. Class A Ordinary Shares Subject to Possible Redemption (Restated, see Note 2 – Amendment 2) The Company accounts for its shares of Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares is classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2020, there were 14,375,000 Class A ordinary shares subject to possible redemption is presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against retained earnings and absent retained earnings, charges against additional paid-in capital. At December 31, 2020, the ordinary shares reflected in the balance sheets are reconciled in the following table: Gross proceeds $ 143,750,000 Less: Proceeds allocated to Public Warrants (3,090,625 ) Class A ordinary shares issuance costs (8,208,498 ) Plus: Accretion of carrying value to redemption value 11,299,123 Class A ordinary shares subject to possible redemption, 12/31/20 $ 143,750,000 Offering Costs Offering costs consist of underwriting, legal, accounting, and other expenses incurred through the Initial Public Offering that are directly related to the Initial Public Offering. Offering costs amounting to $8,394,954 of which $8,208,498 were charged to shareholders’ equity upon the completion of the Initial Public Offering and $186,486 of costs allocated to the warrants were charged to operations. Income Taxes ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. Net Loss Per Ordinary Share (Restated, see Note 2 – Amendment 2 T he Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 11,562,500 Class A ordinary shares in the aggregate. As of December 31, 2020, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts): Year Ended December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (4,931,350 ) $ (2,694,191 ) Denominator: Basic and diluted weighted average shares outstanding 6,577,869 3,593,750 Basic and diluted net loss per ordinary share $ (0.75 ) $ (0.75 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Company coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s balance sheet, primarily due to their short-term nature. The Company invests in U.S Treasury securities with are comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2020 | |
Initial Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 4 — INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 12,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (“Public Warrant”). On July 21, 2020, in connection with the underwriters’ exercise of the over-allotment option in full, the Company sold an additional 1,875,000 Units at a price of $10.00 per Unit. Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares In March 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 2,875,000 Class B ordinary shares (the “Founder Shares”). In June 2020, the Company declared a share dividend of 0.25 of a share for each Class B ordinary share in issue, resulting in the Sponsor holding an aggregate of 3,593,750 Founder Shares. All shares have been retroactively stated to reflect the share dividend. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any Founder Shares until the earlier to occur of (i) one year after the completion of the Company’s Business Combination or (ii) subsequent to a Business Combination, (x) if the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s Business Combination or (y) the date following the completion of a Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Private Placement Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased 4,000,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $4,000,000. On July 21, 2020, in connection with the underwriters’ exercise of the over-allotment option in full, the Sponsor purchased an additional 375,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant. The Private Placement Warrants were deemed to be derivative warrant liabilities at issuance and recorded at fair value. Amounts paid by the Sponsor in excess of the warrants fair value ($2,473,094) was treated as a capital contribution. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless. Promissory Note – Related Party On March 31, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2020 or (ii) the completion of the Initial Public Offering. The outstanding balance under the Promissory Note of $246,330 was repaid upon the closing of the Initial Public Offering on July 17, 2020. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. To date, the Company had no outstanding borrowings under the Working Capital Loans. As of December 31, 2020, the Company had no outstanding borrowings under the Working Capital Loans. Related Party Website Services During the year ended December 31, 2020, the Company issued engaged a firm to provide website services. The Company’s Chief Financial Officer and Director, Stanley Wang, is a minority shareholder of the company providing such services. For the year ended December 31, 2020, the Company incurred and paid $2,995 for such services. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 — COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management is continuing to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Registration Rights Pursuant to a registration rights agreement entered into on July 14, 2020, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A ordinary shares). The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters were paid a cash underwriting discount of $0.20 per Unit, or $2,500,000 in the aggregate. As a result of the underwriters’ election to exercise their over-allotment in full on July 21, 2020, the underwriters were paid an additional cash underwriting discount of $375,000. In addition, the underwriters are entitled to a deferred fee of $0.35 per Unit, or $5,031,250 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. A portion of such amount, not to exceed 25% of the total amount of the deferred fee held in the Trust Account, may be re-allocated or paid to unaffiliated thirds parties that assist the Company in consummating a Business Combination. The election to re-allocate or make any such payments to unaffiliated third parties will be solely at the discretion of the Company’s management team, and such unaffiliated third parties will be selected by the management team in their sole and absolute discretion. |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 7 — SHAREHOLDERS’ EQUITY Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law; provided that only holders of Class B ordinary shares have the right to vote on the appointment of directors prior to the Company’s initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 20% of the sum of all ordinary shares issued and outstanding upon completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
WARRANTS | NOTE 8 — WARRANTS Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 12 months from the closing of the Initial Public Offering or (b) 30 days after the completion of a Business Combination. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the Company’s Business Combination, the Company will use its best efforts to file, and within 60 business days following the Business Combination to have declared effective, a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its best efforts to qualify the shares under applicable blue sky laws to the extent an exemption is not available. Once the warrants become exercisable, the Company may redeem the Public Warrants for redemption: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last sale price of the Company’s Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date we send to the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that (x) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees and (z) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will be entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 — FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts. At December 31, 2020, assets held in the Trust Account were comprised of $273 in cash and $143,815,471 in U.S. Treasury securities. During the year ended December 31, 2020, the Company did not withdraw any interest income from the Trust Account. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. The gross holding gains and fair value of held-to-maturity securities at December 31, 2020 are as follows: Held-To-Maturity Level Amortized Gross Fair December 31, 2020 U.S. Treasury Securities (Mature on 1/12/2021) 1 $ 143,815,471 $ 2,091 $ 143,817,562 The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. The fair value of the derivative warrant liabilities at December 31, 2020 are as follows: Description Level Fair Derivative Warrant Liabilities – Public Warrants 1 $ 7,546,875 Derivative Warrant Liabilities – Private Placement Warrants 3 4,639,385 $ 12,186,260 The fair value of the derivative warrant liabilities at September 30, 2020 are as follows: Description Level Fair Derivative Warrant Liabilities – Public Warrants 1 $ 2,875,000 Derivative Warrant Liabilities – Private Placement Warrants 3 1,772,311 $ 4,647,311 The fair value of the derivative warrant liabilities at July 21, 2020 are as follows: Description Level Fair Derivative Warrant Liabilities – Public Warrants 3 $ 3,090,625 Derivative Warrant Liabilities – Private Placement Warrants 3 1,901,906 $ 4,992,531 The fair value of the derivative warrant liabilities at July 17, 2020 are as follows: Description Level Fair Derivative Warrant Liabilities – Public Warrants 3 $ 2,687,500 Derivative Warrant Liabilities – Private Placement Warrants 3 1,738,885 $ 4,426,385 The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within derivative warrant liabilities on the Company’s balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statement of operations. Initial Measurement Public Warrants The Warrants were valued as of July 17, 2020 and July 21, 2020 (over-allotment exercise) using a Monte Carlo simulation, which is considered to be a Level 3 fair value measurement. The Monte Carlo simulation’s primary unobservable input utilized in determining the fair value of the Warrants is the probability adjusted volatility considering the probability of consummation of a Business Combination. The probability adjusted volatility as of the initial public offering date was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units is classified as Level 1 due to the use of an observable market quote in an active market. The key inputs into the Monte Carlo simulation model for the Public Warrants were as follows at initial measurement: Input Initial Risk-free interest rate 0.36 % Expected term (years) .75 Expected volatility 11.3 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 At issuance, the Public Warrants were determined to be $0.43 per warrant. Initial Measurement – Private Warrants The Private Placement Warrants were valued using a Modified Black Scholes Model, which is considered to be a Level 3 fair value measurement. The Modified