Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | HEALTH SCIENCES ACQUISITIONS CORPORATION 2 | |
Trading Symbol | HSAQ | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 20,450,000 | |
Amendment Flag | false | |
Entity Central Index Key | 0001814114 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | E9 | |
Entity File Number | 001-39421 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 40 10th Avenue | |
Entity Address, Address Line Two | Floor 7 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10014 | |
City Area Code | (646) | |
Local Phone Number | 597-6980 | |
Title of 12(b) Security | Ordinary Shares | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 1,911,305 | $ 2,026,822 |
Prepaid expenses | 105,667 | 122,478 |
Total current assets | 2,016,972 | 2,149,300 |
Investments held in Trust Account | 160,014,379 | 160,006,444 |
Total Assets | 162,031,351 | 162,155,744 |
Current liabilities: | ||
Accounts payable | 19,335 | 13,810 |
Accrued expenses | 85,559 | 75,146 |
Accrued expenses - related party | 90,000 | 30,000 |
Total current liabilities | 194,894 | 118,956 |
Deferred underwriting commissions in connection with the initial public offering | 5,600,000 | 5,600,000 |
Total liabilities | 5,794,894 | 5,718,956 |
Commitments and Contingencies (Note 6) | ||
Ordinary shares, $0.0001 par value; 15,123,645 and 15,143,678 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively | 151,236,450 | 151,436,780 |
Shareholders’ equity: | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of June 30, 2021 and December 31, 2020 | ||
Ordinary shares, $0.0001 par value; 100,000,000 shares authorized; 5,326,355 and 5,306,322 shares issued and outstanding (excluding 15,123,645 and 15,143,678 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | 533 | 531 |
Additional paid-in capital | 5,373,347 | 5,173,019 |
Accumulated deficit | (373,873) | (173,542) |
Total shareholders’ equity | 5,000,007 | 5,000,008 |
Total Liabilities and Shareholders’ equity | $ 162,031,351 | $ 162,155,744 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Shares subject to possible redemption | 15,123,645 | 15,143,678 |
Shares subject to possible redemption, par value (in Dollars per share) | $ 10 | $ 10 |
Preference shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized | 1,000,000 | 1,000,000 |
Preference shares, shares issued | ||
Preference shares, shares outstanding | ||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | 5,326,355 | 5,306,322 |
Ordinary shares, shares outstanding | 5,326,355 | 5,306,322 |
Unaudited Condensed Statement o
Unaudited Condensed Statement of Operations - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | |
Operating expenses | |||
General and administrative expenses | $ 15,215 | $ 66,318 | $ 148,266 |
Administrative fee - related party | 30,000 | 60,000 | |
Loss from operations | (15,215) | (96,318) | (208,266) |
Interest income from investments held in Trust Account | 3,989 | 7,935 | |
Net loss | $ (15,215) | $ (92,329) | $ (200,331) |
Weighted average shares outstanding of Public Shares, basic and diluted (in Shares) | 16,000,000 | 16,000,000 | |
Basic and diluted net income per share, Public Shares (in Dollars per share) | $ 0 | $ 0 | |
Weighted average shares outstanding of Founder Shares, basic and diluted (in Shares) | 3,478,261 | 4,450,000 | 4,450,000 |
Basic and diluted net loss per share, Founder Shares (in Dollars per share) | $ 0 | $ (0.02) | $ (0.05) |
Unaudited Condensed Statements
Unaudited Condensed Statements of Changes in Shareholders’ Equity - USD ($) | Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at May. 24, 2020 | ||||
Issuance of ordinary shares to Sponsor | $ 400 | 28,350 | 28,750 | |
Issuance of ordinary shares to Sponsor (in Shares) | 4,000,000 | |||
Net loss | (15,215) | (15,215) | ||
Balance at Jun. 30, 2020 | $ 400 | 28,350 | (15,215) | 13,535 |
Balance (in Shares) at Jun. 30, 2020 | 4,000,000 | |||
Balance at Dec. 31, 2020 | $ 531 | 5,173,019 | (173,542) | 5,000,008 |
Balance (in Shares) at Dec. 31, 2020 | 5,306,322 | |||
Shares subject to possible redemption | $ 1 | 107,999 | 108,000 | |
Shares subject to possible redemption (in Shares) | 10,800 | |||
Net loss | (108,002) | (108,002) | ||
Balance at Mar. 31, 2021 | $ 532 | 5,281,018 | (281,544) | 5,000,006 |
Balance (in Shares) at Mar. 31, 2021 | 5,317,122 | |||
Shares subject to possible redemption | $ 1 | 92,329 | 92,330 | |
Shares subject to possible redemption (in Shares) | 9,233 | |||
Net loss | (92,329) | (92,329) | ||
Balance at Jun. 30, 2021 | $ 533 | $ 5,373,347 | $ (373,873) | $ 5,000,007 |
Balance (in Shares) at Jun. 30, 2021 | 5,326,355 |
Unaudited Condensed Statement_2
Unaudited Condensed Statement of Cash Flows - USD ($) | 1 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (15,215) | $ (200,331) |
Adjustments to reconcile to net loss to net cash used in operating activities | ||
Interest income from investments held in Trust Account | (7,935) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 16,811 | |
Accounts payable | 5,525 | |
Accrued expenses | 15,215 | 10,413 |
Accrued expenses - related party | 60,000 | |
Net cash used in operating activities | (115,517) | |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of ordinary shares to Sponsor | 28,750 | |
Proceeds from note payable to related party | 300,000 | |
Paid offering costs | (135,062) | |
Net cash provided by financing activities | 193,688 | |
Net change in cash | 193,688 | (115,517) |
Cash - beginning of the period | 2,026,822 | |
