Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021 | |
Document Information [Line Items] | |
Document Type | S-4/A |
Amendment Flag | true |
Entity Registrant Name | RedBall Acquisition Corp. |
Entity Central Index Key | 0001815184 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Description | AMENDMENT NO. 2 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash | $ 1,146,186 | $ 1,601,324 | [1] |
Prepaid expenses | 215,934 | 308,554 | [1] |
Total current assets | 1,362,120 | 1,909,878 | [1] |
Investments held in Trust Account | 575,457,635 | 575,282,641 | [1] |
Total Assets | 576,819,755 | 577,192,519 | [1] |
Current liabilities: | |||
Accrued expenses | 484,960 | 105,454 | [1] |
Accounts payable | 741,073 | 726,316 | [1] |
Due to related party | 723,488 | 284,646 | [1] |
Total current liabilities | 1,949,521 | 1,116,416 | [1] |
Derivative warrant liabilities | 23,125,530 | 65,511,660 | [1] |
Deferred underwriting commissions | 20,125,000 | 20,125,000 | [1] |
Total liabilities | 45,200,051 | 86,753,076 | [1] |
Commitments and Contingencies | |||
Class A ordinary shares, par value $0.0001; 57,500,000 shares subject to possible redemption at $10.00 per share as of September 30, 2021 and December 31, 2020 | 575,000,000 | 575,000,000 | [1] |
Shareholders' Deficit | |||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2021 and December 31, 2020 | 0 | 0 | [1] |
Additional paid-in capital | 0 | 0 | |
Accumulated deficit | (43,381,734) | (84,561,995) | [1] |
Total shareholders' deficit | (43,380,296) | (84,560,557) | [1] |
Total Liabilities, Class A Ordinary shares Subject to Possible Redemption and Shareholders' Deficit | 576,819,755 | 577,192,519 | [1] |
Ordinary Class A [Member] | |||
Current liabilities: | |||
Class A ordinary shares, par value $0.0001; 57,500,000 shares subject to possible redemption at $10.00 per share as of September 30, 2021 and December 31, 2020 | 575,000,000 | 575,000,000 | |
Shareholders' Deficit | |||
Ordinary share, value | 0 | 0 | |
Ordinary Class B [Member] | |||
Shareholders' Deficit | |||
Ordinary share, value | $ 1,438 | $ 1,438 | [1] |
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred shares par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred shares authorised | 1,000,000 | 1,000,000 |
Preferred shares issued | 0 | 0 |
Preferred shares outstanding | 0 | 0 |
Temporary equity redemption price | $ 10 | $ 10 |
Ordinary Class A [Member] | ||
Ordinary shares par or stated value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares authorised | 400,000,000 | 400,000,000 |
Temporary equity, par or stated value per share | $ 0.0001 | $ 0.0001 |
Temporary shares outstanding | 57,500,000 | 57,500,000 |
Temporary equity redemption price | $ 10 | $ 10 |
Ordinary Class B [Member] | ||
Ordinary shares par or stated value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares authorised | 40,000,000 | 40,000,000 |
Ordinary shares issued | 14,375,000 | 14,375,000 |
Ordinary shares outstanding | 14,375,000 | 14,375,000 |
Non Redeemable Class A Common Stock [Member] | ||
Temporary shares outstanding | 0 | |
Temporary shares issued | 0 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | |
Operating expenses | |||||
General and administrative expenses | $ 206,448 | $ 550,943 | $ 574,605 | $ 1,218,472 | $ 1,155,863 |
Administrative expenses - related party | 75,000 | 111,291 | 225,000 | ||
Loss from operations | (281,448) | (550,943) | (574,605) | (1,329,763) | (1,380,863) |
Other income (expense): | |||||
Change in fair value of derivative warrant liabilities | 8,002,140 | 574,660 | 574,660 | (22,411,660) | 42,386,130 |
Transaction costs - derivative warrant liabilities | (1,636,200) | ||||
Financing cost - derivative warrant liabilities | (1,636,200) | (1,636,200) | |||
Net gain (loss) from investments held in Trust Account | 98,782 | 104,289 | 104,289 | 282,641 | 174,994 |
Total other income (expense) | 8,100,922 | (957,251) | (957,251) | 42,561,124 | |
Net income (loss) | $ 7,819,474 | $ (1,508,194) | $ (1,531,856) | $ (25,094,982) | $ 41,180,261 |
Ordinary Class A [Member] | |||||
Other income (expense): | |||||
Basic and diluted weighted average shares outstanding | 57,500,000 | 28,125,000 | 22,898,230 | 38,426,829 | 57,500,000 |
Basic and diluted net income (loss) per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 |
Ordinary Class B [Member] | |||||
Other income (expense): | |||||
Basic and diluted weighted average shares outstanding | 14,375,000 | 13,417,120 | 13,246,681 | 13,753,049 | 14,375,000 |
Basic and diluted net income (loss) per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 |
Condensed Statements of Changes
Condensed Statements of Changes in Shareholders' Equity (Deficit) - USD ($) | Total | Ordinary Class A [Member] | Ordinary Class B [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning Balance at Jun. 09, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Beginning Balance (in shares) at Jun. 09, 2020 | 0 | 0 | |||
Issuance of Class B ordinary shares to Sponsor | 25,000 | $ 1,438 | 23,562 | ||
Issuance of Class B ordinary shares to Sponsor (in shares) | 14,375,000 | ||||
Net income (loss) | (23,662) | (23,662) | |||
Ending Balance at Jun. 30, 2020 | 1,338 | $ 0 | $ 1,438 | 23,562 | (23,662) |
Ending Balance (in shares) at Jun. 30, 2020 | 0 | 14,375,000 | |||
Beginning Balance at Jun. 09, 2020 | 0 | $ 0 | $ 0 | 0 | 0 |
Beginning Balance (in shares) at Jun. 09, 2020 | 0 | 0 | |||
Issuance of Class B ordinary shares to Sponsor | 25,000 | $ 1,438 | 23,562 | ||
Issuance of Class B ordinary shares to Sponsor (in shares) | 14,375,000 | ||||
Accretion of Class A ordinary share subject to possible redemption amount | (59,490,575) | $ (59,490,575) | (23,562) | (59,467,013) | |
Net income (loss) | (25,094,982) | (25,094,982) | |||
Ending Balance at Dec. 31, 2020 | (84,560,557) | $ 0 | $ 1,438 | 0 | (84,561,995) |
Ending Balance (in shares) at Dec. 31, 2020 | 0 | 14,375,000 | |||
Beginning Balance at Jun. 30, 2020 | 1,338 | $ 0 | $ 1,438 | 23,562 | (23,662) |
Beginning Balance (in shares) at Jun. 30, 2020 | 0 | 14,375,000 | |||
Accretion of Class A ordinary share subject to possible redemption amount | (59,490,575) | (23,562) | (59,467,013) | ||
Net income (loss) | (1,508,194) | (1,508,194) | |||
Ending Balance at Sep. 30, 2020 | (60,997,431) | $ 0 | $ 1,438 | 0 | (60,998,869) |
Ending Balance (in shares) at Sep. 30, 2020 | 0 | 14,375,000 | |||
Beginning Balance at Dec. 31, 2020 | (84,560,557) | $ 0 | $ 1,438 | 0 | (84,561,995) |
Beginning Balance (in shares) at Dec. 31, 2020 | 0 | 14,375,000 | |||
Net income (loss) | 25,467,200 | 25,467,200 | |||
Ending Balance at Mar. 31, 2021 | (59,093,357) | $ 0 | $ 1,438 | 0 | (59,094,795) |
Ending Balance (in shares) at Mar. 31, 2021 | 0 | 14,375,000 | |||
Beginning Balance at Dec. 31, 2020 | (84,560,557) | $ 0 | $ 1,438 | 0 | (84,561,995) |
Beginning Balance (in shares) at Dec. 31, 2020 | 0 | 14,375,000 | |||
Accretion of Class A ordinary share subject to possible redemption amount | $ (59,490,575) | ||||
Ending Balance at Sep. 30, 2021 | (43,380,296) | $ 0 | $ 1,438 | 0 | (43,381,734) |
Ending Balance (in shares) at Sep. 30, 2021 | 0 | 14,375,000 | |||
Beginning Balance at Mar. 31, 2021 | (59,093,357) | $ 0 | $ 1,438 | 0 | (59,094,795) |
Beginning Balance (in shares) at Mar. 31, 2021 | 0 | 14,375,000 | |||
Net income (loss) | 7,893,587 | 7,893,587 | |||
Ending Balance at Jun. 30, 2021 | (51,199,770) | $ 0 | $ 1,438 | (51,201,208) | |
Ending Balance (in shares) at Jun. 30, 2021 | 0 | 14,375,000 | |||
Net income (loss) | 7,819,474 | 7,819,474 | |||
Ending Balance at Sep. 30, 2021 | $ (43,380,296) | $ 0 | $ 1,438 | $ 0 | $ (43,381,734) |
Ending Balance (in shares) at Sep. 30, 2021 | 0 | 14,375,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows | 4 Months Ended | 7 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | |||
Cash Flows from Operating Activities: | |||||
Net income (loss) | $ (1,531,856) | $ (25,094,982) | $ 41,180,261 | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||
General and administrative expenses paid by related party | 37,791 | 37,791 | |||
Change in fair value of derivative warrant liabilities | (574,660) | 22,411,660 | (42,386,130) | ||
Financing costs - derivative warrant liabilities | 1,636,200 | ||||
Transaction costs - derivative warrant liabilities | 1,636,200 | ||||
Net gain from investments held in Trust Account | (104,289) | (282,641) | (174,994) | ||
Changes in operating assets and liabilities: | |||||
Prepaid expenses | (356,022) | (308,554) | 92,620 | ||
Accounts payable | 81,196 | 726,316 | 14,757 | ||
Accrued expenses | 341,597 | 20,454 | 379,506 | ||
Due to related party | 284,646 | 438,842 | |||
Net cash used in operating activities | (470,043) | (569,110) | (455,138) | ||
Cash Flows from Investing Activities: | |||||
Cash deposited in Trust Account | (575,000,000) | (575,000,000) | |||
Net cash used in investing activities | (575,000,000) | (575,000,000) | |||
Cash Flows from Financing Activities: | |||||
Repayment of note payable to related party | (235,986) | (235,986) | |||
Proceeds received from initial public offering, gross | 575,000,000 | 575,000,000 | |||
Proceeds received from private placement | 14,350,000 | 14,350,000 | |||
Offering costs paid | (11,943,579) | (11,943,580) | |||
Net cash provided by financing activities | 577,170,435 | 577,170,434 | |||
Net increase (decrease) in cash | 1,700,392 | 1,601,324 | (455,138) | ||
Cash - beginning of the period | 0 | 0 | 1,601,324 | [1] | |
Cash - end of the period | 1,700,392 | 1,601,324 | [1] | 1,146,186 | |
Supplemental disclosure of noncash investing and financing activities: | |||||
Offering costs paid in exchange for issuance of Class B ordinary shares to Sponsor | 25,000 | 25,000 | |||
Offering costs included in accrued expenses | 85,000 | ||||
Offering costs paid through note payable - related party | 198,195 | ||||
Deferred offering costs included in accrued expenses | 85,000 | ||||
Deferred offering costs included in note payable | 198,195 | ||||
Deferred offering costs paid in exchange for issuance of Class B ordinary shares to Sponsor | 25,000 | 25,000 | |||
Deferred underwriting commissions | $ 20,125,000 | $ 20,125,000 | [1] | $ 20,125,000 | |
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Description Of Organization, Bu
Description Of Organization, Business Operations And Basis Of Presentation | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description Of Organization, Business Operations And Basis Of Presentation | NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS Organization and General RedBall Acquisition Corp. (the “Company”) is a newly incorporated blank check company incorporated in the Cayman Islands on June 10, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”). 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”). At December 31, 2020, the Company had not yet commenced operations. All activity for the period from June 10, 2020 (inception) through December 31, 2020 relates to the Company’s formation and its preparation for the initial public offering (“Initial Public Offering”), which is described below, and since the 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 The Company’s sponsor is RedBall SponsorCo LP, a Cayman Islands exempted limited partnership (“Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on August 12, 2020. On August 17, 2020, the Company consummated its Initial Public Offering of 57,500,000 units (“Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including the 7,500,000 Units as a result of the underwriters’ full exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds of $575.0 million, and incurring offering costs of approximately $32.4 million, inclusive of approximately $20.1 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 9,566,667 warrants at a price of $1.50 per warrant (“Private Placement Warrants”) to the Sponsor, generating gross proceeds of approximately $14.4 million (Note 5). Upon the closing of the Initial Public Offering and the Private Placement, $575.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction The Company will provide its holders of its ordinary 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 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 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 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 shares with respect to more than an aggregate of 20% of the Class A 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 Class A ordinary shares in conjunction with any such amendment. If the Company is unable to complete 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 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 (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), 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 liquidation distributions, if any) and (iii) as promptly as reasonably po s In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes payable (less up to $100,000 of interest to pay dissolution expenses). The Initial Shareholders have agreed to waive their liquidation rights with respect to the Found e in | NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF RedBall Acquisition Corp. (the “Company”, or “RedBall”) is a blank check company incorporated in the Cayman Islands on J u At September 30, 2021, the Company had not yet commenced operations. All activity for the period from June 10, 2020 (inception) through September 30, 2021, relates to the Company’s formation and its preparation for the initial public offering (“Initial Public Offering”), which is described below, 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 will generate non-operating The Company’s sponsor is RedBall SponsorCo LP, a Cayman Islands exempted limited partnership (“Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on August 12, 2020. On August 17, 2020, the Company consummated its Initial Public Offering of units (“Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including the Units as a result of the underwriters’ full exercise of their over-allotment option, at $ per Unit, generating gross proceeds of $ million, and incurring offering costs of approximately $ million, inclusive of approximately $ million in deferred underwriting commissions (Note . Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 9,566,667 warrants at a price of $1.50 per warrant (“Private Placement Warrants”) to the Sponsor, generating gross proceeds of approximately $14.4 million ( Note ). Upon the closing of the Initial Public Offering and the Private Placement, $575.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 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 Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. 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 (as defined below) (net of amounts disbursed to the Company’s management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust) 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 1940, as amended, or the Investment Company Act. The Company will provide its holders of its ordinary 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 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 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 Upon the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”). 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 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 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 Founder Shares prior to this Initial Public Offering (the “Initial Shareholders”) have agreed to vote their Founder Shares (as defined in Note 4) 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 Founder 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 shares with respect to more than an aggregate of 20% of the Class A 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 Class A ordinary shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering (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 per-share In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes payable (less up to $100,000 of interest to pay dissolution expenses) . The Initial Shareholders have agreed to waive their liquidation rights with respect to the Founder Shares 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 5) 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 share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per Public Share held in the trust account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reduct i |
Restatement of Previously Issue
Restatement of Previously Issued Financial statements | 7 Months Ended |
Dec. 31, 2020 | |
Restatement Of Previously Issued Financial Statements [Abstract] | |
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 21, 2021, to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares 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 ordinary shares subject to possible redemption, the Company 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 ordinary shares as temporary equity and to recognize accretion from the initial book value to rede m Going Concern The Company has incurred and expects to incur additional significant costs in pursuit of its financing and acquisition plans including the proposed business combination. In connection with management’s assessment of going concern considerations in accordance with FASB ASC Topic 20540, “Presentation of Financial Statements-Going Concern,” management has determined that these considerations taken together with the mandatory liquidation and subsequent dissolution raise substantial doubt about our 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 August 17, 2022. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Impact of the Restatement The increase in the carrying value of the redeemable Class A ordinary shares classified as temporary equity, rather than permanent equity, in the IPO Balance Sheet of $66.2 n As of August 17, 2020 As Reported As Previously 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary shares subject to possible redemption $ 508,843,200 $ 66,156,800 $ 575,000,000 Class A ordinary shares $ 662 $ (662 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 6,699,125 $ (6,699,125 ) $ — Accumulated deficit $ (1,701,221 ) $ (59,457,013 ) $ (61,158,234 ) Total shareholders’ equity (deficit) $ 5,000,004 $ (66,156,800 ) $ (61,156,796 ) The impact of the restatement on the audited balance sheet as of December 31, 2020 is presented below: As of December 31, 2020 As Reported As Previously Restated in 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary sharessubject to possible redemption $ 485,439,440 $ 89,560,560 $ 575,000,000 Class A ordinary shares $ 896 $ (896 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 30,092,651 $ (30,092,651 ) $ — Accumulated deficit $ (25,094,982 ) $ (59,467,013 ) $ (84,561,995 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (89,560,560 ) $ (84,560,557 ) The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The Company’s statement of operations has been restated to reflect the changes to the impacted earnings per share data as presented below. Earnings Per Share As Reported As Previously 10-K/A Amendment No. 1 Adjustment As Restated For the Period From June 10, 2020 (Inception) Through December 31, 2020 Net loss $ (25,094,982 ) $ — $ (25,094,982 ) Weighted average shares outstanding - Class A ordinary shares 57,500,000 (19,073,171 ) 38,426,829 Basic and diluted earnings per share - Class A ordinary shares $ — $ — $ (0.48 ) Weighted average shares outstanding - Class B ordinary shares 13,753,049 — 13,753,049 Basic and diluted earnings per share - Class B ordinary shares $ (1.85 ) $ 1.37 $ (0.48 ) The impact of the restatement to the previously reported as restated statement of cash flows for the period ended December 31, 2020, is presented below: For the Period From June 10, 2020 (Inception) Through December 31, 2020 As Reported As Previously Restated in 10-K/A Amendment Adjustment As Restated Value of Class A ordinary shares subject to possible redemption $ 508,843,200 $ (508,843,200 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (23,403,760 ) $ 23,403,760 $ — See Note 11 — Quarterly Financial Information where unaudited interim periods are presented as restated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