Black Scholes Model uses a Black Scholes Option Pricing Model that is modified to reduce the value of the Private Placement Warrants for a discount on the lack of marketability of the instrument as well as for the probability of consummation of the Business Combination. The primary unobservable inputs utilized in determining the fair value of the Private Placement Warrants is the discount for lack of marketability and the probability of consummation of the Business Combination. The probability assigned to the consummation of the Business Combination was 80% which was determined based on a hybrid approach of both observed success rates of business combinations for special purpose acquisition companies and the Sponsors’ track record for consummating similar transactions. The key inputs into the Modified Black Scholes Model for the Private Warrants were as follows at initial measurement: Input Initial Expected term (years) 0.75 Expected volatility 10.0 % Risk-free interest rate 0.36 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 The key inputs into the Modified Black Scholes Model for the Private Warrants were as follows at September 30, 2020: Input September 30, Expected term (years) 0.65 Expected volatility 10.0 % Risk-free interest rate 0.34 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 The key inputs into the Modified Black Scholes Model for the Private Warrants were as follows at December 31, 2020: Input December 31, Expected term (years) 0.52 Expected volatility 15.0 % Risk-free interest rate 0.34 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 Level 3 financial liabilities consist of the Private Placement Warrant liability for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement beginning on August 6, 2020, as the Public Warrants were separately listed and traded The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the year ended December 31, 2020 is summarized as follows: Public Warrants Private Warrants Total Warrants Derivative warrant liabilities at January 1, 2020 $ — $ — $ — July 17, 2020 Issuance of Public and Private Warrants, Level 3 inputs 2,687,500 1,738,885 4,426,385 July 21, 2020 Issuance of Public and Private Warrants, Level 3 inputs 403,125 163,021 566,146 Change in fair value of derivative warrant liabilities — (129,595 ) (129,595 ) Transfer of Public Warrants to Level 1 (3,090,625 ) — (3,090,625 ) Derivative warrant liabilities – Level 3, at September 30, 2020 — 1,772,311 1,772,311 Change in fair value of Private Warrants — 2,867,074 2,867,074 Derivative warrant liabilities – Level 3, at December 31, 2020 $ — $ 4,639,385 $ 4,639,385 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On March 22, 2021, the Company issued a press release announcing the execution of a definitive Business Combination Agreement, dated as of March 21, 2021 (the “Business Combination Agreement”), with PT Asia Vision Network, an Indonesian limited liability company (“AVN”) and indirect 99.99% owned subsidiary of PT MNC Vision Networks TBK (“MNC Group”), an Indonesian public limited liability company, and new holding company for Vision+, Indonesia’s fastest growing OTT business and MNC Play, the 3rd largest broadband and IPTV operator in Indonesia. Pursuant to the Business Combination Agreement, subject to the terms and conditions set forth therein, a newly-formed Cayman Islands subsidiary of AVN will merge with and into Malacca, with Malacca surviving the merger as a wholly-owned subsidiary of AVN, and with AVN becoming the successor US-listed company to Malacca. On September 7, 2021, the Company issued a press release announcing that the business combination agreement with PT Asia Vision Network was mutually terminated on September 3, 2021. On December 27, 2021, the Company held its 2021 annual general meeting of shareholders and approved the extension of the date by which the Company must consummate a business combination from January 17, 2022 (which is 18 months from the closing of the Company’s initial public offering) to October 17, 2022 (or such earlier date as determined by the Board) by amending the Company’s Amended and Restated Memorandum and Articles of Association and other related proposals. In connection with the extension request, shareholders holding 9,669,449 public shares exercised their right to redeem such public shares for a pro rata portion of the Trust Account. The Company paid cash in the aggregate amount of $96,761,060, or approximately $10.00 per share to redeeming shareholders. The Company’s first month’s extension payment of $0.03 per share/per month will be due on January 17, 2022 in the amount of $144,167 and will be payable monthly through the Company’s extension date in October 2022. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company had no activity for the period from July 17, 2019 (inception) through December 31, 2019. Accordingly, the balance sheet as of December 31, 2019, and the statements of operations and statement of cash flows for the comparative period from July 17, 2019 (inception) through December 31, 2019, are not presented. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020. |
