Restatement of Financial Statements | | Note 2 - Restatement of Previously Issued Financial Statements In preparation of the Company’s unaudited condensed consolidated financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should restate its previously issued financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”), paragraph 480-10-S99, In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 8-K filed with the SEC on September 25, 2020 (the “Post-IPO Balance Sheet”) and the Company’s Form 10-Qs for the quarterly periods ended September 30, 2020, March 31, 2021, and June 30, 2021 and the Company’s 10-K/A filed with the SEC on May 24, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Post-IPO Balance Sheet and the Affected Quarterly Periods should be restated to present all Class A ordinary shares subject to possible redemption as temporary equity and to recognize a remeasurement adjustment from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements to those periods in this quarterly report. The previously presented Post-IPO Balance Sheet and Affected Quarterly Periods should no longer be relied upon. Impact of the Restatement The change in the carrying value of the Class A ordinary shares subject to possible redemption in the Post-IPO Balance Sheet resulted in a decrease of approximately $5.7 million in additional paid-in-capital and an increase of approximately $26.1 million to accumulated deficit, as well as a reclassification of $31.9 million Class A ordinary shares from permanent equity to temporary equity. As of September 21, 2020 As Reported Adjustment As Restated Total assets $ 252,174,258 $ 252,174,258 Total liabilities $ 29,049,500 $ 29,049,500 Class A ordinary shares subject to possible redemption 218,124,750 31,875,250 250,000,000 Preference shares — — — Class A ordinary shares 319 (319 ) — Class B ordinary shares 719 — 719 Additional paid-in 5,747,460 (5,747,460 ) — Accumulated deficit (748,490 ) (26,127,471 ) (26,875,961 ) Total shareholders’ equity (deficit) $ 5,000,008 $ (31,875,250 ) $ (26,875,242 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 252,174,258 $ — $ 252,174,258 The impact of the restatement on the balance sheets and statements of shareholders’ equity for the Affected Quarterly and Annual Periods is presented below. The restatement had no impact on net income or net cash flows from operating, investing or financing activities. The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet and statements of shareholders’ equity as of September 30, 2020: As of September 30, 2020 As Reported Adjustment As Restated Total assets $ 252,167,049 $ 252,167,049 Total liabilities $ 29,066,145 $ 29,066,145 Class A ordinary shares subject to possible redemption 218,100,900 31,899,100 250,000,000 Preference shares — — — Class A ordinary shares 319 (319 ) — Class B ordinary shares 719 — 719 Additional paid-in 5,776,310 (5,776,310 ) — Accumulated deficit (777,344 ) (26,122,471 ) (26,899,815 ) Total shareholders’ equity (deficit) $ 5,000,004 $ (31,899,100 ) $ (26,899,096 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 252,167,049 $ — $ 252,167,049 Statement of changes in Stockholders’ equity As Previously Adjustment As Restated Sale of units in initial public offering, gross $ 237,500,000 $ (237,500,000 ) $ — Offering costs $ (13,646,752 ) 13,646,752 — Remeasurement of Class A ordinary shares subject to possible redemption — (26,146,752 ) (26,146,752 ) Shares subject to possible redemption 218,100,900 (218,100,900 ) — The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet and statement of shareholders’ equity as of December 31, 2020: As of December 31, 2020 As Reported Adjustment As Restated Total assets $ 250,827,490 $ 250,827,490 Total liabilities $ 30,243,507 $ 30,243,507 Class A ordinary shares subject to possible redemption 215,583,980 34,416,020 250,000,000 Preference shares — — — Class A ordinary shares 344 (344 ) — Class B ordinary shares 625 — 