Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jun. 21, 2021 | Jun. 30, 2020 | |
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Registrant Name | Apollo Strategic Growth Capital | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Central Index Key | 0001820872 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | Apollo Strategic Growth Capital (the "Company," "we", "our" or "us") is filing this Annual Report on Form 10-K/A ("Amendment No. 1", the "Amendment or this "Annual Report"), to amend our Annual Report on Form 10-K for the period ended December 31, 2020, originally filed with the Securities and Exchange Commission (the "SEC") on March 30, 2021 (the "Original Filing"), to restate our financial statements for the period ended December 31, 2020. We are also restating the financial statement as of October 6, 2020 (collectively, the "Original Financial Statements"), in the accompanying financial statements included in this Annual Report. | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Units, each consisting of one Class A ordinary share, $0.00005 par value, and one-third of one warrant | |||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share, $0.00005 par value, and one-third of one warrant | ||
Trading Symbol | APSG.U | ||
Security Exchange Name | NYSE | ||
Class A ordinary shares | |||
Title of 12(b) Security | Class A ordinary shares | ||
Trading Symbol | APSG | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 81,681,000 | ||
Warrants | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | APSG WS | ||
Security Exchange Name | NYSE | ||
Class B ordinary shares | |||
Entity Common Stock, Shares Outstanding | 20,420,250 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 257,872 | |
Prepaid expenses | 1,125,255 | $ 1,854 |
Total current assets | 1,383,127 | 1,854 |
Investment held in Trust Account | 816,985,533 | |
Total Assets | 818,368,660 | 1,854 |
Current liabilities: | ||
Accounts payable and accrued expenses | 383,164 | |
Advances from related party | 373,517 | |
Note payable - Sponsor | 1,500,000 | |
Total current liabilities | 2,256,681 | |
Derivative warrant liability | 74,642,310 | |
Deferred underwriting commissions | 28,588,350 | |
Total liabilities | 105,487,341 | |
COMMITMENTS AND CONTINGENCIES | ||
Class A ordinary shares subject to possible redemption; 70,788,131 and 0 shares at December 31, 2020 and 2019, respectively (at approximately $10.00 per share) | 707,881,310 | |
Shareholders' Equity: | ||
Preferred shares, $0.00005 par value; 1,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 24,670,251 | 30,881 |
Accumulated deficit | (19,671,808) | (30,048) |
Total shareholders' equity | 5,000,009 | 1,854 |
Total Liabilities and Shareholders' Equity | 818,368,660 | 1,854 |
Class A ordinary shares | ||
Current liabilities: | ||
Class A ordinary shares subject to possible redemption; 70,788,131 and 0 shares at December 31, 2020 and 2019, respectively (at approximately $10.00 per share) | 707,881,310 | |
Shareholders' Equity: | ||
Ordinary shares | 545 | |
Total shareholders' equity | 545 | |
Class B ordinary shares | ||
Shareholders' Equity: | ||
Ordinary shares | 1,021 | 1,021 |
Total shareholders' equity | $ 1,021 | $ 1,078 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value | $ 0.00005 | $ 0.00005 |
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 | ||
Shares subject to possible redemption | 70,788,131 | 0 |
Shares subject to possible redemption, redemption value per share | $ 10 | $ 10 |
Common stock, par value | $ 0.00005 | $ 0.00005 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 10,892,869 | 0 |
Common stock, shares outstanding | 10,892,869 | 0 |
Class B ordinary shares | ||
Common stock, par value | $ 0.00005 | $ 0.00005 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 20,420,250 | 20,420,250 |
Common stock, shares outstanding | 20,420,250 | 20,420,250 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | $ 0 | $ 0 |
EXPENSES | ||
Administrative fee - related party | 46,669 | |
General and administrative expenses | 536,614 | 1,853 |
TOTAL EXPENSES | 583,283 | 1,853 |
OTHER INCOME (EXPENSE) | ||
Interest expense | (414) | |
Investment income from Trust Account | 175,533 | |
Transaction costs allocable to warrant liability | (2,344,508) | |
Change in fair value of derivative warrants | (16,889,088) | |
TOTAL OTHER EXPENSE | (19,058,477) | |
Net loss | $ (19,641,760) | $ (1,853) |
Class A ordinary shares | ||
OTHER INCOME (EXPENSE) | ||
Weighted average shares outstanding of ordinary shares | 78,961,988 | |
Basic and diluted net loss per share | $ 0 | |
Class B ordinary shares | ||
OTHER INCOME (EXPENSE) | ||
Weighted average shares outstanding of ordinary shares | 18,983,377 | 18,750,000 |
Basic and diluted net loss per share | $ (1.04) | $ 0 |
STATEMENTS OF CHANGES IN SHAREH
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Class A ordinary shares | Class B ordinary shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2018 | $ 1,078 | $ 27,117 | $ (28,195) | ||
Balance at the beginning (in shares) at Dec. 31, 2018 | 21,562,500 | ||||
Capital contributions | 3,707 | $ 3,707 | |||
Net loss | (1,853) | (1,853) | |||
Balance at the ending at Dec. 31, 2019 | $ 1,078 | 30,824 | (30,048) | 1,854 | |
Balance at the ending (in shares) at Dec. 31, 2019 | 21,562,500 | ||||
Sales of Units in Public Offering, less fair value of public warrants, net of offering costs | $ 4,084 | 732,188,182 | $ 732,192,266 | ||
Sales of Units in Public Offering, less fair value of public warrants, net of offering costs (in shares) | 81,681,000 | 39,451,134 | |||
Excess of proceeds received over fair value of private warrant liabilities | 328,959 | $ 328,959 | |||
Forfeiture of Class B shares by Sponsor | $ (57) | 57 | |||
Forfeiture of Class B shares by Sponsor (in shares) | (1,142,250) | ||||
Class A ordinary stock shares subject to possible redemption | $ (3,539) | (707,877,771) | (707,881,310) | ||
Class A ordinary stock shares subject to possible redemption (in shares) | (70,788,131) | ||||
Net loss | (19,641,760) | (19,641,760) | |||
Balance at the ending at Dec. 31, 2020 | $ 545 | $ 1,021 | $ 24,670,251 | $ (19,671,808) | $ 5,000,009 |
Balance at the ending (in shares) at Dec. 31, 2020 | 10,892,869 | 20,420,250 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (19,641,760) | $ (1,853) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Investment income earned on investment held in Trust Account | (175,533) | |
Formation and organization costs paid by related parties | 27,607 | 3,707 |
Costs associated with warrant liabilities | 2,344,508 | |
Gain on change in fair value of derivative liabilities | 16,889,088 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (1,123,401) | (1,854) |
Accounts payable and accrued expenses | (761,757) | |
Net Cash Used In Operating Activities | (2,441,248) | 0 |
Cash Flows From Investing Activities: | ||
Cash deposited into Trust Account | (816,810,000) | |
Net Cash Used In Investing Activities | (816,810,000) | |
Cash Flows From Financing Activities: | ||
Proceeds from sale of Units in Public Offering | 816,810,000 | |
Proceeds from sale of Private Placement Warrants | 18,336,200 | |
Payment of underwriter commissions | (16,336,200) | |
Payment of offering costs | (800,880) | |
Proceeds from Sponsor note | 1,500,000 | |
Net Cash Provided By Financing Activities | 819,509,120 | 0 |
Net change in cash | 257,872 | |
Cash at beginning of year | 0 | 0 |
Cash at end of year | 257,872 | 0 |
Supplemental disclosure of non-cash financing activities: | ||
Deferred underwriters' commissions charged to additional paid-in capital in connection with the Public Offering | 28,588,350 | |
Change in value of Class A ordinary shares subject to possible redemption | 782,523,620 | |
Operating costs paid by related party which were charged to additional paid-in capital | 345,910 | $ 3,707 |
Initial classification of fair value of Public warrants | 39,745,978 | |
Accrued offering costs which were charged to additional paid-in capital | $ 1,144,924 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2020 | |
Description of Organization and Business Operations | |
