Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2021 | |
Document and Entity Information | |
Document Type | S-4 |
Entity Registrant Name | Spring Valley Acquisition Corp. |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001822966 |
Amendment Flag | false |
BALANCE SHEET
BALANCE SHEET | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021AED (د.إ) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Aug. 20, 2020USD ($) | Aug. 19, 2020USD ($) |
ASSETS | ||||||||
Cash | $ 1,190,307 | $ 1,906,348 | ||||||
Prepaid expenses | 108,370 | 237,088 | ||||||
Total current assets | 1,298,677 | 2,143,436 | ||||||
Investments held in trust account | 232,301,973 | |||||||
Total assets | 233,615,163 | 234,445,409 | ||||||
Current liabilities: | ||||||||
Accrued Offering Costs, Current | 10,550 | 49,934 | ||||||
Total current liabilities | 355,612 | 49,934 | ||||||
Long term liabilities: | ||||||||
Derivative warrant liabilities | 30,174,000 | 33,660,000 | ||||||
Deferred underwriting fee payable | 8,050,000 | |||||||
Total liabilities | 38,579,612 | 41,759,934 | ||||||
Commitments and Contingencies | ||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | 232,300,000 | 232,300,000 | ||||||
Shareholders' Deficit: | ||||||||
Preference shares, $0.0001 par value | ||||||||
Accumulated deficit | (37,265,024) | (39,615,100) | ||||||
Total shareholders' deficit | (37,264,449) | $ (35,338,041) | $ (30,904,856) | (39,614,525) | $ 17,779 | $ 0 | $ 0 | |
Total Liabilities and Shareholders' Deficit | 233,615,163 | 234,445,409 | ||||||
Class A ordinary shares | ||||||||
Long term liabilities: | ||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | $ 4,000,000 | د.إ 3,600,000 | ||||||
Class B ordinary shares | ||||||||
Shareholders' Deficit: | ||||||||
Ordinary share | $ 575 | $ 575 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) | Dec. 31, 2020$ / sharesshares |
Preferred stock, par value | $ / shares | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 |
Preference shares, shares issued | 0 |
Preference shares, shares outstanding | 0 |
Temporary Equity, Shares Outstanding | 23,000,000 |
Class A ordinary shares | |
Common shares, par value, (per share) | $ / shares | $ 0.0001 |
Common shares, shares authorized | 300,000,000 |
Common shares, shares issued | 0 |
Common shares, shares outstanding | 0 |
Temporary equity, par value | $ / shares | $ 10.10 |
Temporary Equity, Shares Outstanding | 23,000,000 |
Class A ordinary shares subject to redemption | |
Temporary Equity, Shares Issued | 23,000,000 |
Temporary Equity, Shares Outstanding | 23,000,000 |
Class B ordinary shares | |
Common shares, par value, (per share) | $ / shares | $ 0.0001 |
Common shares, shares authorized | 30,000,000 |
Common shares, shares issued | 5,750,000 |
Common shares, shares outstanding | 5,750,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Formation and operating costs | $ 7,221 | $ 441,400 | $ 114,144 | $ 1,125,437 | |||
Loss from operations | (7,221) | (441,400) | (114,144) | (1,125,437) | |||
Other income (expense): | |||||||
Change in fair value of Derivative warrant liabilities | (1,488,000) | (12,110,000) | 3,486,000 | ||||
Offering costs allocated to derivative warrant liabilities | (749,253) | ||||||
Interest earned on marketable securities held in Trust Account | 2,992 | 1,973 | 14,513 | ||||
Net Income (Loss) | $ (7,221) | $ (7,221) | $ (1,926,408) | $ (4,433,185) | $ 8,734,669 | $ (12,971,424) | $ 2,375,076 |
Weighted average shares outstanding | 23,000,000 | 23,000,000 | |||||
Class A ordinary shares | |||||||
Other income (expense): | |||||||
Weighted average shares outstanding | 6,052,632 | ||||||
Basic and diluted net loss per share | $ (1.15) | ||||||
Class B ordinary shares | |||||||
Other income (expense): | |||||||
Weighted average shares outstanding | 5,750,000 | 5,750,000 | 5,197,368 | 5,750,000 | |||
Basic and diluted net loss per share | $ 0 | $ (0.07) | $ (1.15) | $ 0.08 |
STATEMENTS OF OPERATIONS (Paren
STATEMENTS OF OPERATIONS (Parenthetical) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Temporary Equity, Shares Outstanding | 23,000,000 | 23,000,000 |
Class A ordinary shares subject to redemption | ||
Temporary Equity, Shares Outstanding | 23,000,000 | 23,000,000 |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Common Stock [Member]Class A ordinary shares | Common Stock [Member]Class B ordinary shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Aug. 19, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (7,221) | ||||
Balance at the end at Sep. 30, 2020 | $ 575 | 24,425 | (7,221) | 17,779 | |
Balance at the end (in shares) at Sep. 30, 2020 | 5,750,000 | ||||
Balance at the beginning at Aug. 19, 2020 | $ 0 | $ 0 | 0 | 0 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of shares | $ 575 | 24,425 | 25,000 | ||
Issuance of shares (in shares) | 5,750,000 | ||||
Accretion of Class A Ordinary Shares to redemption value | (24,425) | (26,643,676) | (26,668,101) | ||
Net loss | (12,971,424) | (12,971,424) | |||
Balance at the end at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the end (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Balance at the beginning at Aug. 20, 2020 | $ 0 | 0 | 0 | 0 | |
Balance at the beginning (in shares) at Aug. 20, 2020 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of shares | $ 575 | 24,425 | 25,000 | ||
Issuance of shares (in shares) | 5,750,000 | ||||
Net loss | (7,221) | (7,221) | |||
Balance at the end at Sep. 30, 2020 | $ 575 | $ 24,425 | (7,221) | 17,779 | |
Balance at the end (in shares) at Sep. 30, 2020 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accretion of Class A Ordinary Shares to redemption value | (25,000) | (25,000) | |||
