Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 22, 2021 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-39506 | |
Entity Registrant Name | BROADSTONE ACQUISITION CORP. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 7 Portman Mews South | |
Entity Address, Address Line Two | Marylebone | |
Entity Address, City or Town | London | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | W1H 6AY | |
City Area Code | +44 | |
Local Phone Number | (0) 207 725 0800 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001815805 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Units, each consisting of one share of Class A Common Stock and one-half of one Warrant | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant | |
Trading Symbol | BSN.U | |
Security Exchange Name | NYSE | |
Class A ordinary shares | ||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 | |
Trading Symbol | BSN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 30,530,301 | |
Class B ordinary shares | ||
Entity Common Stock, Shares Outstanding | 7,632,575 | |
Redeemable Warrants Exercisable For Class Common Stock | ||
Title of 12(b) Security | Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | |
Trading Symbol | BSN WS | |
Security Exchange Name | NYSE |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 707,084 | $ 1,605,045 |
Prepaid expenses | 95,417 | 187,865 |
Total current assets | 802,501 | 1,792,910 |
Investment held in Trust Account | 305,332,346 | 305,311,303 |
Total Assets | 306,134,847 | 307,104,213 |
Current liabilities: | ||
Accounts payable | 80,274 | 155,683 |
Accrued expenses | 2,762,980 | 219 |
Total current liabilities | 2,843,254 | 155,902 |
Warrant liabilities | 25,240,908 | 26,175,756 |
Deferred underwriting commissions | 10,685,605 | 10,685,605 |
Total liabilities | 38,769,767 | 37,017,263 |
Commitments and contingencies | ||
Shareholders' deficit | ||
Preference shares, $0.0001 par value 1,000,000 shares authorized zero issued and outstanding | ||
Accumulated deficit | (37,938,693) | (35,216,823) |
Total shareholders' deficit | (37,937,930) | (35,216,060) |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit | 306,134,847 | 307,104,213 |
Class A ordinary shares | ||
Current liabilities: | ||
Class A ordinary shares; 30,530,301 shares subject to possible redemption at $10 per share as of September 30, 2021 and December 31, 2020 | 305,303,010 | 305,303,010 |
Class B ordinary shares | ||
Shareholders' deficit | ||
Common Stock | $ 763 | $ 763 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A ordinary shares | ||
Share subject to possible redemption (in shares) | 30,530,301 | 30,530,301 |
Redemption Price | $ 10 | $ 10 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Class B ordinary shares | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 7,632,575 | 7,632,575 |
Common stock, shares outstanding | 7,632,575 | 7,632,575 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 5 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | |
General and administrative expenses | $ 620,994 | $ 732,832 | $ 743,564 | $ 3,675,107 |
Loss from operations | (620,994) | (732,832) | (743,564) | (3,675,107) |
Other income (expense): | ||||
Income earned on investments in Trust Account | 4,611 | 2,200 | 2,200 | 21,043 |
Change in fair value of warrant liabilities | 2,812,651 | 76,000 | 76,000 | 934,848 |
Foreign exchange gain/(loss) | 2,654 | |||
Total other income (expense), net | 2,817,262 | 78,200 | 78,200 | 953,237 |
Net income (loss) | $ 2,196,268 | $ (654,632) | $ (665,364) | $ (2,721,870) |
Class A ordinary shares | ||||
Other income (expense): | ||||
Weighted average ordinary shares outstanding, Basic | 30,530,301 | 5,309,618 | 3,404,255 | 30,530,301 |
Weighted average ordinary shares outstanding, Diluted | 30,530,301 | 5,309,618 | 3,404,255 | 30,530,301 |
Basic net loss per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
Diluted net income (loss) per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
Class B ordinary shares | ||||
Other income (expense): | ||||
Weighted average ordinary shares outstanding, Basic | 7,632,575 | 8,625,000 | 8,255,357 | 7,632,575 |
Weighted average ordinary shares outstanding, Diluted | 7,632,575 | 8,625,000 | 8,255,357 | 7,632,575 |
Basic net loss per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
Diluted net income (loss) per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Ordinary SharesClass A ordinary shares | Ordinary SharesClass B ordinary shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at May. 12, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Balance at the beginning (in shares) at May. 12, 2020 | 0 | 0 | |||
Issuance of Class B ordinary shares to Sponsor | $ 863 | 24,137 | 25,000 | ||
Issuance of Class B ordinary shares to Sponsor (in shares) | 8,625,000 | ||||
Net income (loss) | (10,732) | (10,732) | |||
Balance at the ending at Jun. 30, 2020 | $ 863 | 24,137 | (10,732) | 14,268 | |
Balance at the ending (in shares) at Jun. 30, 2020 | 8,625,000 | ||||
Balance at the beginning at May. 12, 2020 | $ 0 | $ 0 | 0 | 0 | 0 |
Balance at the beginning (in shares) at May. 12, 2020 | 0 | 0 | |||
Net income (loss) | (665,364) | ||||
Balance at the ending at Sep. 30, 2020 | $ 863 | (26,930,154) | (26,929,291) | ||
Balance at the ending (in shares) at Sep. 30, 2020 | 8,625,000 | ||||
Balance at the beginning at Jun. 30, 2020 | $ 863 | 24,137 | (10,732) | 14,268 | |
Balance at the beginning (in shares) at Jun. 30, 2020 | 8,625,000 | ||||
Excess fair value of private placement warrants | 1,654,167 | 1,654,167 | |||
Accretion of Class A ordinary Shares to redemption amount | $ (1,678,304) | (26,264,790) | (27,943,094) | ||
Net income (loss) | (654,632) | (654,632) | |||
Balance at the ending at Sep. 30, 2020 | $ 863 | (26,930,154) | (26,929,291) | ||
Balance at the ending (in shares) at Sep. 30, 2020 | 8,625,000 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 763 | (35,216,823) | (35,216,060) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 7,632,575 | ||||
Net income (loss) | 9,810,764 | 9,810,764 | |||
Balance at the ending at Mar. 31, 2021 | $ 763 | (25,406,059) | (25,405,296) | ||
Balance at the ending (in shares) at Mar. 31, 2021 | 7,632,575 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 763 | (35,216,823) | (35,216,060) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 7,632,575 | ||||
Net income (loss) | (2,721,870) | ||||
Balance at the ending at Sep. 30, 2021 | $ 763 | (37,938,693) | (37,937,930) | ||
Balance at the ending (in shares) at Sep. 30, 2021 | 7,632,575 | ||||
Balance at the beginning at Mar. 31, 2021 | $ 763 | (25,406,059) | (25,405,296) | ||
Balance at the beginning (in shares) at Mar. 31, 2021 | 7,632,575 | ||||
Net income (loss) | (14,728,902) | (14,728,902) | |||
Balance at the ending at Jun. 30, 2021 | $ 763 | (40,134,961) | (40,134,198) | ||
Balance at the ending (in shares) at Jun. 30, 2021 | 7,632,575 | ||||
Net income (loss) | 2,196,268 | 2,196,268 | |||
Balance at the ending at Sep. 30, 2021 | $ 763 | $ (37,938,693) | $ (37,937,930) | ||
Balance at the ending (in shares) at Sep. 30, 2021 | 7,632,575 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 5 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||||
Net loss | $ (665,364) | $ (2,721,870) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
General and administrative expenses paid by related parties | 12,232 | |||
Income earned on investments in Trust Account | $ (4,611) | $ (2,200) | (2,200) | (21,043) |
Change in fair value of warrant liabilities | (2,812,651) | (76,000) | (76,000) | (934,848) |
Transactions allocated to warrant liabilities | 677,570 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (225,767) | 92,488 | ||
Accounts payable | 16,194 | (75,409) | ||
Accrued expenses | 2,300 | 2,762,761 | ||
Net cash used in operating activities | (261,035) | (897,961) | ||
Cash Flows from Investing Activities: | ||||
Cash deposited in Trust Account | (300,000,000) | |||
Net cash used in investing activities | (300,000,000) | |||
Cash Flows from Financing Activities: | ||||
Repayment of note payable to related parties | (132,713) | |||
Proceeds received from initial public offering, gross | 300,000,000 | |||
Proceeds received from private placement | 8,000,000 | |||
Offering costs paid | (5,923,016) | |||
Net cash provided by financing activities | 301,994,271 | |||
Net change in cash | 1,733,236 | (897,961) | ||
Cash - beginning of the period | 0 | 1,605,045 | ||
Cash - ending of the period | $ 707,084 | $ 1,683,236 | 1,683,236 | $ 707,084 |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Deferred underwriting commissions | 10,500,000 | |||
Offering costs paid in exchange for issuance of Class B ordinary shares to sponsor | 25,000 | |||
Offering costs included in accrued expenses | 75,000 | |||
Offering costs included in note payable | $ 120,481 |
Description of Organization, Bu
Description of Organization, Business Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Description of Organization, Business Operations and Basis of Presentation | |
