Restatement of Previously Issued Financial Statements | Note 2 —Restatement of Previously Issued Financial Statements In April 2021, the Audit Committee of the Company, in consultation with management, concluded that, because of a misapplication of the accounting guidance related to its public and private placement warrants to purchase ordinary shares that the Company issued in October 2020 (the “Warrants”), the Company’s previously issued financial statements for the Affected Periods should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods included in this Annual Report. On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on October 2, 2020, the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets. After discussion and evaluation, including with the Company’s independent registered public accounting firm and the Company’s Audit Committee, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement. Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statement of operations did not include the subsequent non-cash changes in estimated fair value of the Warrants, based on the application of FASB ASC Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40). The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC 815-40 to the warrant agreement. The Company reassessed its accounting for Warrants issued on October 2, 2020, in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in the Company Statement of Operations each reporting period. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements for the period from August 7, 2020 (inception) through December 31, 2020 should be restated because of a misapplication in the guidance around accounting for certain of our outstanding warrants to purchase ordinary shares (the “Warrants”) and should no longer be relied upon. Impact of the Restatement The impact of the restatement on the balance sheets, statements of operations and cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. As of December 31, 2020 As Previously Restatement Reported Adjustment As Restated Balance Sheet Total assets $ 382,118,393 $ — $ 382,118,393 Liabilities and Shareholders’ Equity Total current liabilities $ 213,528 $ — $ 213,528 Deferred underwriting commissions 13,282,500 — 13,282,500 Derivative warrant liabilities — 61,495,200 61,495,200 Total liabilities 13,496,028 61,495,200 74,991,228 Class A ordinary shares, $0.0001 par value; shares subject to possible redemption 363,622,360 (61,495,200) 302,127,160 Shareholders’ equity Preference shares - $0.0001 par value — — — Class A ordinary shares - $0.0001 par value 159 615 774 Class B ordinary shares - $0.0001 par value 949 — 949 Additional paid-in-capital 5,292,612 34,702,212 39,994,824 Accumulated deficit (293,715) (34,702,827) (34,996,542) Total shareholders’ equity 5,000,005 — 5,000,005 Total liabilities and shareholders’ equity $ 382,118,393 $ — $ 382,118,393 For The Period From August 7, 2020 (Inception) through December 31, 2020 As Previously Restatement Reported Adjustment As Restated Statement of Operations and Comprehensive Loss Loss from operations $ (373,207) $ — $ (373,207) Other (expense) income: Change in fair value of derivative warrant liabilities — (33,704,100) (33,704,100) Offering costs - derivative warrant liabilities (998,727) (998,727) Income earned on investments in Trust Account 79,492 — 79,492 Total other (expense) income 79,492 (34,702,827) (34,623,335) Net loss $ (293,715) $ (34,702,827) $ (34,996,542) Basic and Diluted weighted-average Class A ordinary shares outstanding 37,950,000 — 37,950,000 Basic and Diluted net income per Class A share $ — — $ — Basic and Diluted weighted-average Class B ordinary shares outstanding 9,016,071 — 9,016,071 Basic and Diluted net loss per Class B share $ (0.04) (3.84) $ (3.88) For The Period From August 7, 2020 (Inception) through December 31, 2020 As Previously Restatement Reported Adjustment As Restated Statement of Cash Flows Net loss $ (293,715) $ (34,702,827) $ (34,996,542) Change in fair value of derivative warrant liabilities — 61,495,200 61,495,200 Offering costs - derivative warrant liabilities — 997,727 998,727 Net cash used in operating activities (671,514) 27,791,100 27,119,586 Net cash used in investing activities (379,500,000) — (379,500,000) Net cash provided by financing activities 382,195,337 (27,791,100) 354,404,237 Net change in cash $ 2,023,823 — $ 2,023,823 In addition, the impact to the balance sheet dated October 2, 2020, filed on Form 8-K on October 8, 2020 related to the impact of accounting for the public and private warrants as liabilities at fair value resulted in a $27.8 million increase to the derivative warrant liabilities line item at October 2, 2020 and offsetting decrease to the Class A ordinary shares subject to possible redemption mezzanine equity line item. There is no change to total shareholders’ equity at the reported balance sheet date. As of October 2, 2020 As Previously Restatement Reported Adjustment As Restated Balance Sheet Total assets $ 383,038,513 $ — $ 383,038,513 Liabilities and shareholders’ equity Total current liabilities $ 902,681 $ — $ 902,681 Deferred underwriting commissions 13,282,500 — 13,282,500 Derivative warrant liabilities — 27,791,100 27,791,100 Total liabilities 14,185,181 27,791,100 41,976,281 Class A ordinary shares, $0.0001 par value; shares subject to possible redemption 363,853,330 (27,791,100) 336,062,230 Shareholders’ equity Preference shares - $0.0001 par value — — — Class A ordinary shares - $0.0001 par value 157 278 435 Class B ordinary shares - $0.0001 par value 949 — 949 Additional paid-in-capital 5,061,644 998,449 6,060,093 Accumulated deficit (62,748) (998,727) (1,061,475) Total shareholders’ equity 5,000,002 — 5,000,002 Total liabilities and shareholders’ equity $ 383,038,513 $ — $ 383,038,513 |