Net loss | 8,734,669 | 8,734,669 | |||
Balance at the end at Mar. 31, 2021 | $ 575 | (30,905,431) | (30,904,856) | ||
Balance at the end (in shares) at Mar. 31, 2021 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Balance at the end at Jun. 30, 2021 | $ 575 | (35,338,616) | (35,338,041) | ||
Balance at the end (in shares) at Jun. 30, 2021 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | 2,375,076 | ||||
Balance at the end at Sep. 30, 2021 | $ 575 | (37,265,024) | (37,264,449) | ||
Balance at the end (in shares) at Sep. 30, 2021 | 5,750,000 | ||||
Balance at the beginning at Mar. 31, 2021 | $ 575 | (30,905,431) | (30,904,856) | ||
Balance at the beginning (in shares) at Mar. 31, 2021 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (4,433,185) | (4,433,185) | |||
Balance at the end at Jun. 30, 2021 | $ 575 | (35,338,616) | (35,338,041) | ||
Balance at the end (in shares) at Jun. 30, 2021 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (1,926,408) | (1,926,408) | |||
Balance at the end at Sep. 30, 2021 | $ 575 | $ (37,265,024) | $ (37,264,449) | ||
Balance at the end (in shares) at Sep. 30, 2021 | 5,750,000 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 4 Months Ended |
Dec. 31, 2020USD ($) | |
Cash Flows from Operating Activities | |
Net Loss | $ (12,971,424) |
Adjustments to reconcile net loss to net cash used in operating activities | |
Change in fair value of derivative warrant liabilities | 12,110,000 |
Offering costs allocated to derivative warrant liabilities | 749,253 |
Payment of formation costs through issuance of Class B ordinary shares | 5,000 |
Interest earned on marketable securities held in Trust Account | (1,973) |
Changes in operating assets and liabilities | |
Prepaid expenses | (237,088) |
Net cash used in operating activities | (346,232) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |
Investment of cash into Trust Account | (232,300,000) |
Net cash used in investing activities | (232,300,000) |
Cash Flows from Financing Activities | |
Proceeds from sale of Units, net of underwriting discounts paid and reimbursements | 226,150,000 |
Proceeds from sale of Private Placement Warrants | 8,900,000 |
Repayment of promissory note - related party | (124,826) |
Payment of offering costs | (372,594) |
Net cash provided by financing activities | 234,552,580 |
Net decrease in cash | 1,906,348 |
Cash - end of period | 1,906,348 |
Supplemental disclosure of noncash investing and financing activities: | |
Warrant liabilities in connection with initial public offering | 22,529,000 |
Deferred underwriting fee payable | 8,050,000 |
Accrued offering costs | 49,934 |
Offering costs paid by Sponsor in exchange for Founder Shares | 20,000 |
Offering costs paid directly through Note payable | $ 124,826 |
DESCRIPTION OF ORGANIZATION AND
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Description Of Organization And Business Operations | ||
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 — Spring Valley Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 20, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from August 20, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering and will recognize changes in the fair value of warrant liability as other income (expense). The Company has selected December 31 as its fiscal year end. The registration statement for the Company’s Initial Public Offering was declared effective on November 23, 2020. On November 27, 2020, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”) which includes the full exercise by the underwriters of its over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000 which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 8,900,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Spring Valley Acquisition Sponsor, LLC (the “Sponsor”), generating gross proceeds of $8,900,000, which is described in Note 5. Offering costs consist of legal, accounting and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering in November 2020. Offering costs amounting to $12,528,579 (consisting of $3,800,000 in underwriting commissions, $8,050,000 of deferred underwriters’ fee and $678,579 of other offering costs) were incurred, of which $678,579 were allocated to warrants and expensed and $11,850,000 were allocated against the Class A shares. Following the closing of the Initial Public Offering, an amount of $232,300,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount of any deferred underwriting commission and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, for an amount equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the Prospectus. The per-share amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased during or after the Proposed Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest and other income earned on the Trust account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares. The Company will initially have until May 27, 2022 to consummate a Business Combination. However, if the Company anticipates that it may not be able to consummate a Business Combination by May 27, 2022, it may, by resolution of the board of directors if requested by the Sponsor, extend the initial period of time to consummate a Business Combination one time, by an additional 6 months, subject to the Sponsor, its affiliates or permitted designees purchasing additional Private Placement Warrants. The shareholders will not be entitled to vote or redeem their Public Shares in connection with any such extension. In order to extend the initial period of time to consummate a Business Combination for such six-month period, the Sponsor, its affiliates or permitted designees, must purchase an additional 2,300,000 Private Placement Warrants at $1.00 per warrant and deposit the $2,300,000 in proceeds into the Trust Account on or prior to May 27, 2022. The Sponsor, its affiliates or permitted designees are not obligated to purchase additional Private Placement Warrants to extend the time for the Company to complete a Business Combination. However, if the Company has not completed a Business Combination within the Combination Period, 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, redeem 100% of 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 and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, 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. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the per share value deposited into the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.10 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. | SPRING VALLEY ACQUISITION CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) Note 1 - Description Of Organization And Business Operations Spring Valley Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 20, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities (a ”Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, searching for a business combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on November 23, 2020. On November 27, 2020, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”) which includes the full exercise by the underwriters of its over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000 which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 8,900,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Spring Valley Acquisition Sponsor, LLC (the “Sponsor”), generating gross proceeds of $8,900,000, which is described in Note 5. Offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering in November 2020. Offering costs amounting to $12,528,579 (consisting of $3,800,000 in underwriting commissions, $8,050,000 of deferred underwriters’ fee and $678,579 of other offering costs) were incurred, of which $678,579 were allocated to warrants and expensed and $11,850,000 were allocated against the Class A shares. Following the closing of the Initial Public Offering, an amount of $232,300,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. On March 25, 2021 the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, Spring Valley Merger Sub, Inc., a Delaware corporation, and wholly owned subsidiary of the Company, and Dream Holdings, Inc., a Delaware public benefit corporation (“Dream Holdings”), relating to a proposed business combination with AeroFarms (the “Merger”). On October 14, 2021, the Company and Dream Holdings terminated the Merger Agreement in a mutual decision not to pursue the Merger. The Company plans to withdraw the registration statement on Form S-4 initially filed with the U.S. Securities and Exchange Commission on May 10, 2021. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount of any deferred underwriting commission and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, for an amount equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the prospectus. The per-share amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest and other income earned on the Trust account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares. The Company will initially have until May 27, 2022 to consummate a Business Combination. However, if the Company anticipates that it may not be able to consummate a Business Combination by May 27, 2022, it may, by resolution of the board of directors if requested by the Sponsor, extend the initial period of time to consummate a Business Combination one time, by an additional 6 months, subject to the Sponsor, its affiliates or permitted designees purchasing additional Private Placement Warrants. The shareholders will not be entitled to vote or redeem their Public Shares in connection with any such extension. In order to extend the initial period of time to consummate a Business Combination for such six-month period, the Sponsor, its affiliates or permitted designees, must purchase an additional 2,300,000 Private Placement Warrants at $1.00 per warrant and deposit the However, if the Company has not completed a Business Combination within the Combination Period, 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, redeem 100% of 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 and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, 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. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the per share value deposited into the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.10 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. |
RESTATEMENT OF PREVIOUSLY ISSUE
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statement | ||