Cash - end of the period | 193,688 | 1,911,305 |
Supplemental disclosure of noncash activities: | ||
Offering costs included in accrued expenses | $ 15,000 | |
Change in value of ordinary shares subject to possible redemption | $ (200,330) |
Description of Organization and
Description of Organization and Business Operations | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Organization and Business Operations | Note 1 – Description of Organization and Business Operations Health Sciences Acquisitions Corporation 2 (the “Company”) was incorporated on May 25, 2020 in the Cayman Islands as a business company with limited liability and formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or engaging in any other similar initial business combination with one or more businesses or entities (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on healthcare innovation. The Company has neither engaged in any operations nor generated revenue to date. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”). As of June 30, 2021, the Company had not commenced any operations. All activity for the period from May 25, 2020 (inception) through June 30, 2021 had been related to the Company’s formation and the initial public offering (“Initial Public Offering”), and since the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenue until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income from its investments held in the Trust Account (as defined below). The Company’s sponsor is HSAC 2 Holdings, LLC (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on August 3, 2020. On August 6, 2020, the Company consummated its Initial Public Offering of 16,000,000 ordinary shares (the “Public Shares”), including the issuance of 2,086,956 Public Shares as a result of the underwriters’ full exercise of their over-allotment option, at an offering price of $10.00 per Public Share, generating gross proceeds of $160.0 million, and incurring offering costs of approximately $9.4 million, inclusive of approximately $5.6 million in deferred underwriting commissions (Note 6). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 450,000 ordinary shares (the “Private Placement Shares”), at a price of $10.00 per Private Placement Share to the Sponsor, (for a total purchase price of $4.5 million), and (ii) 1,500,000 warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant (for a total purchase price of $1.5 million), generating gross proceeds to the Company of $6.0 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, $160.0 million ($10.00 per Public Share) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a U.S based trust account (“Trust Account”), maintained by Continental Stock Transfer & Trust Company, acting as trustee, and invested in U.S. “government securities” with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940 (the “Investment Company Act”), which invest only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Pursuant to stock exchange listing rules, the Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the amount of any deferred underwriting discount held in trust and taxes payable on the income earned on the Trust Account) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the 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. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Shares and Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully complete a Business Combination. The Company will provide holders of the Public Shares (“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 shareholder 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, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per ordinary share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). 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). As a result, such ordinary shares have been recorded at redemption amount and classified as temporary equity, in accordance with the Financial Accounting Standard Board (“FASB”), Accounting Standard Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” The amount in the Trust Account is initially anticipated to be $10.00 per Public Share. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the ordinary shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which will be adopted by the Company upon the consummation of the Initial Public Offering (the “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, a shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem ordinary shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Insider Shares prior to this Initial Public Offering (the “Initial Shareholders”) have agreed to vote their Insider Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption rights with respect to their Insider Shares, Private Placement Shares, and Public Shares in connection with the completion of a Business Combination. In addition, the Company has agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the Sponsor. Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provides 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 ordinary shares with respect to more than an aggregate of 20% or more of the ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, executive officers, directors and director nominees have agreed not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their ordinary shares in conjunction with any such amendment. If a Business Combination has not been consummated by August 6, 2022 (the “Combination Period”), it will trigger the Company’s automatic winding up, liquidation and dissolution. If the Company does not consummate a Business Combination within the Combination Period, upon notice from the Company, the trustee of the Trust Account will distribute the amount in the Trust Account to the Public Shareholders. Concurrently, the Company shall pay, or reserve for payment, from funds not held in the Trust Account, its liabilities and obligations, although the Company cannot assure that there will be sufficient funds for such purpose. If there are insufficient funds held outside the Trust Account for such purpose, the Sponsor has agreed that it will be liable to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by the Company for services rendered or contracted for or products sold to the Company and which have not executed a waiver agreement. However, the Company cannot assure that the liquidator will not determine that he or she requires additional time to evaluate creditors’ claims (particularly if there is uncertainty over the validity or extent of the claims of any creditors). The Company also cannot assure that a creditor or shareholder will not file a petition with the Cayman Islands Court which, if successful, may result in the Company’s liquidation being subject to the supervision of that court. Such events might delay distribution of some or all of the Company’s assets to the Public Shareholders. The Initial Shareholders have agreed to waive their liquidation rights with respect to the Insider Shares and Private Placement Shares (collectively, “Founder Shares”) held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares 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 funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per ordinary share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per ordinary share initially held in the Trust Account. Liquidity and Capital Resources The accompanying unaudited condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30, 2021, the Company had approximately $1.9 million in its operating bank account and working capital of approximately $1.8 million. Prior to the completion of the Initial Public Offering, the Company’s liquidity needs had been satisfied through the capital contribution of $28,750 from the Sponsor to purchase the Insider Shares, and a loan of $300,000 pursuant to the Note issued to the Sponsor, which was repaid on August 7, 2020 (Note 5). Subsequent to the consummation of the Initial Public Offering and Private Placement, the Company’s liquidity needs have been satisfied with the proceeds from the consummation of the Private Placement not held in the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor may, but is not obligated to, provide the Company Working Capital Loans (see Note 5). As of June 30, 2021 and December 31, 2020, there were no amounts outstanding under any Working Capital Loans. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. |
Basic of Presentation and Summa
Basic of Presentation and Summary of Significant Account Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basic of Presentation and Summary of Significant Account Policies | Note 2 – Basis of Presentation and Summary of Significant Account Policies Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future periods. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 10, 2021. Emerging Growth Company As an emerging growth company, the Company 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 auditor 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 an emerging growth 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 an 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 unaudited condensed financial statements in conformity with U.S. 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ 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. There were no cash equivalents at June 30, 2021 and December 31, 2020. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of June 30, 2021 and December 31, 2020 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. Treasury securities money market funds. Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is 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 and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in net gain from investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximate the carrying amounts represented in the condensed balance sheets. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2: Quoted prices in markets that are not active or financial instruments for which significant inputs to models are observable (including but not limited to quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit risk), either directly or indirectly; ● Level 3: Prices or valuations that require significant unobservable inputs (including the Management’s assumptions in determining fair value measurement). In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Offering Costs Associated with Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering.” Offering costs consist of costs incurred in connection with the formation and preparation for the Initial Public Offering. These costs, together with the underwriting discount, were charged to additional paid-in capital upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Ordinary Shares Subject to Possible Redemption Ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events, Accordingly, at June 30, 2021 and December 31, 2020, 15,123,645 and 15,143,678 