Restatement of Previously Issued Financial Statements | Note 2—Restatement of Previously Issued Financial Statements In April 2021 the Company re-evaluated its accounting for its Public Warrants (as defined below in Note 4) and Private Placement Warrants (as defined below in Note 5) issued in connection with the Company’s initial public offering (collectively, the “Warrants”) and determined that they should be treated as derivative liabilities pursuant to ASC 815 (“ASC 815”), “Derivative and Hedging”, rather than as components of stockholders’ equity as the Company previously treated the Warrants. The restated classification and reported values of the Warrants as accounted for under ASC 815 are included in the financial statements herein. In the process of re-evaluating its financial statements the Company also restated its financial statements to classify all Class A common stock as temporary equity and to record accretion on the shares of Class A common stock. The Company had previously classified 3,133,926 shares of its Class A common stock as permanent equity. Since the Company classified the Public Warrants as derivative liabilities, offering costs totaling $1,075,021 that were previously allocated to the reported amount of the Public Warrants are now reflected as an expense in the statement of operations. Impact of the Restatement The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Non-Reliance e As of December 31, 2020 As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 71,676,615 $ 71,676,615 Total liabilities 27,590,427 71,676,615 99,267,042 Class A common stock subject to possible redemption 718,724,982 31,275,018 750,000,000 Class A common stock - $ 313 (313 ) — Additional paid-in 6,039,586 (6,039,586 ) — Accumulated deficit (1,041,771 ) (96,911,734 ) (97,953,505 ) Total stockholders’ equity/(deficit) 5,000,002 (102,951,633 ) (97,951,631 ) For the Year-Ended Dec em As Previously Restatement As Restated STATEMENT OF OPERATIONS General and administrative expenses $ (1,374,073 ) $ (1,075,021 ) $ (2,449,094 ) Change in fair value of warrant liability — (43,139,251 ) (43,139,251 ) Net loss (1,041,135 ) (44,214,272 ) (45,255,407 ) Basic and diluted net loss per share, Class A $ (0.02 ) $ (0.77 ) $ (0.79 ) Basic and diluted net loss per share, Class B $ (0.02 ) $ (0.77 ) $ (0.79 ) For the Year-Ended Dec em As Previously Restatement As Restated STATEMENT OF CASH FLOWS Net loss $ (1,041,135 ) $ (44,214,272 ) $ (45,255,407 ) Change in fair value of warrant liability — 43,139,251 43,139,251 Issuance costs related to warrant liability — 1,075,021 1,075,021 As of July 2, 2020 As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 28,537,364 $ 28,537,364 Total liabilities 26,965,589 28,537,364 55,502,953 Class A common stock subject to possible redemption 719,775,570 30,224,430 750,000,000 Class A common stock - $0.0001 par value 302 (302 ) — Additional paid-in capital 5,044,723 (5,044,723 ) — Accumulated deficit (47,035 ) (53,716,769 ) (53,763,804 ) Total stockholders’ equity/(deficit) 5,000,002 (58,761,794 ) (53,761,792 ) As of September 30, 2020 (UNAUDITED) As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 59,344,241 $ 59,344,241 Total liabilities 27,002,221 59,344,241 86,346,462 Class A common stock subject to possible redemption 719,471,496 30,528,504 750,000,000 Class A common stock - $ 306 (306 ) - Additional paid-in 5,293,078 (5,293,078 ) - Accumulated deficit (295,255 ) (84,579,361 ) (84,874,616 ) Total stockholders’ equity/(deficit) 5,000,003 (89,872,745 ) (84,872,742 ) Nine months ended September 30, 2020 As Previously Restatement As Restated STATEMENT OF OPERATIONS General and administrative expenses $ (428,397 ) $ (1,075,021 ) $ (1,503,418 ) Change in fair value of warrant liability — (30,806,877 ) (30,806,877 ) Net loss (294,620 ) (31,881,898 ) (32,176,518 ) Basic and diluted net loss per share, Class A $ (0.01 ) $ (0.71 ) $ (0.72 ) Basic and diluted net loss per share, Class B $ (0.01 ) $ (0.71 ) $ (0.72 ) Nine months ended September 30, 2020 As Previously Restatement As Restated STATEMENT OF CASH FLOWS Net loss $ (294,620 ) $ (31,881,898 ) $ (32,176,518 ) Change in fair value of warrant liability — 30,806,877 30,806,877 Issuance costs related to warrant liability — 1,075,021 1,075,021 |