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 in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period as of December 31, 2020, and the period from June 10, 2020 (inception) through December 31, 2020, and the unaudited interim financial statements as of, and for the quarterly period ended September 30, 2020 (collectively, the “Affected Periods”), are restated in this Annual Report on Form 10-K/A 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, 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 election to opt out is irrevocable. This may make comparison of the Company’s financial statement with another public company that is neither an emerging growth company nor an emerging growth company that 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 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 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 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 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. There were no cash equivalents at December 31, 2020. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. At December 31, 2020, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such 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. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value. Gains and losses resulting from the change in fair value of these securities is included in net gain from investments held in Trust Account in the accompanying statement 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 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 include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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. As of December 31, 2020, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, and due to related party approximate their fair values due to the short-term nature of the instruments. The Company’s investments held in Trust Account are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less. The fair value of investments held in Trust Account is determined using quoted prices in active markets. The fair value of warrants issued in connection with the Initial Public Offering and Private Placement were initially and subsequently measured at fair value using a Monte Carlo simulation model for the Public Warrants and the Black-Scholes model for the Private Placement Warrants. Beginning as of December 31, 2020, the fair value of Public Warrants and Private Placement Warrants have been measured based on the listed market price of such the Public Warrants. Offering costs associated with Initial Public Offering The Company complied with the requirements of the ASC 340-10-S99-1. Offering costs consist legal, accounting, underwriting fees and other incremental costs directly attributable to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Public Shares were charged against the carrying value of the Class A ordinary shares subject to possible redemption 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. Class A Ordinary Shares subject to possible redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A ordinary shares (including Class A 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, shares of Class A ordinary shares are classified as shareholders’ eq u The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary sh a Net income (loss) per ordinary share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective period. The Company did not consider the effect of the warrants issued in connection with the Initial Public Offering and the Private Placement to purchase an aggregate of shares of ordinary shares in the calculation of diluted income (loss) per share because their exercise is contingent upon future events. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per shares as the redemption value approximates fair value. The following table reflects presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of ordinary shares: For the Period from June 10, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (18,480,698 ) $ (6,614,284 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 38,426,829 13,753,049 Basic and diluted net loss per ordinary share $ (0.48 ) $ (0.48 ) Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The 19,166,667 issued in connection with the Initial Public Offering (the “Public Warrants”) and the 9,566,667 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The fair value of warrants issued in connection with the Initial Public Offering, exercise of the over-allotment option and Private Placement were initially and subsequently measured at fair value using a Monte Carlo simulation model for the Public Warrants and the Black- Scholes for the Private Placement Warrants. Beginning as of December 31, 2020, the fair value of Public Warrants and Private Placement Warrants have been measured based on the listed market price of such the Public Warrants. 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 for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues illlder 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 federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. 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 Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X 10-K/A 10-K/A m Restatement of Previously Reported Financial Statements In the Company’s unaudited condensed financial statements for the quarterly period ended September 30, 2021, as filed with the SEC on November 9, 2021 the Company concluded it should revise its previously issued financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with ASC 480-10-S99, redemption provisions not solely within the control of the Company, require shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these condensed financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company revised 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 participate pro rata in the income and losses of the Company. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Quarterly Periods should be restated to present all Class A ordinary shares subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements to those periods in this quarterly report. The impact of the restatement on the financial statements for the Affected Quarterly Periods is presented below. The change in the carrying value of the redeemable Class A ordinary shares at March 31, 2021 resulted in a reclassification of approximately 6.4 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed balance sheet as of March 31, 2021: As of March 31, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,903,389 $ — $ 576,903,389 Total liabilities $ 60,996,746 $ — $ 60,996,746 Class A ordinary shares subject to possible redemption $ 510,906,640 $ 64,093,360 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 641 $ (641 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 4,625,706 $ (4,625,706 ) $ — Retained earnings (accumulated deficit) $ 372,218 $ (59,467,013 ) $ (59,094,795 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (64,093,360 ) $ (59,093,357 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,903,389 $ — $ 576,903,389 The Company’s unaudited condensed statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed statement of cash flows for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (25,466,945 ) $ 25,466,945 $ — The change in the carrying value of the redeemable Class A ordinary shares at June 30, 2021 resulted in a reclassification of approximately 5.6 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed balance sheet as of June 30, 2021: As of June 30, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,858,765 $ — $ 576,858,765 Total liabilities $ 53,058,535 $ — $ 53,058,535 Class A ordinary shares subject to possible redemption $ 518,800,220 $ 56,199,780 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 562 $ (562 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,998,010 $ (56,199,218 ) $ (51,201,208 ) Total shareholders’ equity (deficit) $ 5,000,010 $ (56,199,780 ) $ (51,199,770 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,858,765 $ — $ 576,858,765 The Company’s unaudited condensed statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed statement of cash flows for the six months ended June 30, 2021: Six Months Ended June 30, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 33,360,780 $ (33,360,780 ) $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods: Earnings Per Share As Reported Adjustment As Restated Three Months Ended March 31, 2021 (unaudited) Net income $ 25,467,200 $ — $ 25,467,200 Weighted average shares outstanding - Class A ordinary shares 57,500,000 — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.35 $ 0.35 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 1.77 $ (1.42 ) $ 0.35 Earnings Loss Per Share As Reported Adjustment As Restated Three Months Ended June 30, 2021 (unaudited) Net loss $ 7,893,587 $ — $ 7,893,587 Weighted average shares outstanding - Class A ordinary shares 57,500,000 — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.11 $ 0.11 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 0.55 $ (0.44 ) $ 0.11 Earnings Loss Per Share As Reported Adjustment As Restated Six Months Ended June 30, 2021 (unaudited) Net loss $ 33,360,787 $ — $ 33,360,787 Weighted average shares outstanding - Class A ordinary shares — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.46 $ 0.46 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 2.32 $ (1.86 ) $ 0.46 Going Concern The Company incurred and expects to incur additional significant costs in pursuit of its financing and acquisition plans, including the proposed business combination. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements– Going Concern,” the Company has until August 17, 2022 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential 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 August 17, 2022. 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 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 unaudited condensed 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 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 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. There were no cash equivalents as of September 30, 2021, and December 31, 2020. Concentration of Credit Risk Financial instrum e of $250,000, and investments held in Trust Account. The Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Investments Held in the Trust Account The Company’s portfolio of investments 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 condensed 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 is included in net gain/(loss) 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 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. 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 include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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 consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating non-current Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivat i re-assessed The warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A ordinary shares (including Class A 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, shares of Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, an aggregate of 57,500,000 shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption 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. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which, resulted in charges against additional paid-in Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective period. The Company did not consider the effect of the warrants issued in connection with the Initial Public Offering and the Private Placement to purchase an aggregate of shares of ordinary shares in the calculation of diluted income (loss) per share because their exercise is contingent upon future events. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per shares as the redemption value approximates fair value. The following tables reflects present a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares: For the Three Months Ended For the Three Months Ended September 30, 2021 September 30, 2020 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) $ 6,255,579 $ 1,563,895 $ (1,021,083 ) $ (487,111 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 57,500,000 14,375,000 28,125,000 13,417,120 Basic and diluted net income (loss) per ordinary share $ 0.11 $ 0.11 $ (0.04 ) $ (0.04 ) For The Period From For the Nine Months Ended June 10, 2020 (inception) through September 30, 2021 September 30, 2020 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) $ 32,944,209 $ 8,236,052 $ (970,449 ) $ (561,407 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 57,500,000 14,375,000 22,898,230 13,246,681 Basic and diluted net income (loss) per ordinary share $ 0.57 $ 0.57 $ (0.04 ) $ (0.04 ) Income Taxes FASB 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 There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. 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) 815-40): 2020-06”), 2020-06 The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements. |
Initial Public Offering
Initial Public Offering | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Equity [Abstract] | ||
Initial Public Offering | NOTE 4. INITIAL PUBLIC OFFERING On August 17, 2020, the Company consummated its Initial Public Offering of 57,500,000 Units, including the 7,500,000 Units as a result of the underwriters’ full exercise of their over-allotment Each Unit consists of one Class A ordinary share, and one-third | NOTE 3. INITIAL PUBLIC OFFERING On August 17, 2020, the Company consummated its Initial Public Offering of 57,500,000 Units, including the 7,500,000 Units as a result of the underwriters’ full exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds of $575.0 million, and incurring offering costs of approximately $32.4 million, inclusive of approximately $20.1 million in deferred underwriting commissions. Each Unit consists of one Class A ordinary share, and one-third |
Related Party Transactions
