Restatement of Previously Issued Financial Statements | NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused on certain settlement terms and provisions related to certain tender offers following a business combination, which terms are similar to those contained in the warrant agreement, dated as of November 10 9 10 In further consideration of the guidance in Accounting Standards Codification (“ASC”) 815-40, The Company’s management and the audit committee of the Company’s Board of Directors concluded that it is appropriate to restate the Company’s previously issued unaudited financial statements as of December 31, 2020, for the three months ended December 31, 2020 and for the period from July 8, 2020 (inception) through December 31, 2020, as previously reported in its Form 10-Q. 815-40 The following table summarizes the effect of the restatement on each financial statement line item as of the dates, and for the period, indicated: As Previously Adjustment As Restated Consolidated Balance Sheet as of December 31, 2020 Warrant liabilities $ — $ 47,516,962 $ 47,516,962 Total liabilities 9,269,025 47,516,962 56,785,987 Class A ordinary shares subject to possible redemption 241,263,980 (47,516,958 ) 193,747,022 Class A ordinary shares 131 476 607 Additional paid-in 5,509,476 34,117,986 39,627,462 Accumulated deficit (510,233 ) (34,118,466 ) (34,628,699 ) Total stockholders’ equity $ 5,000,010 $ (4 ) $ 5,000,006 Consolidated Statement of Operations for the Three Months Ended December 31, 2020 Formation and operating costs $ 529,054 $ 511,177 $ 1,040,231 Change in fair value of warrant liabilities — (33,607,289 ) (33,607,289 ) Other income (expense), net 19,267 (33,607,289 ) (33,588,022 ) Net loss (509,787 ) (34,118,466 ) (34,628,253 ) Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption 24,126,398 (4,751,696 ) 19,374,702 Basic and diluted weighted average shares outstanding, Non-redeemable 6,948,070 723,136 7,671,206 Basic and diluted net loss per share, Non-redeemable $ (0.07 ) $ (4.44 ) $ (4.51 ) Consolidated Statement of Operations for the Period From July 8, 2020 (Inception) through December 31, 2020 Formation and operating costs $ 529,500 $ 511,177 $ 1,040,677 Change in fair value of warrant liabilities — (33,607,289 ) (33,607,289 ) Other income (expense), net 19,267 (33,607,289 ) (33,588,022 ) Net loss (510,233 ) (34,118,466 ) (34,628,699 ) Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption 24,126,398 (4,751,696 ) 19,374,702 Basic and diluted weighted average shares outstanding, Non-redeemable 6,614,900 378,003 6,992,903 Basic and diluted net loss per share, Non-redeemable $ (0.08 ) $ (4.87 ) $ (4.95 ) Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three Months Ended December 31, 2020 and for the Period from July 8, 2020 (Inception) Through December 31, 2020 Issuance of Class A ordinary shares, net of underwriting discounts and offering costs 239,912,223 (8,475,856 ) 231,436,367 Proceeds in excess of fair value upon the sale of Private Warrants 6,837,000 (4,922,640 ) 1,914,360 Consolidated Statement of Cash Flows for the Period From July 8, 2020 (Inception) through December 31, 2020 Cash Flows from Operating Activities: Net loss $ (510,233 ) $ (34,118,466 ) $ (34,628,699 ) Adjustments to reconcile net loss to net cash used in operating activities: Change in fair value of warrant liabilities — 33,607,289 33,607,289 Non-Cash Initial measurement of warrants issued in connection with the Initial Public Offering accounted for as liabilities $ — $ 13,909,673 $ 13,909,673 |