Description of Organization, Business Operations and Basis of Presentation | BROADSTONE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 1—Description of Organization, Business Operations and Basis of Presentation Broadstone Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on May 13, 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 and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of September 30, 2021, the Company had not commenced any operations. All activity for the period from May 13, 2020 (inception) through September 30, 2021 relates to the Company’s formation and the initial public offering (“Initial Public Offering”) and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company’s sponsor is Broadstone Sponsor LLP, a United Kingdom limited liability partnership (the “Sponsor”). The registration statement for the Initial Public Offering was declared effective on September 10, 2020. On September 15, 2020, the Company consummated the Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $16.6 million, inclusive of approximately $10.5 million in deferred underwriting commissions (Note 3). The Company granted the underwriters in the Initial Public Offering a 45-day option to purchase up to 4,500,000 additional Units to cover over-allotments, if any. On October 14, 2020, the underwriters partially exercised the over-allotment option to purchase an additional 530,301 units (the “Over-Allotment Units”). On October 14, 2020, the Company completed the sale of the Over-Allotment Units to underwriters (the “Over-Allotment”), generating gross proceeds of approximately $5.3 million, and incurred additional offering costs of approximately $292,000 in underwriting fees (inclusive of approximately $186,000 in deferred underwriting commissions). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 8,000,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) to the Sponsor, each exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of approximately $8.0 million (Note 4). Simultaneously with the closing of the Over-Allotment Units, on October 14, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 106,060 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $106,060. Upon the closing of the Initial Public Offering, the Over-Allotment and the Private Placement, $305.3 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (“Trust Account”), located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and was invested only 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 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. 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 company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide holders (the “Public Shareholders”) of its Class A ordinary shares, par value $0.0001, sold in the Initial Public Offering (the “Public Shares”), 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 Public Share). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares will be classified as temporary equity 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.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 and the approval of an ordinary resolution. 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 its Amended and Restated Memorandum and Articles of Association (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 (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by 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 its Public Shares irrespective of whether it votes for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which will require insiders to (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public information and (ii) clear all trades with the Company’s legal counsel prior to execution. 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. Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined in Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial shareholders”) agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (A) that would modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering, or September 15, 2022 (the “Combination Period”) or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, 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 The Sponsor, officers and directors 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 or members of the Company’s management team 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 amount will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the 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 to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. 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 and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in the 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 the Company’s annual report on Form 10-K/A Amendment No. 2 for the period from May 13, 2020 (inception) through December 31, 2020, as filed with the SEC on November 22, 2021, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s annual report on Form 10-K/A Amendment No. 2 for the year ended December 31, 2020. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the 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 stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company 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. Risk and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company’s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. Going Concern In connection with the Company’s assessment of going concern considerations in accordance with FASB’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unable to complete a Business Combination by September 15, 2022, then the Company will cease all operations except for the purpose of liquidating. Further, as of September 30, 2021, we had approximately $0.7 million in our operating bank account and working capital deficit of approximately $(2.0) million. The date for mandatory liquidation and subsequent dissolution as well as the Company’s current cash balance and working capital deficit raise 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 September 15, 2022. The Company intends to complete a Business Combination before the mandatory liquidation date. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements | |
Restatement of Previously Issued Financial Statements | Note 2 —Restatement of Previously Issued Financial Statements Management identified errors made in its historical financial statements where, at the closing of the Company’s initial public offering (“Initial Public Offering”), the Company improperly valued its ordinary shares subject to possible redemption. The Company previously determined the ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per share of ordinary shares while also taking into consideration that a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Public Shares issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all ordinary shares subject to possible redemption, resulting in the ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted an error related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital and ordinary shares. In addition, in connection with the change in presentation for the Public Shares, the Company determined it should restate its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. In addition, management identified an error as it relates to the accounting for accrued expenses as of September 30, 2021 and the related general and administrative expenses for the three months ended September 30, 2021. The following tables summarize the effect of the restatement on each financial statement line item as of the dates and for the period indicated: As Previously Reported Adjustment As Restated Balance Sheet as of March 31, 2021 Class A ordinary shares subject to possible redemption $ 274,897,708 $ 30,405,302 $ 305,303,010 Class A ordinary shares 304 (304) — Additional paid-in capital 3,954,702 (3,954,702) — Retained earnings (accumulated deficit) 1,044,237 (26,450,296) (25,406,059) Total shareholders’ equity (deficit) $ 5,000,006 $ (30,405,302) $ (25,405,296) Balance Sheet as of June 30, 2021 Class A ordinary shares subject to possible redemption $ 260,168,806 $ 45,134,204 $ 305,303,010 Class A ordinary shares 451 (451) — Additional paid-in capital 18,683,457 (18,683,457) — Accumulated deficit (13,684,665) (26,450,296) (40,134,961) Total shareholders’ equity (deficit) $ 5,000,006 $ 45,134,204 $ (40,134,198) Balance Sheet as of September 30, 2021 Accrual expenses $ 5,097,232 $ (2,334,252) $ 2,762,980 Total current liabilities 5,177,506 (2,334,252) 2,843,254 Total liabilities 41,104,019 (2,334,252) 38,769,767 Accumulated deficit (40,272,945) 2,334,252 (37,938,693) Total shareholders’ deficit $ (40,272,182) $ 2,334,252 $ (37,937,930) Statement of Operations for the three months ended September 30, 2021 General and administrative expenses $ 2,955,246 $ (2,334,252) $ 620,994 Loss from operations (2,955,246) 2,334,252 (620,994) Net income (loss) (137,984) 2,334,252 2,196,268 Basic and diluted net income per ordinary share, Class A 0.00 0.06 0.06 Basic and diluted net income per ordinary share, Class B $ 0.00 $ 0.06 $ 0.06 Statement of Operations for the nine months ended September 30, 2021 General and administrative expenses $ 6,009,359 $ (2,334,252) $ 3,675,107 Loss from operations (6,009,359) 2,334,252 (3,675,107) Net loss (5,056,122) 2,334,252 (2,721,870) Basic and diluted net loss per ordinary share, Class A (0.13) 0.06 (0.07) Basic and diluted net loss per ordinary share, Class B $ (0.13) $ 0.06 $ (0.07) Statement of Cash Flows for the three months ended March 31, 2021 Supplemental disclosure of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to redemption $ 9,810,764 $ (9,810,764) $ — Statement of Cash Flows for the six months ended June 30, 2021 Supplemental disclosure of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to redemption $ (4,897,138) $ 4,897,138 $ — Statement of Cash Flows for the nine months ended September 30, 2021 Cash Flows from Operating Activities: Net Loss $ (5,056,122) $ 2,334,252 $ (2,721,870) Changes in operating assets and liabilities Accrued expenses $ 5,097,013 $ (2,334,252) $ 2,762,761 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 3—Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s 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. 