Restatement of Previously Issued Financial Statements | NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company concluded it should restate its previously issued financial statements by amending Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on July 12, 2021, to classify all Class A ordinary share subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require ordinary share subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary share in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Also, in connection with the change in presentation for the Class A ordinary share subject to possible redemption, the Company also restated its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. As a result, the Company restated its previously filed financial statements to present all redeemable Class A ordinary share as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The Company’s previously filed financial statements that contained the error were initially reported in 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 July 12, 2021, as well as the Form 10-Qs for the quarterly periods ended March 31, 2021 and June 30, 2021 (the “Affected Periods”). These financial statements restate the Company’s previously issued audited and unaudited financial statements covering the periods through December 31, 2020. The quarterly periods ended March 31, 2021 and June 30, 2021 will be restated in an amendment to the Company’s Form 10-Q for the quarterly period ended September 30, 2021. See Note 3 and 7, which have been updated to reflect the restatement contained in this Annual Report. Impact of the Restatement The impact of the restatement on the Post IPO Balance Sheet as of October 6, 2020 is presented below. As of October 6, 2020 As Reported Restated in 10-K/A Amendment Adjustment As Restated Class A ordinary share subject to possible redemption $ 520,278,790 $ 79,721,210 $ 600,000,000 Class A ordinary share $ 797 $ (797 ) $ — Additional paid-in capital $ 10,770,037 $ (10,770,037 ) $ — Accumulated deficit $ (5,772,552 ) $ (68,950,376 ) $ (74,722,928 ) Total shareholders’ equity (deficit) $ 5,000,007 $ (79,721,210 ) $ (74,721,203 ) Number of shares subject to redemption 52,027,879 7,972,121 60,000,000 The impact of the restatement on the audited balance sheet as of December 31, 2020 is presented below: As of December 31, 2020 As Reported As 10-K/A Adjustment As Restated Class A ordinary share subject to possible redemption $ 500,295,600 $ 99,704,340 $ 600,000,000 Class A ordinary share $ 997 $ (997 ) $ — Additional paid-in capital $ 30,753,192 $ (30,753,192 ) $ — Accumulated deficit $ (25,755,683 ) $ (68,950,151 ) $ (94,705,834 ) Total shareholders’ equity (deficit) $ 5,000,006 $ (99,704,340 ) $ (94,704,334 ) Number of shares subject to redemption 50,029,566 9,970,434 60,000,000 The impact of the restatement to the previously reported as restated statement of cash flows for the period ended December 31, 2020, is presented below: As Reported 10-K/A Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Initial classification of Class A ordinary shares subject to possible redemption $ 520,278,790 $ (520,278,790 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (19,983,130 ) $ 19,983,130 $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per ordinary share is presented below for the period ended December 31, 2020: Earnings Per Share As Reported Adjustment As Restated For the period From July 24, 2020 (Inception) Through December 31, 2020 Basic and diluted weight average shares outstanding, ordinary shares subject to possible redemption 60,000,000 (60,000,000 ) — Basic and diluted net income per share, ordinary shares subject to possible redemption $ — $ — $ — Basic and diluted weight average shares outstanding, Non-redeemable ordinary shares 15,000,000 (15,000,000 ) — Basic and diluted net income per share, ordinary shares subject to possible redemption $ (1.72 ) $ 1.72 $ — Weighted average shares outstanding - Class A ordinary share — 32,452,830 32,452,830 Basic and diluted l oss $ — $ (0.54 ) $ (0.54 ) Weighted average shares outstanding - Class B ordinary share — 15,000,000 15,000,000 Basic and diluted loss Class $ — $ (0.54 ) $ (0.54 ) The Company’s statement of shareholders’ equity (deficit) has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. Subsequent to our previously issued Form 10-K/A on July 8, 2021, in connection |