ordinary shares subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, respectively, outside of the shareholders’ equity section of the Company’s condensed balance sheets. Net Income (Loss) per Ordinary Share The Company’s unaudited condensed statements of operations include a presentation of income (loss) per ordinary share in a manner similar to the two-class method of income (loss) per share. Net income per Public Share, basic and diluted, is calculated by dividing the investment income earned on the Trust Account by the weighted average number of Public Shares outstanding for the periods. Net loss per Founder Share, basic and diluted, is calculated by dividing the net loss, less income attributable to Public Shares, by the weighted average number of Founder Shares outstanding for the periods. The calculation of diluted net income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the Private Placement since the exercise price of the warrants is in excess of the average ordinary shares price for the period and therefore the inclusion of such warrants would be anti-dilutive. The following table reflects the calculation of basic and diluted net income (loss) per ordinary share: For the Three Months For the Six Months Ended For the Period from Public Shares Numerator: Interest income from investments held in Trust Account $ 3,989 $ 7,935 $ - Net income attributable to Public Shares $ 3,989 $ 7,935 $ - Denominator: Weighted average shares outstanding of Public Shares, basic and diluted 16,000,000 16,000,000 - Basic and diluted net income per share, Public Shares $ 0.00 $ 0.00 $ - Founder Shares Numerator: Net loss $ (92,329 ) $ (200,331 ) $ (15,215 ) Less: Net income attributable to Public Shares (3,989 ) (7,935 ) - Net loss attributable to Founder Shares $ (96,318 ) $ (208,266 ) $ (15,215 ) Denominator: Weighted average shares outstanding of Founder Shares, basic and diluted 4,450,000 4,450,000 3,478,261 Basic and diluted net loss per share, Founder Shares $ (0.02 ) $ (0.05 ) $ (0.00 ) Income Taxes ASC Topic 740, “Income Taxes” 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 only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements. |
Initial Public Offering
Initial Public Offering | 6 Months Ended |
Jun. 30, 2021 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Note 3 – Initial Public Offering On August 6, 2020, the Company consummated its Initial Public Offering of 16,000,000 Public Shares, including the 2,086,956 Public Shares as a result of the underwriters’ full exercise of their over-allotment option, at an offering price of $10.00 per Public Share, generating gross proceeds of $160.0 million, and incurring offering costs of approximately $9.4 million, inclusive of approximately $5.6 million in deferred underwriting commissions. |
Private Placement
Private Placement | 6 Months Ended |
Jun. 30, 2021 | |
Private Placement Disclosure [Abstract] | |
Private Placement | Note 4 – Private Placement Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of (i) 450,000 Private Placement Share at $10.00 per Private Placement Share (for a total purchase price of $4.5 million) and (ii) 1,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant (for a total purchase price of $1.5 million), for an aggregate of $6.0 million from the Sponsor, generating gross proceeds to the Company of $6.0 million. Each Private Placement Warrant entitles the holder thereof to purchase one ordinary share at an exercise price of $11.50 per ordinary share. A portion of the proceeds from the Private Placement Warrants and the Private Placement Shares were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 – Related Party Transactions Insider Shares On June 11, 2020, the Company issued 3,593,750 ordinary shares to the Sponsor (the “Insider Shares”) for an aggregate purchase price of $28,750. On August 3, 2020, the Company effected a share dividend of 0.113043478 ordinary shares for each outstanding ordinary share (an aggregate of 406,250 ordinary shares), resulting in an aggregate of 4,000,000 ordinary shares outstanding. The holders of the Insider Shares had agreed to forfeit up to an aggregate of 521,739 Insider Shares, on a pro rata basis, to the extent that the option to purchase additional ordinary shares was not exercised in full by the underwriters. The forfeiture would have been adjusted to the extent that the option to purchase additional ordinary shares is not exercised in full by the underwriters so that the Insider Shares will represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding the Private Placement Shares and assuming the initial shareholders do not purchase any Public Shares in the Initial Public Offering). On August 6, 2020, the underwriters fully exercised the over-allotment option; thus, the 521,739 Insider Shares were no longer subject to forfeiture. The Initial Shareholders agreed not to transfer, assign or sell any of their Insider Shares (except to certain permitted transferees) until, with respect to 50% of the Insider Shares, the earlier of six months after the date of the consummation of the initial Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per ordinary share for any 20 trading days within a 30-trading day period following the consummation of the initial Business Combination, and, with respect to the remaining 50% of the Insider Shares, six months after the date of the consummation of the initial Business Combination, or earlier in each case if, subsequent to the initial Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Related Party Loans On June 11, 2020, the Sponsor agreed to loan the Company up to $300,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due on the date the Company consummates the Initial Public Offering or the date on which the Company determines not to conduct the Initial Public Offering. The Company borrowed $300,000 under the Note, and fully repaid the Note in full on August 7, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, the Initial Shareholders may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion (the “Working Capital Loans”). Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the initial Business Combination, without interest, or, at the lender’s discretion, up to $500,000 of such loans may be converted upon consummation of the Business Combination into additional private warrants at a price of $1.00 per warrant. If the Company does not complete a Business Combination within the Combination Period, the Working Capital Loans will be repaid only from amounts remaining outside the Trust Account, if any. The warrants would be identical to the Private Placement Warrants. As of June 30, 2021 and December 31, 2020, the Company had no borrowings under the Working Capital Loans. Administrative support agreement Commencing on the date of the Company’s prospectus, the Company agreed to pay an affiliate of the Sponsor a total of $10,000 per month for office space and certain office and secretarial services. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. During the three and six months ended June 30, 2021, the Company incurred $30,000 and $60,000 in expenses for these services which is recognized in the accompanying unaudited condensed statement of operations, respectively. As of June 30, 2021 and December 31, 2020, there were $90,000 and $30,000 in accrued expenses – related party outstanding, as reflected in the accompanying condensed balance sheets. Purchase Agreement The Sponsor has entered into an agreement with the Company to purchase an aggregate of 2,500,000 of the Company’s ordinary shares or their equivalent in the securities of a target company for an aggregate purchase price of $25,000,000 prior to, concurrently with, or following the closing of the Business Combination, either in open market transactions (to the extent permitted by law) or in a private placement. The capital from such transaction may be used as part of the consideration to the sellers in the initial Business Combination, and any excess capital fund from such private placement would be used for working capital in the post-transaction company. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Registration and Shareholder Rights The holders of the Insider Shares, Private Placement Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration rights pursuant to a registration rights agreement. The holders of a majority of these securities are entitled to make up to two demands that the Company registers such securities. The holders of the majority of the Insider Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these ordinary shares are to be released from escrow. The holders of a majority of the Private Placement Shares, Private Placement Warrants or ordinary shares issued in payment of Working Capital Loans made to the Company can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s consummation of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of this prospectus to purchase up to 2,086,956 additional Ordinary Shares at the Initial Public Offering price less the underwriting discounts and commissions. On August 6, 2020, the underwriters fully exercised the over-allotment option. The underwriters were entitled to an underwriting discount of $0.20 per Public Share, or $3.2 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, the underwriters were entitled to a deferred underwriting commission of $0.35 per Public Share, or $5.6 million 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. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that the specific impact is not readily determinable as of the date of the balance sheet. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders’ Equity | Note 7 – Shareholders’ Equity Preference shares Ordinary Shares Private Warrants Each warrant is exercisable to purchase one of ordinary shares at an exercise price of $11.50 per full share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share capitalization, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants shares. 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 warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 – Fair Value Measurements The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy: June 30, 2021 Description Quoted Prices Significant Significant Investments held in Trust Account $ 160,014,379 $ - $ - December 31, 2020 Description Quoted Prices Significant Significant Investments held in Trust Account $ 160,006,444 $ - $ - Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. There were no transfers between levels for the three and six months ended June 30, 2021. Level 1 assets include investments in mutual funds that invest solely in U.S. government securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Events The Company evaluated subsequent events and transactions that occurred through the date that the unaudited condensed financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future periods. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 10, 2021. |