Class A Ordinary Shares Subject to Possible Redemption (Restated, see Note 2 – Amendment 2) | Class A Ordinary Shares Subject to Possible Redemption (Restated, see Note 2 – Amendment 2) The Company accounts for its shares of Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares is classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2020, there were 14,375,000 Class A ordinary shares subject to possible redemption is presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against retained earnings and absent retained earnings, charges against additional paid-in capital. At December 31, 2020, the ordinary shares reflected in the balance sheets are reconciled in the following table: Gross proceeds $ 143,750,000 Less: Proceeds allocated to Public Warrants (3,090,625 ) Class A ordinary shares issuance costs (8,208,498 ) Plus: Accretion of carrying value to redemption value 11,299,123 Class A ordinary shares subject to possible redemption, 12/31/20 $ 143,750,000 |
Offering Costs | Offering Costs Offering costs consist of underwriting, legal, accounting, and other expenses incurred through the Initial Public Offering that are directly related to the Initial Public Offering. Offering costs amounting to $8,394,954 of which $8,208,498 were charged to shareholders’ equity upon the completion of the Initial Public Offering and $186,486 of costs allocated to the warrants were charged to operations. |
Income Taxes | Income Taxes ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. |
Net Loss Per Ordinary Share (Restated, see Note 2 – Amendment 2 | Net Loss Per Ordinary Share (Restated, see Note 2 – Amendment 2 T he Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 11,562,500 Class A ordinary shares in the aggregate. As of December 31, 2020, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts): Year Ended December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (4,931,350 ) $ (2,694,191 ) Denominator: Basic and diluted weighted average shares outstanding 6,577,869 3,593,750 Basic and diluted net loss per ordinary share $ (0.75 ) $ (0.75 ) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Company coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s balance sheet, primarily due to their short-term nature. The Company invests in U.S Treasury securities with are comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of balance sheet | As Restated Adjustments As Restated Balance sheet as of July 17, 2020 (audited) Class A Ordinary Shares Subject to Possible Redemption $ 112,226,290 $ 12,773,710 $ 125,000,000 Class A Ordinary Shares 128 (128 ) - Additional Paid-in Capital 5,172,418 (5,172,418 ) - Accumulated Deficit (172,901 ) (7,601,164 ) (7,774,065 ) Total Shareholders’ Equity (Deficit) 5,000,004 (12,773,710 ) (7,773,706 ) As Restated Adjustments As Restated Balance sheet as of September 30, 2020 (unaudited) Class A Ordinary Shares Subject to Possible Redemption $ 130,045,250 $ 13,704,750 $ 143,750,000 Class A Ordinary Shares 137 (137 ) - Additional Paid-in Capital 4,903,225 (4,903,225 ) - Retained Earnings (Accumulated Deficit) 96,286 (8,801,388 ) (8,705,102 ) Total Shareholders’ Equity (Deficit) 5,000,007 (13,704,750 ) (8,704,743 ) As Restated Adjustments As Restated Balance sheet as of December 31, 2020 (audited) Class A Ordinary Shares Subject to Possible Redemption $ 122,323,420 $ 21,426,580 $ 143,750,000 Class A Ordinary Shares 214 (214 ) - Additional Paid-in Capital 12,624,978 (12,624,978 ) - Accumulated Deficit (7,625,541 ) (8,801,388 ) (16,426,929 ) Total Shareholders’ Equity (Deficit) 5,000,010 (21,426,580 ) (16,426,570 ) As Restated Adjustments As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary share subject to possible redemption $ (53,860 ) $ 53,860 $ - Initial classification of ordinary shares subject to possible redemption $ 134,746,420 $ (134,746,420 ) $ - As Restated Adjustments As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary share subject to possible redemption $ 10,097,130 $ (10,097,130 ) $ - Initial classification of ordinary shares subject to possible redemption $ 112,226,290 $ (112,226,290 ) $ - |
Schedule of operations | As Restated Adjustments As Restated Statement of Operations for the three months ended September 30, 2020 (unaudited) Weighted average shares outstanding of Class A redeemable ordinary shares 14,300,000 (2,506,522 ) 11,793,478 Basic and diluted net income (loss) per share, Class A redeemable ordinary shares $ - $ 0.01 $ 0.01 Weighted average shares outstanding of Class B non-redeemable ordinary shares 3,593,750 - 3,593,750 Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares $ (0.02 ) $ 0.01 $ 0.01 As Restated Adjustments As Restated Statement of Operations for the nine months ended September 30, 2020 (unaudited) Weighted average shares outstanding of Class A redeemable ordinary shares 14,300,000 (10,340,146 ) 3,959,854 Basic and diluted net income (loss) per share, Class A redeemable ordinary shares $ - $ 0.01 $ 0.01 Weighted average shares outstanding of Class B non-redeemable ordinary shares 3,593,750 - 3,593,750 Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares $ (0.03 ) $ 0.02 $ 0.01 As Restated Adjustments As Restated Statement of operations for the year ended December 31, 2020 (audited) Weighted average shares outstanding of Class A redeemable ordinary shares 14,330,357 (7,752,488 ) 6,577,869 Basic and diluted net income (loss) per share, Class A redeemable ordinary shares $ - $ (0.75 ) $ (0.75 ) Weighted average shares outstanding of Class B non-redeemable ordinary shares 3,402,841 - 3,593,750 Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares $ (2.26 ) $ 1.51 $ (0.75 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of ordinary shares reflected the balance sheets are reconciled | Gross proceeds $ 143,750,000 Less: Proceeds allocated to Public Warrants (3,090,625 ) Class A ordinary shares issuance costs (8,208,498 ) Plus: Accretion of carrying value to redemption value 11,299,123 Class A ordinary shares subject to possible redemption, 12/31/20 $ 143,750,000 |