625 Additional paid-in 8,293,299 (8,293,299 ) — Accumulated deficit (3,294,265 ) (26,122,377 ) (29,416,642 ) Total shareholders’ equity (deficit) $ 5,000,003 $ (34,416,020 ) $ (29,416,017 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 250,827,490 $ — $ 250,827,490 Statement of changes in Stockholders’ equity As Previously Adjustment As Restated Sale of units in initial public offering, gross $ 237,500,000 $ (237,500,000 ) $ — Offering costs $ (13,646,752 ) 13,646,752 — Remeasurement of Class A ordinary shares subject to possible redemption — (26,146,752 ) (26,146,752 ) Shares subject to possible redemption (215,583,980 ) 215,583,980 — The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet and statement of shareholders’ equity as of March 31, 2021: As of March 31, 2021 As Previously Adjustment As Restated Total assets $ 250,663,379 $ 250,663,379 Total liabilities $ 20,840,433 $ 20,840,433 Class A ordinary shares subject to possible redemption 224,822,940 25,177,060 250,000,000 Preference shares — — — Class A ordinary shares 252 (252 ) — Class B ordinary shares 625 — 625 Additional paid-in — — — Accumulated deficit 4,999,129 (25,176,808 ) (20,177,679 ) Total shareholders’ equity (deficit) $ 5,000,006 $ (25,177,060 ) $ (20,177,054 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 250,663,379 $ — $ 250,663,379 For the three months ended March 31, 2021 As Previously Adjustment As Restated Shares subject to redemption $ (9,238,960 ) $ 9,238,960 $ — The tables below present the effect of the financi a e As of June 30, 2021 As Previously Adjustment As Restated Total assets $ 250,304,732 $ 250,304,732 Total liabilities $ 27,266,392 $ 27,266,392 Class A ordinary shares subject to possible redemption 218,038,330 31,961,670 250,000,000 Preference shares — — — Class A ordinary shares 320 (320 ) — Class B ordinary shares 625 — 625 Additional paid-in 6,784,542 (6,784,542 ) — Accumulated deficit (1,785,477 ) (25,176,808 ) (26,962,285 ) Total shareholders’ equity (deficit) $ 5,000,010 $ (31,961,670 ) $ (26,961,660 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 250,304,732 $ — $ 250,304,732 For the six months ended June 30, 2021 As Previously Adjustment As Restated Shares subject to redemption $ 6,784,610 $ (6,784,610 ) $ — In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has restated its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares participate pro rata in the income and losses of the Company. The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share is presented below for the Affected Quarterly and Annual Periods: EPS for Class A ordinary shares (redeemable) As Previously Adjustment As Restated Form 10-Q Earnings allocable to ordinary shares subject to possible redemption $ 3,321 $ 7,387,849 $ 7,391,170 Weighted average shares outstanding 21,568,664 3,431,336 25,000,000 Basic and diluted earnings per share $ — $ 0.30 $ 0.30 Form 10-Q Earnings (loss) allocable to ordinary shares subject to possible redemption $ 3,293 $ (5,430,978 ) $ (5,427,685 ) Weighted average shares outstanding 22,474,838 2,525,162 25,000,000 Basic and diluted earnings per share $ — $ (0.22 ) $ (0.22 ) Form 10-Q Earnings allocable to ordinary shares subject to possible redemption $ 6,514 $ 1,956,972 $ 1,963,486 Weighted average shares outstanding 22,024,254 2,975,746 25,000,000 Basic and diluted earnings per share $ — $ 0.08 $ 0.08 EPS for Class B ordinary shares (non-redeemable) As Previously Adjustment As Restated Form 10-Q Earnings allocable to non-redeemable ordinary shares $ 9,235,642 $ (7,387,849 ) $ 1,847,793 Weighted average shares outstanding 9,681,336 (3,431,336 ) 6,250,000 Basic and diluted earnings per share $ 0.95 $ (0.65 ) $ 0.30 Form 10-Q Loss allocable to non-redeemable ordinary shares $ (6,787,899 ) $ 5,430,978 $ (1,356,921 ) Weighted average shares outstanding 8,775,162 (2,525,162 ) 6,250,000 Basic and diluted earnings per share $ (0.77 ) $ 0.55 $ (0.22 ) Form 10-Q Earnings