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $305,332,346 and $305,311,303 in cash equivalents held in the Trust Account as of September 30, 2021 and December 31, 2020, respectively. Investments Held in Trust Account The Company’s portfolio of investments held in trust is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. 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 at the end of each reporting period. Gains and losses resulting from the change in fair value of these investments are included in income earned on investments held in the 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, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Company coverage of $250,000, and investments held in Trust Account. At September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value 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 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. Fair Value of Financial Instruments As of September 30, 2021, and December 31, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of September 30, 2021, the Company’s portfolio of investments held in the Trust Account is comprised entirely of investments in money market funds that invest in U.S. government securities. The Company uses NAV as a practical expedient to fair value for its investments in money market funds with published NAV. Offering Costs Offering costs consisted of legal, accounting and other expenses 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 allocated to warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A ordinary shares issued were initially charged to temporary equity and then accreted to ordinary shares subject to redemption upon the completion of the Initial Public Offering. Warrant Liabilities The Company evaluated the Public Warrants and Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 3, Note 6, Note 7 and Note 8) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the Warrant Agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Statement of Operations in the period of change. 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 FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. 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, 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, as of September 30, 2021 and December 31, 2020, 30,530,301 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Net Income (Loss) Per Ordinary Share Net income (loss) per share is computed by dividing net (loss) income by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 23,371,211, of the Company’s Class A ordinary shares in the calculation of diluted income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method. In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings per share calculations to allocate net income/loss evenly to Class A and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of stock share pro rata in the income/loss of the Company. The contractual formula utilized to calculate the redemption amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes in fair value are not considered a dividend for the purposes of the numerator in the earnings per share calculation. The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The following table reflects the calculation of basic and diluted net income per ordinary share: For the three months For the nine months ended ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share Numerator: Allocation of net income (loss), as adjusted $ 1,757,014 $ 439,254 $ (2,177,496) $ (544,374) Denominator: Basic and diluted weighted average shares outstanding 30,530,301 7,632,575 30,530,301 7,632,575 Basic and diluted net income (loss) per ordinary share $ 0.06 $ 0.06 $ (0.07) $ (0.07) For the period from May 13, 2020 For the three months (inception) through ended September 30, 2020 September 30, 2020 Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (246,740) $ (407,892) $ (194,223) $ (471,141) Denominator: Basic and diluted weighted average shares outstanding 5,309,618 8,625,000 3,404,255 8,255,357 Basic and diluted net loss per ordinary share $ (0.05) $ (0.05) $ (0.06) $ (0.06) Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “ 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 to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2021 and December 31, 2020. 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 were accrued for interest and penalties for the three months and nine months ended September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by U.S. federal, U.S. state or foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. 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, deferred tax assets and 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 Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on the financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2021 | |
Initial Public Offering | |
Initial Public Offering | Note 4—Initial Public Offering On September 15, 2020, the Company consummated the Initial Public Offering of 30,000,000 Units, at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $16.6 million, inclusive of approximately $10.5 million in deferred underwriting commissions. On October 14, 2020, the Company completed the sale of the Over-Allotment Units to the underwriters, generating gross proceeds of approximately $5.3 million, and incurred additional offering costs of approximately $292,000 in underwriting fees (inclusive of approximately $186,000 in deferred underwriting commissions). Each Unit consists of one Class A ordinary share, par value $0.0001 per share, and one-half |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 5—Related Party Transactions Founder Shares On May 19, 2020, the Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs of the Company in consideration for 8,625,000 Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”). Up to 1,125,000 Founder Shares were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares will represent 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering. On October 14, 2020, the underwriters partially exercised the Unit Over-Allotment Option to purchase an additional 530,301 Units. The remaining over-allotment option expired unexercised on October 25, 2020; thus, the Company forfeited 992,425 Class B ordinary shares. The initial shareholders agreed, subject to limited exceptions, 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 following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, the Founder Shares will be released from the lockup. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 8,000,000 Private Placement Warrants to the Sponsor, each exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of approximately $8.0 million. Simultaneously with the closing of the Over-Allotment Units, on October 14, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 106,060 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $106,060. Each warrant is exercisable to purchase one Class A ordinary share at $11.50 per share. A portion of the proceeds from the Private Placement Warrants was 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 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. Sponsor Loan On May 19, 2020, the Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan is non-interest bearing and payable upon the completion of the Initial Public Offering. The Company borrowed approximately $133,000 under the Note. The Company fully repaid this balance on September 15, 2020. As of September 30, 2021, and December 31, 2020, there were no amounts outstanding on the Note and the facility is no longer available to the Company. Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans. In the event that a Business Combination does not close, the Company 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. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into private placement warrants at a price of $1.00 per warrant. To-date, the Company has no borrowings under any Working Capital Loans. Administrative Support Agreement Commencing on the date the Company’s securities were first listed on the New York Stock Exchange, the Company agreed to pay the Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support services provided to members of the Company’s management team. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company recognized $30,000 and $90,000 in connection with such services for the three months and nine months ended September 30, 2021, respectively, in general and administrative expenses in the accompanying statement of operations. As of September 30, 2021, $30,000 is included in accounts payable in the condensed balance sheet. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 6—Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants, and securities 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 make up to three demands, excluding short form demands, that the Company register such securities. In addition, these holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On October 14, 2020, the Underwriters partially exercised the over-allotment option to purchase an additional 530,301 Over-Allotment Units. The remaining over-allotment option expired unexercised on October 25, 2020. The underwriters were entitled to an underwriting discount of $0.20 per unit, or $6.0 million and approximately $0.1 million in the aggregate, paid upon the closing of the Initial Public Offering in September 2020 and the Over-Allotment in October 2020, respectively. The underwriters reimbursed $390,000 to the Company to reimburse certain expenses in connection with the Initial Public Offering. In addition, $0.35 per unit, or approximately $10.7 million in the aggregate, will be payable to the underwriters for deferred underwriting commissions. 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. Business Combination Agreement On June 10, 2021, the Company, Broadstone Sponsor LLP, Vertical Aerospace Ltd., a Cayman Islands exempted company with limited liability (“Pubco”), Vertical Merger Sub Ltd., a Cayman Islands exempted company with limited liability and a wholly owned subsidiary of Pubco (“Merger Sub”), Vertical Aerospace Group Ltd., a private limited company incorporated in England and Wales (“Vertical”), Vincent Casey, solely in his capacity as the representative of the shareholders of Vertical and the shareholders of the Vertical thereto (the “Vertical Shareholders”) entered into a Business Combination Agreement (the “Business Combination Agreement”), which, among other things, provides for (a) the merger of the Company with Merger Sub (the “Merger”), with the Company surviving the Merger and the shareholders of the Company becoming shareholders of Pubco, which will become a new public company, and (b) upon the effectiveness of such Merger, the exchange of 100% of the outstanding ordinary shares of Vertical by the Vertical Shareholders for ordinary shares of Pubco. Pubco is a newly formed entity that was formed for the sole purpose of entering into and consummating the transactions set forth in the Business Combination Agreement. The Business Combination Agreement contains customary representations, warranties and covenants by the parties thereto and the closing is subject to certain conditions as further described in the Business Combination Agreement. In connection with the foregoing and concurrently with the execution of the Business Combination Agreement, Pubco and Broadstone entered into subscription agreements (the “Subscription Agreements”) with certain investors (the “PIPE Investors”) pursuant to which the PIPE Investors agreed to subscribe for and purchase, and Pubco agreed to issue and sell to such PIPE Investors, an aggregate of 9,400,000 ordinary shares, par value $0.0001 per share, of Pubco (the “Pubco Ordinary Shares”), at $10.00 per share for gross proceeds of $94,000,000 (the “PIPE Financing”) on the date of closing of the Business Combination. The Pubco Ordinary Shares to be issued under the Subscription Agreements are being issued in private placement transactions pursuant to an exemption from registration requirements of the Securities Act and have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended. Pubco will grant the PIPE Investors certain registration rights in connection with the PIPE Financing. The PIPE Financing is contingent upon, among other things, the closing of the Business Combination. In addition, Pubco entered into a subscription agreement dated October 26, 2021 (the “Convertible Senior Secured Notes Subscription Agreement”) with a certain third-party investor (the “Convertible Senior Secured Notes Investor”), pursuant to which such investor has agreed to purchase $200 million aggregate principal amount of convertible senior secured notes, which will bear interest at a rate of 7.00% per annum for cash interest or 9.00% per annum paid-in-kind, selected at the option of the Company, will be paid semi-annually and will be convertible for Pubco ordinary shares (the “Convertible Senior Secured Notes”). In connection with the execution of the Convertible Senior Secured Notes Subscription Agreement, Pubco agreed to issue 4,000,000 warrants which will be exercisable for one Pubco Ordinary Share each, with an exercise price of $11.50 per Pubco Ordinary Share. (the “Convertible Notes Warrants”), to the Convertible Senior Secured Notes Investor immediately after Closing. The offering of the Convertible Senior Secured Notes and Convertible Notes Warrants is conditioned upon and expected to close concurrently with the closing of the Business Combination. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Shareholders' Equity | |
Shareholders' Equity | Note 7—Shareholders’ Equity Preference Shares The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share and 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 no preference shares issued or outstanding. Class A Ordinary Shares The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. At September 30, 2021 and December 31, 2020, there were 30,530,301 Class A ordinary shares issued and outstanding, including 30,530,301 Class A ordinary shares subject to possible redemption which have been reflected as temporary equity on the condensed balance sheets. Class B Ordinary Shares The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders are entitled to one vote for each Class B ordinary share. As of September 30, 2021, and December 31, 2020, there were 7,632,575 Class B ordinary shares issued and outstanding. Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders, except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares have the right to vote on the appointment of the Company’s directors prior to the initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one basis (as adjusted). 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, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares 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, 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. |
Warrant Liabilities
Warrant Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Warrant Liabilities | |
Warrant Liabilities | Note 8—Warrant Liabilities The Public Warrants will become exercisable at $11.50 per share 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 warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). 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 a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and, following the effective date of the registration statement, the Company will use commercially reasonable efforts 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 business 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” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it 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 warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend or recapitalization, reorganization, merger or consolidation. 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 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, plus 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, 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, and the $10.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price”. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. Once the warrants become exercisable, the Company may call the Public Warrants for redemption (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 sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30 - trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. In addition, once the warrants become exercisable, the Company may call but is not obligated to the warrants for redemption: ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Class A ordinary shares; ● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the 30 - trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and ● if the closing price of the Class A ordinary shares for any 20 trading days within a 30 - trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted). The “fair market value” of the Class A ordinary shares for the above purpose shall mean the volume-weighted average price of the Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). If the Company calls the Public Warrants for redemption, 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. Additionally, in no event will the Company be required to net cash settle any Warrants. If the Company is unable to complete the initial Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | Note 9— Fair Value Measurements The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: September 30, Description Level 2021 Assets: Marketable securities held in the Trust Account (1) 1 $ 305,332,346 Liabilities: Private Placement Warrants (2) 2 8,754,545 Public Warrants (2) 1 16,486,363 December 31, Description Level 2020 Assets: Marketable securities held in the Trust Account (1) 1 $ 305,311,303 Liabilities: Private Placement Warrants (2) 2 9,078,787 Public Warrants (2) 1 