Schedule of basic and diluted net income per ordinary share | Year Ended December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (4,931,350 ) $ (2,694,191 ) Denominator: Basic and diluted weighted average shares outstanding 6,577,869 3,593,750 Basic and diluted net loss per ordinary share $ (0.75 ) $ (0.75 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of held-to-maturity securities | Held-To-Maturity Level Amortized Gross Fair December 31, 2020 U.S. Treasury Securities (Mature on 1/12/2021) 1 $ 143,815,471 $ 2,091 $ 143,817,562 |
Schedule of derivative warrant liabilities | Description Level Fair Derivative Warrant Liabilities – Public Warrants 1 $ 7,546,875 Derivative Warrant Liabilities – Private Placement Warrants 3 4,639,385 $ 12,186,260 Description Level Fair Derivative Warrant Liabilities – Public Warrants 1 $ 2,875,000 Derivative Warrant Liabilities – Private Placement Warrants 3 1,772,311 $ 4,647,311 Description Level Fair Derivative Warrant Liabilities – Public Warrants 3 $ 3,090,625 Derivative Warrant Liabilities – Private Placement Warrants 3 1,901,906 $ 4,992,531 Description Level Fair Derivative Warrant Liabilities – Public Warrants 3 $ 2,687,500 Derivative Warrant Liabilities – Private Placement Warrants 3 1,738,885 $ 4,426,385 |
Schedule of monte carlo simulation model for the public warrants | Input Initial Risk-free interest rate 0.36 % Expected term (years) .75 Expected volatility 11.3 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 Input Initial Expected term (years) 0.75 Expected volatility 10.0 % Risk-free interest rate 0.36 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 Input September 30, Expected term (years) 0.65 Expected volatility 10.0 % Risk-free interest rate 0.34 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 Input December 31, Expected term (years) 0.52 Expected volatility 15.0 % Risk-free interest rate 0.34 % Exercise price $ 11.50 Fair value of the ordinary share price $ 10.00 |
Schedule of change in the fair value of the derivative warrant liabilities | Public Warrants Private Warrants Total Warrants Derivative warrant liabilities at January 1, 2020 $ — $ — $ — July 17, 2020 Issuance of Public and Private Warrants, Level 3 inputs 2,687,500 1,738,885 4,426,385 July 21, 2020 Issuance of Public and Private Warrants, Level 3 inputs 403,125 163,021 566,146 Change in fair value of derivative warrant liabilities — (129,595 ) (129,595 ) Transfer of Public Warrants to Level 1 (3,090,625 ) — (3,090,625 ) Derivative warrant liabilities – Level 3, at September 30, 2020 — 1,772,311 1,772,311 Change in fair value of Private Warrants — 2,867,074 2,867,074 Derivative warrant liabilities – Level 3, at December 31, 2020 $ — $ 4,639,385 $ 4,639,385 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 21, 2020 | Jul. 17, 2020 | Dec. 31, 2020 | |
Description of Organization and Business Operations (Details) [Line Items] | |||
Percentage of redeem public shares | 100.00% | ||
Bringing aggregate proceeds | $ 143,750,000 | ||
Transaction costs | $ 8,394,954 | ||
Underwriting fees | 2,875,000 | ||
Deferred underwriting fees | 5,031,250 | ||
Other offering costs | $ 488,704 | ||
Percentage of fair market value | 80.00% | ||
Interest public shares (in Dollars per share) | $ 10 | ||
Net tangible assets least | $ 5,000,001 | ||
Percentage of public shares | 15.00% | ||
Interest dissolution expenses | $ 100,000 | ||
Public offering price per Unit (in Dollars per share) | $ (10) | ||
Trust account per public share (in Dollars per share) | $ 10 | ||
Operating bank accounts | $ 731,000 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Percentage of business combination | 50.00% | ||
Warrant [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Transaction costs | $ 186,456 | ||
Warrant [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Percentage of business combination | 180.00% | ||
Initial Public Offering [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Initial public offering (in Shares) | 12,500,000 | ||
Amount of net proceeds from sale of units | $ 125,000,000 | ||
Net proceeds per share (in Dollars per share) | $ 10 | ||
Over-Allotment Option [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Underwriters exercised | 1,875,000 | ||
Issued of aggregate amount | 18,750,000 | ||
Private Placement [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Sale of additional | $ 375,000 | ||
Shares issued price per share (in Dollars per share) | $ 1 | ||
Generating total proceeds | $ 375,000 | ||
Deposit of trust account | $ 18,750,000 | ||
Private Placement [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Sale of stock, description | Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,000,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per warrant in a private placement to Malacca Straits Management Company Limited (the “Sponsor”), generating gross proceeds of $4,000,000, which is described in Note 5. |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Condensed Financial Information Disclosure [Abstract] | |