allocable to non-redeemable ordinary shares $ 2,447,843 $ (1,956,972 ) $ 490,871 Weighted average shares outstanding 9,225,746 (2,975,746 ) 6,250,000 Basic and diluted earnings per share $ 0.27 $ (0.19 ) $ 0.08 EPS for Class A ordinary shares (redeemable) As Previously Adjustment As Restated Form 10-Q Earnings (loss) allocable to ordinary shares subject to possible redemption $ 3,841 $ (2,378,506 ) $ (2,374,665 ) Weighted average shares outstanding 21,810,415 (18,022,536 ) 3,787,879 Basic and diluted earnings per share $ — $ (0.08 ) $ (0.08 ) Form 10-K/A Earnings (loss) allocable to ordinary shares subject to possible redemption $ — $ (293,337 ) $ (293,337 ) Weighted average shares outstanding 21,719,426 (5,580,185 ) 16,139,241 Basic and diluted earnings per share $ — $ (0.15 ) $ (0.15 ) EPS for Class B ordinary shares (non- As Previously Adjustment As Restated Form 10-Q (September 30, 2020) - the period from July 21, 2020 (inception) through September 30, 2020 Loss allocable to non-redeemable ordinary shares $ (777,344 ) $ 293,337 $ (484,007 ) Weighted average shares outstanding 6,732,994 (482,994 ) 6,250,000 Basic and diluted earnings per share $ (0.12 ) $ 0.04 $ (0.08 ) Form 10-K/A (December 31, 2020) - the period from July 21, 2020 (inception) through December 31, 2020 Loss allocable to non-redeemable ordinary shares $ (3,298,105 ) $ 2,378,505 $ (919,600 ) Weighted average shares outstanding 8,310,766 (2,060,766 ) 6,250,000 Basic and diluted earnings per share $ (0.40 ) $ 0.25 $ (0.15 ) |
Restatement of Financial Statements | Note 2—Restatement of Financial Statements Amendment No. 1 In April 2021, the Company concluded that, because of a misapplication of the accounting guidance related to its Public and Private Placement warrants the Company issued in September 2020, the Company’s previously issued financial statements for the Affected Periods should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods included in this Annual Report. On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”) (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on September 21, 2020 the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets, and after discussion and evaluation, including with the Company’s independent auditors, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement. Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent non-cash changes in estimated fair value of the Warrants, based on our application of FASB ASC Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity issued on September 21, 2020, in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in the Company Statement of Operations each reporting period. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements for the periods beginning with the period from July 3, 2020 through December 31, 2020 and the period from July 3, 2020 through September 30, 2020 (collectively, the “Affected Periods”) should be restated because of a misapplication in the guidance around accounting for certain of our outstanding warrants to purchase ordinary shares (the “Warrants”) and should no longer be relied upon. The Warrants were issued in connection with the Company’s Initial Public Offering of 25,000,000 Units and the sale of Private Placement warrants completed on September 21, 2020. Each Unit consists of one of the Company’s Class A ordinary shares, $0.0001 par value, and one-quarter of one redeemable warrant. Each whole Warrant entitles the holder to purchase one of Class A ordinary share at a price of $11.50 per share. The Warrants will expire worthless five years from the date of completion of our initial business combination. The material terms of the warrants are more fully described in Note 8—Derivative Warrant Liabilities. See restated Note 9—Fair Value Measurements. Impact of the Restatement The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported financial statements as of and for the period from July 21, 2020 (inception) through