Related Party Transactions | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On June 10, 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor (the “Founder Shares”) in exchange for a payment of $25,000 by the Sponsor to cover for certain offering costs on behalf of the Company. In July 2020, the Sponsor transferred 30,000 founder shares to each of the Company’s independent directors at cost. In addition, in August 2020, the Sponsor transferred 30,000 founder shares to Rice, Hadley, Gates & Manuel LLC pursuant to its retainer agreement, resulting in the Sponsor holding 14,175,000 Founder Shares. The holders of the Founder Shares agreed to forfeit up to an aggregate of 1,875,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units was not exercised in full by the underwriters, so that the Founder Shares would represent % of the Company’s issued and outstanding shares after the initial public offering. The underwriters fully exercised the over-allotment option on August , ; thus, these founder shares were no longer subject to forfeiture. The Initial Shareholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the initial shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading lock-up. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 9,566,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of approximately $14.4 million. Each whole Private Placement Warrant is exercisable for one whole ordinary share at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants 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 transferees. The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. Related Party Loans On June 10, 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 is non-interest t The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.50 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. To date, the Company had no borrowings under the Working Capital Loans. Administrative Support Agreement The Company agreed to pay the Sponsor a total of $25,000 per month, commencing on the date that the Company’s securities were first listed on the New York Stock Exchange, for office space, utilities, secretarial and administrative support services provided to members of the management team. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred approximately $111,000 for expenses in connection with the Administrative Support Agreement from the listing date through December 31, 2020. As of December 31, 2020, $50,000 is payable for these services and is included in the due to related party on the balance sheet. Due to Related Party During the period ended December 31, 2020, the Sponsor paid approximately $285,000 of expenses on behalf of the Company. The amount is presented as Due to related party in current liabilities as of December 31, 2020 on the balance sheet. Executive Compensation None of the Company’s officers or directors receive cash compensation for services rendered. However, under the terms of the Company’s agreement with Richard Scudamore for his service as a director, our successful consummation of a business combination would result in the Company obliged to pay $100,000 to him. This amount has not been reflected in the balance sheet as it is contingent upon the success of a business combination. | NOTE 4. RELATED PARTY TRANSACTIONS Founder Shares On June 10, 2020, the Company issued 14,375,000 Class B ordinary shares The Initial Shareholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the initial shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading lock-up. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 9,566,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of approximately $14.4 million. Each whole Private Placement Warrant is exercisable for one whole ordinary share at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants 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 The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. Related Party Loans On June 10 , 2020, our sponsor agreed to loan us up to $ 300,000 December , 2020 or the completion of the initial public offering. We borrowed approximately $ 236,000 August In addition, in order to fund working capital deficiencies or finance transaction costs in connection with a business combination, our sponsor or an affiliate of our sponsor, or certain of our officers and directors may, but are not obligated to, loan us funds as may be required (“Working Capital Loans”). If we complete a business combination, we would repay the Working Capital Loans out of the proceeds of the trust account released to us. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the trust account. In the event that a business combination does not close, we may use a portion of proceeds held outside the trust account to repay the Working Capital Loans but no proceeds held in the trust account would be used to repay the Working Capital Loans. Due to Related Party During the three and nine months ended September 30, 2021, the Company’s Sponsor paid approximately $374,000 and $674,000 of expenses on behalf of the Company, and the Company made repayment of approximately $0 and $230,000, respectively to the Sponsor for such expenses. During the three months ended September 30, 2020, and the period from June 10, 2020 (inception) through September 30, 2020, the Sponsor paid approximately $0 and $0, respectively for such expenses. As of September 30, 2021, and December 31, 2020, outstanding balance for such expenses were approximately $724,000 and $285,000, respectively, included in due to related party in current liabilities, on the condensed balance sheets included as Item 1 to this Quarterly Report on Form 10-Q. Executive Compensation None of the Company’s officers or directors receive cash compensation for services rendered. However, under the terms of the Company’s agreement with Richard Scudamore for his service as a director, our successful consummation of a Business Combination would result in the Company becoming obliged to pay $ to him. This amount has not been reflected in the condensed balance sheets as it is contingent upon the success of a Business Combination. Administrative Support Agreement The Company agreed to pay the Sponsor a total of $25,000 per month, commencing on the date that the Company’s securities were first listed on the New York Stock Exchange, for office space, utilities, secretarial and administrative support services provided to members of the management team. Upon completion of a Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred $75,000, $0, $225,000 and $0 of such fees in the three months ended September 30, 2021 and 2020, in the nine months ended September 30, 2020, and for the period from June 10, 2020 (inception) through September 30, 2020, respectively, included as administrative fees - 10-Q. 10-Q. |
Commitments And Contingencies
Commitments And Contingencies | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments And Contingencies | NOTE 6. COMMITMENTS AND CONTINGENCIES Registration and Shareholder Rights The holders of Founder Shares, Private Placement Warrants, Forward Purchase Securities and warrants that may be issued upon conversion of Working Capital Loans, if any, are entitled to registration rights pursuant to a registration rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up Underwriting Agreement The Company granted the underwriters a 45-day The underwriters were entitled to an underwriting discount of $0.20 per unit, or $11.5 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 unit, or approximately $20.1 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. Forward Purchase Agreements The Company has entered into forward purchase agreements (the “Forward Purchase Agreements”), pursuant to which RedBird Series 2019, LP and RedBird Series 2019 GP Co-Invest, per share in private placements that will close simultaneously with the closing of the initial Business Combination. The Forward Purchase Shares will be identical to the Class A ordinary shares included in the Units sold in the Initial Public Offering, except the Forward Purchase Shares will be subject to transfer restrictions and certain registration rights. The funds from the sale of the Forward Purchase Shares may be used for expenses in connection with the initial Business Combination or as part of the consideration to the sellers in the initial Business Combination, and any excess funds may be used for the working capital needs of the post-transaction company. The Forward Purchase Agreements are subject to conditions, including each Forward Purchase Party giving the Company its written consent confirming its commitment to purchase the Forward Purchase Shares no later than five days after the Company notifies it of the board of directors’ intention to meet to consider entering into a definitive agreement for a proposed Business Combination. Each Forward Purchase Party may grant or withhold this consent entirely within its sole discretion. Accordingly, if each Forward Purchase Party does not consent, it will not be obligated to purchase the Forward Purchase Shares. In addition, the Company has the right, in its sole discretion, to reduce the amount of Forward Purchase Shares that each Forward Purchase Party may purchase pursuant to the Forward Purchase Agreements. Risks and Uncertainties Management continues to COVID-19 uncertainty. | NOTE 5. COMMITMENTS AND CONTINGENCIES Registration and Shareholder Rights The holders of Founder Shares, Private Placement Warrants, Forward Purchase Securities and warrants that may be issued upon conversion of Working Capital Loans, if any, are entitled to registration rights pursuant to a registration rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. 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 The underwriters were entitled to an underwriting discount of $0.20 per unit, or $11.5 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 unit, or approximately $20.1 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. Forward Purchase Agreements The Company has entered into forward purchase Co-Invest, per share in private placements that will close simultaneously with the closing of the initial Business Combination. The Forward Purchase Shares will be identical to the Class A ordinary shares included in the Units sold in the Initial Public Offering, except the Forward Purchase Shares will be subject to transfer restrictions and certain registration rights. The funds from the sale o commitment to purchase the Forward Purchase Shares no later than five days after the Company notifies it of the board of directors’ intention to meet to consider entering into a definitive agreement for a proposed Business Combination. Each Forward Purchase Party may grant or withhold this consent entirely within its sole discretion. Accordingly, if each Forward Purchase Party does not consent, it will not be obligated to purchase the Forward Purchase Shares. In addition, the Company has the right, in its sole discretion, to reduce the amount of Forward Purchase Shares that each Forward Purchase Party may purchase pursuant to the Forward Purchase Agreements. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 Contingent Fee Arrangements The Company has entered into fee arrangements with various service providers and advisors, pursuant to which certain fees incurred by the Company will be deferred and become payable if the Company consummates a Business Combination. There can be no assurances that the Company will complete a Business Combination. |
Derivative Warrant Liabilities
Derivative Warrant Liabilities | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Derivative Warrant Liabilities [Abstract] | ||
Derivative Warrant Liabilities | NOTE 7- DERIVATIVE As of December 31, 2020, the Company had 19,166,667 and 9,566,667 Public Warrants and Private Placement Warrants, respectively, outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the init i ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section (a) of the Securities Act or another exemption. 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 (b) 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” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable . The warrant has an exercise price of $11.50 per share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. 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 the initial 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 Initial Shareholders or their affiliates, without taking into account any Founder Shares held by the Initial Shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such Once the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants): • 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; and • if, and only if, the last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading If the Company calls the Public Warrants for redemption as described above, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A 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 Class A 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. | NOTE 6. DERIVATIVE WARRANT LIABILITIES As of September 30, 2021, the Company had 19,166,667 and 9,566,667 Public Warrants and Private Placement Warrants, respectively, outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. 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” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable The warrant has an exercise price of $11.50 per share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. 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 the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary shares (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 Initial Shareholders or their affiliates, without taking into account any Founder Shares held by the Initial Shareholders 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 the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then 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 described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. Once the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants): • 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; and • if, and only if, the last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading If the Company calls the Public Warrants for redemption as described above, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A 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 Class A 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 Comp |
Class A Ordinary Share Subject
Class A Ordinary Share Subject To Possible Redemption | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | ||
Class A Ordinary Share Subject To Possible Redemption | NOTE 8- CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 400,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of December 31, 2020, there were 57,500,000 shares of Class A ordinary shares outstanding, which were all subject to possible redemption and classified outside of permanent equity in the condensed balance sheet. The Class A ordinary shares subject to possible redemption reflected on the condensed balance sheet is reconciled on the following table: Gross proceeds $ 575,000,000 Less: Fair value of Public Warrants at issuance 28,750,000 Offering costs allocated to Class A ordinary shares subject to possible redemption 30,740,575 Plus: Accretion of carrying value to redemption value (59,490,575 ) Class A ordinary share subject to possible redemption $ 575,000,000 | NOTE 7- The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 400,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of September 30, 2021, there were 57,500,000 shares of Class A ordinary shares outstanding, which were all subject to possible redemption and classified outside of permanent equity in the condensed balance sheets. The Class A ordinary shares subject to possible redemption reflected on the condensed balance sheet is reconciled on the following table: Gross proceeds $ 575,000,000 Less: Fair value of Public Warrants at issuance 28,750,000 Offering costs allocated to Class A ordinary shares subject to possible redemption 30,740,575 Plus: Accretion of carrying value to redemption value (59,490,575 ) Class A ordinary shares subject to possible redemption $ 575,000,000 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Shareholders Equity [Abstract] | ||
Shareholders' Equity (Deficit) | NOTE 9. SHAREHOLDERS’ EQUITY (DEFICIT) Preference Shares — outstanding. Class A Ordinary Shares— Class A ordinary shares issued or outstanding, all subject to possible redemption and therefore classified outside of permanent equity. See Note 8. Class B Ordinary Shares— o Holders of the Company’s Class B ordinary shares are entitled to vote for each share. The Class B ordinary shares and will auto atically convert into Class A ordinary shares on the first business day following the consummation of the initial Business Combination, or earlier at the option of the holder thereof, on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination (including the Forward Purchase Shares), the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, % of the total number of Class A ordinary shares issued and outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (including the Forward Purchase Shares), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis. | NOTE 8. SHAREHOLDERS’ EQUITY (DEFICIT) Preference Shares - The Company is authorized to issue preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021 and December 31, 2020, there were preference shares issued and outstanding. Class A Ordinary Shares - September , A ordinary shares issued and Of the outstanding shares of , 57,500,000 shares were at September 30, 2021 and December 31, 2020, and therefore classified outside of permanent equity (See Note 7). Class B Ordinary Shares - per share. Holders are entitled to one vote for each share of Class B ordinary shares. As of September 30, 2021, and December 31, 2020, there were Class B ordinary shares issued and outstanding. Holders of the Company’s Class B ordinary shares are entitled to one vote for each share. The Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation of the initial Business Combination, or earlier at the option of the holder thereof, on a one-for-one d Purchase Shares), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one |
Fair Value Measurements
Fair Value Measurements | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | NOTE 10 The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy: Description Quoted Prices in Active Markets (Level 1) Significant Significant Other Unobservable Inputs (Level 3) Assets: U.S. Treasury bills $ 575,282,641 (1) $ — $ — Liabilities: Derivative warrant liabilities $ 43,508,330 $ — $ 22,003,330 (1) Includes $667 in cash. 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 as of December 31, 2020, as the Public Warrants were separately listed and traded in October 2020. The fair value of the Public Warrants issued in connection with the Public Offering were initially measured at fair value using a Monte Carlo simulation model and subsequently through September 30, 2020. The fair value of the Priv a For the period ended December 31, 2020, the Company recognized a charge to the statement of operations resulting from an increase in the fair value of liabilities of approximately $22.4 million presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations. The estimated fair value of the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, was determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s ordinary shares that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The following table provides quantitative information regarding Level 3 fair value measurements inputs for the Company’s warrants at their measurement dates: As of August 17, 2020 As of December 31, 2020 Volatility 10% - 25% 10% - 25.5% Stock price $9.89 - $10.12 $10.89 Time to M&A 1 1 Risk-free rate 0.39% 0.48% Dividend yield 0.0% 0.0% The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the period from July 20, 2020 (inception) through December 31, 2020, is summarized as follows: Derivative warrant liabilities at June 10, 2020 (inception) $ — Issuance of Public and Private Warrants - Level 3 43,100,000 Change in fair value of derivative warrant liabilities 7,270,000 Transfers of Public Warrants to Level 1 measurement (28,366,670 ) Derivative warrant liabilities - Level 3, at December 31, 2020 $ 22,003,330 | NOTE 9. FAIR VALUE MEASUREMENTS The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021, and December 31, 2020, by level within the fair value hierarchy: Fair Value Measured as of September 30, 2021 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury bills (1) $ 575,457,635 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 15,419,580 $ — $ — Derivative warrant liabilities - Private warrants $ — $ — $ 7,705,950 Fair Value Measured as of December 31, 2020 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury bills (2) $ 575,282,641 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 43,508,330 $ — $ — Derivative warrant liabilities - Private warrants $ — $ — $ 22,003,330 (1) Includes $654 in cash (2) Includes $667 in cash Transfers to/from Levels 1, 2, and 3 are recogniz e transfers between levels in the three and nine months ended September 30, 2021. The Company utilizes a Black-Scholes model to estimate the fair value of the Private Placement Warrants at each reporting period, with changes in fair value recognized in the condensed statement of operations. Inherent in a Black-Scholes model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical volatility of select peer companies that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon zero. For the three and nine September 30, 2021, and for the three months ended September 30, 2020, and for the period from 10, 2020 (inception) through September 30, 2020 the Company recognized income from the change in the fair value of derivative warrant liabilities of approximately $ 8.0 $42.4 million, approximately $575,000 and approximately $575,000 respectively, as presented on the accompanying unaudited condensed statements of operations . The change in the fair value of the derivative warrant liabilities, measured using level 3 inputs, for the three and nine months ended September 30, 2021, is summarized as follows: Derivative warrant liabilities - Level 3, at December 31, 2020 $ 22,003,330 Change in fair value of derivative warrant liabilities (8,514,330 ) Derivative warrant liabilities - Level 3, at March 31, 2021 $ 13,489,000 Change in fair value of derivative warrant liabilities (3,061,330 ) Derivative warrant liabilities - Level 3, at June 30, 2021 $ 10,427,670 Change in fair value of derivative warrant liabilities (2,721,720 ) Derivative warrant liabilities - Level 3, at September 30, 2021 $ 7,705,950 The following table provides quantitative information regarding Level 3 fair value measurements inputs for the Company’s Private Placement Warrants at their measurement dates: As of September 30, 2021 As of December 31, 2020 Volatility 10% - 13.3% 10% - 25.5% Stock price $9.84 $10.54 Time to M&A 0.44 1 Risk-free rate 1.05% 0.48% Dividend yield 0.0% 0.0% |