Description of Organization and Business Operations | APOLLO STRATEGIC GROWTH CAPITAL (formerly known as APH III (Sub I), Ltd.) NOTES TO FINANCIAL STATEMENTS 1. Description of Organization and Business Operations Organization and General Apollo Strategic Growth Capital (formerly known as APH III (Sub I), Ltd.) (the “ Company ”, “ we ”, “ us ” or “ our ”) was initially incorporated in the Cayman Islands on October 10, 2008 under the name of APH III (Sub I), Ltd. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “ Initial Business Combination ”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “ Securities Act ”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act ”). On August 6, 2020, the Company formally changed its name to Apollo Strategic Growth Capital. The Company has selected December 31 st as its fiscal year end. At December 31, 2020, the Company had not commenced any operations. All activity for the period from January 1, 2019 through December 31, 2020 relates to the Company’s formation and the initial public offering (the “ Public Offering ”) described below. The Company will not generate any operating revenues until after 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 net proceeds derived from the Public Offering. Sponsor and Public Offering On October 6, 2020, the Company consummated the Public Offering of 75,000,000 Units, $0.00005 par value at a price of $10 per unit (the “Units” ) generating gross proceeds of $750,000,000 which is described in Note 3. APSG Sponsor, L.P., a Cayman Islands limited partnership (the “ Sponsor ”), purchased an aggregate of 11,333,334 Warrants (“ Private Placement Warrants ”) at a purchase price of $1.50 per warrant, or approximately $17,000,000 in the aggregate, in a private placement simultaneously with the closing of the Public Offering. Upon the closing of the Public Offering and the private placement on October 6, 2020, $750,000,000 was placed in a trust account (the “ Trust Account ”) (discussed below). Transaction costs amounted to $42,050,877 consisting of $15,000,000 of underwriting fees, $26,250,000 of deferred underwriting fees payable (which are held in Trust Account with Continental Stock Transfer and Trust Company acting as trustee) and $800,877 of Public Offering costs. These costs were charged to additional paid-in capital upon completion of the Public Offering. As described in Note 3, the $26,250,000 deferred underwriting fee payable is contingent upon the consummation of an Initial Business Combination by October 6, 2022. In addition, $2,344,508 of costs were allocated to the Public Warrants and Private Warrants and were included in the statement of operations as a component of other income/(expense). On November 10, 2020, the Company consummated the closing of the sale of 6,681,000 additional Units at a price of $10 per unit upon receiving notice of the underwriters’ election to partially exercise their overallotment option ( “Overallotment Units” ), generating additional gross proceeds of $66,810,000 and incurred additional offering costs of $3,674,550 in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 890,800 Private Placement Warrants to the Sponsor, generating gross proceeds of $1,336,200. Of the additional $3,674,550 in underwriting fees, $2,338,350 is deferred until the completion of the Company’s Initial Business Combination. As a result of the underwriters' election to partially exercise their overallotment option, 1,142,250 Founder Shares were forfeited. The Company intends to finance its Initial Business Combination with proceeds from the Public Offering, the Private Placement, debt or a combination of the foregoing. Trust Account The proceeds held in the Trust Account are invested only in U.S. government securities with a maturity of one hundred eighty (180) days or less or in money market funds that meet certain conditions under Rule 2a‑7 under the Investment Company Act of 1940, as amended, and that invest only in direct U.S. government treasury obligations, as determined by the Company. Funds will remain in the Trust Account until the earlier of (i) the consummation of the Initial Business Combination or (ii) the distribution of the Trust Account proceeds as described below. The remaining proceeds outside the Trust Account may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. The Company’s amended and restated memorandum and articles of association provides that, other than the withdrawal of interest to pay its tax obligations (the “ Permitted Withdrawals ”), and up to $100,000 of interest to pay dissolution expenses none of the funds held in the Trust Account will be released until the earliest of: (i) the completion of the Initial Business Combination; (ii) the redemption of any Class A ordinary shares included in the Units (the “ Public Shares ”) sold in the Public Offering that have been properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to affect the substance or timing of its obligation to redeem 100% of such Public Shares if it has not consummated an Initial Business Combination within 24 months from the closing of the Public Offering, or 27 months from the closing of the Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the closing of the Public Offering but have not completed the initial business combination within such 24‑month period (the “ Completion Window ”); or (iii) the redemption of 100% of the Public Shares if the Company is unable to complete an Initial Business Combination within the Completion Window. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders. Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating an Initial Business Combination. The Initial Business Combination must occur with one or more target businesses that together have a fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting discounts and commissions and taxes payable on interest earned on the Trust Account) at the time of the agreement to enter into the Initial Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect an Initial Business Combination. The Company, after signing a definitive agreement for an Initial Business Combination, will either (i) seek shareholder approval of the Initial Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their Public Shares, regardless of whether they vote for or against the Initial Business Combination, for cash equal to their pro rata share of the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest not previously released to the Company to pay its franchise and income taxes, or (ii) provide shareholders with the opportunity to sell their Public Shares to the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest not previously released to the Company to pay its franchise and income taxes. The decision as to whether the Company will seek shareholder approval of the Initial Business Combination or will allow shareholders to sell their Public Shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval, unless a vote is required by law or under NYSE rules. If the Company seeks shareholder approval, it will complete its Initial Business Combination only if a majority of the outstanding ordinary shares voted are voted in favor of the Initial Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its Public Shares and the related Initial Business Combination, and instead may search for an alternate Initial Business Combination. If the Company holds a shareholder vote or there is a tender offer for shares in connection with an Initial Business Combination, a shareholder will have the right to redeem his, her or its Public Shares for an amount in cash equal to his, her or its pro rata share of the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest not previously released to make Permitted Withdrawals. As a result, such Public Shares are recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with the Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) 480, “ Distinguishing Liabilities from Equity .” Pursuant to the Company’s amended and restated memorandum and articles of association, if the Company is unable to complete the Initial Business Combination within the Completion Window, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to make Permitted Withdrawals (less up to $100,000 of such net interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (as defined below) held by them if the Company fails to complete the Initial Business Combination within the Completion Window. However, if the Sponsor or any of the Company’s directors, officers or affiliates acquire Class A ordinary shares in or after the Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the Initial Business Combination within the prescribed time period. In the event of a liquidation, dissolution or winding up of the Company after an Initial Business Combination, the Company’s shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of ordinary share, if any, having preference over the ordinary shares. The Company’s shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that the Company will provide its shareholders with the opportunity to redeem their Public Shares for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, upon the completion of the Initial Business Combination, subject to the limitations described herein. Going Concern Considerations, Liquidity and Capital Resources As of December 31, 2020, the Company had investments held in the Trust Account of $816,985,533 consisting principally of U.S. government securities. Interest income on the balance in the Trust Account may be used by us to pay taxes, and to pay up to $100,000 of any dissolution expenses. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management believes that the funds which the Company has available following the completion of the Initial Public Offering will enable it to sustain operations for a period of at least one-year from the issuance date of these financial statements. Accordingly, substantial doubt about the Company’s ability to continue as a going concern as disclosed in previously issued financial statements has been alleviated. The Company intends to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, excluding the deferred underwriting commissions, to complete its Initial Business Combination. To the extent that capital stock or debt is used, in whole or in part, as consideration to complete the Initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue growth strategies. If an initial business combination agreement requires the Company to use a portion of the cash in the Trust Account to pay the purchase price, or requires the Company to have a minimum amount of cash at closing, the Company will need to reserve a portion of the cash in the Trust Account to meet such requirements, or arrange for third-party financing. The Company has until October 6, 2022 to complete an Initial Business Combination. If the Company is unable to complete an Initial Business Combination by October 6, 2022, 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 business days thereafter, and subject to having lawfully available funds therefore, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the trust account deposits (which interest shall be net of taxes payable and less up to $100,000 to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish the public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands’ law to provide for claims of creditors and the requirements of other applicable law. The underwriters have agreed to waive their rights to their deferred underwriting commissions held in the trust account in the event the Company does not complete an Initial Business Combination by October 6, 2022 and, in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of the public shares. On October 20, 2020, the Sponsor executed a promissory note (the “ October Note ”) with a principal amount of $1,500,000. The October Note bears interest at a rate of 0.14% per annum and is payable on the earlier of an Initial Business Combination or the liquidation of the Company. On October 20, 2020, the Company borrowed $1,500,000 pursuant to the October Note. On February 22, 2021, the Sponsor executed a promissory note (the “ February Note ”) with a principal amount of $800,000. The February Note bears interest at a rate of 0.12% per annum and is payable on the earlier of an Initial Business Combination or the liquidation of the Company. On February 22, 2021, the Company borrowed $800,000 pursuant to the February Note. Recent Developments On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission (the “SEC”) 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” (the “ Staff Statement ”). The Staff Statement discussed “certain features of warrants issued in SPAC transactions” that “may be common across many entities.” The Staff Statement indicated that when one or more of such features is included in a warrant, the warrant “should be classified as a liability measured at fair value, with changes in fair value each period reported in earnings.” As a result, the Company evaluated the accounting treatment for its outstanding Warrants (as defined in Note 2) and concluded that it is required to measure the fair value of the Warrants at the end of each reporting period and recognize changes in the value from the prior period in the Company's operating results for the current period. The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported investments held in trust or cash. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Restatement of Previously Issued Financial Statements | |
Restatement of Previously Issued Financial Statements | 2. Restatement of Previously Issued Financial Statements The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) and Private Placement Warrants (collectively with the Public Warrants, the “Warrants”) issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the Warrants (the “Warrant Agreement”) includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the Warrant Agreement includes a provision that in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of shares, all holders of the Warrants would be entitled to receive cash for their Warrants (the “tender offer provision”). On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the SEC together issued the Staff Statement. Specifically, the Staff 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. In consideration of the Staff Statement, the Company’s management further evaluated the Warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, “ Contracts in Entity’s Own Equity”. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the tender offer provision fails the “classified in stockholders’ equity” criteria as contemplated by ASC Section 815-40-25. As a result of the above, the Company should have classified the Warrants as derivative liabilities in its previously issued financial statement as of October 6, 2020 and December 31, 2021. Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period as well as re-evaluate the treatment of the warrants and recognize changes in fair value from the prior period in the Company’s operating results for the current period. The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported investments held in trust or cash. As Previously As Reported Adjustments Restated Balance sheet as of October 6, 2020 Warrant liabilities $ — $ 53,190,134 $ 53,190,134 Total Liabilities 27,750,831 53,190,134 80,940,965 Class A ordinary shares subject to possible redemption 718,448,280 (53,190,134) 665,258,150 Class A ordinary shares 158 266 424 Additional paid-in capital 5,040,676 2,152,011 7,192,687 Accumulated deficit (41,902) (2,152,281) (2,194,183) Total shareholders’ equity 5,000,010 (4) 5,000,006 As Previously As Reported Adjustments Restated Balance sheet as of December 31, 2020 Warrant liabilities $ — $ 74,642,310 $ 74,642,310 Total Liabilities 30,845,034 74,642,310 105,487,341 Class A ordinary shares subject to possible redemption 782,523,620 (74,642,310) 707,881,310 Class A ordinary shares 171 374 545 Additional paid-in capital 5,437,026 19,233,225 24,670,251 Accumulated deficit (438,212) (19,233,596) (19,671,808) Total shareholders’ equity 5,000,006 3 5,000,009 Statement of operations as of December 31, 2020 Transaction costs allocable to warrant liability $ — $ (2,344,508) $ (2,344,508) Change in fair value of derivative warrants — (16,889,088) (16,889,088) Total other income (expense) (175,119) (19,233,596) (19,233,596) Net loss (408,164) (19,233,596) (19,233,596) Statement of cash flows as of December 31, 2020 Net loss $ (408,164) $ (19,233,596) $ (19,233,596) Transaction costs allocable to warrant liability — (2,344,508) (2,344,508) Change in fair value of derivative warrants — (16,889,088) (16,889,088) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“ GAAP ”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“ SEC ”). Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “ Securities Act ”), as modified by the Jumpstart our Business Startups Act of 2012 (the “ JOBS Act ”), 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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (“ Exchange Act ”) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. 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 which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the financial statements in conformity with U.S. 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 and the reported amounts of expenses during the reporting periods. Actual results could differ 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 liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “ Fair Value Measurements and Disclosures ,” approximates the carrying amounts represented in the balance sheet. Offering Costs The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“ SAB ”) Topic 5A — “ Expenses of Offering.” Offering costs of $800,877 consist principally of costs incurred in connection with formation and preparation for the Public Offering. These costs, together with the underwriter discount of $44,924,550, were charged to additional paid-in capital upon completion of the Public Offering and exercise of the underwriters’ overallotment option. In addition, $2,344,508 of costs allocated to the Public Warrants and Private Warrants were included in the statement of operations as a component of other income/(expense). Income Taxes FASB ASC 740, “Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. There were no unrecognized tax benefits as of December 31, 2020 and 2019. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “ Distinguishing Liabilities from Equity ”. Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including 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, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, the shares of Class A ordinary shares subject to possible redemption in the amount of $707,881,310 are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. At December 31, 2019, there were no Class A ordinary shares subject to redemption. Net Income Per Ordinary Share Net income per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, plus, to the extent dilutive, the incremental number of ordinary shares to settle warrants, as calculated using the treasury stock method. Weighted average shares were reduced for the effect of an aggregate of 1,142,500 ordinary shares that were surrendered on November 15, 2020 due to the expiration of the underwriters’ over-allotment option. On November 10, 2020, the Company consummated the sale of Over-Allotment Units pursuant to the underwriters' partial exercise of their over-allotment option. See Note 7. At December 31, 2020 and 2019, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company under the treasury stock method. As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the periods presented. The Company’s statements of operations include a presentation of net loss per share for ordinary shares subject to redemption in a manner similar to the two-class method. Net loss per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the interest income earned on the Trust Account by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares, by the weighted average number of Class B ordinary shares outstanding for the period. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ Derivatives and Hedging ”. The Company’s derivative instruments are recorded at fair value as of the Initial Public Offering (February 12, 2021) and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the warrants are a derivative instrument. As the warrants meet the definition of a derivative the warrants are measured at fair value at issuance 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. Warrant Instruments The Company accounts for the warrants issued in connection with the Initial Public Offering and Private Placement in accordance with the guidance contained in FASB ASC 815 “ Derivatives and Hedging ” whereby under that provision the warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at fair value and adjust the instrument to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The fair value of warrants will be estimated using an internal valuation model. Our valuation model utilizes inputs and other assumptions and may not be reflective of the price at which they can be settled. Such warrant classification is also subject to re-evaluation at each reporting period. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: · Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; · Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-06, Debt --Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging --Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company's financial position, results of operations or cash flows. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Public Offering
Public Offering | 12 Months Ended |
Dec. 31, 2020 | |
Public Offering | |
Public Offering | 4. Public Offering On October 6, 2020, the Company sold 75,000,000 units at a price of $10.00 per unit (the “ Units ”), generating gross proceeds of $750,000,000, and incurring offering costs of $43,541,714, inclusive of $26,250,000 in deferred underwriting commissions. On November 10, 2020, the Company consummated the sale of 6,681,000 additional Class A ordinary shares upon receiving notice of the underwriters’ election to partially exercise their overallotment option, generating additional gross proceeds of $66,810,000 and incurred additional offering costs of $3,674,550 in underwriting fees. Each Unit consists of one share of the Company’s Class A ordinary shares, $0.00005 par value, and one-third of one warrant (each, a “ Warrant ” and, collectively, the “ Warrants ”). Each whole Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. No fractional shares will be issued upon separation of the Units and only whole Warrants will trade. The Warrants sold as part of the Units (the “ Public Warrants ”) will become exercisable on the later of (a) 30 days after the completion of an Initial Business Combination or (b) 12 months from the closing of the Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public 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 an Initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the ordinary shares issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if the Company’s ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under the Securities Act, the Company, at its option, may 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, the Company will not be required to file or maintain in effect a registration statement. The Public Warrants will expire five years after the completion of an Initial Business Combination or earlier upon the Company’s redemption or liquidation. The Company paid an underwriting discount of 2.0% of the per Unit offering price, or $15,000,000 in the aggregate, to the underwriters at the closing of the Public Offering, with an additional fee (the “ Deferred Discount ”) of 3.5% of the gross offering proceeds, or $28,588,350, payable upon the Company’s completion of an Initial Business Combination. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its Initial Business Combination. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Related Party Transactions | 5. Related Party Transactions Founder Shares In October 2008, the Company was formed by Apollo Principal Holdings III, L.P. (“ Holdings ”), at which point, one ordinary share was issued in exchange for the payment of operating and formation expenses of the Company. In August 2020, Holdings transferred its ownership in the Company, consisting of one ordinary share, to the Sponsor for no consideration. On August 6, 2020, the Company completed a share split of its ordinary shares and, as a result, 28,750,000 of the Company’s Class B ordinary shares were outstanding (the “ Founder Shares ”). In September 2020, 25,000 Founder Shares were transferred to each of the Company’s three independent directors at a purchase price of $0.00087 per share. The independent directors paid $65.25 in the aggregate for the 75,000 shares to the Sponsor. On September 16, 2020, the Sponsor surrendered 7,187,500 ordinary shares, thereby effecting a 1.33333:1 share recapitalization, and, as a result, 21,562,500 of the Company's Founder Shares were outstanding. As a result of the underwriters' election to partially exercise their overallotment option, in November 2020, the Sponsor forfeited 1,142,250 Class B ordinary shares. All share and per share amounts are retroactively reflected in the accompanying financial statements. The Founder Shares are identical to the Class A ordinary shares included in the Units sold in the Public Offering except that the Founder Shares are Class B ordinary shares which automatically convert into Class A ordinary shares at the time of the Company’s Initial Business Combination and are subject to certain transfer restrictions, as described in more detail below. The holders of the Founder Shares agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the Initial Business Combination or (B) subsequent to the Initial Business Combination, (x) if the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, 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, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Private Placement Concurrently with the closing of the Public Offering, the Sponsor purchased an aggregate of 11,333,334 Warrants (the “ Private Placement Warrants ”) at a price of $1.50 per whole warrant ($17,000,000 million in the aggregate) in a private placement. Each whole Private Placement Warrant is exercisable for one whole share of the Company’s Class A ordinary shares at a price of $11.50 per share. In addition, concurrently with the closing of the sale of the Over-Allotment Units, the Company consummated the private sale of an additional 890,800 Private Placement Warrants at a purchase price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of $1,336,200. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering held in the Trust Account. If the Initial Business Combination is not completed within 24 months from the closing of the Public Offering, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the Initial Business Combination. Related Party Loans On August 11, 2020, the Sponsor agreed to loan the Company an aggregate of up to $750,000 to cover expenses related to the Public Offering pursuant to an unsecured promissory note (the “ Note ”). This Note bears interest at a rate of 0.17% per annum and is payable on the earlier of March 31, 2021 or the closing date of the Public Offering. As of December 31, 2020 and 2019, the Company had not borrowed on the Note. Upon the close of the Public Offering on October 6, 2020, the Note expired. On October 20, 2020, the Sponsor executed the October Note to loan the Company an aggregate principal amount of $1,500,000. The October Note bears interest at a rate of 0.14% per annum and is payable on the earlier of an Initial Business Combination or the liquidation of the Company. On October 20, 2020, the Company borrowed $1,500,000 pursuant to the October Note. As of December 31, 2020, the outstanding balance on the October Note was $1,500,000. On February 22, 2021, the Sponsor executed the February Note to loan the Company an aggregate principal amount of $800,000. The February Note bears interest at a rate of 0.12% per annum and is payable on the earlier of an Initial Business Combination or the liquidation of the Company. On February 22, 2021, the Company borrowed $800,000 pursuant to the February Note. Advances from Related Parties Affiliates of the Sponsor paid certain formation, operating and offering costs on behalf of the Company. These advances are due on demand and are non-interest bearing. For the period from October 10, 2008 (inception) through December 31, 2020, the related parties paid $373,517 of offering costs and other expenses on behalf of the Company. As of December 31, 2020 and 2019, there was $373,517 and $0 due to the related parties, respectively. Administrative Services Agreement Commencing on the date the Units were first listed on the NYSE, the Company has agreed to pay the Sponsor a total of $16,667 per month for office space, utilities and secretarial and administrative support for up to 27 months. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred $46,669 for such expenses under the administrative services agreement for the year ended December 31, 2020. As of December 31, 2020, the outstanding fees of $46,669 were in accounts payable and accrued expenses on the balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 6. Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and Warrants that may be issued upon conversion of working capital loans, if any, (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and Warrants that may be issued upon conversion of working capital loans) will be entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the Public Offering. The holders of these securities are entitled to demand that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of an Initial Business Combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement We paid a total of $15,000,000 in underwriting discounts and commissions and $800,880 for other costs and expenses related to the Initial Public Offering. In addition, we paid $1,336,200 in underwriting discounts pursuant to the underwriters' partial exercise of their over-allotment option. The Company is committed to pay the Deferred Discount of 3.5% of the gross proceeds of the Public Offering, or $26,250,000, to the underwriters of the Public Offering upon the completion of an Initial Business Combination. On November 10, 2020, the Company consummated the sale of Over-Allotment Units pursuant to the underwriters' partial exercise of their over-allotment option resulting in an additional $2,338,350 due to the underwriters. 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 an Initial Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management continues to evaluate the impact of the COVID‑19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity | |
Shareholders' Equity | 7. Shareholders’ Equity Preferred Shares The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.00005 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2020 and 2019, there were no preferred shares issued or outstanding. Ordinary Shares The authorized ordinary shares of the Company include up to 300,000,000 shares of Class A ordinary shares and 60,000,000 shares of Class B ordinary shares. If the Company enters into an Initial Business Combination, it may (depending on the terms of such an Initial Business Combination) be required to increase the number of Class A ordinary shares which the Company is authorized to issue at the same time as the Company’s shareholders vote on the Initial Business Combination to the extent the Company seeks shareholder approval in connection with the Initial Business Combination. Holders of the Company’s ordinary shares are entitled to one vote for each ordinary share. As of December 31, 2020, there were 81,681,000 Class A ordinary shares, including 70,788,131 Class A ordinary shares subject to possible conversion that were classified as temporary equity in the accompanying balance sheet. The Class B ordinary shares will automatically convert into our Class A ordinary shares at the time of completion of our Initial Business Combination on a one-for-one basis, subject to adjustment for share splits, share dividends, reorganizations, recapitalizations and the like and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Public Offering and related to the closing of the Initial Business Combination, the ratio at which Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of the Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the business combination). As of December 31, 2020, there were 20,420,250 Class B ordinary shares issued and outstanding. All shares and associated amounts have been retroactively restated to reflect: (i) the forfeiture of 1,142,250 Class B ordinary shares in November 2020; and (ii) the surrender of 7,187,500 Class B ordinary shares in September 2020. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Warrants | 8.Warrants As of December 31, 2020, there were 39,451,134 warrants outstanding (12,224,134 Private Warrants and 27,227,000 Public Warrants). Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of an Initial Business Combination or (b) 12 months from the closing of the Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public 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 an Initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the ordinary shares issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if the Company’s ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under the Securities Act, the Company, at its option, may 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, the Company will not be required to file or maintain in effect a registration statement. The Public Warrants will expire five years after the completion of an Initial Business Combination or earlier upon the Company’s redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of an Initial Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may redeem the Public 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; · if, and only if, the last reported closing price of the Company’s ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30‑trading 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; and · if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and a current prospectus relating to those ordinary shares is available throughout the 30‑day trading period referred to above. 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. The exercise price and number of the ordinary 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. However, the Warrants will not be adjusted for issuance of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Warrants. If the Company is unable to complete an Initial Business Combination within the Completion Window 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. The Company accounts for the 39,451,134 warrants issued in connection with the Public Offering (including 27,227,000 Public Warrants and 12,224,134 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Upon issuance of the derivative warrants the Company recorded a liability of $57,753,222 on the balance sheet. The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of the Proposed Public Offering. Accordingly, the Company classifies each warrant as a liability at its fair value and the warrants will be allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation for the Public Warrants and a modified Black Scholes model for the Private Warrants. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company's statements of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements | |
Fair Value Measurements | 9. Fair Value Measurements The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Level 2: Level 3: The following table presents information about the Company’s assets that are measured on a recurring basis as of December 31, 2020 and 2019 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. December December Level 31, 2020 31, 2019 Description Assets: $ — $ — Marketable securities held in Trust Account 1 816,985,533 — Liabilities: Warrant Liability – Private Placement Warrants 3 23,455,550 — Warrant Liability – Public Warrants 1 51,186,760 — The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within 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. Upon consummation of the Public Offering, the Company used a Monte Carlo simulation model to value the Public Warrants and a modified Black-Scholes model to value the Private Warrants. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one share of Class A ordinary shares and one-third of one Public Warrant), (ii) the sale of Private Warrants, and (iii) the issuance of Class B ordinary shares, first to the Warrants based on their fair values as determined at initial measurement, with the remaining proceeds allocated to Class A ordinary shares subject to possible redemption (temporary equity), Class A ordinary shares (permanent equity) and Class B ordinary shares (permanent equity) based on their relative fair values at the initial measurement date. At the initial measurement date, the Warrants were classified within Level 3 of the fair value hierarchy at the measurement dates due to the use of unobservable inputs. At December 31, 2020, the Company used a Monte Carlo simulation model to value the Public Warrants and a modified Black-Scholes model to value the Private Warrants. Since the Public Warrants are publicly traded as of the December 31, 2020, the Company relied upon the implied volatility of the Public Warrants and the closing stock price at December 31, 2020 to estimate the volatility for the Private Placement Warrants. At December 31, 2020, the Private Warrants were classified within Level 3 of the fair value hierarchy at the measurement dates due to the use of unobservable inputs. The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2020: Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2019 $ — Derivative liabilities recorded on issuance of derivative warrants 57,753,222 Transfer to Level 1 (39,745,978) Change in fair value of derivative liabilities 5,448,306 Balance, December 31, 2020 $ 23,455,550 The fair value of the derivative feature of the warrants was calculated using the following weighted average assumptions: October 6, 2020 December 31, 2020 Risk-free interest rate 0.43 % 0.49 % Expected life of grants 6 years 5.9 years Expected volatility of underlying shares 10-30 % 10-30 % Dividends % % As of December 31, 2020 and 2019, the derivative liability was $74,642,310 and $0, respectively. In addition, for the year ended December 31, 2020, the Company recorded $16,889,088 as a loss on the change in fair value of the derivative warrants on the statements of operations. Upon issuance of the Private Warrants, the Company charge to additional paid in capital of $328,956 for the excess of proceeds received over fair value of private warrant liabilities. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | |
Subsequent Events | 10. Subsequent Events Management has evaluated subsequent events and transactions that occurred through the date the financial statements were available to be issued. Other than as noted above, management did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“ GAAP ”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“ SEC ”). |
Emerging growth company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “ Securities Act ”), as modified by the Jumpstart our Business Startups Act of 2012 (the “ JOBS Act ”), 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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (“ Exchange Act ”) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. 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 which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. 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 and the reported amounts of expenses during the reporting periods. Actual results could differ 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 liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “ Fair Value Measurements and Disclosures ,” approximates the carrying amounts represented in the balance sheet. |
Offering Costs | Offering Costs The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“ SAB ”) Topic 5A — “ Expenses of Offering.” Offering costs of $800,877 consist principally of costs incurred in connection with formation and preparation for the Public Offering. These costs, together with the underwriter discount of $44,924,550, were charged to additional paid-in capital upon completion of the Public Offering and exercise of the underwriters’ overallotment option. In addition, $2,344,508 of costs allocated to the Public Warrants and Private Warrants were included in the statement of operations as a component of other income/(expense). |
Income Taxes | Income Taxes FASB ASC 740, “Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. There were no unrecognized tax benefits as of December 31, 2020 and 2019. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “ Distinguishing Liabilities from Equity ”. Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including 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, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, the shares of Class A ordinary shares subject to possible redemption in the amount of $707,881,310 are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. At December 31, 2019, there were no Class A ordinary shares subject to redemption. |
Net Income Per Ordinary Share | Net Income Per Ordinary Share Net income per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, plus, to the extent dilutive, the incremental number of ordinary shares to settle warrants, as calculated using the treasury stock method. Weighted average shares were reduced for the effect of an aggregate of 1,142,500 ordinary shares that were surrendered on November 15, 2020 due to the expiration of the underwriters’ over-allotment option. On November 10, 2020, the Company consummated the sale of Over-Allotment Units pursuant to the underwriters' partial exercise of their over-allotment option. See Note 7. At December 31, 2020 and 2019, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company under the treasury stock method. As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the periods presented. The Company’s statements of operations include a presentation of net loss per share for ordinary shares subject to redemption in a manner similar to the two-class method. Net loss per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the interest income earned on the Trust Account by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares, by the weighted average number of Class B ordinary shares outstanding for the period. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ Derivatives and Hedging ”. The Company’s derivative instruments are recorded at fair value as of the Initial Public Offering (February 12, 2021) and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the warrants are a derivative instrument. As the warrants meet the definition of a derivative the warrants are measured at fair value at issuance 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. |
Warrant Instruments | Warrant Instruments The Company accounts for the warrants issued in connection with the Initial Public Offering and Private Placement in accordance with the guidance contained in FASB ASC 815 “ Derivatives and Hedging ” whereby under that provision the warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at fair value and adjust the instrument to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s statement of operations. The fair value of warrants will be estimated using an internal valuation model. Our valuation model utilizes inputs and other assumptions and may not be reflective of the price at which they can be settled. Such warrant classification is also subject to re-evaluation at each reporting period. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: · Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; · Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Recent Accounting Pronouncements | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-06, Debt --Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging --Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company's financial position, results of operations or cash flows. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restatement of Previously Issued Financial Statements | |
Summarizes the effect of error correction and prior period adjustments | As Previously As Reported Adjustments Restated Balance sheet as of October 6, 2020 Warrant liabilities $ — $ 53,190,134 $ 53,190,134 Total Liabilities 27,750,831 53,190,134 80,940,965 Class A ordinary shares subject to possible redemption 718,448,280 (53,190,134) 665,258,150 Class A ordinary shares 158 266 424 Additional paid-in capital 5,040,676 2,152,011 7,192,687 Accumulated deficit (41,902) (2,152,281) (2,194,183) Total shareholders’ equity 5,000,010 (4) 5,000,006 As Previously As Reported Adjustments Restated Balance sheet as of December 31, 2020 Warrant liabilities $ — $ 74,642,310 $ 74,642,310 Total Liabilities 30,845,034 74,642,310 105,487,341 Class A ordinary shares subject to possible redemption 782,523,620 (74,642,310) 707,881,310 Class A ordinary shares 171 374 545 Additional paid-in capital 5,437,026 19,233,225 24,670,251 Accumulated deficit (438,212) (19,233,596) (19,671,808) Total shareholders’ equity 5,000,006 3 5,000,009 Statement of operations as of December 31, 2020 Transaction costs allocable to warrant liability $ — $ (2,344,508) $ (2,344,508) Change in fair value of derivative warrants — (16,889,088) (16,889,088) Total other income (expense) (175,119) (19,233,596) (19,233,596) Net loss (408,164) (19,233,596) (19,233,596) Statement of cash flows as of December 31, 2020 Net loss $ (408,164) $ (19,233,596) $ (19,233,596) Transaction costs allocable to warrant liability — (2,344,508) (2,344,508) Change in fair value of derivative warrants — (16,889,088) (16,889,088) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements | |
Schedule of company's assets that are measured on a recurring basis | The following table presents information about the Company’s assets that are measured on a recurring basis as of December 31, 2020 and 2019 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. December December Level 31, 2020 31, 2019 Description Assets: $ — $ — Marketable securities held in Trust Account 1 816,985,533 — Liabilities: Warrant Liability – Private Placement Warrants 3 23,455,550 — Warrant Liability – Public Warrants 1 51,186,760 — |
Schedule of the changes in fair value, including net transfers in all financial assets and liabilities | The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2020: Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2019 $ — Derivative liabilities recorded on issuance of derivative warrants 57,753,222 Transfer to Level 1 (39,745,978) Change in fair value of derivative liabilities 5,448,306 Balance, December 31, 2020 $ 23,455,550 |
Schedule of the fair value of the derivative feature of the warrants | October 6, 2020 December 31, 2020 Risk-free interest rate 0.43 % 0.49 % Expected life of grants 6 years 5.9 years Expected volatility of underlying shares 10-30 % 10-30 % Dividends % % |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | Nov. 10, 2020 | Oct. 06, 2020 | Dec. 31, 2020 | Feb. 22, 2021 | Oct. 20, 2020 |