Emerging Growth Company | Emerging Growth Company As an emerging growth company, the Company 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 auditor 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 an emerging growth 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 an 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 unaudited condensed financial statements in conformity with U.S. 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ 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. There were no cash equivalents at June 30, 2021 and December 31, 2020. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of June 30, 2021 and December 31, 2020 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. Treasury securities money market funds. |
Investments Held in the Trust Account | Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is 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 and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in net gain from investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. |
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 the FASB ASC Topic 820, “Fair Value Measurements,” approximate the carrying amounts represented in the condensed balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2: Quoted prices in markets that are not active or financial instruments for which significant inputs to models are observable (including but not limited to quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit risk), either directly or indirectly; ● Level 3: Prices or valuations that require significant unobservable inputs (including the Management’s assumptions in determining fair value measurement). In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Offering Costs Associated with Initial Public Offering | Offering Costs Associated with Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering.” Offering costs consist of costs incurred in connection with the formation and preparation for the Initial Public Offering. These costs, together with the underwriting discount, were charged to additional paid-in capital upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
Ordinary Shares Subject to Possible Redemption | Ordinary Shares Subject to Possible Redemption Ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events, Accordingly, at June 30, 2021 and December 31, 2020, 15,123,645 and 15,143,678 ordinary shares subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, respectively, outside of the shareholders’ equity section of the Company’s condensed balance sheets. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) per Ordinary Share The Company’s unaudited condensed statements of operations include a presentation of income (loss) per ordinary share in a manner similar to the two-class method of income (loss) per share. Net income per Public Share, basic and diluted, is calculated by dividing the investment income earned on the Trust Account by the weighted average number of Public Shares outstanding for the periods. Net loss per Founder Share, basic and diluted, is calculated by dividing the net loss, less income attributable to Public Shares, by the weighted average number of Founder Shares outstanding for the periods. The calculation of diluted net income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the Private Placement since the exercise price of the warrants is in excess of the average ordinary shares price for the period and therefore the inclusion of such warrants would be anti-dilutive. The following table reflects the calculation of basic and diluted net income (loss) per ordinary share: For the Three Months For the Six Months Ended For the Period from Public Shares Numerator: Interest income from investments held in Trust Account $ 3,989 $ 7,935 $ - Net income attributable to Public Shares $ 3,989 $ 7,935 $ - Denominator: Weighted average shares outstanding of Public Shares, basic and diluted 16,000,000 16,000,000 - Basic and diluted net income per share, Public Shares $ 0.00 $ 0.00 $ - Founder Shares Numerator: Net loss $ (92,329 ) $ (200,331 ) $ (15,215 ) Less: Net income attributable to Public Shares (3,989 ) (7,935 ) - Net loss attributable to Founder Shares $ (96,318 ) $ (208,266 ) $ (15,215 ) Denominator: Weighted average shares outstanding of Founder Shares, basic and diluted 4,450,000 4,450,000 3,478,261 Basic and diluted net loss per share, Founder Shares $ (0.02 ) $ (0.05 ) $ (0.00 ) |
Income Taxes | Income Taxes ASC Topic 740, “Income Taxes” 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 only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements. |
Basic of Presentation and Sum_2
Basic of Presentation and Summary of Significant Account Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted net income (loss) | For the Three Months For the Six Months Ended For the Period from Public Shares Numerator: Interest income from investments held in Trust Account $ 3,989 $ 7,935 $ - Net income attributable to Public Shares $ 3,989 $ 7,935 $ - Denominator: Weighted average shares outstanding of Public Shares, basic and diluted 16,000,000 16,000,000 - Basic and diluted net income per share, Public Shares $ 0.00 $ 0.00 $ - Founder Shares Numerator: Net loss $ (92,329 ) $ (200,331 ) $ (15,215 ) Less: Net income attributable to Public Shares (3,989 ) (7,935 ) - Net loss attributable to Founder Shares $ (96,318 ) $ (208,266 ) $ (15,215 ) Denominator: Weighted average shares outstanding of Founder Shares, basic and diluted 4,450,000 4,450,000 3,478,261 Basic and diluted net loss per share, Founder Shares $ (0.02 ) $ (0.05 ) $ (0.00 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets that are measured at fair value on a recurring basis | Description Quoted Prices Significant Significant Investments held in Trust Account $ 160,014,379 $ - $ - Description Quoted Prices Significant Significant Investments held in Trust Account $ 160,006,444 $ - $ - |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | Aug. 06, 2020 | Jun. 30, 2020 | Jun. 30, 2021 |