Subsequent Events
Subsequent Events | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Subsequent Events [Abstract] | ||
Subsequent Events | NOTE 12. SUBSEQUENT EVENTS On October 13, 2021, the Company entered into a Business Combination Agreement and Plan of Reorganization (the “Business Combination Agreement”) with Showstop Merger Sub I Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub One”), Showstop Merger Sub II LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“Merger Sub Two”), and SeatGeek, Inc., a Delaware corporation (“SeatGeek”), as fully disclosed in a Current Report on Form 8-K filed with the SEC on October 13, 2021. The Transactions The Business Combination Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur (together with the other agreements and transactions contemplated by the Business Combination Agreement, the “Business Combination”): (i) On the business day immediately prior to the closing of the transactions contemplated by the Business Combination Agreement (the “Closing”), subject to the approval of RedBall’s shareholders, and in accordance with the General Corporation Law of the State of Delaware, as amended (“DGCL”), the Cayman Islands Companies Act (as amended) (the “CICL”) and the Company’s Amended and Restated Memorandum and Articles of Association (as may be amended from time to time, the “Cayman Constitutional Documents”), RedBall will effect a deregistration under the CICL by way of continuation and domestication under Section 388 of the DGCL (such deregistration by way of continuation and domestication, the “Domestication” and RedBall, immediately after the Domestication, “New SeatGeek”), by filing an application to de-register RedBall with the Registrar of Companies of the Cayman Islands and filing a Certificate of Corporate Domestication and a Certificate of Incorporation (such Certificate of Incorporation governing the registration of New SeatGeek in the State of Delaware as a corporation, the “Certificate of Incorporation”) with the Delaware Secretary of State, as a result of which, among other things, (a) the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware, (b) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of RedBall (the “RedBall Class A Ordinary Shares”), will convert automatically, on a one-for-one basis, into a share of ordinary share, par value $0.0001, per share of New SeatGeek (after its Domestication) (the “New SeatGeek common stock”), (c) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a one-for-one basis, into a share of New SeatGeek common stock, (d) each then issued and outstanding warrant of RedBall to acquire RedBall Class A Ordinary Shares will convert automatically into a redeemable warrant to acquire one share of New SeatGeek common stock (“New SeatGeek Warrant”), (e) each then issued and outstanding unit of RedBall (the “RedBall Units”) will be separated and converted automatically into one share of New SeatGeek common stock and one-third of one New SeatGeek Warrant to acquire one share of New SeatGeek common stock and (f) the name of the Company will be changed to “SeatGeek, Inc.”; (ii) Immediately prior to the First Effective Time (as defined below), (a) each share of the Series A Preferred Stock, Series A-1 Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock of SeatGeek that is issued and outstanding immediately prior to the First Effective Time will be automatically converted into (i) a number of shares of SeatGeek common stock, par value $0.001 per share, of SeatGeek (the “SeatGeek common stock”) at the then-effective conversion rate and (ii) a number of shares of SeatGeek common stock issuable with respect to any accrued dividends, in each case, in accordance with the terms of the SeatGeek Certificate of Incorporation (such conversion, the “SeatGeek Preferred Conversion”); (iii) At the Closing (which shall be one business day immediately following the Domestication), upon the terms and subject to the conditions of the Business Combination Agreement, (x) in accordance with the DGCL, Merger Sub One will merge with and into SeatGeek, the separate corporate existence of Merger Sub One will cease and SeatGeek will be the surviving corporation and a wholly-owned subsidiary of RedBall (the “First Merger”); (iv) Upon the effective time of the First Merger (the “First Effective Time”) as a result of the First Merger, among other things, all outstanding shares of SeatGeek common stock (after giving effect to the SeatGeek Preferred Conversion) as of immediately prior to the First Effective Time, will be cancelled in exchange for the right to receive the applicable pro rata portion of (x) a contingent right to receive up to 35 million (v) Upon the First Effective Time, among other things, all warrants for, options to purchase and restricted stock units for shares of SeatGeek common stock outstanding as of immediately prior to the First Merger will be converted into warrants for, options to purchase and restricted stock units for shares of New SeatGeek common stock; (vi) Immediately following the First Effective Time, SeatGeek, as the surviving corporation of the First Merger, will merge with and into Merger Sub Two (the “Second Merger” and together with the First Merger, the “Mergers”) with Merger Sub Two continuing as the surviving entity as a wholly owned subsidiary of New SeatGeek; and (vii) Upon the effective time of the Second Merger (the “Second Effective Time”), (i) all outstanding shares of SeatGeek, as the surviving corporation of the First Merger, as of immediately prior to the Second Effective Time, will no longer be outstanding and will automatically be cancelled and the outstanding membership interests of Merger Sub Two, as of immediately prior to the Second Effective Time will remain outstanding as membership interest of the surviving entity and will not be affected by the Second Merger and (ii) the operating agreement of Merger Sub Two will be amended and restated in its entirety to read as set forth in the surviving entity operating agreement attached to the Business Combination Agreement as an exhibit. The Board of Directors of RedBall has unanimously (i) approved and declared advisable the Business Combination Agreement, the Business Combination and the other transactions contemplated thereby, including the Domestication, and (ii) resolved to recommend approval of the Business Combination Agreement and related matters by the shareholders of RedBall. The obligations of the parties to consummate the transactions contemplated by the Business Combination Agreement are subject to the satisfaction or waiver of certain customary closing conditions, including, among others, (i) approval of the Business Combination and related agreements and transactions by the respective shareholders of RedBall and SeatGeek, (ii) expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, (iii) the absence of any injunctions or laws prohibiting the transactions, (iii) effectiveness of the proxy / registration statement on F Concurrently with the execution of the Business Combination Agreement, RedBall entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors have collectively subscribed for 9,050,000 shares of the New SeatGeek Common Stock for an aggregate purchase price equal to $90.5 million (the “PIPE Investment”). In addition, for each subscribed share of the New SeatGeek Common Stock purchased by the PIPE Investors, the PIPE Investors will receive from New SeatGeek one-third of one warrant to purchase one whole share of Common Stock at an exercise price of $11.50 per share and with terms substantially similar to the redeemable warrants included as part of the RedBall’s Units issued in the IPO. In addition, concurrently with the execution of the Merger Agreement, Sponsor entered into a backstop subscription agreement (the “Backstop Subscription Agreement”) with RedBall, pursuant to which, on the terms and subject to the conditions set forth therein, the Sponsor has committed to purchase, following the Domestication and prior to the Closing, shares of New SeatGeek Common Stock, in a private placement for a purchase price of $10.00 per share, up to an aggregate of $65 million, to backstop certain redemptions by RedBall shareholders. In addition, the Sponsor has also agreed to forfeit 1,000,000 shares of New SeatGeek common stock upon the Closing, and to subject 7,187,500 shares issued and outstanding of New SeatGeek Common Stock, which are comprised of two separate tranches of 3,593,750 shares per tranche, to potential forfeiture to New SeatGeek for no consideration until the occurrence of the certain earnout vesting conditions. Forward Purchase Agreements The Company entered into forward purchase agreements pursuant to which the forward purchase parties, affiliates of our Sponsor, agreed to purchase an aggregate of $ 100.0 10.00 The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the financial statements were issued. Based upon this review, the Company did not identify any other subsequent events, other than the restatements disclosed in Note 2, that would have required adjustment or disclosure in the financial statements. | NOTE 10. SUBSEQUENT EVENTS On October 13, 2021, the Company entered into a Business Combination Agreement and Plan of Reorganization (the “Business Combination Agreement”) with Showstop Merger Sub I Inc. a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub One”), Showstop Merger Sub II LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“Merger Sub Two”), and SeatGeek, Inc., a Delaware corporation (“SeatGeek”), as fully disclosed in a Current Report on Form 8-K The Transactions The Business Combination Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur (together with the other agreements and transactions contemplated by the Business Combination Agreement, the “Business Combination”): (i) On the business day immediately prior to the closing of the transactions contemplated by the Business Combination Agreement (the “Closing”), subject to the approval of RedBall’s shareholders, and in accordance with the General Corporation Law of the State of Delaware, as amended (“DGCL”), the Cayman Islands Companies Act (as amended) (the “CICL”) and the Company’s Amended and Restated Memorandum and Articles of Association (as may be amended from time to time, the “Cayman Constitutional Documents”), RedBall will effect a deregistration under the CICL by way of continuation and domestication under Section 388 of the DGCL (such deregistration by way of continuation and domestication, the “Domestication” and RedBall, immediately after the Domestication, “New SeatGeek”), by filing an application to de-register a one-for-one basis, a one-for-one basis, and one-third of (ii) Immediately prior to the First Effective Time (as defined below), (a) each share of the Series A Preferred Stock, Series A-1 A-2 D-1 (iii) At the Closing (which shall be one business day immediately following the Domestication), upon the terms and subject to the conditions of the Business Combination Agreement, (x) in accordance with the DGCL, Merger Sub One will merge with and into SeatGeek, the separate corporate existence of Merger Sub One will cease and SeatGeek will be the surviving corporation and a wholly-owned subsidiary of RedBall (the “First Merger”); (iv) Upon the effective time of the First Merger (the “First Effective Time”) as a result of the First Merger, among other things, all outstanding shares of SeatGeek common stock (after giving effect to the SeatGeek Preferred Conversion) as of immediately prior to the First Effective Time, will be cancelled in exchange for the right to receive the applicable pro rata portion of (x) a contingent right to receive up to 35 million minus (v) Upon the First Effective Time, among other things, all warrants for, options to purchase and restricted stock units for shares of SeatGeek common stock outstanding as of immediately prior to the First Merger will be converted into warrants for, options to purchase and restricted stock units for shares of New SeatGeek common stock; (vi) Immediately following the First Effective Time, SeatGeek, as the surviving corporation of the First Merger, will merge with and into Merger Sub Two (the “Second Merger” and together with the First Merger, the “Mergers”) with Merger Sub Two continuing as the surviving entity as a wholly owned subsidiary of New SeatGeek; and (vii) Upon the effective time of the Second Merger (the “Second Effective Time”), (i) all outstanding shares of SeatGeek, as the surviving corporation of the First Merger, as of immediately prior to the Second Effective Time, will no longer be outstanding and will automatically be cancelled and the outstanding membership interests of Merger Sub Two, as of immediately prior to the Second Effective Time will remain outstanding as membership interest of the surviving entity and will not be affected by the Second Merger and (ii) the operating agreement of Merger Sub Two will be amended and restated in its entirety to read as set forth in the surviving entity operating agreement attached to the Business Combination Agreement as an exhibit. The Board of Directors of RedBall has unanimously (i) approved and declared advisable the Business Combination Agreement, the Business Combination and the other transactions contemplated thereby, including the Domestication, and (ii) resolved to recommend approval of the Business Combination Agreement and related matters by the shareholders of RedBall. The obligations of the parties to consummate the transactions contemplated by the Business Combination Agreement are subject to the satisfaction or waiver of certain customary closing conditions, including, among others, (i) approval of the Business Combination and related agreements and transactions by the respective shareholders of RedBall and SeatGeek, (ii) expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, (iii) the absence of any injunctions or laws prohibiting the transactions, (iii) effectiveness of the proxy / registration statement on Form S-4 Concurrently with the execution of the Business Combination Agreement, RedBall entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors have collectively subscribed for 9,050,000 shares of the New SeatGeek Common Stock for an aggregate purchase price equal to $90.5 million (the “PIPE Investment”). In addition, for each subscribed share of the New SeatGeek Common Stock purchased by the PIPE Investors, the PIPE Investors will receive from New SeatGeek one-third In addition, concurrently with the execution of the Merger Agreement, Sponsor entered into a backstop subscription agreement (the “Backstop Subscription Agreement”) with RedBall, pursuant to which, on the terms and subject to the conditions set forth therein, the Sponsor has committed to purchase, following the Domestication and prior to the Closing, shares of New SeatGeek Common Stock, in a private placement for a purchase price of $10.00 per share, up to an aggregate of $65 million, to backstop certain redemptions by RedBall shareholders. In addition, the Sponsor has also agreed to forfeit 1,000,000 shares of New SeatGeek common stock upon the Closing, and to subject 7,187,500 shares issued and outstanding of New SeatGeek Common Stock, which are comprised of two separate tranches of 3,593,750 shares per tranche, to potential forfeiture to New SeatGeek for no consideration until the occurrence of the certain earnout vesting conditions. Forward Purchase Agreements We entered into forward purchase agreements pursuant to which the forward purchase parties, affiliates of our Sponsor, agreed to purchase an aggregate of $100.0 million of forward purchase shares for $10.00 per share in private placements in connection with an initial business combination, subject to a consent right. In connection with the Business Combination, the forward purchase parties elected to not purchase the forward purchase shares and therefore, no forward purchase shares will be issued and sold. The Company evaluated subsequent events and transactions that occurred after the unaudited condensed balance sheet date up to the date the unaudited condensed financial statements were available to be issued. Based upon this review, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements which have not previously been disclosed within the unaudited condensed financial statements. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 7 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | NOTE 11 —QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following tables contain unaudited quarterly financial information for the quarterly period ended September 30, 2020, that has been updated to reflect the restatement of the Company’s financial statements as described in Note 2—Restatement of Previously Issued Financial Statements. The restatement had no impact net loss, net cash flows from operating, investing or financing activities. The Company has not amended its previously filed Quarterly Report on Form 10-Q for the Affected Period. The financial information that has been previously filed or otherwise reported for the Affected Period is superseded by the information in this Annual Report, and the financial statements and related financial information for the Affected Period contained in such previously filed report should no longer be relied upon. Balance Sheet Statement As of September 30, As Previously 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary shares subject to possible redemption $ 509,002,560 $ 65,997,440 $ 575,000,000 Class A ordinary shares 660 (660 ) — Class B ordinary shares 1,438 — 1,438 Additional paid-in capital $ 6,529,768 $ (6,529,768 ) $ — Accumulated deficit $ (1,531,856 ) $ (59,467,012 ) $ (60,998,868 ) Total shareholders’ equity (deficit) $ 5,000,010 $ (65,997,440 ) $ (60,997,430 ) Changes in Shareholders’ Equity (Deficit) For As Previously 10-K/A Amendment No. 1 Adjustment As Restated Value of Class A ordinary shares subject to possible redemption $ 508,843,200 $ (508,843,200 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ 159,360 $ (159,360 ) $ — Earnings Per Share As Previously 10-K/A Amendment No. 1 Adjustment As Restated Statement of Operations Three months ended September 30, 2020 Net loss $ (1,508,194 ) $ — $ (1,508,194 ) Weighted average shares outstanding - Class A ordinary shares 57,500,000 (29,375,000 ) 28,125,000 Basic and diluted earnings per share - Class A ordinary shares $ — $ (0.04 ) $ (0.04 ) Weighted average shares outstanding - Class B ordinary shares 14,375,000 (957,880 ) 13,417,120 Basic and diluted earnings per share - Class B ordinary shares $ (0.11 ) $ 0.07 $ (0.04 ) Earnings Per Share As Previously 10-K/A Amendment No. 1 Adjustment As Restated Statement of Operations For the Period From June 10, 2020 (Inception) Through September 30, 2020 Net loss $ (1,531,856 ) $ — $ (1,531,856 ) Weighted average shares outstanding - Class A ordinary shares 57,500,000 (34,601,770 ) 22,898,230 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ (0.04 ) $ (0.04 ) Weighted average shares outstanding - Class B ordinary shares 14,375,000 (1,128,319 ) 13,246,681 Basic and diluted earnings per share - Class B ordinary shares $ (0.11 ) $ 0.07 $ (0.04 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||