Description of Organization and Business Operations | |||||
Number of units issued | 39,451,134 | ||||
Investments held in Trust | $ 750,000,000 | $ 816,985,533 | |||
Offering cost | 42,050,877 | 800,880 | |||
Cash underwriting discount paid | 15,000,000 | 15,000,000 | |||
Deferred underwriting commissions | 26,250,000 | 28,588,350 | |||
Deferred underwriting fee payable | 26,250,000 | 28,588,350 | |||
Transaction costs allocable to warrant liability | $ 2,344,508 | ||||
Deferred costs | $ 2,338,350 | ||||
Maturity term of U.S. government securities | 180 days | ||||
Maximum interest income on the balance in the Trust Account which may be used to pay dissolution expenses | $ 100,000 | $ 100,000 | |||
Percentage of shares of stock the Company is obligated to redeem without consummating a business combination | 100.00% | ||||
Percentage of aggregate fair market value of assets | 80.00% | ||||
Minimum net tangible assets upon consummation of business combination | $ 5,000,001 | ||||
Threshold trading days to redeem the shares | 10 days | ||||
Class A ordinary shares | |||||
Description of Organization and Business Operations | |||||
Number of units issued | 81,681,000 | ||||
Public Offering | |||||
Description of Organization and Business Operations | |||||
Number of units issued | 75,000,000 | ||||
Units, par value | $ 0.00005 | ||||
Price per unit | $ 10 | ||||
Proceeds from offering | $ 750,000,000 | ||||
Investments held in Trust | 800,877 | ||||
Offering cost | 43,541,714 | ||||
Deferred underwriting commissions | $ 26,250,000 | ||||
Over-allotment option | |||||
Description of Organization and Business Operations | |||||
Number of units issued | 6,681,000 | ||||
Price per unit | $ 10 | ||||
Proceeds from offering | $ 66,810,000 | ||||
Offering cost | 3,674,550 | ||||
Cash underwriting discount paid | $ 1,336,200 | ||||
Deferred underwriting commissions | $ 2,338,350 | ||||
Over-allotment option | Founder | |||||
Description of Organization and Business Operations | |||||
Maximum shares subject to forfeiture | 1,142,250 | ||||
Over-allotment option | Class A ordinary shares | |||||
Description of Organization and Business Operations | |||||
Number of units issued | 6,681,000 | ||||
Sponsor | Private Placement | |||||
Description of Organization and Business Operations | |||||
Number of warrants to purchase the shares issued (in shares) | 890,800 | 11,333,334 | |||
Price of warrants (in dollars per share) | $ 1.50 | ||||
Proceeds from issuance of warrants | $ 1,336,200 | $ 17,000,000 | |||
Sponsor | Private Placement | Class A ordinary shares | |||||
Description of Organization and Business Operations | |||||
Price of warrants (in dollars per share) | $ 11.50 | ||||
October Note | Sponsor | |||||
Description of Organization and Business Operations | |||||
Principal amount of promissory note | $ 1,500,000 | ||||
Interest rate per annum | 0.14% | ||||
Amount borrowed | $ 1,500,000 | ||||
February Note | Sponsor | |||||
Description of Organization and Business Operations | |||||
Principal amount of promissory note | $ 800,000 | ||||
Interest rate per annum | 0.12% | ||||
Amount borrowed | $ 800,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Oct. 06, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Condition to be satisfied as per provision in Warrant Agreement | 50.00% | ||
Balance sheet as of December 31, 2020 (audited) | |||
Derivative warrant liability | $ 74,642,310 | $ 53,190,134 | |
Total Liabilities | 105,487,341 | 80,940,965 | |
Share subject to possible redemption | 707,881,310 | ||
Additional paid-in capital | 24,670,251 | $ 30,881 | 7,192,687 |
Accumulated deficit | (19,671,808) | (30,048) | (2,194,183) |
Total shareholders' equity | 5,000,009 | 1,854 | 5,000,006 |
Statement of operations as of December 31, 2020 (audited) | |||
Transaction costs allocable to warrant liability | 2,344,508 | ||
Change in fair value of derivative warrants | 16,889,088 | ||
Total other income (expense) | 19,058,477 | ||
Net loss | (19,641,760) | (1,853) | |
Statement of cash flows as of December 31, 2020 (audited) | |||
Net loss | (19,641,760) | $ (1,853) | |
Transaction costs allocable to warrant liability | 2,344,508 | ||
Change in fair value of derivative warrants | 16,889,088 | ||
Class A ordinary shares | |||
Balance sheet as of December 31, 2020 (audited) | |||
Share subject to possible redemption | 707,881,310 | ||
Ordinary shares | 545 | 424 | |
Total shareholders' equity | 545 | ||
Class A Common Stock Subject to Redemption | |||
Balance sheet as of December 31, 2020 (audited) | |||
Share subject to possible redemption | 707,881,310 | 665,258,150 | |
As Previously Reported | |||
Balance sheet as of December 31, 2020 (audited) | |||
Derivative warrant liability | 0 | ||
Total Liabilities | 30,845,034 | 27,750,831 | |
Additional paid-in capital | 5,437,026 | 5,040,676 | |
Accumulated deficit | (438,212) | (41,902) | |
Total shareholders' equity | 5,000,006 | 5,000,010 | |
Statement of operations as of December 31, 2020 (audited) | |||
Total other income (expense) | (175,119) | ||
Net loss | (408,164) | ||
Statement of cash flows as of December 31, 2020 (audited) | |||
Net loss | (408,164) | ||
As Previously Reported | Class A ordinary shares | |||
Balance sheet as of December 31, 2020 (audited) | |||
Ordinary shares | 171 | 158 | |
As Previously Reported | Class A Common Stock Subject to Redemption | |||
Balance sheet as of December 31, 2020 (audited) | |||
Share subject to possible redemption | 782,523,620 | 718,448,280 | |
Adjustments | |||
Balance sheet as of December 31, 2020 (audited) | |||
Derivative warrant liability | 74,642,310 | 53,190,134 | |
Total Liabilities | 74,642,310 | 53,190,134 | |
Additional paid-in capital | 19,233,225 | 2,152,011 | |
Accumulated deficit | (19,233,596) | (2,152,281) | |
Total shareholders' equity | 3 | (4) | |
Statement of operations as of December 31, 2020 (audited) | |||
Transaction costs allocable to warrant liability | (2,344,508) | ||
Change in fair value of derivative warrants | (16,889,088) | ||
Total other income (expense) | (19,233,596) | ||
Net loss | (19,233,596) | ||
Statement of cash flows as of December 31, 2020 (audited) | |||
Net loss | (19,233,596) | ||
Transaction costs allocable to warrant liability | (2,344,508) | ||
Change in fair value of derivative warrants | (16,889,088) | ||
Adjustments | Class A ordinary shares | |||
Balance sheet as of December 31, 2020 (audited) | |||
Ordinary shares | 374 | 266 | |
Adjustments | Class A Common Stock Subject to Redemption | |||
Balance sheet as of December 31, 2020 (audited) | |||
Share subject to possible redemption | $ (74,642,310) | $ (53,190,134) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | Nov. 15, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies | |||
Offering costs charged to APIC | $ 800,877 | ||
Underwriter discounts charged to APIC | 44,924,550 | ||
Transaction costs allocable to warrant liability | 2,344,508 | ||
Unrecognized tax benefits | 0 | $ 0 | |
Share subject to possible redemption | 707,881,310 | ||
Amounts accrued for the payment of interest and penalties | 0 | $ 0 | |
Weighted average shares reduced to the effect of shares surrendered | 1,142,500 | ||
Class A ordinary shares | |||
Summary of Significant Accounting Policies | |||
Share subject to possible redemption | $ 707,881,310 | ||
Share subject to possible redemption (in shares) | 0 |
Public Offering (Details)
Public Offering (Details) - USD ($) | Nov. 10, 2020 | Oct. 06, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Public Offering | ||||
Number of units issued | 39,451,134 | |||
Offering cost | $ 42,050,877 | $ 800,880 | ||
Deferred underwriting commissions | 26,250,000 | $ 28,588,350 | ||
Percentage of underwriting discount | 2.00% | |||
Cash underwriting discount paid | 15,000,000 | $ 15,000,000 | ||
Percentage of deferred fee | 3.50% | |||
Deferred underwriting fee payable | $ 26,250,000 | $ 28,588,350 | ||
Public Warrants | ||||
Public Offering | ||||
Number of units issued | 27,227,000 | |||
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 | |||
Warrant expiry term | 5 years | |||
Class A ordinary shares | ||||
Public Offering | ||||
Number of units issued | 81,681,000 | |||
Common stock, par value | $ 0.00005 | $ 0.00005 | ||
Public Offering | ||||
Public Offering | ||||
Number of units issued | 75,000,000 | |||
Price per unit | $ 10 | |||
Proceeds from offering | $ 750,000,000 | |||
Offering cost | 43,541,714 | |||
Deferred underwriting commissions | $ 26,250,000 | |||
Over-allotment option | ||||
Public Offering | ||||
Number of units issued | 6,681,000 | |||
Price per unit | $ 10 | |||
Proceeds from offering | $ 66,810,000 | |||
Offering cost | 3,674,550 | |||
Deferred underwriting commissions | $ 2,338,350 | |||
Exercise price of warrants (in dollars per share) | $ 11.50 | |||
Cash underwriting discount paid | $ 1,336,200 | |||
Over-allotment option | Class A ordinary shares | ||||
Public Offering | ||||
Number of units issued | 6,681,000 |
Related Party Transactions - Fo
Related Party Transactions - Founder share (Details) | Aug. 06, 2020shares | Sep. 30, 2020$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Nov. 30, 2020shares | Nov. 10, 2020shares | Sep. 16, 2020shares | Dec. 31, 2019$ / sharesshares |