Net tangible asset | $ 5,000,001 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheet - USD ($) | 3 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2020 | Jul. 17, 2020 | |
As Restated (Amendment 1) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Class A Ordinary Shares Subject to Possible Redemption | $ 122,323,420 | $ 130,045,250 | $ 112,226,290 |
Class A Ordinary Shares | 214 | 137 | 128 |
Additional Paid-in Capital | 12,624,978 | 4,903,225 | 5,172,418 |
Accumulated Deficit | (7,625,541) | 96,286 | (172,901) |
Total Shareholders’ Equity (Deficit) | 5,000,010 | 5,000,007 | 5,000,004 |
Supplemental Disclosure of Noncash Financing Activities: | |||
Change in value of Class A ordinary share subject to possible redemption | 10,097,130 | (53,860) | |
Initial classification of ordinary shares subject to possible redemption | 112,226,290 | 134,746,420 | |
Adjustments (Amendment 2) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Class A Ordinary Shares Subject to Possible Redemption | 21,426,580 | 13,704,750 | 12,773,710 |
Class A Ordinary Shares | (214) | (137) | (128) |
Additional Paid-in Capital | (12,624,978) | (4,903,225) | (5,172,418) |
Accumulated Deficit | (8,801,388) | (8,801,388) | (7,601,164) |
Total Shareholders’ Equity (Deficit) | (21,426,580) | (13,704,750) | (12,773,710) |
Supplemental Disclosure of Noncash Financing Activities: | |||
Change in value of Class A ordinary share subject to possible redemption | (10,097,130) | 53,860 | |
Initial classification of ordinary shares subject to possible redemption | (112,226,290) | (134,746,420) | |
As Restated (Amendment 2) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Class A Ordinary Shares Subject to Possible Redemption | 143,750,000 | 143,750,000 | 125,000,000 |
Class A Ordinary Shares | |||
Additional Paid-in Capital | |||
Accumulated Deficit | (16,426,929) | (8,705,102) | (7,774,065) |
Total Shareholders’ Equity (Deficit) | (16,426,570) | (8,704,743) | $ (7,773,706) |
Supplemental Disclosure of Noncash Financing Activities: | |||
Change in value of Class A ordinary share subject to possible redemption | |||
Initial classification of ordinary shares subject to possible redemption |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements (Details) - Schedule of operations - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
As Restated (Amendment 1) [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Weighted average shares outstanding of Class A redeemable ordinary shares | 14,300,000 | 14,300,000 | 14,330,357 |
Basic and diluted net income (loss) per share, Class A redeemable ordinary shares | |||
Weighted average shares outstanding of Class B non-redeemable ordinary shares | 3,593,750 | 3,593,750 | 3,402,841 |
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares | $ (0.02) | $ (0.03) | $ (2.26) |
Adjustments (Amendment 2) [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Weighted average shares outstanding of Class A redeemable ordinary shares | (2,506,522) | (10,340,146) | (7,752,488) |
Basic and diluted net income (loss) per share, Class A redeemable ordinary shares | $ 0.01 | $ 0.01 | $ (0.75) |
Weighted average shares outstanding of Class B non-redeemable ordinary shares | |||
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares | $ 0.01 | $ 0.02 | $ 1.51 |
As Restated (Amendment 2) [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Weighted average shares outstanding of Class A redeemable ordinary shares | 11,793,478 | 3,959,854 | 6,577,869 |
Basic and diluted net income (loss) per share, Class A redeemable ordinary shares | $ 0.01 | $ 0.01 | $ (0.75) |
Weighted average shares outstanding of Class B non-redeemable ordinary shares | 3,593,750 | 3,593,750 | 3,593,750 |
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares | $ 0.01 | $ 0.01 | $ (0.75) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Class A ordinary shares subject to possible redemption (in Shares) | shares | 14,375,000 |
Offering costs amount | $ 8,394,954 |
Charged to shareholder's equity | 8,208,498 |
Warrants changed to operations | 186,486 |
Amount of federal depository insurance coverage | $ 250,000 |
Class A ordinary shares [Member] | |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Purchase of shares (in Shares) | shares | 11,562,500 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of ordinary shares reflected the balance sheets are reconciled | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of ordinary shares reflected the balance sheets are reconciled [Abstract] | |
Gross proceeds | $ 143,750,000 |
Less: | |
Proceeds allocated to Public Warrants | (3,090,625) |
Class A ordinary shares issuance costs | (8,208,498) |
Plus: | |
Accretion of carrying value to redemption value | 11,299,123 |
Class A ordinary shares subject to possible redemption, 12/31/20 | $ 143,750,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per ordinary share | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Class A | |
Numerator: | |
Allocation of net loss, as adjusted | $ | $ (4,931,350) |
Denominator: | |
Basic and diluted weighted average shares outstanding | shares | 6,577,869 |
Basic and diluted net loss per ordinary share | $ / shares | $ (0.75) |
Class B | |
Numerator: | |
Allocation of net loss, as adjusted | $ | $ (2,694,191) |
Denominator: | |
Basic and diluted weighted average shares outstanding | shares | 3,593,750 |
Basic and diluted net loss per ordinary share | $ / shares | $ (0.75) |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | 1 Months Ended | 12 Months Ended |