December 31, 2020: As of December 31, 2020 As Previously Restatement As Restated Balance Sheet Total assets $ 250,827,490 $ — $ 250,827,490 Liabilities and shareholders’ equity Total current liabilities $ 139,107 $ — $ 139,107 Deferred underwriting commissions 8,750,000 — 8,750,000 Derivative warrant liabilities — 21,354,400 21,354,400 Total liabilities 8,889,107 21,354,400 30,243,507 Class A ordinary share, $0.0001 par value; shares subject to possible redemption 236,938,380 (21,354,400 ) 215,583,980 Shareholders’ equity Preference shares—$0.0001 par value — — — Class A ordinary shares—$0.0001 par value 131 213 344 Class B ordinary shares—$0.0001 par value 625 — 625 Additional paid-in-capital 5,703,622 2,589,677 8,293,299 Accumulated deficit (704,375 ) (2,589,890 ) (3,294,265 ) Total shareholders’ equity 5,000,003 — 5,000,003 Total liabilities and shareholders’ equity $ 250,827,490 $ — $ 250,827,490 Period From July 21, 2020 (Inception) Through As Previously Restatement As Restated Statement of Operations Loss from operations $ (708,829 ) $ — $ (708,829 ) Other (expense) income: Change in fair value of derivative warrant liabilities — (1,854,400 ) (1,854,400 ) Financing costs—derivative warrant liabilities — (735,490 ) (735,490 ) Gain on marketable securities (net), and dividends held in Trust Account 4,454 — 4,454 Total other (expense) income 4,454 (2,589,890 ) (2,585,436 ) Net loss $ (704,375 ) $ (2,589,890 ) $ (3,294,265 ) Basic and Diluted weighted-average Class A ordinary share outstanding 23,734,800 21,719,426 Basic and Diluted net income per Class A ordinary shares $ 0.00 $ — Basic and Diluted weighted-average Class B ordinary share outstanding 7,052,256 8,310,766 Basic and Diluted net loss per Class B ordinary shares $ (0.10 ) $ (0.40 ) Period From July 21, 2020 (Inception) Through As Previously Restatement As Restated Statement of Cash Flows Net loss $ (704,375 ) $ (2,589,890 ) $ (3,294,265 ) Adjustments to reconcile net loss to net cash used in operating activities 11,546 2,589,890 2,601,436 Net cash used in operating activities (976,685 ) — (976,685 ) Net cash used in investing activities (250,000,000 ) — (250,000,000 ) Net cash provided by financing activities 251,446,758 — 251,446,758 Net change in cash $ 470,073 $ — $ 470,073 In addition, the impact to the balance sheet dated September 21, 2020, filed on Form 8-K on September 25, 2020 related to the impact of accounting for the public and private warrants as liabilities at fair value resulted in a $19.5 million increase to the derivative warrant liabilities line item at September 21, 2020 and offsetting decrease to the Class A ordinary shares subject to possible redemption mezzanine equity line item. There is no change to total shareholders’ equity at the reported balance sheet date. Quarterly Financial Information (Unaudited) The following tables contain unaudited quarterly financial information for the quarterly period ended September 30, 2020 that has been updated to reflect the restatement of the Company’s financial statements. The restatement had no impact net loss, net cash flows from operating, investing or financing activities. The Company has not amended its previously filed Quarterly Report on Form 10-Q As of September 30, 2020 As Previously Restatement As Restated Unaudited Condensed Balance Sheet Total assets $ 252,167,049 $ — $ 252,167,049 Liabilities and shareholders’ equity Total current liabilities $ 816,145 $ — $ 816,145 Deferred underwriting commissions 8,750,000 — 8,750,000 Derivative warrant liabilities — 19,500,000 19,500,000 Total liabilities 9,566,145 19,500,000 29,066,145 Class A ordinary share, $0.0001 par value; shares subject to possible redemption 237,600,900 (19,500,000 ) 218,100,900 Shareholders’ equity Preference shares—$0.0001 par value — — — Class A ordinary shares—$0.0001 par value 124 195 319 Class B ordinary shares—$0.0001 par value 719 — 719 Additional paid-in-capital 5,041,015 