Sponsor | |||||||
Related Party Transactions | |||||||
Share price | $ / shares | $ 65.25 | ||||||
Number of shares issued | 75,000 | ||||||
Common Stock, Shares, Outstanding | 7,187,500 | ||||||
Founder | |||||||
Related Party Transactions | |||||||
Share price | $ / shares | $ 0.00087 | ||||||
Number of shares issued | 25,000 | ||||||
Common Stock, Shares, Outstanding | 21,562,500 | ||||||
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) | $ / shares | $ 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 | ||||||
Class B ordinary shares | |||||||
Related Party Transactions | |||||||
Common Stock, Shares, Outstanding | 20,420,250 | 20,420,250 | |||||
Ordinary shares, par value | $ / shares | $ 0.00005 | $ 0.00005 | |||||
Maximum shares subject to forfeiture | 1,142,250 | ||||||
Class B ordinary shares | Founder | |||||||
Related Party Transactions | |||||||
Common Stock, Shares, Outstanding | 28,750,000 | ||||||
Recapitalization ratio | 1.33333 | ||||||
Over-allotment option | Founder | |||||||
Related Party Transactions | |||||||
Maximum shares subject to forfeiture | 1,142,250 |
Related Party Transactions - Pr
Related Party Transactions - Private placement warrants (Details) - Private Placement - Sponsor - USD ($) | Nov. 10, 2020 | Oct. 06, 2020 |
Related Party Transactions | ||
Number of warrants to purchase the shares issued (in shares) | 890,800 | 11,333,334 |
Price of warrants (in dollars per share) | $ 1.50 | |
Purchase price per warrant | $ 1.50 | |
Proceeds from Issuance of Warrants | $ 1,336,200 | $ 17,000,000 |
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 Transactions | ||
Price of warrants (in dollars per share) | $ 11.50 |
Related Party Transactions - Re
Related Party Transactions - Related Party Loans (Details) - Sponsor - USD ($) | Feb. 22, 2021 | Dec. 31, 2020 | Oct. 20, 2020 | Aug. 11, 2020 |
Note | ||||
Related Party Transactions | ||||
Principal amount of promissory note | $ 750,000 | |||
Interest rate per annum | 0.17% | |||
October Note | ||||
Related Party Transactions | ||||
Principal amount of promissory note | $ 1,500,000 | |||
Interest rate per annum | 0.14% | |||
Amount borrowed | $ 1,500,000 | |||
Outstanding balance | $ 1,500,000 | |||
February Note | ||||
Related Party Transactions | ||||
Principal amount of promissory note | $ 800,000 | |||
Interest rate per annum | 0.12% | |||
Amount borrowed | $ 800,000 |
Related Party Transactions - Ad
Related Party Transactions - Advances from Related Parties, Administrative Services Agreement (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions | ||
Due to the related parties | $ 373,517 | |
Threshold period for which expenses are paid | 27 months | |
Advances from Related Parties | ||
Related Party Transactions | ||
Offering costs and other expenses | $ 373,517 | $ 0 |
Due to the related parties | 373,517 | |
Administrative Services Agreement | ||
Related Party Transactions | ||
Expenses per month | 16,667 | |
Expenses incurred | 46,669 | |
Accounts payable and accrued expenses | $ 46,669 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Oct. 06, 2020 | Dec. 31, 2020 | Nov. 10, 2020 |
Underwriting Agreement | |||
Underwriting discounts and commissions paid | $ 15,000,000 | $ 15,000,000 | |
Other costs and expenses related to IPO | $ 800,880 | ||
Deferred underwriting discount percentage | 3.50% | ||
Deferred underwriting discount amount | $ 26,250,000 | ||
Deferred underwriting commissions | $ 26,250,000 | 28,588,350 | |
Over-allotment option | |||
Underwriting Agreement | |||
Underwriting discounts and commissions paid | $ 1,336,200 | ||
Deferred underwriting commissions | $ 2,338,350 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Shares (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Shareholders' Equity | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.00005 | $ 0.00005 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Shareholders' Equity - Ordinary
Shareholders' Equity - Ordinary Shares (Details) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020shares | Dec. 31, 2020Vote / shares$ / sharesshares | Nov. 30, 2020shares | Dec. 31, 2019$ / sharesshares | |
Shareholders' Equity | ||||
Number of vote for each ordinary share | Vote / shares | 1 | |||
Number of Class A common stock issued upon conversion of each share (in shares) | 1 | |||
Number of common stock issuable pursuant to Initial Business Combination, as a percent of outstanding shares (in shares) | 20.00% | |||
Common stock, number of votes per share | Vote / shares | 1 | |||
Common stock, shares subject to surrender (in shares) | 7,187,500 | |||
Class A ordinary shares | ||||
Shareholders' Equity | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock shares outstanding including shares subject to possible conversion | 81,681,000 | |||
Shares subject to possible redemption | 70,788,131 | 0 | ||
Common stock, par value | $ / shares | $ 0.00005 | $ 0.00005 | ||
Common stock, shares issued | 10,892,869 | 0 | ||
Common stock, shares outstanding | 10,892,869 | 0 | ||
Class A ordinary shares | Common Stock [Member] | ||||
Shareholders' Equity | ||||
Shares subject to possible redemption | 70,788,131 | |||
Class B ordinary shares | ||||
Shareholders' Equity | ||||
Common stock, shares authorized | 60,000,000 | 60,000,000 | ||
Common stock, par value | $ / shares | $ 0.00005 | $ 0.00005 | ||
Common stock, shares issued | 20,420,250 | 20,420,250 | ||
Common stock, shares outstanding | 20,420,250 | 20,420,250 | ||
Common stock, shares subject to forfeiture (in shares) | 1,142,250 |
Warrants (Details)
Warrants (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Shareholders' Equity | |
Warrants outstanding | 39,451,134 |
Number of units issued | 39,451,134 |
Derivative warrants liability | $ | $ 57,753,222 |
Public Warrants | |
Shareholders' Equity | |
Warrants outstanding | 27,227,000 |
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 |
Warrant expiry term | 5 years |
Number of units issued | 27,227,000 |
Public Warrants | Redemption of Warrants when price per share of Class A common stock equals or exceeds $18.00 | |
Shareholders' Equity | |
Redemption price per warrant (in dollars per share) | $ / shares | $ 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) | $ / shares | $ 18 |
Threshold trading days for redemption of warrants | 20 days |
Threshold consecutive trading days for redemption of warrants | 30 days |
Private Placement Warrants | |
Shareholders' Equity | |
Warrants outstanding | 12,224,134 |
Warrants exercisable term after the completion of a business combination | 30 days |
Number of units issued | 12,224,134 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Oct. 06, 2020 | Dec. 31, 2020 |
Assets: | ||
Marketable securities held in Trust Account | $ 816,985,533 | |
Liabilities: | ||
Derivative warrant liability | $ 53,190,134 | 74,642,310 |
Public Warrants | ||
Liabilities: | ||
Number of shares issuable per warrant | 0.3 | |
Class A ordinary shares | ||
Liabilities: | ||
Number of warrants in a unit | 1 | |
Level 1 | Recurring | ||
Assets: | ||
Marketable securities held in Trust Account | 816,985,533 | |
Level 1 | Recurring | Public Warrants | ||
Liabilities: | ||
Derivative warrant liability | 51,186,760 | |
Level 3 | Recurring | ||
Liabilities: | ||
Derivative warrant liability | 57,753,222 | |
Level 3 | Recurring | Private Placement Warrants | ||
Liabilities: | ||
Derivative warrant liability | $ 23,455,550 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in the Fair Value of the Warrant Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Oct. 06, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 0 | |
Derivative liabilities recorded on issuance of derivative warrants | 74,642,310 | $ 53,190,134 |
Change in fair value of derivative liabilities | (16,889,088) | |
Ending Balance | 74,642,310 | |
Recurring | Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Derivative liabilities recorded on issuance of derivative warrants | 57,753,222 | |
Transfer to Level 1 | (39,745,978) | |
Change in fair value of derivative liabilities | 5,448,306 | |
Ending Balance | $ 23,455,550 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Fair Value Measurements Inputs (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Oct. 06, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain on change in fair value of derivative liabilities | $ 16,889,088 | ||
Derivative liability | 74,642,310 | $ 0 | |
Charge to additional paid in capital | 328,959 | ||
Public Warrants | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Charge to additional paid in capital | $ 328,956 | ||
Risk-free interest rate | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of derivative warrants | 0.49 | 0.43 | |
Expected life of grants | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of derivative warrants | 5.9 | 6 | |
Expected volatility of underlying shares | Level 3 | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of derivative warrants | 10 | 10 | |
Expected volatility of underlying shares | Level 3 | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of derivative warrants | 30 | 30 | |
Dividends | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of derivative warrants | 0 | 0 |