Jul. 21, 2020 | Dec. 31, 2020 | |
Initial Public Offering (Details) [Line Items] | ||
Price per share unit | $ 10 | |
Warrant [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Common stock price per shares | $ 11.50 | |
Initial Public Offering [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Sale of stock, units (in Shares) | 12,500,000 | |
Price per share unit | $ 10 | |
Over-Allotment Option [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Number of additional units sold (in Shares) | 1,875,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jul. 17, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transactions (Details) [Line Items] | ||||
Adjusted for stock splits, per share (in Dollars per share) | $ 12 | |||
Description of private placement | the Sponsor purchased 4,000,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $4,000,000. On July 21, 2020, in connection with the underwriters’ exercise of the over-allotment option in full, the Sponsor purchased an additional 375,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant. The Private Placement Warrants were deemed to be derivative warrant liabilities at issuance and recorded at fair value. Amounts paid by the Sponsor in excess of the warrants fair value ($2,473,094) was treated as a capital contribution. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). | |||
Aggregate principal amount | $ 300,000 | |||
Outstanding amount of promissory note | $ 246,330 | |||
Services paid | $ 2,995 | |||
Founder Shares [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Amount of sponsor paid | $ 25,000 | |||
Shares consideration (in Shares) | 3,593,750 | |||
Class B Ordinary Shares [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Shares consideration (in Shares) | 2,875,000 | |||
Dividend [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Share price (in Dollars per share) | $ 0.25 | |||
Private Placement Warrant [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Description of business combination | The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. To date, the Company had no outstanding borrowings under the Working Capital Loans. |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
Proposed Public Offering Shares [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Underwriting agreement description | The underwriters were paid a cash underwriting discount of $0.20 per Unit, or $2,500,000 in the aggregate. As a result of the underwriters’ election to exercise their over-allotment in full on July 21, 2020, the underwriters were paid an additional cash underwriting discount of $375,000. In addition, the underwriters are entitled to a deferred fee of $0.35 per Unit, or $5,031,250 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. A portion of such amount, not to exceed 25% of the total amount of the deferred fee held in the Trust Account, may be re-allocated or paid to unaffiliated thirds parties that assist the Company in consummating a Business Combination |
Over-Allotment Option [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Proposed public offering to purchase | 2,500,000 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shareholders’ Equity (Details) [Line Items] | |
Preferred stock, shares authorized | 1,000,000 |
Preferred stock, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Issued and outstanding shares of public offering, percentage | 20.00% |
Class A Ordinary Shares [Member] | |
Shareholders’ Equity (Details) [Line Items] | |
Ordinary stock, shares authorized | 200,000,000 |
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Ordinary shares issued | 14,375,000 |
Class B Ordinary Shares [Member] | |
Shareholders’ Equity (Details) [Line Items] | |
Ordinary stock, shares authorized | 20,000,000 |
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 |
Ordinary stock, shares issued | 3,593,750 |
Common stock, shares outstanding | 3,593,750 |
Warrants (Details)
Warrants (Details) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Warrants (Details) [Line Items] | |
Public warrants maturity period | 5 years |
Public warrants redemption, description | Once the warrants become exercisable, the Company may redeem the Public Warrants for redemption: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last sale price of the Company’s Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date we send to the notice of redemption to the warrant holders. |
Market value per share | $ 9.20 |
Market value, percentage | 115.00% |
Newly issued price per share | $ 18 |
Series of Individually Immaterial Business Acquisitions [Member] | |
Warrants (Details) [Line Items] | |
Total equity proceeds, percentage | 50.00% |
Warrant [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |
Warrants (Details) [Line Items] | |
Total equity proceeds, percentage | 180.00% |
Class A Ordinary Shares [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |
Warrants (Details) [Line Items] | |
Business combination, price per share | $ 9.20 |
Total equity proceeds, percentage | 60.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | Dec. 31, 2020USD ($)$ / shares |
Fair Value Measurements (Details) [Line Items] | |
Fair value of price per warrant (in Dollars per share) | $ / shares | $ 0.43 |
U.S. Treasury Securities [Member] | |
Fair Value Measurements (Details) [Line Items] | |
Assets held in the trust account | $ 143,815,471 |