17,096,969 (1) The fair value of the marketable securities held in the Trust account approximates the carrying amount primarily due to their short-term nature. (2) Measured at fair value on a recurring basis. Warrants The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the Balance Sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the Statement of Operations. Subsequent Measurement The Warrants are measured at fair value on a recurring basis and were initially measured at fair value as Level 3 financial liabilities using a Binomial Lattice based approach as of the Company’s public offering date. The subsequent measurement of the Public Warrants as of September 30, 2021, and December 31, 2020 are classified as Level 1 due to the use of an observable market quote in an active market under the ticker BSN.WS. As the transfer of Private Placement Warrants to anyone outside of a small group of individuals who are permitted transferees would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant, with an insignificant adjustment for short-term marketability restrictions. As such, the Private Placement Warrants are classified as Level 2 As of September 30, 2021, the aggregate values of the Private Placement Warrants and Public Warrants were $8.8 million and $16.5 million, respectively. The following table presents the changes in the fair value of warrant liabilities: Private Placement Warrants Public Warrants Warrant Liabilities (2) Fair value as of December 31, 2020 $ 9,078,787 $ 17,096,969 $ 26,175,756 Change in valuation inputs or other assumptions (1) (324,242) (610,606) (934,848) Fair value as of September 30, 2021 $ 8,754,545 $ 16,486,363 $ 25,240,908 (1) Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the Statement of Operations. (2) 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 measurement and the estimated fair value of the Private Placement Warrants transferred from a Level 3 measurement to a Level 2 measurement during the period ended December 31, 2020 when the Public Warrants were separately listed and traded. The measurement for the Private Placement Warrants remains unchanged for the nine months ended September 30, 2021. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | Note 10—Subsequent Events Management evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements other than those already disclosed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | 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 and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in the 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 the Company’s annual report on Form 10-K/A Amendment No. 2 for the period from May 13, 2020 (inception) through December 31, 2020, as filed with the SEC on November 22, 2021, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s annual report on Form 10-K/A Amendment No. 2 for the year ended December 31, 2020. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the 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 stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company 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. |
Risk and Uncertainties | Risk and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company’s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. |
Going Concern | Going Concern In connection with the Company’s assessment of going concern considerations in accordance with FASB’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unable to complete a Business Combination by September 15, 2022, then the Company will cease all operations except for the purpose of liquidating. Further, as of September 30, 2021, we had approximately $0.7 million in our operating bank account and working capital deficit of approximately $(2.0) million. The date for mandatory liquidation and subsequent dissolution as well as the Company’s current cash balance and working capital deficit raise 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 September 15, 2022. The Company intends to complete a Business Combination before the mandatory liquidation date. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s 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. 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $305,332,346 and $305,311,303 in cash equivalents held in the Trust Account as of September 30, 2021 and December 31, 2020, respectively. |
Investments Held in Trust Account | Investments Held in Trust Account The Company’s portfolio of investments held in trust is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. 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 at the end of each reporting period. Gains and losses resulting from the change in fair value of these investments are included in income earned on investments held in the 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, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Company coverage of $250,000, and investments held in Trust Account. At September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Fair Value | Fair Value 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 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments As of September 30, 2021, and December 31, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of September 30, 2021, the Company’s portfolio of investments held in the Trust Account is comprised entirely of investments in money market funds that invest in U.S. government securities. The Company uses NAV as a practical expedient to fair value for its investments in money market funds with published NAV. |
Offering Costs | Offering Costs Offering costs consisted of legal, accounting and other expenses 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 allocated to warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A ordinary shares issued were initially charged to temporary equity and then accreted to ordinary shares subject to redemption upon the completion of the Initial Public Offering. |
Warrant Liabilities | Warrant Liabilities The Company evaluated the Public Warrants and Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 3, Note 6, Note 7 and Note 8) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the Warrant Agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Statement of Operations in the period of change. |
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 FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. 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, 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, as of September 30, 2021 and December 31, 2020, 30,530,301 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share Net income (loss) per share is computed by dividing net (loss) income by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 23,371,211, of the Company’s Class A ordinary shares in the calculation of diluted income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method. In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings per share calculations to allocate net income/loss evenly to Class A and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of stock share pro rata in the income/loss of the Company. The contractual formula utilized to calculate the redemption amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes in fair value are not considered a dividend for the purposes of the numerator in the earnings per share calculation. The calculation of diluted income per ordinary share does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The following table reflects the calculation of basic and diluted net income per ordinary share: For the three months For the nine months ended ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share Numerator: Allocation of net income (loss), as adjusted $ 1,757,014 $ 439,254 $ (2,177,496) $ (544,374) Denominator: Basic and diluted weighted average shares outstanding 30,530,301 7,632,575 30,530,301 7,632,575 Basic and diluted net income (loss) per ordinary share $ 0.06 $ 0.06 $ (0.07) $ (0.07) For the period from May 13, 2020 For the three months (inception) through ended September 30, 2020 September 30, 2020 Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (246,740) $ (407,892) $ (194,223) $ (471,141) Denominator: Basic and diluted weighted average shares outstanding 5,309,618 8,625,000 3,404,255 8,255,357 Basic and diluted net loss per ordinary share $ (0.05) $ (0.05) $ (0.06) $ (0.06) |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “ 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 to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2021 and December 31, 2020. 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 were accrued for interest and penalties for the three months and nine months ended September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by U.S. federal, U.S. state or foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. 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, deferred tax assets and 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 Standards | Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on the financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements | |
Summary of impact of the revision on the audited balance sheet | As Previously Reported Adjustment As Restated Balance Sheet as of March 31, 2021 Class A ordinary shares subject to possible redemption $ 274,897,708 $ 30,405,302 $ 305,303,010 Class A ordinary shares 304 (304) — Additional paid-in capital 3,954,702 (3,954,702) — Retained earnings (accumulated deficit) 1,044,237 (26,450,296) (25,406,059) Total shareholders’ equity (deficit) $ 5,000,006 $ (30,405,302) $ (25,405,296) Balance Sheet as of June 30, 2021 Class A ordinary shares subject to possible redemption $ 260,168,806 $ 45,134,204 $ 305,303,010 Class A ordinary shares 451 (451) — Additional paid-in capital 18,683,457 (18,683,457) — Accumulated deficit (13,684,665) (26,450,296) (40,134,961) Total shareholders’ equity (deficit) $ 5,000,006 $ 45,134,204 $ (40,134,198) Balance Sheet as of September 30, 2021 Accrual expenses $ 5,097,232 $ (2,334,252) $ 2,762,980 Total current liabilities 5,177,506 (2,334,252) 2,843,254 Total liabilities 41,104,019 (2,334,252) 38,769,767 Accumulated deficit (40,272,945) 2,334,252 (37,938,693) Total shareholders’ deficit $ (40,272,182) $ 2,334,252 $ (37,937,930) Statement of Operations for the three months ended September 30, 2021 General and administrative expenses $ 2,955,246 $ (2,334,252) $ 620,994 Loss from operations (2,955,246) 2,334,252 (620,994) Net income (loss) (137,984) 2,334,252 2,196,268 Basic and diluted net income per ordinary share, Class A 0.00 0.06 0.06 Basic and diluted net income per ordinary share, Class B $ 0.00 $ 0.06 $ 0.06 Statement of Operations for the nine months ended September 30, 2021 General and administrative expenses $ 6,009,359 $ (2,334,252) $ 3,675,107 Loss from operations (6,009,359) 2,334,252 (3,675,107) Net loss (5,056,122) 2,334,252 (2,721,870) Basic and diluted net loss per ordinary share, Class A (0.13) 0.06 (0.07) Basic and diluted net loss per ordinary share, Class B $ (0.13) $ 0.06 $ (0.07) Statement of Cash Flows for the three months ended March 31, 2021 Supplemental disclosure of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to redemption $ 9,810,764 $ (9,810,764) $ — Statement of Cash Flows for the six months ended June 30, 2021 Supplemental disclosure of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to redemption $ (4,897,138) $ 4,897,138 $ — Statement of Cash Flows for the nine months ended September 30, 2021 Cash Flows from Operating Activities: Net Loss $ (5,056,122) $ 2,334,252 $ (2,721,870) Changes in operating assets and liabilities Accrued expenses $ 5,097,013 $ (2,334,252) $ 2,762,761 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Schedule of basic and diluted net loss per ordinary share | For the three months For the nine months ended ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per ordinary share Numerator: Allocation of net income (loss), as adjusted $ 1,757,014 $ 439,254 $ (2,177,496) $ (544,374) Denominator: Basic and diluted weighted average shares outstanding 30,530,301 7,632,575 30,530,301 7,632,575 Basic and diluted net income (loss) per ordinary share $ 0.06 $ 0.06 $ (0.07) $ (0.07) For the period from May 13, 2020 For the three months (inception) through ended September 30, 2020 September 30, 2020 Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (246,740) $ (407,892) $ (194,223) $ (471,141) Denominator: Basic and diluted weighted average shares outstanding 5,309,618 8,625,000 3,404,255 8,255,357 Basic and diluted net loss per ordinary share $ (0.05) $ (0.05) $ (0.06) $ (0.06) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Schedule of assets that are measured at fair value on a recurring basis | September 30, Description Level 2021 Assets: Marketable securities held in the Trust Account (1) 1 $ 305,332,346 Liabilities: Private Placement Warrants (2) 2 8,754,545 Public Warrants (2) 1 16,486,363 December 31, Description Level 2020 Assets: Marketable securities held in the Trust Account (1) 1 $ 305,311,303 Liabilities: Private Placement Warrants (2) 2 9,078,787 Public Warrants (2) 1 17,096,969 (1) The fair value of the marketable securities held in the Trust account approximates the carrying amount primarily due to their short-term nature. (2) Measured at fair value on a recurring basis. |
Schedule of changes in the fair value of warrant liabilities | Private Placement Warrants Public Warrants Warrant Liabilities (2) Fair value as of December 31, 2020 $ 9,078,787 $ 17,096,969 $ 26,175,756 Change in valuation inputs or other assumptions (1) (324,242) (610,606) (934,848) Fair value as of September 30, 2021 $ 8,754,545 $ 16,486,363 $ 25,240,908 (1) Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the Statement of Operations. (2) 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 measurement and the estimated fair value of the Private Placement Warrants transferred from a Level 3 measurement to a Level 2 measurement during the period ended December 31, 2020 when the Public Warrants were separately listed and traded. The measurement for the Private Placement Warrants remains unchanged for the nine months ended September 30, 2021. |
Description of Organization, _2
Description of Organization, Business Operations and Basis of Presentation (Details) - USD ($) | Oct. 14, 2020 | Sep. 15, 2020 | May 19, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||||
Offering cost | $ 5,923,016 | |||||
Deferred underwriting commissions | $ 10,685,605 | $ 10,685,605 | ||||
Per share value of residual assets in trust account | $ 10 | |||||
Cash | $ 700,000 | |||||
Working capital deficit | $ (2,000,000) | |||||
Condition For Future Business Combination Number Of Businesses Minimum | one | |||||
Duration Of Combination Period | 24 months | |||||
Working Capital Loans | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Price of warrants (in dollars per share) | $ 1 | |||||
Outstanding balance of related party note | $ 0 | |||||
Class A ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Class B ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock, par value | 0.0001 | $ 0.0001 | ||||
Initial Public Offering, the Over-Allotment and the Private Placement | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share price | $ 10 | |||||
Gross proceeds | $ 305,300,000 | |||||
Percentage of aggregate fair market value of assets | 80.00% | |||||
Ownership interest to be acquired on post-transaction company | 50.00% | |||||
Maturity term of U.S. government securities | 185 days | |||||
IPO | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares issued | 30,000,000 | |||||
Share price | $ 10 | $ 10 | ||||
Gross proceeds | $ 5,300,000 | $ 300,000,000 | ||||
Offering cost | 292,000 | 16,600,000 | ||||
Deferred underwriting commissions | 186,000 | $ 10,500,000 | ||||
Minimum net tangible assets upon consummation of business combination | $ 5,000,001 | |||||
Maximum percentage of shares that can be redeemed without prior consent of the Company | 15.00% | |||||
Percentage of shares of stock the Company is obligated to redeem without consummating a business combination | 100.00% | |||||
Threshold trading days to redeem the shares | 10 days | |||||
Interest to pay dissolution expenses | $ 100,000 | |||||
IPO | Class A ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Exercise price of warrants (in dollars per share) | $ 11.50 | |||||
Common stock, par value | $ 0.0001 | |||||
Number of Warrants Issued Per Unit | 0.5 | |||||
Over-allotment option | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares issued | 4,500,000 | 4,500,000 | ||||
Gross proceeds | 5,300,000 | |||||
Offering cost | 292,000 | |||||
Deferred underwriting commissions | $ 186,000 | |||||
Underwriting option period | 45 days | |||||
Over-allotment option | Class B ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares agreed to issue | 530,301 | |||||
Private Placement | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Proceeds from issuance of warrants | $ 106,060 | $ 8,000,000 | ||||
Number of warrants to purchase the shares issued (in shares) | 106,060 | 8,000,000 | ||||
Price of warrants (in dollars per share) | $ 1 | |||||
Private Placement | Class A ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Exercise price of warrants (in dollars per share) | $ 11.50 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
Class A ordinary shares | |
Subsidiary, Sale of Stock [Line Items] | |
Reclassification Of Permanent Equity Into Temporary Equity | shares | 10 |
IPO | |
Subsidiary, Sale of Stock [Line Items] | |
Minimum Net Tangible Assets Upon Consummation Of Business Combination | $ | $ 5,000,001 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Restatement on each financial statement (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Jun. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | May 12, 2020 | |
CONDENSED BALANCE SHEETS | ||||||||||
Accrued expenses | $ 2,762,980 | $ 2,762,980 | $ 219 | |||||||
Total current liabilities | 2,843,254 | 2,843,254 | 155,902 | |||||||
Total liabilities | 38,769,767 | 38,769,767 | 37,017,263 | |||||||
Accumulated deficit | (37,938,693) | $ (40,134,961) | $ (25,406,059) | $ (40,134,961) | (37,938,693) | (35,216,823) | ||||
Total Shareholders' Equity (Deficit) | $ 14,268 | (37,937,930) | (40,134,198) | (25,405,296) | $ (26,929,291) | $ (26,929,291) | (40,134,198) | (37,937,930) | (35,216,060) | $ 0 |
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
General and administrative expenses | 620,994 | 732,832 | 743,564 | 3,675,107 | ||||||
Loss from operations | (620,994) | (732,832) | (743,564) | (3,675,107) | ||||||
