Restatement Of Previously Issued Financial Statements | Note 2—Restatement of Previously Issued Financial Statements The Company concluded it should restate its previously issued financial statements by amending Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on May 12, 2021, to classify all Class A common stock subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A common stock in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides 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. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Also, in connection with the change in presentation for the Class A common stock subject to possible redemption, the Company also restated 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. As a result, the Company restated its previously filed financial statements to present all redeemable Class A common stock as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The Company’s previously filed financial statements that contained the error were initially reported in the Company’s Form 8-K filed with the SEC on August 13, 2020 (the “Post-IPO Balance Sheet”), the Company’s Form 10-Q for the quarterly period ended September 30, 2020, and the Company’s Annual Report on 10-K for the annual period ended December 31, 2020, which were previously restated in the Company’s Amendment No. 1 to its Form 10-K as filed with the SEC on May 12, 2021, as well as the Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Periods”). These financial statements restate the Company’s previously issued audited and unaudited financial statements covering the periods through December 31, 2020. The quarterly periods ended March 31, 2021, and June 30, 2021, will be restated with an amendment the Company’s Form 10-Q for the quarterly period ended September 30, 2021. Impact of the Restatement The impact of the restatement on the balance sheet, statement of operations and state m As of December 31, 2020 As Previously Restated Restatement As Restated Balance Sheet Total assets $ 484,520,512 $ — $ 484,520,512 Total liabilities $ 30,408,662 $ — $ 30,408,662 Class A common stock subject to possible redemption 449,111,840 33,888,160 483,000,000 Stockholders’ equity (deficit) Preferred stock — — — Class A common stock 339 (339 ) — Class B common stock 1,208 — 1,208 Additional paid-in-capital 9,808,779 (9,808,779 ) — Accumulated deficit (4,810,316 ) (24,079,042 ) (28,889,358 ) Total stockholders’ equity (deficit) $ 5,000,010 $ (33,888,160 ) $ (28,888,150 ) Total liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) $ 484,520,512 $ — $ 484,520,512 For the Period from May 19, 2020 (Inception) through December 31, 2020 As Previously Restated Adjustment As Restated Statement of Operations Net loss $ (4,810,316 ) $ — $ (4,810,316 ) Weighted average shares outstanding of Class A common stock, basic and diluted 48,042,857 (15,941,493 ) 32,101,364 Basic and diluted net income (loss) per share of Class A common stock $ 0.00 $ (0.11 ) $ (0.11 ) Weighted average shares outstanding of Class B common stock, basic and diluted 11,509,432 — 11,509,432 Basic and diluted net loss per share of Class B common stock $ (0.43 ) $ 0.32 $ (0.11 ) For the Period from May 19, 2020 (Inception) through December 31, 2020 As Previously Restated Adjustment As Restated Statement of Cash Flows - Supplemental disclosure of noncash activities: Initial Value of Class A common stock subject to possible redemption $ 401,719,790 $ (401,719,790 ) $ — Change in fair value of Class A common stock subject to possible redemption $ 47,392,050 $ (47,392,050 ) $ — Accretion on Class A common stock subject to possible redemption amount $ — $ 26,169,980 $ 26,169,980 The change in the carrying value of the redeemable shares of Class A common stock in the IPO Balance Sheet resulted in a decrease of approximately $5.1 million in additional paid-in capital and an increase of approximately $24.1 million to accumulated deficit, as well as a reclassification of 3,041,540 shares of Class A common stock from permanent equity to temporary equity as presented below. As of August 7, 2020 As Previously Restated Restatement As Restated Balance Sheet Total assets $ 422,012,234 $ — $ 422,012,234 Total liabilities $ 22,988,438 $ — $ 22,988,438 Class A common stock subject to possible redemption 394,023,790 88,976,210 483,000,000 Stockholders’ equity (deficit) Preferred stock — — — Class A common stock 260 (260 ) — Class B common stock 1,208 — 1,208 Additional paid-in-capital 5,058,747 (5,058,747 ) — Accumulated deficit (60,209 ) (83,917,203 ) (83,977,412 ) Total stockholders’ equity (deficit) $ 5,000,006 $ (88,976,210 ) $ (83,976,204 ) Total liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) $ 422,012,234 $ — $ 422,012,234 See Note 12 for the unaudited interim balance sheet restatement as of September 30, 2020, unaudited interim supplemental cash three Subsequent to the previously issued Form 10-K/A on May 12, 2021, the Company completed the Business Combination disclosed in Note 12 - Subsequent Events, before the mandatory liquidation date. |