Description of Organization and Business Operations (Details) [Line Items] | |||
Price per share (in Dollars per share) | $ 10 | $ 10 | |
Gross proceeds | $ 160,000,000 | ||
Description of private placement warrant | Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 450,000 ordinary shares (the “Private Placement Shares”), at a price of $10.00 per Private Placement Share to the Sponsor, (for a total purchase price of $4.5 million), and (ii) 1,500,000 warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant (for a total purchase price of $1.5 million), generating gross proceeds to the Company of $6.0 million (Note 4). | ||
Assets held in the trust account, percentage | 80.00% | ||
Public share per share value (in Shares) | 10 | ||
Net tangible assets | $ 5,000,001 | ||
Aggregate shares, percentage | 20.00% | ||
Redeem shares, percentage | 100.00% | ||
Working capital | $ 1,900,000 | ||
Cash | 1,800,000 | ||
Capital contribution | $ 28,750 | ||
Sponsor [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Capital contribution | 28,750 | ||
Loan amount | $ 300,000 | ||
Business Combination [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Outstanding voting security percentage | 50.00% | ||
Description of business combination | Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. | ||
IPO [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Issuance of initial public offering units (in Shares) | 16,000,000 | ||
Issuance of public shares under over-allotment (in Shares) | 2,086,956 | ||
Price per share (in Dollars per share) | $ 10 | ||
Offering cost | $ 9,400,000 | ||
Deferred underwriting commission | $ 5,600,000 | ||
Private Placement [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Price per share (in Dollars per share) | $ 10 | ||
Private placement, amount | $ 160,000,000 | ||
Public Shareholders [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Price per unit (in Dollars per share) | $ 10 |
Basic of Presentation and Sum_3
Basic of Presentation and Summary of Significant Account Policies (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Federal depository insurance coverage amount (in Dollars) | $ 250,000 | |
Ordinary shares subject to possible redemption | 15,123,645 | 15,143,678 |
Basic of Presentation and Sum_4
Basic of Presentation and Summary of Significant Account Policies (Details) - Schedule of basic and diluted net income (loss) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | |
Numerator: | |||
Interest income from investments held in Trust Account | $ 3,989 | $ 7,935 | |
Net income attributable to Public Shares | $ 3,989 | $ 7,935 | |
Denominator: | |||
Weighted average shares outstanding of Public Shares, basic and diluted (in Shares) | 16,000,000 | 16,000,000 | |
Basic and diluted net income per share, Public Shares (in Dollars per share) | $ 0 | $ 0 | |
Numerator: | |||
Net loss | $ (15,215) | $ (92,329) | $ (200,331) |
Less: Net income attributable to Public Shares (in Shares) | (3,989) | (7,935) | |
Net loss attributable to Founder Shares | $ (15,215) | $ (96,318) | $ (208,266) |
Denominator: | |||
Weighted average shares outstanding of Founder Shares, basic and diluted (in Shares) | 3,478,261 | 4,450,000 | 4,450,000 |
Basic and diluted net loss per share, Founder Shares (in Dollars per share) | $ 0 | $ (0.02) | $ (0.05) |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 06, 2020 | Jun. 30, 2021 |
Initial Public Offering (Details) [Line Items] | ||
Price per share (in Dollars per share) | $ 10 | $ 10 |
Gross proceeds | $ 160 | |
Offering costs | 9.4 | |
Deferred underwriting commissions | $ 5.6 | |
Initial Public Offering [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Shares issued (in Shares) | 16,000,000 | |
Price per share (in Dollars per share) | $ 10 | |
Over-Allotment Option [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Shares issued (in Shares) | 2,086,956 |
Private Placement (Details)
Private Placement (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2020 | |
Private Placement (Details) [Line Items] | ||
Sale of stock price per share (in Dollars per share) | $ 10 | $ 10 |
Price per unit (in Dollars per share) | $ 11.50 | |
Aggregate amount of private placement | $ 6 | |
generating gross proceeds | $ 6 | |
Private Placement [Member] | ||
Private Placement (Details) [Line Items] | ||
Purchase of shares (in Shares) | 450,000 | |
Sale of stock price per share (in Dollars per share) | $ 10 | |
Purchase price | $ 4.5 | |
Private placement warrants, shares (in Shares) | 1,500,000 | |
Price per unit (in Dollars per share) | $ 1 | |
Aggregate Price Paid | $ 1.5 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Aug. 07, 2020 | Aug. 06, 2020 | Jun. 11, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Aug. 03, 2020 |
Related Party Transactions (Details) [Line Items] | |||||||
Ordinary share, issued (in Shares) | 5,326,355 | 5,326,355 | 5,306,322 | ||||