Net income (loss) | $ (10,732) | $ 2,196,268 | (14,728,902) | 9,810,764 | $ (654,632) | (665,364) | (2,721,870) | |||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
Net loss | (665,364) | (2,721,870) | ||||||||
Accrued expenses | $ 2,300 | $ 2,762,761 | ||||||||
Class A ordinary shares | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
Reclassification Of Permanent Equity Into Temporary Equity | 10 | 10 | ||||||||
Class A Ordinary Shares subject to possible redemption | $ 305,303,010 | 305,303,010 | 305,303,010 | 305,303,010 | $ 305,303,010 | 305,303,010 | ||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Basic net loss per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) | ||||||
Diluted net income (loss) per ordinary share | $ 0.06 | (0.05) | (0.06) | $ (0.07) | ||||||
Class B ordinary shares | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
Class A ordinary shares | $ 763 | $ 763 | $ 763 | |||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Basic net loss per ordinary share | $ 0.06 | (0.05) | (0.06) | $ (0.07) | ||||||
Diluted net income (loss) per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) | ||||||
As Previously Reported | Restatement of Redeemable Common Stock As Temporary Equity | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
Accrued expenses | $ 5,097,232 | $ 5,097,232 | ||||||||
Total current liabilities | 5,177,506 | 5,177,506 | ||||||||
Total liabilities | 41,104,019 | 41,104,019 | ||||||||
Class A ordinary shares | 304 | |||||||||
Additional paid-in capital | 18,683,457 | 3,954,702 | 18,683,457 | |||||||
Accumulated deficit | (40,272,945) | (13,684,665) | 1,044,237 | (13,684,665) | (40,272,945) | |||||
Total Shareholders' Equity (Deficit) | (40,272,182) | 5,000,006 | 5,000,006 | 5,000,006 | (40,272,182) | |||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
General and administrative expenses | 2,955,246 | 6,009,359 | ||||||||
Loss from operations | (2,955,246) | (6,009,359) | ||||||||
Net income (loss) | $ (137,984) | (5,056,122) | ||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
Net loss | (5,056,122) | |||||||||
Accrued expenses | $ 5,097,013 | |||||||||
Change in value of Class A ordinary shares subject to redemption | 9,810,764 | (4,897,138) | ||||||||
As Previously Reported | Restatement of Redeemable Common Stock As Temporary Equity | Class A ordinary shares | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
Class A Ordinary Shares subject to possible redemption | 260,168,806 | 274,897,708 | 260,168,806 | |||||||
Class A ordinary shares | 451 | 451 | ||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Basic net loss per ordinary share | $ 0 | $ (0.13) | ||||||||
Diluted net income (loss) per ordinary share | 0 | (0.13) | ||||||||
As Previously Reported | Restatement of Redeemable Common Stock As Temporary Equity | Class B ordinary shares | ||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Basic net loss per ordinary share | 0 | (0.13) | ||||||||
Diluted net income (loss) per ordinary share | $ 0 | $ (0.13) | ||||||||
Revision Adjustments | Restatement of Redeemable Common Stock As Temporary Equity | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
Accrued expenses | $ (2,334,252) | $ (2,334,252) | ||||||||
Total current liabilities | (2,334,252) | (2,334,252) | ||||||||
Total liabilities | (2,334,252) | (2,334,252) | ||||||||
Class A ordinary shares | (304) | |||||||||
Additional paid-in capital | (18,683,457) | (3,954,702) | (18,683,457) | |||||||
Accumulated deficit | 2,334,252 | (26,450,296) | (26,450,296) | (26,450,296) | 2,334,252 | |||||
Total Shareholders' Equity (Deficit) | 2,334,252 | 45,134,204 | (30,405,302) | 45,134,204 | 2,334,252 | |||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
General and administrative expenses | (2,334,252) | (2,334,252) | ||||||||
Loss from operations | 2,334,252 | 2,334,252 | ||||||||
Net income (loss) | $ 2,334,252 | 2,334,252 | ||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
Net loss | 2,334,252 | |||||||||
Accrued expenses | $ (2,334,252) | |||||||||
Change in value of Class A ordinary shares subject to redemption | (9,810,764) | 4,897,138 | ||||||||
Revision Adjustments | Restatement of Redeemable Common Stock As Temporary Equity | Class A ordinary shares | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
Class A Ordinary Shares subject to possible redemption | 45,134,204 | $ 30,405,302 | 45,134,204 | |||||||
Class A ordinary shares | $ (451) | $ (451) | ||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Basic net loss per ordinary share | $ 0.06 | $ 0.06 | ||||||||
Diluted net income (loss) per ordinary share | 0.06 | 0.06 | ||||||||
Revision Adjustments | Restatement of Redeemable Common Stock As Temporary Equity | Class B ordinary shares | ||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Basic net loss per ordinary share | 0.06 | 0.06 | ||||||||
Diluted net income (loss) per ordinary share | $ 0.06 | $ 0.06 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||||
Jun. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Cash equivalents held in Trust Account | $ 305,332,346 | $ 305,332,346 | $ 305,311,303 | |||||
Net Asset Value Per Share | $ 1 | $ 1 | ||||||
Federal Deposit Insurance Company coverage | $ 250,000 | $ 250,000 | ||||||
Unrecognized tax benefits | 0 | 0 | $ 0 | |||||
Amounts accrued for the payment of interest and penalties | 0 | 0 | ||||||
Income tax expense (benefit) | $ 0 | |||||||
Earnings Per Share [Abstract] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 23,371,211 | |||||||
Investment income earned in Trust Account | 4,611 | $ 2,200 | $ 2,200 | $ 21,043 | ||||
Net Income (Loss) Attributable to Parent | $ (10,732) | 2,196,268 | $ (14,728,902) | $ 9,810,764 | (654,632) | (665,364) | (2,721,870) | |
General and administrative expenses | $ 620,994 | $ 732,832 | $ 743,564 | $ 3,675,107 | ||||
Class A ordinary shares | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share subject to possible redemption (in shares) | 30,530,301 | 30,530,301 | 30,530,301 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Net Income (Loss) Per Ordinary Share (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | |
Class A ordinary shares | ||||
Numerator: | ||||
Allocation of net loss, as adjusted | $ 1,757,014 | $ (246,740) | $ (194,223) | $ (2,177,496) |
Denominator: | ||||
Weighted average ordinary shares outstanding, Basic | 30,530,301 | 5,309,618 | 3,404,255 | 30,530,301 |
Weighted average ordinary shares outstanding, Diluted | 30,530,301 | 5,309,618 | 3,404,255 | 30,530,301 |
Basic net loss per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
Diluted income (loss) per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
Class B ordinary shares | ||||
Numerator: | ||||
Allocation of net loss, as adjusted | $ 439,254 | $ (407,892) | $ (471,141) | $ (544,374) |
Denominator: | ||||
Weighted average ordinary shares outstanding, Basic | 7,632,575 | 8,625,000 | 8,255,357 | 7,632,575 |
Weighted average ordinary shares outstanding, Diluted | 7,632,575 | 8,625,000 | 8,255,357 | 7,632,575 |
Basic net loss per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
Diluted income (loss) per ordinary share | $ 0.06 | $ (0.05) | $ (0.06) | $ (0.07) |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | Oct. 14, 2020 | Sep. 15, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||||
Offering cost | $ 5,923,016 | ||||
Deferred underwriting commissions | $ 10,685,605 | $ 10,685,605 | |||
Class A ordinary shares | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of shares issued | 30,000,000 | ||||
Share price | $ 10 | 10 | |||
Gross proceeds | $ 5,300,000 | $ 300,000,000 | |||
Offering cost | 292,000 | 16,600,000 | |||
Deferred underwriting commissions | $ 186,000 | $ 10,500,000 | |||
IPO | Class A ordinary shares | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, par value | $ 0.0001 | ||||
Number of shares in a unit | 1 | ||||
Number of warrants in a unit | 0.5 | ||||
Number of shares per warrant | 1 | ||||
Exercise price of warrants (in dollars per share) | $ 11.50 |
Related Party Transactions - Fo
Related Party Transactions - Founder share (Details) - USD ($) | Oct. 25, 2020 | Oct. 14, 2020 | May 19, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||||
Aggregate purchase price | $ 25,000 | |||||
Class B ordinary shares | ||||||
Related Party Transaction [Line Items] | ||||||
Shares forfeited | 992,425 | |||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | ||||
Class B ordinary shares | Founder | Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Aggregate purchase price | $ 25,000 | |||||
Share price | $ 0.003 | |||||
Number of shares agreed to issue | 8,625,000 | |||||
Ordinary shares, par value | $ 0.0001 | |||||
Maximum shares subject to forfeiture | 1,125,000 | |||||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders | 20.00% | |||||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 1 year | |||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ 12 | |||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 | |||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 days | |||||
Over-allotment option | Class B ordinary shares | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares agreed to issue | 530,301 |
Related Party Transactions - Pr