735,295 5,776,310 Accumulated deficit (41,854 ) (735,490 ) (777,344 ) Total shareholders’ equity 5,000,004 — 5,000,004 Total liabilities and shareholders’ equity $ 252,167,049 $ — $ 252,167,049 Period From July 21, 2020 (Inception) Through As Restatement As Restated Unaudited Condensed Statement of Operations Loss from operations $ (41,854 ) $ — $ (41,854 ) Other (expense) income: Change in fair value of derivative warrant liabilities — — — Financing costs—derivative warrant liabilities — (735,490 ) (735,490 ) Total other (expense) income — (735,490 ) (735,490 ) Net loss $ (41,854 ) $ (735,490 ) $ (777,344 ) Basic and Diluted weighted-average Class A ordinary share outstanding — 21,810,415 Basic and Diluted net income per Class A ordinary shares $ — $ — Basic and Diluted weighted-average Class B ordinary share outstanding 6,437,865 6,732,994 Basic and Diluted net loss per Class B ordinary shares $ (0.01 ) $ (0.12 ) Period From July 21, 2020 (Inception) Through As Previously Restatement As Restated Unaudited Condensed Statement of Cash Flows Net loss $ (41,854 ) $ (735,490 ) $ (777,344 ) Adjustment to reconcile net loss to net cash used in operating activities 16,000 735,490 751,490 Net cash used in operating activities (26,800 ) — (26,800 ) Net cash used in investing activities (250,000,000 ) — (250,000,000 ) Net cash provided by financing activities 251,773,258 — 251,773,258 Net change in cash $ 1,746,458 $ — $ 1,746,458 Amendment No. 2 The Company concluded it should restate its previously issued financial statements by amending Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on May 24, 2021, to classify all outstanding Class A ordinary shares subject to possible redemption in temporary equity. In accordance with ASC 480-10-S99, earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. As a result, the Company restated its previously filed financial statements to present all redeemable Class A ordinary shares as temporary equity and to recognize a remeasurement adjustment from the initial book value to redemption value at the time of its Initial Public Offering. The Company’s previously filed financial statements that contained the error were initially reported in the Company’s Form 8-K filed with the SEC on September 25, 2020 (the “Post-IPO Balance Sheet”), the Company’s Form 10-Q for the quarterly period ended September 30, 2020, and the Company’s Annual Report on 10-K for the annual period ended December 31, 2020, which were previously restated in the Company’s Amendment No. 1 to its Form 10-K as filed with the SEC on May 24, 2021, (collectively the “Affected Periods”). These financial statements restate the Company’s previously issued audited and unaudited financial statements covering the periods through December 31, 2020. Impact of the Restatement The change in the carrying value of the redeemable Class A ordinary shares in the IPO Balance Sheet resulted in a reclassification of approximately 3.2 million Class A ordinary shares from permanent equity to temporary equity as presented below. The impact is presented below: As of September 21, 2020 As Reported, As Restated Adjustment As Restated Balance Sheet Total assets $ 252,174,258 $ — $ 252,174,258 Total liabilities $ 29,049,500 $ — $ 29,049,500 Class A ordinary shares subject to possible redemption 218,124,750 31,875,250 250,000,000 Preference shares — — — Class A ordinary shares 319 (319 ) — Class B ordinary shares 719 — 719 Additional paid-in 5,747,460 (5,747,460 ) — Accumulated deficit (748,490 ) (26,127,471 ) (26,875,961 ) Total shareholders’ equity (deficit) $ 5,000,008 $ (31,875,250 ) $ (26,875,242 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 252,174,258 $ — $ 252,174,258 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported financial statements as of December 31, 2020 and for the period from July 21, 2020 (inception) through December 31, 2020: As of December 31, 2020 As Previously Restatement As Restated Balance