Ordinary stock, shares outstanding (in Shares) | 5,326,355 | 5,326,355 | 5,306,322 | ||||
Issued and outstanding shares, percentage | 20.00% | ||||||
Related party, description | The Initial Shareholders agreed not to transfer, assign or sell any of their Insider Shares (except to certain permitted transferees) until, with respect to 50% of the Insider Shares, the earlier of six months after the date of the consummation of the initial Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per ordinary share for any 20 trading days within a 30-trading day period following the consummation of the initial Business Combination, and, with respect to the remaining 50% of the Insider Shares, six months after the date of the consummation of the initial Business Combination, or earlier in each case if, subsequent to the initial Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. | ||||||
Payments of loan costs | $ 300,000 | ||||||
Borrowed amount | $ 300,000 | ||||||
Warrants conversion, description | The notes would either be paid upon consummation of the initial Business Combination, without interest, or, at the lender’s discretion, up to $500,000 of such loans may be converted upon consummation of the Business Combination into additional private warrants at a price of $1.00 per warrant. | ||||||
Incurred expenses | $ 30,000 | $ 60,000 | |||||
Accrued expenses related party outstanding | $ 90,000 | $ 30,000 | |||||
Aggregate purchase to ordinary shares (in Shares) | 2,500,000 | ||||||
Aggregate to purchase price | $ 25,000,000 | ||||||
Sponsor [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Ordinary share, issued (in Shares) | 3,593,750 | ||||||
Aggregate price | $ 28,750 | ||||||
Sponsor forfeit shares (in Shares) | 521,739 | ||||||
Administrative expenses | $ 10,000 | ||||||
Ordinary Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Ordinary share, issued (in Shares) | 3,593,750 | ||||||
Dividend per share value (in Dollars per share) | $ 0.113043478 | ||||||
Shares outstanding (in Shares) | 406,250 | ||||||
Ordinary stock, shares outstanding (in Shares) | 20,450,000 | 20,450,000 | 15,123,645 | 4,000,000 | |||
Insider Shares [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Subject to forfeiture, shares (in Shares) | 521,739 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)$ / shares | |
Commitments and Contingencies (Details) [Line Items] | |
Underwriting agreement, description | The Company granted the underwriters a 45-day option from the date of this prospectus to purchase up to 2,086,956 additional Ordinary Shares at the Initial Public Offering price less the underwriting discounts and commissions. |
Underwriting discount rate | $ / shares | $ 0.20 |
Underwriting discount fee deferred | $ / shares | $ 0.35 |
Over-Allotment Option [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Underwriting expense | $ | $ 3.2 |
Deferred underwriting commission | $ | $ 5.6 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - $ / shares | Aug. 06, 2020 | Aug. 03, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 11, 2020 |
Shareholders’ Equity (Details) [Line Items] | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, par value, (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Ordinary shares, authorized | 100,000,000 | 100,000,000 | |||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Ordinary shares, issued | 5,326,355 | 5,306,322 | |||
Stockholders equity, description | the Company effected a share dividend of 0.113043478 ordinary shares for each outstanding share (an aggregate of 406,250 ordinary shares), resulting in an aggregate of 4,000,000 ordinary shares outstanding. All ordinary shares and associated amounts have been retroactively restated to reflect the share dividend. Of the 4,000,000 ordinary shares outstanding, up to 521,739 of these ordinary shares was subject to forfeiture by the Sponsor (or its permitted transferees) on a pro rata basis depending on the extent to which the underwriters’ over-allotment option was exercised. | ||||
Ordinary, shares outstanding | 5,326,355 | 5,306,322 | |||
Shares subject to possible redemption | 15,123,645 | 15,143,678 | |||
Warrants, description | Each warrant is exercisable to purchase one of ordinary shares at an exercise price of $11.50 per full share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. | ||||
Ordinary Shares [Member] | |||||
Shareholders’ Equity (Details) [Line Items] | |||||
Ordinary shares, issued | 3,593,750 | ||||
Shares, outstanding | 406,250 | ||||
Ordinary, shares outstanding | 4,000,000 | 20,450,000 | 15,123,645 | ||
Over-Allotment Option [Member] | |||||
Shareholders’ Equity (Details) [Line Items] | |||||
Issuance of public offering | 521,739 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of financial assets that are measured at fair value on a recurring basis - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value Measurements (Details) - Schedule of financial assets that are measured at fair value on a recurring basis [Line Items] | ||
Investments held in Trust Account | $ 160,014,379 | $ 160,006,444 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Measurements (Details) - Schedule of financial assets that are measured at fair value on a recurring basis [Line Items] | ||
Investments held in Trust Account | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value Measurements (Details) - Schedule of financial assets that are measured at fair value on a recurring basis [Line Items] | ||
Investments held in Trust Account |