Basis of presentation | Basis of presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period as of December 31, 2020, and the period from June 10, 2020 (inception) through December 31, 2020, and the unaudited interim financial statements as of, and for the quarterly period ended September 30, 2020 (collectively, the “Affected Periods”), are restated in this Annual Report on Form 10-K/A | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with Amendment No. 2 to the Company’s Annual Report on Form 10-K/A 10-K/A m |
Revision to Previously Reported Financial Statements | Restatement of Previously Reported Financial Statements In the Company’s unaudited condensed financial statements for the quarterly period ended September 30, 2021, as filed with the SEC on November 9, 2021 the Company concluded it should revise its previously issued financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with ASC 480-10-S99, redemption provisions not solely within the control of the Company, require shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these condensed financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company revised 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 participate pro rata in the income and losses of the Company. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Quarterly Periods should be restated to present all Class A ordinary shares subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements to those periods in this quarterly report. The change in the carrying value of the redeemable Class A ordinary shares at March 31, 2021 resulted in a reclassification of approximately 6.4 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed balance sheet as of March 31, 2021: As of March 31, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,903,389 $ — $ 576,903,389 Total liabilities $ 60,996,746 $ — $ 60,996,746 Class A ordinary shares subject to possible redemption $ 510,906,640 $ 64,093,360 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 641 $ (641 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 4,625,706 $ (4,625,706 ) $ — Retained earnings (accumulated deficit) $ 372,218 $ (59,467,013 ) $ (59,094,795 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (64,093,360 ) $ (59,093,357 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,903,389 $ — $ 576,903,389 The Company’s unaudited condensed statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed statement of cash flows for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (25,466,945 ) $ 25,466,945 $ — The change in the carrying value of the redeemable Class A ordinary shares at June 30, 2021 resulted in a reclassification of approximately 5.6 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed balance sheet as of June 30, 2021: As of June 30, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,858,765 $ — $ 576,858,765 Total liabilities $ 53,058,535 $ — $ 53,058,535 Class A ordinary shares subject to possible redemption $ 518,800,220 $ 56,199,780 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 562 $ (562 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,998,010 $ (56,199,218 ) $ (51,201,208 ) Total shareholders’ equity (deficit) $ 5,000,010 $ (56,199,780 ) $ (51,199,770 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,858,765 $ — $ 576,858,765 The Company’s unaudited condensed statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed statement of cash flows for the six months ended June 30, 2021: Six Months Ended June 30, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 33,360,780 $ (33,360,780 ) $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods: Earnings Per Share As Reported Adjustment As Restated Three Months Ended March 31, 2021 (unaudited) Net income $ 25,467,200 $ — $ 25,467,200 Weighted average shares outstanding - Class A ordinary shares 57,500,000 — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.35 $ 0.35 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 1.77 $ (1.42 ) $ 0.35 Earnings Loss Per Share As Reported Adjustment As Restated Three Months Ended June 30, 2021 (unaudited) Net loss $ 7,893,587 $ — $ 7,893,587 Weighted average shares outstanding - Class A ordinary shares 57,500,000 — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.11 $ 0.11 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 0.55 $ (0.44 ) $ 0.11 Earnings Loss Per Share As Reported Adjustment As Restated Six Months Ended June 30, 2021 (unaudited) Net loss $ 33,360,787 $ — $ 33,360,787 Weighted average shares outstanding - Class A ordinary shares — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.46 $ 0.46 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 2.32 $ (1.86 ) $ 0.46 Going Concern The Company incurred and expects to incur additional significant costs in pursuit of its financing and acquisition plans, including the proposed business combination. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements– Going Concern,” the Company has until August 17, 2022 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential 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 August 17, 2022. | |
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, 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 election to opt out is irrevocable. This may make comparison of the Company’s financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. | 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 |
Use of estimates | Use of estimates The preparation of 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 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 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 significantly from those 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 unaudited condensed 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 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 significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe 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 December 31, 2020. | 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 as of September 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 a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. At December 31, 2020, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. | Concentration of Credit Risk Financial instrum e of |
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. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value. Gains and losses resulting from the change in fair value of these securities is included in net gain from investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. | Investments Held in the Trust Account The Company’s portfolio of investments 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 condensed 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 is included in net gain/(loss) 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 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 include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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. As of December 31, 2020, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, and due to related party approximate their fair values due to the short-term nature of the instruments. The Company’s investments held in Trust Account are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less. The fair value of investments held in Trust Account is determined using quoted prices in active markets. The fair value of warrants issued in connection with the Initial Public Offering and Private Placement were initially and subsequently measured at fair value using a Monte Carlo simulation model for the Public Warrants and the Black-Scholes model for the Private Placement Warrants. Beginning as of December 31, 2020, the fair value of Public Warrants and Private Placement Warrants have been measured based on the listed market price of such the Public Warrants. | Fair Value of Financial Instruments 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. 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 include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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 complied with the requirements of the ASC 340-10-S99-1. Offering costs consist legal, accounting, underwriting fees and other incremental costs directly attributable to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Public Shares were charged against the carrying value of the Class A ordinary shares subject to possible redemption 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. | Offering costs associated with Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating non-current |
Derivative Warrant liabilities | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivat i re-assessed The warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement | |
Class A Ordinary Shares subject to possible redemption | Class A Ordinary Shares subject to possible redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A ordinary shares (including Class A 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, shares of Class A ordinary shares are classified as shareholders’ eq u The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary sh a | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A ordinary shares (including Class A 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, shares of Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, an aggregate of 57,500,000 shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption 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. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which, resulted in charges against additional paid-in |
Net income (loss) per ordinary share | Net income (loss) per ordinary share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective period. The Company did not consider the effect of the warrants issued in connection with the Initial Public Offering and the Private Placement to purchase an aggregate of shares of ordinary shares in the calculation of diluted income (loss) per share because their exercise is contingent upon future events. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per shares as the redemption value approximates fair value. The following table reflects presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of ordinary shares: For the Period from June 10, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (18,480,698 ) $ (6,614,284 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 38,426,829 13,753,049 Basic and diluted net loss per ordinary share $ (0.48 ) $ (0.48 ) | Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective period. The Company did not consider the effect of the warrants issued in connection with the Initial Public Offering and the Private Placement to purchase an aggregate of shares of ordinary shares in the calculation of diluted income (loss) per share because their exercise is contingent upon future events. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per shares as the redemption value approximates fair value. The following tables reflects present a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares: For the Three Months Ended For the Three Months Ended September 30, 2021 September 30, 2020 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) $ 6,255,579 $ 1,563,895 $ (1,021,083 ) $ (487,111 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 57,500,000 14,375,000 28,125,000 13,417,120 Basic and diluted net income (loss) per ordinary share $ 0.11 $ 0.11 $ (0.04 ) $ (0.04 ) For The Period From For the Nine Months Ended June 10, 2020 (inception) through September 30, 2021 September 30, 2020 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) $ 32,944,209 $ 8,236,052 $ (970,449 ) $ (561,407 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 57,500,000 14,375,000 22,898,230 13,246,681 Basic and diluted net income (loss) per ordinary share $ 0.57 $ 0.57 $ (0.04 ) $ (0.04 ) |
Derivative Warrant liabilities | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The 19,166,667 issued in connection with the Initial Public Offering (the “Public Warrants”) and the 9,566,667 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The fair value of warrants issued in connection with the Initial Public Offering, exercise of the over-allotment option and Private Placement were initially and subsequently measured at fair value using a Monte Carlo simulation model for the Public Warrants and the Black- Scholes for the Private Placement Warrants. Beginning as of December 31, 2020, the fair value of Public Warrants and Private Placement Warrants have been measured based on the listed market price of such the Public Warrants. | |
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 for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues illlder 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 federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. | Income Taxes FASB 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 There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. 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 Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. | 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) 815-40): 2020-06”), 2020-06 The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||
Schedule of Impact of the Revision on the Audited Balance Sheet | As of August 17, 2020 As Reported As Previously 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary shares subject to possible redemption $ 508,843,200 $ 66,156,800 $ 575,000,000 Class A ordinary shares $ 662 $ (662 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 6,699,125 $ (6,699,125 ) $ — Accumulated deficit $ (1,701,221 ) $ (59,457,013 ) $ (61,158,234 ) Total shareholders’ equity (deficit) $ 5,000,004 $ (66,156,800 ) $ (61,156,796 ) The impact of the restatement on the audited balance sheet as of December 31, 2020 is presented below: As of December 31, 2020 As Reported As Previously Restated in 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary sharessubject to possible redemption $ 485,439,440 $ 89,560,560 $ 575,000,000 Class A ordinary shares $ 896 $ (896 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 30,092,651 $ (30,092,651 ) $ — Accumulated deficit $ (25,094,982 ) $ (59,467,013 ) $ (84,561,995 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (89,560,560 ) $ (84,560,557 ) The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The Company’s statement of operations has been restated to reflect the changes to the impacted earnings per share data as presented below. Earnings Per Share As Reported As Previously 10-K/A Amendment No. 1 Adjustment As Restated For the Period From June 10, 2020 (Inception) Through December 31, 2020 Net loss $ (25,094,982 ) $ — $ (25,094,982 ) Weighted average shares outstanding - Class A ordinary shares 57,500,000 (19,073,171 ) 38,426,829 Basic and diluted earnings per share - Class A ordinary shares $ — $ — $ (0.48 ) Weighted average shares outstanding - Class B ordinary shares 13,753,049 — 13,753,049 Basic and diluted earnings per share - Class B ordinary shares $ (1.85 ) $ 1.37 $ (0.48 ) The impact of the restatement to the previously reported as restated statement of cash flows for the period ended December 31, 2020, is presented below: For the Period From June 10, 2020 (Inception) Through December 31, 2020 As Reported As Previously Restated in 10-K/A Amendment Adjustment As Restated Value of Class A ordinary shares subject to possible redemption $ 508,843,200 $ (508,843,200 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (23,403,760 ) $ 23,403,760 $ — | The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed balance sheet as of March 31, 2021: As of March 31, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,903,389 $ — $ 576,903,389 Total liabilities $ 60,996,746 $ — $ 60,996,746 Class A ordinary shares subject to possible redemption $ 510,906,640 $ 64,093,360 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 641 $ (641 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 4,625,706 $ (4,625,706 ) $ — Retained earnings (accumulated deficit) $ 372,218 $ (59,467,013 ) $ (59,094,795 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (64,093,360 ) $ (59,093,357 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,903,389 $ — $ 576,903,389 The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed statement of cash flows for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (25,466,945 ) $ 25,466,945 $ — As of June 30, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,858,765 $ — $ 576,858,765 Total liabilities $ 53,058,535 $ — $ 53,058,535 Class A ordinary shares subject to possible redemption $ 518,800,220 $ 56,199,780 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 562 $ (562 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,998,010 $ (56,199,218 ) $ (51,201,208 ) Total shareholders’ equity (deficit) $ 5,000,010 $ (56,199,780 ) $ (51,199,770 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,858,765 $ — $ 576,858,765 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed statement of cash flows for the six months ended June 30, 2021: Six Months Ended June 30, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 33,360,780 $ (33,360,780 ) $ — |
Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share | The following tables reflects present a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares: For the Three Months Ended For the Three Months Ended September 30, 2021 September 30, 2020 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) $ 6,255,579 $ 1,563,895 $ (1,021,083 ) $ (487,111 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 57,500,000 14,375,000 28,125,000 13,417,120 Basic and diluted net income (loss) per ordinary share $ 0.11 $ 0.11 $ (0.04 ) $ (0.04 ) For The Period From For the Nine Months Ended June 10, 2020 (inception) through September 30, 2021 September 30, 2020 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share: Numerator: Allocation of net income (loss) $ 32,944,209 $ 8,236,052 $ (970,449 ) $ (561,407 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 57,500,000 14,375,000 22,898,230 13,246,681 Basic and diluted net income (loss) per ordinary share $ 0.57 $ 0.57 $ (0.04 ) $ (0.04 ) | |
Schedule of weighted average shares outstanding and basic and diluted earnings per share | The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods: Earnings Per Share As Reported Adjustment As Restated Three Months Ended March 31, 2021 (unaudited) Net income $ 25,467,200 $ — $ 25,467,200 Weighted average shares outstanding - Class A ordinary shares 57,500,000 — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.35 $ 0.35 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 1.77 $ (1.42 ) $ 0.35 Earnings Loss Per Share As Reported Adjustment As Restated Three Months Ended June 30, 2021 (unaudited) Net loss $ 7,893,587 $ — $ 7,893,587 Weighted average shares outstanding - Class A ordinary shares 57,500,000 — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.11 $ 0.11 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 0.55 $ (0.44 ) $ 0.11 Earnings Loss Per Share As Reported Adjustment As Restated Six Months Ended June 30, 2021 (unaudited) Net loss $ 33,360,787 $ — $ 33,360,787 Weighted average shares outstanding - Class A ordinary shares — 57,500,000 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ 0.46 $ 0.46 Weighted average shares outstanding - Class B ordinary shares 14,375,000 14,375,000 Basic and diluted earnings per share - Class B ordinary shares $ 2.32 $ (1.86 ) $ 0.46 |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Restatement Of Previously Issued Financial Statements [Abstract] | ||
Summary of Restatement of Financial Statements | As of August 17, 2020 As Reported As Previously 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary shares subject to possible redemption $ 508,843,200 $ 66,156,800 $ 575,000,000 Class A ordinary shares $ 662 $ (662 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 6,699,125 $ (6,699,125 ) $ — Accumulated deficit $ (1,701,221 ) $ (59,457,013 ) $ (61,158,234 ) Total shareholders’ equity (deficit) $ 5,000,004 $ (66,156,800 ) $ (61,156,796 ) The impact of the restatement on the audited balance sheet as of December 31, 2020 is presented below: As of December 31, 2020 As Reported As Previously Restated in 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary sharessubject to possible redemption $ 485,439,440 $ 89,560,560 $ 575,000,000 Class A ordinary shares $ 896 $ (896 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 30,092,651 $ (30,092,651 ) $ — Accumulated deficit $ (25,094,982 ) $ (59,467,013 ) $ (84,561,995 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (89,560,560 ) $ (84,560,557 ) The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The Company’s statement of operations has been restated to reflect the changes to the impacted earnings per share data as presented below. Earnings Per Share As Reported As Previously 10-K/A Amendment No. 1 Adjustment As Restated For the Period From June 10, 2020 (Inception) Through December 31, 2020 Net loss $ (25,094,982 ) $ — $ (25,094,982 ) Weighted average shares outstanding - Class A ordinary shares 57,500,000 (19,073,171 ) 38,426,829 Basic and diluted earnings per share - Class A ordinary shares $ — $ — $ (0.48 ) Weighted average shares outstanding - Class B ordinary shares 13,753,049 — 13,753,049 Basic and diluted earnings per share - Class B ordinary shares $ (1.85 ) $ 1.37 $ (0.48 ) The impact of the restatement to the previously reported as restated statement of cash flows for the period ended December 31, 2020, is presented below: For the Period From June 10, 2020 (Inception) Through December 31, 2020 As Reported As Previously Restated in 10-K/A Amendment Adjustment As Restated Value of Class A ordinary shares subject to possible redemption $ 508,843,200 $ (508,843,200 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (23,403,760 ) $ 23,403,760 $ — | The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed balance sheet as of March 31, 2021: As of March 31, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,903,389 $ — $ 576,903,389 Total liabilities $ 60,996,746 $ — $ 60,996,746 Class A ordinary shares subject to possible redemption $ 510,906,640 $ 64,093,360 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 641 $ (641 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ 4,625,706 $ (4,625,706 ) $ — Retained earnings (accumulated deficit) $ 372,218 $ (59,467,013 ) $ (59,094,795 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (64,093,360 ) $ (59,093,357 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,903,389 $ — $ 576,903,389 The table below presents the effect of the restatement discussed above on the Company’s previously reported unaudited condensed statement of cash flows for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (25,466,945 ) $ 25,466,945 $ — As of June 30, 2021 (unaudited) As Reported Adjustment As Restated Total assets $ 576,858,765 $ — $ 576,858,765 Total liabilities $ 53,058,535 $ — $ 53,058,535 Class A ordinary shares subject to possible redemption $ 518,800,220 $ 56,199,780 $ 575,000,000 Preferred shares $ — $ — $ — Class A ordinary shares $ 562 $ (562 ) $ — Class B ordinary shares $ 1,438 $ — $ 1,438 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,998,010 $ (56,199,218 ) $ (51,201,208 ) Total shareholders’ equity (deficit) $ 5,000,010 $ (56,199,780 ) $ (51,199,770 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 576,858,765 $ — $ 576,858,765 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed statement of cash flows for the six months ended June 30, 2021: Six Months Ended June 30, 2021 (unaudited) As Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 33,360,780 $ (33,360,780 ) $ — |
Class A Ordinary Share Subjec_2
Class A Ordinary Share Subject To Possible Redemption (Tables) | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | ||
Summary Of Reconciliation Of Class A Ordinary Shares Subject to Possible Redemption Reflected on The Condensed Balance Sheet | The Class A ordinary shares subject to possible redemption reflected on the condensed balance sheet is reconciled on the following table: Gross proceeds $ 575,000,000 Less: Fair value of Public Warrants at issuance 28,750,000 Offering costs allocated to Class A ordinary shares subject to possible redemption 30,740,575 Plus: Accretion of carrying value to redemption value (59,490,575 ) Class A ordinary share subject to possible redemption $ 575,000,000 | The Class A ordinary shares subject to possible redemption reflected on the condensed balance sheet is reconciled on the following table: Gross proceeds $ 575,000,000 Less: Fair value of Public Warrants at issuance 28,750,000 Offering costs allocated to Class A ordinary shares subject to possible redemption 30,740,575 Plus: Accretion of carrying value to redemption value (59,490,575 ) Class A ordinary shares subject to possible redemption $ 575,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy: Description Quoted Prices in Active Markets (Level 1) Significant Significant Other Unobservable Inputs (Level 3) Assets: U.S. Treasury bills $ 575,282,641 (1) $ — $ — Liabilities: Derivative warrant liabilities $ 43,508,330 $ — $ 22,003,330 (1) Includes $667 in cash. | The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021, and December 31, 2020, by level within the fair value hierarchy: Fair Value Measured as of September 30, 2021 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury bills (1) $ 575,457,635 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 15,419,580 $ — $ — Derivative warrant liabilities - Private warrants $ — $ — $ 7,705,950 Fair Value Measured as of December 31, 2020 Quoted Prices in Active Significant Other Significant Other Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury bills (2) $ 575,282,641 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 43,508,330 $ — $ — Derivative warrant liabilities - Private warrants $ — $ — $ 22,003,330 |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The following table provides quantitative information regarding Level 3 fair value measurements inputs for the Company’s warrants at their measurement dates: As of August 17, 2020 As of December 31, 2020 Volatility 10% - 25% 10% - 25.5% Stock price $9.89 - $10.12 $10.89 Time to M&A 1 1 Risk-free rate 0.39% 0.48% Dividend yield 0.0% 0.0% | The following table provides quantitative information regarding Level 3 fair value measurements inputs for the Company’s Private Placement Warrants at their measurement dates: As of September 30, 2021 As of December 31, 2020 Volatility 10% - 13.3% 10% - 25.5% Stock price $9.84 $10.54 Time to M&A 0.44 1 Risk-free rate 1.05% 0.48% Dividend yield 0.0% 0.0% |
Summary of fair value of the derivative warrant liabilities | The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the period from July 20, 2020 (inception) through December 31, 2020, is summarized as follows: Derivative warrant liabilities at June 10, 2020 (inception) $ — Issuance of Public and Private Warrants - Level 3 43,100,000 Change in fair value of derivative warrant liabilities 7,270,000 Transfers of Public Warrants to Level 1 measurement (28,366,670 ) Derivative warrant liabilities - Level 3, at December 31, 2020 $ 22,003,330 | The change in the fair value of the derivative warrant liabilities, measured using level 3 inputs, for the three and nine months ended September 30, 2021, is summarized as follows: Derivative warrant liabilities - Level 3, at December 31, 2020 $ 22,003,330 Change in fair value of derivative warrant liabilities (8,514,330 ) Derivative warrant liabilities - Level 3, at March 31, 2021 $ 13,489,000 Change in fair value of derivative warrant liabilities (3,061,330 ) Derivative warrant liabilities - Level 3, at June 30, 2021 $ 10,427,670 Change in fair value of derivative warrant liabilities (2,721,720 ) Derivative warrant liabilities - Level 3, at September 30, 2021 $ 7,705,950 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 7 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | The following tables contain unaudited quarterly financial information for the quarterly period ended September 30, 2020, that has been updated to reflect the restatement of the Company’s financial statements as described in Note 2—Restatement of Previously Issued Financial Statements. The restatement had no impact net loss, net cash flows from operating, investing or financing activities. The Company has not amended its previously filed Quarterly Report on Form 10-Q for the Affected Period. The financial information that has been previously filed or otherwise reported for the Affected Period is superseded by the information in this Annual Report, and the financial statements and related financial information for the Affected Period contained in such previously filed report should no longer be relied upon. Balance Sheet Statement As of September 30, As Previously 10-K/A Amendment No. 1 Adjustment As Restated Class A ordinary shares subject to possible redemption $ 509,002,560 $ 65,997,440 $ 575,000,000 Class A ordinary shares 660 (660 ) — Class B ordinary shares 1,438 — 1,438 Additional paid-in capital $ 6,529,768 $ (6,529,768 ) $ — Accumulated deficit $ (1,531,856 ) $ (59,467,012 ) $ (60,998,868 ) Total shareholders’ equity (deficit) $ 5,000,010 $ (65,997,440 ) $ (60,997,430 ) Changes in Shareholders’ Equity (Deficit) For As Previously 10-K/A Amendment No. 1 Adjustment As Restated Value of Class A ordinary shares subject to possible redemption $ 508,843,200 $ (508,843,200 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ 159,360 $ (159,360 ) $ — Earnings Per Share As Previously 10-K/A Amendment No. 1 Adjustment As Restated Statement of Operations Three months ended September 30, 2020 Net loss $ (1,508,194 ) $ — $ (1,508,194 ) Weighted average shares outstanding - Class A ordinary shares 57,500,000 (29,375,000 ) 28,125,000 Basic and diluted earnings per share - Class A ordinary shares $ — $ (0.04 ) $ (0.04 ) Weighted average shares outstanding - Class B ordinary shares 14,375,000 (957,880 ) 13,417,120 Basic and diluted earnings per share - Class B ordinary shares $ (0.11 ) $ 0.07 $ (0.04 ) Earnings Per Share As Previously 10-K/A Amendment No. 1 Adjustment As Restated Statement of Operations For the Period From June 10, 2020 (Inception) Through September 30, 2020 Net loss $ (1,531,856 ) $ — $ (1,531,856 ) Weighted average shares outstanding - Class A ordinary shares 57,500,000 (34,601,770 ) 22,898,230 Basic and diluted earnings per share - Class A ordinary shares $ 0.00 $ (0.04 ) $ (0.04 ) Weighted average shares outstanding - Class B ordinary shares 14,375,000 (1,128,319 ) 13,246,681 Basic and diluted earnings per share - Class B ordinary shares $ (0.11 ) $ 0.07 $ (0.04 ) |
Description Of Organization, _2
Description Of Organization, Business Operations And Basis Of Presentation - Additional Information (Detail) - USD ($) | Aug. 17, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Proceeds from initial public offer gross | $ 575,000,000 | $ 575,000,000 | ||
Proceeds from issuance of private placement | $ 14,350,000 | $ 14,350,000 | ||
Class of warrants or rights issue price per warrant | $ 1.50 | |||
Term of restricted investments | 185 days | 185 days | ||
Percentage of amount of trust assets of target company excluding working capital underwriting commission and tax | 80.00% | 80.00% | ||
Equity method investment ownership percentage | 50.00% | 50.00% | ||
Temporary equity redemption price per share | $ 10 | $ 10 | ||
Percentage of public shareholding to be redeemed in case of non occurrence of business combination | 100.00% | 100.00% | ||
Number of business days after the last date for effecting business combination within which the public shares shall be redeemed | 10 days | 10 days | ||
Estimated amount of expenses payable on dissolution | $ 100,000 | $ 100,000 | ||
Per share amount to be maintained in the trust account for redemption | $ 10 | $ 10 | ||
Percentage of the public shares redeemable in case business combination is not consummated | 100.00% | 100.00% | ||
Post Business Combination Net Worth Requirement to Effect Business Combination [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Networth needed post business combination | $ 5,000,001 | $ 5,000,001 | ||
Ordinary Class A [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Shares issued during the period new issues shares | 57,500,000 | 57,500,000 | ||
Proceeds from initial public offer gross | $ 575,000,000 | $ 575,000,000 | ||
Temporary equity redemption price per share | $ 10 | $ 10 | ||
IPO [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Shares issued during the period new issues shares | 57,500,000 | |||
Sale of stock issue price per share | $ 10 | $ 10 | $ 10 | |
Proceeds from initial public offer gross | $ 575,000,000 | $ 575,000,000 | $ 575,000,000 | |
Stock issuance costs | 32,400,000 | |||
Deferred underwriting commissions payable current | $ 20,100,000 | |||
IPO [Member] | Ordinary Class A [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Percentage of the public shareholding eligible for transfer without restriction | 20.00% | 20.00% | ||
Over-Allotment Option [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Shares issued during the period new issues shares | 7,500,000 | |||
Sale of stock issue price per share | $ 10 | |||
Private Placement [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Sale of stock issue price per share | $ 10 | $ 10 | ||
Proceeds from issuance of private placement | $ 575,000,000 | $ 575,000,000 | ||
Class of warrants or rights number of warrants issued during the period | 9,566,667 | 9,566,667 | ||
Class of warrants or rights issue price per warrant | $ 1.50 | |||
Proceeds from issue of warrants | $ 14,400,000 | $ 14,400,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Summary of Restatement of Financial Statements (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Aug. 17, 2020 | ||
Liabilities and Equity [Abstract] | ||||||||||
Class A ordinary sharessubject to possible redemption | $ 575,000,000 | $ 575,000,000 | ||||||||
Shareholders' Equity (Deficit) | ||||||||||
Additional paid-in capital | 0 | 0 | ||||||||
Accumulated deficit | (84,561,995) | (61,158,234) | ||||||||
Total shareholders' deficit | (84,560,557) | (61,156,796) | ||||||||
Statement of Operations | ||||||||||
Net income (loss) | $ 7,819,474 | $ (1,508,194) | $ (1,531,856) | (25,094,982) | $ 41,180,261 | |||||
Statement of Cash Flows | ||||||||||
Value of Class A ordinary shares subject to possible redemption | 0 | |||||||||