Sheet Total assets $ 250,827,490 $ — $ 250,827,490 Total liabilities 30,243,507 — 30,243,507 Class A ordinary shares subject to possible redemption 215,583,980 34,416,020 250,000,000 Shareholders’ equity Preference shares - $0.0001 par value — — — Class A ordinary shares - $0.0001 par value 344 (344 ) — Class B ordinary shares - $0.0001 par value 625 — 625 Additional paid-in-capital 8,293,299 (8,293,299 ) — Accumulated deficit (3,294,265 ) (26,122,377 ) (29,416,642 ) Total shareholders’ equity 5,000,003 (34,416,020 ) (29,416,017 ) Total liabilities and shareholders’ equity $ 250,827,490 $ — $ 250,827,490 Period From July 21, 2020 (Inception) Through As Previously Restatement As Restated Statement of Operations Earnings (loss) allocable to ordinary shares subject to possible redemption $ 3,841 (2,378,506 ) $ (2,374,665 ) Basic and Diluted weighted-average Class A ordinary share outstanding 21,719,416 (5,580,185 ) 16,139,241 Basic and Diluted net income per Class A ordinary shares $ 0.00 (0.15 ) $ (0.15 ) Loss allocable to non-redeemable ordinary shares $ (3,298,105 ) 2,378,505 $ (919,600 ) Basic and Diluted weighted-average Class B ordinary share outstanding 8,310,766 (2,060,766 ) 6,250,000 Basic and Diluted net loss per Class B ordinary shares $ (0.40 ) 0.25 $ (0.15 ) Period From July 21, 2020 (Inception) Through As Previously Restatement As Restated Statement of Shareholders’ Deficit Sale of units in initial public offering, gross $ 237,500,000 $ (237,500,000 ) $ — Offering costs (13,646,752 ) 13,646,752 — Remeasurement of Class A ordinary shares subject to possible redemption — (26,146,471 ) (26,146,471 ) Shares subject to possible redemption (215,583,980 ) 215,583,980 — Quarterly Financial Information (Unaudited) The following tables contain unaudited quarterly financial information for the quarterly period ended September 30, 2020 that has been updated to reflect the restatement of the Company’s financial statements. The restatement had no impact net loss, net cash flows from operating, investing or financing activities. The Company has not amended its previously filed Quarterly Report on Form 10-Q As of September 30, 2020 As Previously Restatement As Restated Unaudited Condensed Balance Sheet Total assets $ 252,167,049 $ — $ 252,167,049 Total liabilities 29,066,145 — 29,066,145 Class A ordinary share, $0.0001 par value; shares subject to possible redemption 218,100,900 31,899,100 250,000,000 Shareholders’ equity Preference shares - $0.0001 par value — — — Class A ordinary shares - $0.0001 par value 319 (319 ) — Class B ordinary shares - $0.0001 par value 719 — 719 Additional paid-in-capital 5,776,310 (5,776,310 ) — Accumulated deficit (777,344 ) (26,122,471 ) (26,899,815 ) Total shareholders’ equity 5,000,004 (31,899,100 ) (26,899,096 ) Total liabilities and shareholders’ equity $ 252,167,049 $ — $ 252,167,049 Period From July 21, 2020 (Inception) Through As Previously Restatement As Restated Unaudited Statement of Operations Earnings (loss) allocable to ordinary shares subject to possible redemption $ — (293,337 ) $ (293,337 ) Basic and Diluted weighted-average Class A ordinary share outstanding 21,810,415 (18,022,536 ) 3,787,879 Basic and Diluted net income (loss) per Class A ordinary shares $ — (0.08 ) $ (0.08 ) Loss allocable to non-redeemable ordinary shares $ (777,344 ) 293,337 $ (484,007 ) Basic and Diluted weighted-average Class B ordinary share outstanding 6,732,994 (482,994 ) 6,250,000 Basic and Diluted net loss per Class B ordinary shares $ (0.12 ) 0.04 $ (0.08 ) Period From July 21, 2020 (Inception) Through As Previously Restatement As Restated Statement of Shareholders’ Deficit Sale of units in initial public offering, gross $ 237,500,000 $ (237,500,000 ) $ — Offering costs (13,646,752 ) 13,646,752 — Remeasurement of Class A ordinary shares subject to possible redemption — (26,146,471 ) (26,146,471 ) Shares subject to possible redemption 218,124,750 (218,124,750 ) — | |