Series of Individually Immaterial Business Acquisitions [Member] | |
Fair Value Measurements (Details) [Line Items] | |
Consumption of business combination percentage | 80.00% |
Cash [Member] | |
Fair Value Measurements (Details) [Line Items] | |
Assets held in the trust account | $ 273 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of fair value of held-to-maturity securities - U.S. Treasury Securities [Member] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Measurements (Details) - Schedule of fair value of held-to-maturity securities [Line Items] | |
Held-To-Maturity | U.S. Treasury Securities (Mature on 1/12/2021) |
Amortized Cost | $ 143,815,471 |
Gross Holding Gain | 2,091 |
Fair Value | $ 143,817,562 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of derivative warrant liabilities - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Jul. 21, 2020 | Jul. 17, 2020 |
Fair Value Measurements (Details) - Schedule of derivative warrant liabilities [Line Items] | ||||
Warrant Liabilities | $ 12,186,260 | $ 4,647,311 | $ 4,992,531 | $ 4,426,385 |
Level 1 [Member] | ||||
Fair Value Measurements (Details) - Schedule of derivative warrant liabilities [Line Items] | ||||
Warrant Liabilities – Public Warrants | 7,546,875 | 2,875,000 | ||
Level 3 [Member] | ||||
Fair Value Measurements (Details) - Schedule of derivative warrant liabilities [Line Items] | ||||
Warrant Liabilities – Public Warrants | 3,090,625 | 2,687,500 | ||
Warrant Liabilities – Private Placement Warrants | $ 4,639,385 | $ 1,772,311 | $ 1,901,906 | $ 1,738,885 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of monte carlo simulation model for the public warrants - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
Monte Carlo simulation model [Member] | ||
Fair Value Measurements (Details) - Schedule of monte carlo simulation model for the public warrants [Line Items] | ||
Risk-free interest rate | 0.34% | 0.34% |
Expected term (years) | 237 days | 189 days |
Expected volatility | 10.00% | 15.00% |
Exercise price | $ 11.50 | $ 11.50 |
Fair value of the ordinary share price | $ 10 | $ 10 |
Public Warrants [Member] | Monte Carlo simulation model [Member] | ||
Fair Value Measurements (Details) - Schedule of monte carlo simulation model for the public warrants [Line Items] | ||
Risk-free interest rate | 0.36% | |
Expected term (years) | 9 months | |
Expected volatility | 11.30% | |
Exercise price | $ 11.50 | |
Fair value of the ordinary share price | $ 10 | |
Private Warrants [Member] | Modified Black Scholes Model initial measurement [Member] | ||
Fair Value Measurements (Details) - Schedule of monte carlo simulation model for the public warrants [Line Items] | ||
Risk-free interest rate | 0.36% | |
Expected term (years) | 9 months | |
Expected volatility | 10.00% | |
Exercise price | $ 11.50 | |
Fair value of the ordinary share price | $ 10 |
Fair Value Measurements (Deta_5
Fair Value Measurements (Details) - Schedule of change in the fair value of the derivative warrant liabilities - Level 3 [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2020 | |
Fair Value Measurements (Details) - Schedule of change in the fair value of the derivative warrant liabilities [Line Items] | ||
Derivative warrant liabilities at beginning | $ 1,772,311 | |
July 17, 2020 Issuance of Public and Private Warrants, Level 3 inputs | 4,426,385 | |
July 21, 2020 Issuance of Public and Private Warrants, Level 3 inputs | 566,146 | |
Change in fair value of derivative warrant liabilities | (129,595) | |
Transfer of Public Warrants to Level 1 | (3,090,625) | |
Derivative warrant liabilities at ending | 4,639,385 | 1,772,311 |
Change in fair value of Private Warrants | 2,867,074 | |
Public Warrants [Member] | ||
Fair Value Measurements (Details) - Schedule of change in the fair value of the derivative warrant liabilities [Line Items] | ||
Derivative warrant liabilities at beginning | ||
July 17, 2020 Issuance of Public and Private Warrants, Level 3 inputs | 2,687,500 | |
July 21, 2020 Issuance of Public and Private Warrants, Level 3 inputs | 403,125 | |
Change in fair value of derivative warrant liabilities | ||
Transfer of Public Warrants to Level 1 | (3,090,625) | |
Derivative warrant liabilities at ending | ||
Change in fair value of Private Warrants | ||
Private Warrants [Member] | ||
Fair Value Measurements (Details) - Schedule of change in the fair value of the derivative warrant liabilities [Line Items] | ||
Derivative warrant liabilities at beginning | 1,772,311 | |
July 17, 2020 Issuance of Public and Private Warrants, Level 3 inputs | 1,738,885 | |
July 21, 2020 Issuance of Public and Private Warrants, Level 3 inputs | 163,021 | |
Change in fair value of derivative warrant liabilities | (129,595) | |
Transfer of Public Warrants to Level 1 | ||
Derivative warrant liabilities at ending | 4,639,385 | $ 1,772,311 |
Change in fair value of Private Warrants | $ 2,867,074 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | ||
Mar. 22, 2021 | Oct. 22, 2022 | Jan. 17, 2022 | |
Subsequent Event [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Percentage of owned subsidiary | 99.99% | ||
Subsequent Event [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Due amount | $ 144,167 | ||
Forecast [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Shareholders holdings public shares | 9,669,449 | ||
Aggregate amount | $ 96,761,060 | ||
Redeeming shareholder price | $ 10 | ||
Extension payment of per share | $ 0.03 |