Change in value of Class A ordinary shares subject to possible redemption | 0 | |||||||||
Ordinary Class A [Member] | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Ordinary share, value | $ 0 | $ 0 | $ 0 | 0 | ||||||
Statement of Operations | ||||||||||
Weighted average ordinary shares outstanding, basic and diluted | 57,500,000 | 28,125,000 | 22,898,230 | 38,426,829 | 57,500,000 | |||||
Basic and diluted net loss per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 | |||||
Ordinary Class B [Member] | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Ordinary share, value | $ 1,438 | $ 1,438 | [1] | $ 1,438 | 1,438 | |||||
Statement of Operations | ||||||||||
Weighted average ordinary shares outstanding, basic and diluted | 14,375,000 | 13,417,120 | 13,246,681 | 13,753,049 | 14,375,000 | |||||
Basic and diluted net loss per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 | |||||
As Previously Reported [Member] | ||||||||||
Liabilities and Equity [Abstract] | ||||||||||
Class A ordinary sharessubject to possible redemption | $ 485,439,440 | 508,843,200 | ||||||||
Shareholders' Equity (Deficit) | ||||||||||
Additional paid-in capital | 30,092,651 | 6,699,125 | ||||||||
Accumulated deficit | (25,094,982) | (1,701,221) | ||||||||
Total shareholders' deficit | 5,000,003 | 5,000,004 | ||||||||
Statement of Operations | ||||||||||
Net income (loss) | $ 7,893,587 | $ 25,467,200 | $ (1,508,194) | $ (1,531,856) | $ 33,360,787 | (25,094,982) | ||||
Statement of Cash Flows | ||||||||||
Value of Class A ordinary shares subject to possible redemption | 508,843,200 | 508,843,200 | ||||||||
Change in value of Class A ordinary shares subject to possible redemption | (25,466,945) | 159,360 | 33,360,780 | (23,403,760) | ||||||
As Previously Reported [Member] | Ordinary Class A [Member] | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Ordinary share, value | $ 562 | $ 641 | $ 660 | $ 660 | $ 562 | $ 896 | 662 | |||
Statement of Operations | ||||||||||
Weighted average ordinary shares outstanding, basic and diluted | 57,500,000 | 57,500,000 | 57,500,000 | 57,500,000 | 57,500,000 | |||||
Basic and diluted net loss per ordinary share | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
As Previously Reported [Member] | Ordinary Class B [Member] | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Ordinary share, value | $ 1,438 | $ 1,438 | $ 1,438 | $ 1,438 | $ 1,438 | $ 1,438 | 1,438 | |||
Statement of Operations | ||||||||||
Weighted average ordinary shares outstanding, basic and diluted | 14,375,000 | 14,375,000 | 14,375,000 | 14,375,000 | 14,375,000 | 13,753,049 | ||||
Basic and diluted net loss per ordinary share | $ 0.55 | $ 1.77 | $ (0.11) | $ (0.11) | $ 2.32 | $ (1.85) | ||||
Restatement Adjustment [Member] | ||||||||||
Liabilities and Equity [Abstract] | ||||||||||
Derivative warrant liabilities | $ 65,511,660 | |||||||||
Class A ordinary sharessubject to possible redemption | 89,560,560 | 66,156,800 | ||||||||
Shareholders' Equity (Deficit) | ||||||||||
Additional paid-in capital | (30,092,651) | (6,699,125) | ||||||||
Accumulated deficit | (59,467,013) | (59,457,013) | ||||||||
Total shareholders' deficit | (89,560,560) | (66,156,800) | ||||||||
Statement of Cash Flows | ||||||||||
Value of Class A ordinary shares subject to possible redemption | (508,843,200) | |||||||||
Change in value of Class A ordinary shares subject to possible redemption | 23,403,760 | |||||||||
Restatement Adjustment [Member] | Ordinary Class A [Member] | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Ordinary share, value | $ (896) | (662) | ||||||||
Statement of Operations | ||||||||||
Weighted average ordinary shares outstanding, basic and diluted | (29,375,000) | (34,601,770) | (19,073,171) | |||||||
Basic and diluted net loss per ordinary share | $ (0.04) | $ (0.04) | ||||||||
Restatement Adjustment [Member] | Ordinary Class B [Member] | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Ordinary share, value | $ 0 | $ 0 | ||||||||
Statement of Operations | ||||||||||
Weighted average ordinary shares outstanding, basic and diluted | (957,880) | (1,128,319) | ||||||||
Basic and diluted net loss per ordinary share | $ 0.07 | $ 0.07 | $ 1.37 | |||||||
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Additional Information (Detail) - USD ($) | 7 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | ||
Additional paid-in capital | $ 0 | $ 0 | ||||
Accumulated deficit | (84,561,995) | [1] | (43,381,734) | |||
Previously Reported [Member] | ||||||
Networth needed post business combination | 5,000,001 | $ 5,000,001 | ||||
Additional paid-in capital | $ 0 | $ 4,625,706 | $ 6,529,768 | |||
Accumulated deficit | 4,998,010 | 372,218 | (1,531,856) | |||
Revision of Prior Period, Adjustment [Member] | ||||||
Additional paid-in capital | 6,700,000 | 0 | (4,625,706) | (6,529,768) | ||
Accumulated deficit | $ 59,500,000 | $ (56,199,218) | $ (59,467,013) | $ (59,467,012) | ||
Recalssification of permanent equity to temporary equity,Shares | 6,615,680 | |||||
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Impact of the Revision on the Audited Balance Sheet (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Aug. 17, 2020 | ||
Unaudited Condensed Balance Sheet | |||||||
Total assets | $ 577,192,519 | [1] | $ 576,819,755 | ||||
Total liabilities | 86,753,076 | [1] | 45,200,051 | ||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 57,500,000 shares at $10.00 per share | 575,000,000 | [1] | 575,000,000 | ||||
Shareholders' Equity (Deficit) | |||||||
Preference shares - $0.0001 par value | 0 | [1] | 0 | ||||
Additional paid-in capital | 0 | 0 | |||||
Accumulated deficit | (84,561,995) | [1] | (43,381,734) | ||||
Total shareholders' equity (deficit) | (84,560,557) | [1] | (43,380,296) | ||||
Total Liabilities, Class A Ordinary shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 577,192,519 | [1] | 576,819,755 | ||||
Supplemental Disclosure of Noncash Financing Activities: | |||||||
Change in value of Class A ordinary shares subject to possible redemption | 0 | ||||||
As Reported | |||||||
Unaudited Condensed Balance Sheet | |||||||
Total assets | $ 576,903,389 | $ 576,858,765 | |||||
Total liabilities | 60,996,746 | 53,058,535 | |||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 57,500,000 shares at $10.00 per share | 510,906,640 | $ 509,002,560 | 518,800,220 | ||||
Shareholders' Equity (Deficit) | |||||||
Preference shares - $0.0001 par value | 0 | 0 | |||||
Additional paid-in capital | 4,625,706 | 6,529,768 | 0 | ||||
Accumulated deficit | 372,218 | (1,531,856) | 4,998,010 | ||||
Total shareholders' equity (deficit) | 5,000,003 | 5,000,010 | 5,000,010 | ||||
Total Liabilities, Class A Ordinary shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 576,903,389 | 576,858,765 | |||||
Supplemental Disclosure of Noncash Financing Activities: | |||||||
Change in value of Class A ordinary shares subject to possible redemption | (25,466,945) | 159,360 | 33,360,780 | (23,403,760) | |||
Adjustment | |||||||
Unaudited Condensed Balance Sheet | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 57,500,000 shares at $10.00 per share | 64,093,360 | 65,997,440 | 56,199,780 | ||||
Shareholders' Equity (Deficit) | |||||||
Preference shares - $0.0001 par value | 0 | 0 | |||||
Additional paid-in capital | (4,625,706) | (6,529,768) | 0 | 6,700,000 | |||
Accumulated deficit | (59,467,013) | (59,467,012) | (56,199,218) | 59,500,000 | |||
Total shareholders' equity (deficit) | (64,093,360) | (65,997,440) | (56,199,780) | ||||
Total Liabilities, Class A Ordinary shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 0 | 0 | |||||
Supplemental Disclosure of Noncash Financing Activities: | |||||||
Change in value of Class A ordinary shares subject to possible redemption | 25,466,945 | (159,360) | (33,360,780) | ||||
As Restated | |||||||
Unaudited Condensed Balance Sheet | |||||||
Total assets | 576,903,389 | 576,858,765 | |||||
Total liabilities | 60,996,746 | 53,058,535 | |||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 57,500,000 shares at $10.00 per share | 575,000,000 | 575,000,000 | |||||
Shareholders' Equity (Deficit) | |||||||
Preference shares - $0.0001 par value | 0 | 0 | |||||
Additional paid-in capital | 0 | 0 | |||||
Accumulated deficit | (59,094,795) | (51,201,208) | |||||
Total shareholders' equity (deficit) | (59,093,357) | (51,199,770) | |||||
Total Liabilities, Class A Ordinary shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 576,903,389 | 576,858,765 | |||||
Supplemental Disclosure of Noncash Financing Activities: | |||||||
Change in value of Class A ordinary shares subject to possible redemption | 0 | 0 | |||||
Common Class A [Member] | |||||||
Unaudited Condensed Balance Sheet | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 57,500,000 shares at $10.00 per share | 575,000,000 | 575,000,000 | |||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | 0 | 0 | $ 0 | ||||
Common Class A [Member] | As Reported | |||||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | 641 | 660 | 562 | 896 | 662 | ||
Common Class A [Member] | Adjustment | |||||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | (641) | (660) | (562) | ||||
Common Class A [Member] | As Restated | |||||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | 0 | 0 | |||||
Common Class B [Member] | |||||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | 1,438 | [1] | $ 1,438 | 1,438 | |||
Common Class B [Member] | As Reported | |||||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | 1,438 | $ 1,438 | 1,438 | $ 1,438 | $ 1,438 | ||
Common Class B [Member] | Adjustment | |||||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | 0 | 0 | |||||
Common Class B [Member] | As Restated | |||||||
Shareholders' Equity (Deficit) | |||||||
Common stock, value | $ 1,438 | $ 1,438 | |||||
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of weighted average shares outstanding and basic and diluted earnings per share (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Net income (loss) | $ 7,819,474 | $ (1,508,194) | $ (1,531,856) | $ (25,094,982) | $ 41,180,261 | |||
Common Class A [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Weighted average shares outstanding | 57,500,000 | 28,125,000 | 22,898,230 | 38,426,829 | 57,500,000 | |||
Basic and diluted earnings per share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 | |||
Common Class B [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Weighted average shares outstanding | 14,375,000 | 13,417,120 | 13,246,681 | 13,753,049 | 14,375,000 | |||
Basic and diluted earnings per share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 | |||
As Reported | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Net income (loss) | $ 7,893,587 | $ 25,467,200 | $ (1,508,194) | $ (1,531,856) | $ 33,360,787 | $ (25,094,982) | ||
As Reported | Common Class A [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Weighted average shares outstanding | 57,500,000 | 57,500,000 | 57,500,000 | 57,500,000 | 57,500,000 | |||
Basic and diluted earnings per share | $ 0 | $ 0 | $ 0 | $ 0 | ||||
As Reported | Common Class B [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Weighted average shares outstanding | 14,375,000 | 14,375,000 | 14,375,000 | 14,375,000 | 14,375,000 | 13,753,049 | ||
Basic and diluted earnings per share | $ 0.55 | $ 1.77 | $ (0.11) | $ (0.11) | $ 2.32 | $ (1.85) | ||
Adjustment | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Net income (loss) | $ 0 | $ 0 | $ 0 | |||||
Adjustment | Common Class A [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Weighted average shares outstanding | 0 | 0 | 0 | |||||
Basic and diluted earnings per share | $ 0.11 | $ 0.35 | $ 0.46 | |||||
Adjustment | Common Class B [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Basic and diluted earnings per share | $ (0.44) | $ (1.42) | $ (1.86) | |||||
As Restated | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Net income (loss) | $ 7,893,587 | $ 25,467,200 | $ 33,360,787 | |||||
As Restated | Common Class A [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Weighted average shares outstanding | 57,500,000 | 57,500,000 | 57,500,000 | |||||
Basic and diluted earnings per share | $ 0.11 | $ 0.35 | $ 0.46 | |||||
As Restated | Common Class B [Member] | ||||||||
Error Corrections And Prior Period Adjustments Of Outstanding And Basic And Diluted Earnings Per Share [Line Items] | ||||||||
Weighted average shares outstanding | 14,375,000 | 14,375,000 | 14,375,000 | |||||
Basic and diluted earnings per share | $ 0.11 | $ 0.35 | $ 0.46 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | |
Ordinary Class A [Member] | |||||
Numerator: | |||||
Allocation of net income (loss) | $ 6,255,579 | $ (1,021,083) | $ (970,449) | $ (18,480,698) | $ 32,944,209 |
Denominator: | |||||
Basic and diluted weighted average shares outstanding | 57,500,000 | 28,125,000 | 22,898,230 | 38,426,829 | 57,500,000 |
Basic and diluted net income (loss) per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 |
Ordinary Class B [Member] | |||||
Numerator: | |||||
Allocation of net income (loss) | $ 1,563,895 | $ (487,111) | $ (561,407) | $ (6,614,284) | $ 8,236,052 |
Denominator: | |||||
Basic and diluted weighted average shares outstanding | 14,375,000 | 13,417,120 | 13,246,681 | 13,753,049 | 14,375,000 |
Basic and diluted net income (loss) per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 7 Months Ended | 9 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash insured with federal insurance corporation | $ 250,000 | $ 250,000 | |
Unrecognised tax benefits | 0 | ||
Accrued interest and penalties on unrecognised tax benefits | 0 | ||
Cash equivalents | 0 | $ 0 | |
Reclassifications From Permanent Equity To Temporary Equity | 6,400,000 | ||
Private Placement Warrants [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from the computation of earnings per share | 28,733,334 | ||
As Previously Restated | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Minimum Net Worth Required for Compliance | $ 5,000,001 | $ 5,000,001 | |
IPO [Member] | Public Warrants [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Class of warrants or rights number of warrants issued during the period | 19,166,667 | ||
Private Placement [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Class of warrants or rights number of warrants issued during the period | 9,566,667 | 9,566,667 | |
Ordinary Class A [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Ordinary shares subject to possible redemption | 57,500,000 | 57,500,000 | |
Ordinary shares subject to possible redemption | 57,500,000 | ||
Antidilutive securities excluded from the computation of earnings per share | 28,733,334 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - USD ($) | Aug. 17, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from initial public offer gross | $ 575,000,000 | $ 575,000,000 | ||
Ordinary Class A [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued during the period new issues shares | 57,500,000 | 57,500,000 | ||
Proceeds from initial public offer gross | $ 575,000,000 | $ 575,000,000 | ||
Class of warrants or rights number of securities called by each warrant or right | 1 | |||
Class of warrants or rights exercise price of warrants or rights | $ 11.50 | |||
IPO [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued during the period new issues shares | 57,500,000 | |||
Sale of stock issue price per share | $ 10 | $ 10 | $ 10 | |
Proceeds from initial public offer gross | $ 575,000,000 | $ 575,000,000 | $ 575,000,000 | |
Stock issuance costs | 32,400,000 | |||
Deferred underwriting commissions payable current | $ 20,100,000 | |||
Over-Allotment Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued during the period new issues shares | 7,500,000 | |||
Sale of stock issue price per share | $ 10 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Aug. 31, 2020 | Aug. 19, 2020 | Aug. 17, 2020 | Jul. 31, 2020 | Jun. 10, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||||||||||
Proceeds from issuance of ordinary share | $ 25,000 | |||||||||||
Due to Related Parties | $ 236,000 | $ 300,000 | $ 50,000 | |||||||||
Related party transaction service fee per month | 25,000 | |||||||||||
Business Combination, Contingent Consideration, Liability | 100,000 | |||||||||||
Repayment of related party debt | $ 235,986 | 235,986 | ||||||||||
Due to related party | $ 723,488 | 284,646 | [1] | $ 723,488 | ||||||||
Contingent consideraion liability,business combination | 100,000 | |||||||||||
Sponsor [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Repayment of related party debt | 0 | 230,000 | ||||||||||
Due to related party | 724,000 | 285,000 | 724,000 | |||||||||
Payments By Related Party On Be ha lf Of Entity | 374,000 | $ 0 | $ 0 | 674,000 | ||||||||
Sponsor [Member] | Promissory Note [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Repayment of related party debt | $ 236,000 | |||||||||||
Debt Instrument, Face Amount | 300,000 | |||||||||||
Notes Payable, Related Parties | $ 236,000 | |||||||||||
Sponsor [Member] | Administrative Support Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Due to related party | 50,000 | 0 | 50,000 | |||||||||
Related Party Transaction, Selling, General and Administrative expenses from transactions with related party | 75,000 | $ 0 | 225,000 | $ 0 | ||||||||
Related Party Transaction, Amounts of Transaction | $ 25,000 | |||||||||||
Director [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Business Combination, Contingent Consideration, Liability | 100,000 | 100,000 | ||||||||||
Contingent consideraion liability,business combination | $ 100,000 | 100,000 | ||||||||||
Accounts Payable [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Accrued business combination monthly fees | 111,000 | |||||||||||
Private Placement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants issue value | $ 1,500,000 | $ 1,500,000 | ||||||||||
Warrants issue price per warrant | $ 1.50 | $ 1.50 | $ 1.50 | |||||||||
Number of warrants issued | 9,566,667 | 9,566,667 | ||||||||||
Proceeds from issue of warrants | $ 14,400,000 | $ 14,400,000 | ||||||||||
Warrant exercise price | $ 11.50 | $ 11.50 | $ 11.50 | |||||||||
Ordinary Class A [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shares issued during the period new issues shares | 57,500,000 | 57,500,000 | ||||||||||
Percent of convertible share to outstanding shares | 20.00% | 20.00% | 20.00% | |||||||||
Share Price | $ 12 | |||||||||||
Warrant exercise price | $ 11.50 | |||||||||||