Related Party Transactions - Private placement warrants (Details) - Private Placement - USD ($) | Oct. 14, 2020 | May 19, 2020 |
Related Party Transaction [Line Items] | ||
Number of warrants to purchase the shares issued (in shares) | 106,060 | 8,000,000 |
Price of warrants (in dollars per share) | $ 1 | |
Proceeds from Issuance of Warrants | $ 106,060 | $ 8,000,000 |
Threshold Period For Not To Transfer, Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination | 30 days | |
Class A ordinary shares | ||
Related Party Transaction [Line Items] | ||
Number of shares issuable per warrant (in shares) | 1 | |
Exercise price of warrants (in dollars per share) | $ 11.50 |
Related Party Transactions - Sp
Related Party Transactions - Sponsor loan, Working capital loans, Administrative support agreement (Details) - USD ($) | May 19, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Borrowings outstanding | $ 0 | $ 0 | $ 0 | |
Accrued expenses | 2,762,980 | 2,762,980 | $ 219 | |
Sponsor | ||||
Related Party Transaction [Line Items] | ||||
Maximum borrowing capacity of related party promissory note | $ 300,000 | |||
Proceeds from related party loan | 133,000 | |||
Working Capital Loans | ||||
Related Party Transaction [Line Items] | ||||
Maximum loans convertible into warrants | $ 1,500,000 | |||
Price of warrants (in dollars per share) | $ 1 | |||
Outstanding balance of related party note | 0 | 0 | ||
Administrative Support Agreement | ||||
Related Party Transaction [Line Items] | ||||
Expenses per month | 10,000 | 10,000 | ||
Administrative Support Agreement | Accounts Payable [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount available for borrowings | 30,000 | |||
Administrative Support Agreement | General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount available for borrowings | $ 30,000 | $ 90,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Oct. 26, 2021USD ($) | Jun. 10, 2021USD ($)$ / sharesshares | Oct. 14, 2020USD ($)shares | Sep. 15, 2020shares | Sep. 30, 2021USD ($)item$ / sharesshares | Dec. 31, 2020USD ($)$ / shares |
Subsidiary, Sale of Stock [Line Items] | ||||||
Maximum number of demands for registration of securities | item | 3 | |||||
Percentage of outstanding shares that will be exchanged upon effectiveness of the Merger | 100.00% | |||||
Cash underwriting discount per unit | $ / shares | $ 0.20 | |||||
Payment of underwriter discount | $ 100,000 | |||||
Reimbursement of certain expenses | $ 390,000 | |||||
Deferred fee per unit | $ / shares | $ 0.35 | |||||
Deferred underwriting fee payable | $ 10,700,000 | |||||
Deferred underwriting commissions | 10,685,605 | $ 10,685,605 | ||||
Cash underwriting discount paid | $ 6,000,000 | |||||
Subscription Agreements [Member] | PIPE Investors [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares agreed to issue | shares | 9,400,000 | |||||
Common stock, par value | $ / shares | $ 0.0001 | |||||
Price per share | $ / shares | $ 10 | |||||
Proceeds from Issuance of Common Stock | $ 94,000,000 | |||||
Convertible Senior Secured Notes Subscription Agreement | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Aggregate principal amount | $ 200,000,000 | |||||
Cash interest rate (as a percent) | 7.00% | |||||
Paid-in-kind interest rate (as a percent) | 9.00% | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 4,000,000 | |||||
Number of shares per warrant | shares | 1 | |||||
Exercise price | $ / shares | $ 11.50 | |||||
Over-allotment option | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Underwriting option period | 45 days | |||||
Sale of units in initial public offering, gross (in shares ) | shares | 4,500,000 | 4,500,000 | ||||
Deferred underwriting commissions | $ 186,000 | |||||
Class A ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Class B ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Class B ordinary shares | Over-allotment option | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares agreed to issue | shares | 530,301 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Shareholders' Equity | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock (Details) - $ / shares | Oct. 25, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||
Number of Class A common stock issued upon conversion of each share (in shares) | 1 | ||
Class A ordinary shares | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares issued | 0 | 0 | |
Common stock, shares outstanding | 0 | 0 | |
Common Stock Shares Outstanding Including Temporary Equity | 30,530,301 | 30,530,301 | |
Common Stock Shares Issued Including Temporary Equity | 30,530,301 | 30,530,301 | |
Temporary Equity, Shares Outstanding | 30,530,301 | 30,530,301 | |
Class B ordinary shares | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, number of votes per share | $ 1 | $ 1 | |
Shares forfeited | 992,425 | ||
Common stock, shares issued | 7,632,575 | 7,632,575 | |
Common stock, shares outstanding | 7,632,575 | 7,632,575 | |
Number of common stock issuable pursuant to Initial Business Combination, as a percent of outstanding shares (in shares) | 20.00% |
Warrant Liabilities (Details)
Warrant Liabilities (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Threshold trading days for calculating volume-weighted average price | 10 days |
Maximum redemption feature per warrant | shares | 0.361 |
Class A ordinary shares | |
Class of Warrant or Right [Line Items] | |
Threshold minimum percentage of gross proceeds on total equity proceeds (as a percent) | 60.00% |
Threshold trading days for calculating Market Value | 10 days |
Class A ordinary shares | Maximum | |
Class of Warrant or Right [Line Items] | |
Newly Issued Price (in dollars per share) | $ 9.20 |
Public Warrants | |
Class of Warrant or Right [Line Items] | |
Exercise price of warrants (in dollars per share) | $ 11.50 |
Warrants exercisable term after the completion of a business combination | 30 days |
Warrants exercisable term from the closing of the public offering | 12 months |
Threshold maximum period for filing registration statement after business combination | 15 days |
Threshold maximum period for registration statement to become effective after business combination | 60 days |
Warrant expiry term | 5 years |
Public Warrants | Redemption of Warrants when price per share of Class A common stock equals or exceeds $18.00 | |
Class of Warrant or Right [Line Items] | |
Redemption price per warrant (in dollars per share) | $ 0.01 |
Minimum threshold written notice period for redemption of public warrants | 30 days |
Stock price trigger for redemption of warrants (in dollars per share) | $ 18 |
Threshold trading days for redemption of warrants | 20 days |
Threshold consecutive trading days for redemption of warrants | 30 days |
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115.00% |
Public Warrants | Redemption of Warrants when price per share of Class A common stock equals or exceeds $10.00 | |
Class of Warrant or Right [Line Items] | |
Redemption price per warrant (in dollars per share) | $ 0.10 |
Minimum threshold written notice period for redemption of public warrants | 30 days |
Stock price trigger for redemption of warrants (in dollars per share) | $ 10 |
Threshold trading days for redemption of warrants | 20 days |
Threshold consecutive trading days for redemption of warrants | 30 days |
Threshold number of trading days before sending notice of redemption to warrant holders | 3 days |
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 180.00% |
Private Placement Warrants | |
Class of Warrant or Right [Line Items] | |
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days |
Private Placement Warrants | Redemption of Warrants when price per share of Class A common stock is less than $18.00 | |
Class of Warrant or Right [Line Items] | |
Stock price trigger for redemption of warrants (in dollars per share) | $ 18 |
Threshold trading days for redemption of warrants | 20 days |
Threshold consecutive trading days for redemption of warrants | 30 days |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurements | ||
Marketable securities held in the Trust Account | $ 305,332,346 | $ 305,311,303 |
Warrant liabilities | 25,240,908 | 26,175,756 |
Level 1 | ||
Fair Value Measurements | ||
Marketable securities held in the Trust Account | 305,332,346 | 305,311,303 |
Private Placement Warrants | Level 2 | ||
Fair Value Measurements | ||
Warrant liabilities | 8,754,545 | 9,078,787 |
Public Warrants | Level 1 | ||
Fair Value Measurements | ||
Warrant liabilities | $ 16,486,363 | $ 17,096,969 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in the fair value of warrant liabilities (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value Measurements | |
Fair value as of December 31, 2020 | $ 26,175,756 |
Change in valuation inputs or other assumptions(1) | (934,848) |
Fair value as of September 30, 2021 | 25,240,908 |
Private Placement Warrants | |
Fair Value Measurements | |
Fair value as of December 31, 2020 | 9,078,787 |
Change in valuation inputs or other assumptions(1) | (324,242) |
Fair value as of September 30, 2021 | 8,754,545 |
Warrants and Rights Outstanding | 8,800,000 |
Public Warrants | |
Fair Value Measurements | |
Fair value as of December 31, 2020 | 17,096,969 |
Change in valuation inputs or other assumptions(1) | (610,606) |
Fair value as of September 30, 2021 | 16,486,363 |
Warrants and Rights Outstanding | $ 16,500,000 |