Ordinary Class B [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shares issued during the period new issues shares | 30,000 | 30,000 | 14,375,000 | |||||||||
Proceeds from issuance of ordinary share | $ 25,000 | |||||||||||
Shares subject to forfeiture | 1,875,000 | 1,875,000 | ||||||||||
Number of founder shares outstanding | 14,175,000 | |||||||||||
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 17, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Private Placement [Member] | |||
Sale of Stock, Price Per Share | $ 10 | $ 10 | |
Underwriting Agreement [Member] | |||
Option to Purchase Additional Units | 7,500,000 | ||
Underwriting Discount Per Unit | $ 0.20 | $ 0.20 | |
Underwriting Discount Value | $ 11.5 | $ 11.5 | |
Underwriting Commission Per Unit | $ 0.35 | $ 0.35 | |
Underwriting Commission | $ 20.1 | $ 20.1 | |
Forward Purchase Agreements [Member] | Private Placement [Member] | |||
Sale of Stock, Consideration Received on Transaction | $ 100 | ||
Sale of Stock, Price Per Share | $ 10 |
Derivative Warrant Liabilities
Derivative Warrant Liabilities - Additional Information (Detail) - $ / shares | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Shares Issued, Price Per Share | $ 18 | $ 18 |
Percent of gross proceeds to equity proceeds | 60.00% | 60.00% |
Warrant redemption price | $ 0.01 | $ 0.01 |
Share Issue Price One [Member] | ||
Shares Issued, Price Per Share | $ 9.20 | $ 9.20 |
Percent of redemption trigger price to market value and issue price | 115.00% | 115.00% |
Share Issue Price Two [Member] | ||
Percent of redemption trigger price to market value and issue price | 180.00% | 180.00% |
Share redemption trigger price | $ 18 | $ 18 |
Private Placement [Member] | ||
Class of warrant or right outstanding | 9,566,667 | 9,566,667 |
Warrant exercise price | $ 11.50 | $ 11.50 |
Warrant term | 5 years | 5 years |
Public Warrants [Member] | ||
Class of warrant or right outstanding | 19,166,667 | 19,166,667 |
Class A Ordinary Share Subjec_3
Class A Ordinary Share Subject To Possible Redemption - Additional Information (Details) - Common Class A [Member] - $ / shares | 7 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Temporary Equity [Line Items] | ||
Temporary Equity shares authorized | 400,000,000 | 400,000,000 |
Temporary equity, par or stated value per share | $ 0.0001 | $ 0.0001 |
Temporary equity voting rights | one | one |
Temporary Equity, Shares Outstanding | 57,500,000 | 57,500,000 |
Class A Ordinary Share Subjec_4
Class A Ordinary Share Subject To Possible Redemption - Summary Of Reconciliation Of Class A Ordinary Shares Subject to Possible Redemption Reflected on The Condensed Balance Sheet (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | ||
Temporary Equity [Line Items] | |||||
Gross proceeds | $ 575,000,000 | $ 575,000,000 | |||
Accretion of carrying value to redemption value | $ (59,490,575) | (59,490,575) | |||
Class A ordinary shares subject to possible redemption | 575,000,000 | [1] | $ 575,000,000 | ||
Common Class A [Member] | |||||
Temporary Equity [Line Items] | |||||
Gross proceeds | 575,000,000 | 575,000,000 | |||
Fair Value Of Public Warrants At Issuance | 28,750,000 | 28,750,000 | |||
Offering Costs Allocated To Common Stock Subject To Possible Redemption | 30,740,575 | 30,740,575 | |||
Accretion of carrying value to redemption value | (59,490,575) | (59,490,575) | |||
Class A ordinary shares subject to possible redemption | $ 575,000,000 | $ 575,000,000 | |||
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) - Additional Information (Detail) - $ / shares | Aug. 31, 2020 | Jul. 31, 2020 | Jun. 10, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Preferred shares authorised | 1,000,000 | 1,000,000 | |||
Preferred shares issued | 0 | 0 | |||
Preferred shares outstanding | 0 | 0 | |||
Preferred Stock [Member] | |||||
Preferred shares authorised | 1,000,000 | 1,000,000 | |||
Preferred shares issued | 0 | 0 | |||
Preferred shares outstanding | 0 | 0 | |||
Common Class A [Member] | |||||
Ordinary shares authorised | 400,000,000 | 400,000,000 | |||
Ordinary shares par or stated value per share | $ 0.0001 | $ 0.0001 | |||
Shares issued during the period new issues shares | 57,500,000 | 57,500,000 | |||
Percent of convertible share to outstanding shares | 20.00% | 20.00% | |||
Common Class B [Member] | |||||
Ordinary shares authorised | 40,000,000 | 40,000,000 | |||
Ordinary shares par or stated value per share | $ 0.0001 | $ 0.0001 | |||
Ordinary shares issued | 14,375,000 | 14,375,000 | |||
Shares issued during the period new issues shares | 30,000 | 30,000 | 14,375,000 | ||
Ordinary shares outstanding | 14,375,000 | 14,375,000 |
Fair Value Measurements - Summ
Fair Value Measurements - Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Level 1 [Member] | Derivative Warrant Liabilities [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | $ 43,508,330 | |
Level 1 [Member] | Derivative Warrant Liabilities [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | $ 15,419,580 | 43,508,330 |
Level 1 [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Investments held in Trust Account | 575,457,635 | 575,282,641 |
Level 3 [Member] | Derivative Warrant Liabilities [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 22,003,330 | |
Level 3 [Member] | Derivative Warrant Liabilities [Member] | Private Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | $ 7,705,950 | $ 22,003,330 |
Fair Value Measurements - Su_2
Fair Value Measurements - Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
US Treasury Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash | $ 654 | $ 667 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of The Derivative Warrant Liabilities (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Change in fair value of derivative warrant liabilities | $ 8,002,140 | $ 574,660 | $ 574,660 | $ (22,411,660) | $ 42,386,130 | ||
Warrants [Member] | Level 3 [Member] | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Derivative warrant liabilities - Beginning Balance | 10,427,670 | $ 13,489,000 | $ 22,003,330 | $ 0 | 0 | 22,003,330 | |
Issuance of Public and Private Warrants - Level 3 | 43,100,000 | ||||||
Change in fair value of derivative warrant liabilities | (2,721,720) | (3,061,330) | (8,514,330) | 7,270,000 | |||
Transfers of Public Warrants to Level 1 measurement | (28,366,670) | ||||||
Derivative warrant liabilities - Ending Balance | $ 7,705,950 | $ 10,427,670 | $ 13,489,000 | $ 22,003,330 | $ 7,705,950 |
Fair Value Measurements - Su_3
Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) | Sep. 30, 2021yr$ / shares | Dec. 31, 2020yr$ / shares | Aug. 17, 2020yr$ / shares |
Volatility | Maximum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 25.5 | 25 | |
Volatility | Maximum [Member] | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 13.3 | 25.5 | |
Volatility | Minimum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 10 | 10 | |
Volatility | Minimum [Member] | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 10 | 10 | |
Stock price | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Stock price | $ 10.89 | ||
Stock price | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Stock price | $ 9.84 | $ 10.54 | |
Stock price | Maximum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Stock price | $ 10.12 | ||
Stock price | Minimum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Stock price | $ 9.89 | ||
Time to M&A | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | yr | 1 | 1 | |
Time to M&A | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | yr | 0.44 | 1 | |
Risk-free rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0.48 | 0.39 | |
Risk-free rate | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 1.05 | 0.48 | |
Dividend yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | |
Dividend yield | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value Level transfer amount | $ 0 | $ 0 | |||
Change in fair value of derivative warrant liabilities | 8,002,140 | $ 574,660 | $ 574,660 | $ (22,411,660) | 42,386,130 |
Warrant [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change in fair value of derivative warrant liabilities | $ 575,000 | $ 575,000 | |||
Change in fair value of derivative warrant liabilities | $ 22,400,000 |
Quarterly Financial Informati_3
Quarterly Financial Information - Summary of Balance Sheet (Detail) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 17, 2020 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption | $ 575,000,000 | $ 575,000,000 | [1] | ||||
Shareholders' Deficit | |||||||
Additional paid-in capital | 0 | 0 | |||||
Accumulated deficit | (43,381,734) | (84,561,995) | [1] | ||||
Total shareholders' deficit | (43,380,296) | (84,560,557) | [1] | ||||
Ordinary Class A [Member] | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption | 575,000,000 | 575,000,000 | |||||
Shareholders' Deficit | |||||||
Common stock, value | 0 | 0 | $ 0 | ||||
Ordinary Class B [Member] | |||||||
Shareholders' Deficit | |||||||
Common stock, value | $ 1,438 | 1,438 | [1] | 1,438 | |||
As Previously Reported [Member] | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption | $ 518,800,220 | $ 510,906,640 | $ 509,002,560 | ||||
Shareholders' Deficit | |||||||
Additional paid-in capital | 0 | 4,625,706 | 6,529,768 | ||||
Accumulated deficit | 4,998,010 | 372,218 | (1,531,856) | ||||
Total shareholders' deficit | 5,000,010 | 5,000,003 | 5,000,010 | ||||
As Previously Reported [Member] | Ordinary Class A [Member] | |||||||
Shareholders' Deficit | |||||||
Common stock, value | 562 | 641 | 896 | 660 | 662 | ||
As Previously Reported [Member] | Ordinary Class B [Member] | |||||||
Shareholders' Deficit | |||||||
Common stock, value | 1,438 | 1,438 | 1,438 | 1,438 | $ 1,438 | ||
Restatement Adjustment | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption | 56,199,780 | 64,093,360 | 65,997,440 | ||||
Shareholders' Deficit | |||||||
Additional paid-in capital | 0 | (4,625,706) | 6,700,000 | (6,529,768) | |||
Accumulated deficit | (56,199,218) | (59,467,013) | $ 59,500,000 | (59,467,012) | |||
Total shareholders' deficit | (56,199,780) | (64,093,360) | (65,997,440) | ||||
Restatement Adjustment | Ordinary Class A [Member] | |||||||
Shareholders' Deficit | |||||||
Common stock, value | (562) | (641) | (660) | ||||
Restatement Adjustment | Ordinary Class B [Member] | |||||||
Shareholders' Deficit | |||||||
Common stock, value | $ 0 | $ 0 | |||||
As Restated [Member] | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption | 575,000,000 | ||||||
Shareholders' Deficit | |||||||
Accumulated deficit | (60,998,868) | ||||||
Total shareholders' deficit | (60,997,430) | ||||||
As Restated [Member] | Ordinary Class A [Member] | |||||||
Shareholders' Deficit | |||||||
Common stock, value | 0 | ||||||
As Restated [Member] | Ordinary Class B [Member] | |||||||
Shareholders' Deficit | |||||||
Common stock, value | $ 1,438 | ||||||
[1] | See Note 2, Revision to Previously Issued Financial Statements. |
Quarterly Financial Informati_4
Quarterly Financial Information - Summary of Changes in Shareholders' Equity (Deficit) (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Initial value of Class A ordinary shares subject to possible redemption | $ 0 | |||
Change in value of Class A ordinary shares subject to possible redemption | 0 | |||
Previously Reported [Member] | ||||
Initial value of Class A ordinary shares subject to possible redemption | $ 508,843,200 | 508,843,200 | ||
Change in value of Class A ordinary shares subject to possible redemption | $ (25,466,945) | 159,360 | $ 33,360,780 | $ (23,403,760) |
Revision of Prior Period, Adjustment [Member] | ||||
Initial value of Class A ordinary shares subject to possible redemption | (508,843,200) | |||
Change in value of Class A ordinary shares subject to possible redemption | $ 25,466,945 | $ (159,360) | $ (33,360,780) |
Quarterly Financial Informati_5
Quarterly Financial Information - Statement of Operations (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Condensed Income Statements, Captions [Line Items] | ||||||||
Net loss | $ 7,819,474 | $ (1,508,194) | $ (1,531,856) | $ (25,094,982) | $ 41,180,261 | |||
Ordinary Class A [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Basic and diluted weighted average shares outstanding | 57,500,000 | 28,125,000 | 22,898,230 | 38,426,829 | 57,500,000 | |||
Basic and diluted net income (loss) per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 | |||
Ordinary Class B [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Basic and diluted weighted average shares outstanding | 14,375,000 | 13,417,120 | 13,246,681 | 13,753,049 | 14,375,000 | |||
Basic and diluted net income (loss) per ordinary share | $ 0.11 | $ (0.04) | $ (0.04) | $ (0.48) | $ 0.57 | |||
As Previously Reported [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Net loss | $ 7,893,587 | $ 25,467,200 | $ (1,508,194) | $ (1,531,856) | $ 33,360,787 | $ (25,094,982) | ||
As Previously Reported [Member] | Ordinary Class A [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Basic and diluted weighted average shares outstanding | 57,500,000 | 57,500,000 | 57,500,000 | 57,500,000 | 57,500,000 | |||
Basic and diluted net income (loss) per ordinary share | $ 0 | $ 0 | $ 0 | $ 0 | ||||
As Previously Reported [Member] | Ordinary Class B [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Basic and diluted weighted average shares outstanding | 14,375,000 | 14,375,000 | 14,375,000 | 14,375,000 | 14,375,000 | 13,753,049 | ||
Basic and diluted net income (loss) per ordinary share | $ 0.55 | $ 1.77 | $ (0.11) | $ (0.11) | $ 2.32 | $ (1.85) | ||
Restatement Adjustment [Member] | Ordinary Class A [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Basic and diluted weighted average shares outstanding | (29,375,000) | (34,601,770) | (19,073,171) | |||||
Basic and diluted net income (loss) per ordinary share | $ (0.04) | $ (0.04) | ||||||
Restatement Adjustment [Member] | Ordinary Class B [Member] | ||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||
Basic and diluted weighted average shares outstanding | (957,880) | (1,128,319) | ||||||
Basic and diluted net income (loss) per ordinary share | $ 0.07 | $ 0.07 | $ 1.37 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Oct. 13, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Subsequent Event [Line Items] | ||||
Aggregate purchase price | $ 90,500,000 | |||
Stock Issued During Period, Value, Issued for Services | $ 25,000 | $ 25,000 | ||
Shares Issued, Price Per Share | $ 18 | $ 18 | ||
Sponsor [Member] | Forward Purchase Agreements [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Issued During Period, Value, Issued for Services | $ 100,000,000 | $ 100,000,000 | ||
Shares Issued, Price Per Share | $ 10 | $ 10 | ||
Post Business Combination Net Worth Requirement to Effect Business Combination [Member] | ||||
Subsequent Event [Line Items] | ||||
Networth needed post business combination | $ 5,000,001 | $ 5,000,001 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Shares Subscribed but Unissued | 9,050,000 | |||
Subsequent Event [Member] | Subscription Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Exercise price | $ 11.50 | |||
Subsequent Event [Member] | Post Business Combination Net Worth Requirement to Effect Business Combination [Member] | ||||
Subsequent Event [Line Items] | ||||
Networth needed post business combination | $ 5,000,001 | |||
Subsequent Event [Member] | First Effective Time [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate cash consideration | 50,000,000 | |||
Number of shares issued or issuable,value | $ 1,281,000,000 | |||
Subsequent Event [Member] | Immediately Prior to the First Effecctive Time [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock par value or stated value per share | $ 0.001 | |||
Subsequent Event [Member] | New SeatGeek Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock par value or stated value per share | $ 0.0001 | |||
Common stock conversion basis | one | |||
Business Combination, Consideration Transferred | $ 35,000,000 | |||
Subsequent Event [Member] | New SeatGeek Common Stock [Member] | Backstop Subscription Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares agreed to forfeit | 7,187,500 | |||
Number of shares issued during period subject to forfeiture | 7,187,500 | |||
Number of shares issued during period as a tranches subject to forfeiture | 3,593,750 | |||
Number of shares outstanding during period subject to forfeiture | 7,187,500 | |||
Subsequent Event [Member] | New SeatGeek Common Stock [Member] | Backstop Subscription Agreement [Member] | RBAC Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Exercise price | $ 11.50 | |||
Share Price | $ 10 | |||
Aggregate purchase price | $ 65,000,000 | |||
Number of shares agreed to forfeit | 1,000,000 | |||
Subsequent Event [Member] | New SeatGeek Common Stock [Member] | Subscription Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Shares Subscribed but Unissued | 9,050,000 | |||
Subsequent Event [Member] | New SeatGeek Common Stock [Member] | Subscription Agreement [Member] | PIPE Investment [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate purchase price | $ 90,500,000 | |||
Subsequent Event [Member] | New SeatGeek Common Stock [Member] | Subscription Agreement [Member] | RBAC Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate purchase price | $ 65,000,000 | |||
Subsequent Event [Member] | New SeatGeek Warrant [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock par value or stated value per share | $ 0.0001 | |||
Common stock conversion basis | one | |||
Warrant conversion basis | one | |||
Subsequent Event [Member] | Seat Geek Ordinary share [Member] | Immediately Prior to the First Effecctive Time [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock par value or stated value per share | $ 0.001 | |||
Subsequent Event [Member] | Redball Class A Ordinary Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock par value or stated value per share | $ 0.0001 | |||
Common stock conversion basis | one-for-one basis | |||
Subsequent Event [Member] | Redball Class A Ordinary Shares [Member] | New SeatGeek Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock conversion basis | one-for-one | |||
Subsequent Event [Member] | Redball Class B Ordinary Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock par value or stated value per share | $ 0.0001 | |||
Common stock conversion basis | one-for-one basis | |||
Subsequent Event [Member] | Redball Class B Ordinary Shares [Member] | New SeatGeek Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock conversion basis | one-for-one |