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (as restated) In connection with the change in presentation of Class A ordinary shares subject to possible redemption, the Company concluded it should restate its previously filed financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the guidance on redeemable equity instruments in ASC Topic 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity, or total shareholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with its financial statements for quarterly period ended September 30, 2021, the Company revised this interpretation to include temporary equity in net tangible assets. In addition, in connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company determined it should restate its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error. Therefore, the Company, in consultation with its Audit Committee, concluded that the following financial statements should be restated: (i) audited balance sheet as of November 27, 2020 (the “Post IPO Balance Sheet”), as previously revised in the Company’s Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2020, filed with the SEC on May 7, 2021 (“2020 Form 10-K/A No. 1”); (ii) audited financial statements included in the 2020 Form 10-K/A No. 1; (iii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on May 21, 2021; and (iv) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 13, 2021 (collectively, the “Affected Periods”), should be restated to report all Public Shares as temporary equity and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods in this Form 10-K/A for the Post IPO Balance Sheet and the Company’s audited financial statements included in the 2020 Form 10-K/A No. 1. The unaudited condensed financial statements for the periods ended March 31, 2021 and June 30, 2021 will be amended in the Company’s Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021, to be filed with the SEC (the “Q3 Form 10-Q”). The restatement does not have an impact on the Company’s cash position and cash held in the trust account established in connection with the IPO (the “Trust Account”). The change in the carrying value of the redeemable Class A ordinary shares at December 31, 2020 resulted in a reclassification of approximately 4.4 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 31, 2020: As Previously As of December 31, 2020 Restated Adjustment As Restated Total assets $ 234,445,409 $ — $ 234,445,409 Total liabilities $ 41,759,934 $ — $ 41,759,934 Class A ordinary shares subject to possible redemption 187,685,474 44,614,526 232,300,000 Preference shares — — — Class A ordinary shares 442 (442) — Class B ordinary shares 575 — 575 Additional paid-in capital 17,970,408 (17,970,408) — Accumulated deficit (12,971,424) (26,643,676) (39,615,100) Total shareholders’ equity (deficit) $ 5,000,001 $ (44,614,526) $ (39,614,525) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,445,409 $ — $ 234,445,409 For the period from August 20, 2020 (inception) through December 31, 2020 As Previously Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Initial value of Class A ordinary shares subject to possible redemption $ 200,645,178 $ (200,645,178) $ — Change in value of Class A ordinary shares subject to possible redemption $ (12,959,704) $ 12,959,704 $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the period from August 20, 2020 (inception) through December 31, 2020: Earnings Per Share for Class A ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic and diluted 23,000,000 (16,947,368) 6,052,632 Basic and diluted loss per share $ — $ (1.15) $ (1.15) Earnings Per Share for Class B ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic 5,194,656 2,712 5,197,368 Basic and diluted loss per share $ (3.80) $ 2.65 $ (1.15) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of November 27, 2020: As Previously As of November 27, 2020 Reported Adjustment As Restated Total assets $ 235,022,982 $ — $ 235,022,982 Total liabilities $ 31,106,056 $ — $ 31,106,056 Class A ordinary shares subject to possible redemption 200,645,178 31,654,822 232,300,000 Preference shares — — — Class A ordinary shares 313 (313) — Class B ordinary shares 575 — 575 Additional paid-in capital 5,010,833 (5,010,833) — Accumulated deficit (1,739,973) (26,643,676) (28,383,649) Total shareholders’ equity (deficit) $ 3,271,748 $ (31,654,822) $ (28,383,074) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 235,022,982 $ — $ 235,022,982 Class A Ordinary Shares Subject to Possible Redemption The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of the Initial Public Offering, there were 23,000,000 Class A ordinary shares outstanding, which were all subject to possible redemption and classified outside of permanent equity in the balance sheet. The Class A ordinary shares subject to possible redemption reflected on the balance sheet is reconciled on the following table: Gross proceeds $ 230,000,000 Less: Fair value of Public Warrants at issuance (12,650,000) Offering costs allocated to Class A ordinary shares subject to possible redemption (11,781,101) Plus: Accretion on Class A ordinary shares subject to possible redemption amount 26,668,101 Class A ordinary shares subject to possible redemption $ 232,300,000 Liquidity and Going Concern Considerations As of December 31, 2020, we had $1,906,348 of cash held outside of the Trust Account, after payment of costs related to the Initial Public Offering, and available for working capital purposes. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements - Going Concern,” management has determined that the liquidity condition, mandatory liquidation date and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to complete a business combination by May 27, 2022 then the Company will cease all operations except for the purpose of liquidating. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 27, 2022. | Note 2 — Restatement of Previously Issued Financial Statement The Company concluded it should restate its previously issued financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with guidance on redeemable equity instruments in ASC Topic 480-10-S99, redemption provisions not solely within the control of the Company, require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 . Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these condensed financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares participate pro rata in the income and losses of the Company. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Quarterly Periods should be restated to present all Class A ordinary shares subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements to those periods in this quarterly report. The impact of the restatement on the financial statements for the Affected Quarterly Periods is presented below. The change in the carrying value of the redeemable Class A ordinary shares at March 31, 2021 resulted in a reclassification of approximately 3.6 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of March 31, 2021. As Previously As of March 31, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 234,164,226 $ — $ 234,164,226 Total liabilities $ 32,769,082 $ — $ 32,769,082 Class A ordinary shares subject to possible redemption 196,395,143 35,904,857 232,300,000 Preference shares — — — Class A ordinary shares 355 (355) — Class B ordinary shares 575 — 575 Additional paid-in-capital 9,235,826 (9,235,826) — Accumulated deficit (4,236,755) (26,668,676) (30,905,431) Total shareholders’ equity (deficit) $ 5,000,001 $ (35,904,857) $ (30,304,856) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,164,226 $ — $ 234,164,226 The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the three months ended March 31, 2021. As Previously For the three months ended March 31, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (8,734,582) $ 8,734,582 $ — The change in the carrying value of the redeemable Class A ordinary shares at June 30, 2021 resulted in a reclassification of approximately 4.0 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of June 30, 2021. As Previously As of June 30, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 233,801,679 $ 233,801,679 Total liabilities $ 36,839,721 $ 36,839,721 Class A ordinary shares subject to possible redemption 196,961,950 40,338,050 232,300,000 Preference shares — — — Class A ordinary shares 399 (399) — Class B ordinary shares 575 — 575 Additional paid-in-capital 13,668,974 (13,668,974) — Accumulated deficit (8,669,940) (26,668,677) (35,338,617) Total shareholders’ equity (deficit) $ 5,000,008 $ (40,338,050) $ (35,338,042) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 233,801,679 $ — $ 233,801,679 The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the six months ended June 30, 2021. As Previously For the six months ended June 30, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 4,276,476 $ (4,276,476) $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods. As Previously Earnings Per Share for Class A ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 23,000,000 — 232,300,000 Basic and diluted earnings per share $ — $ 0.30 $ 0.300 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ (0.15) $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ 0.15 $ 0.15 As Previously Earnings Per Share for Class B ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 1.52 $ (1.22) $ 0.30 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ (0.77) $ 0.62 $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 0.75 $ (0.60) $ 0.15 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 — Basis of Presentation The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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 financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,659,434 in cash and cash equivalents as of December 31, 2020. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is 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 to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of Initial Public Offering, the 23,000,000 shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, we recognized the accretion from initial book value to redemption amount. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit. Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Company issued 11,500,000 warrants as part of the units offered in its Initial Public Offering and, simultaneously with the closing of Initial Public Offering, the Company issued in a private placement an aggregate of 8,900,000 private placement warrants. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40-15-7D and 7F under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants has been estimated using the Public Warrants’ quoted market price. The Private Placement Warrants are valued using a Modified Black Scholes Option Pricing Model. Offering Costs Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares are charged against their carrying value upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average ordinary shares outstanding for the respective period. The calculation of diluted net income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the IPO and the Private Placement to purchase an aggregate of 20,400,000 shares of Class A ordinary shares in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period from August 20, 2020 (inception) through December 31, 2020. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares: For the period from August 20, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (6,978,778) $ (5,992,646) Denominator: Basic and diluted weighted average ordinary shares outstanding 6,052,632 5,197,368 Basic and diluted net loss per ordinary share $ (1.15) $ (1.15) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. 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. | Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020 as filed with the SEC on May 7, 2021, which contains the audited financial statements and notes thereto. The condensed financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. Going Concern In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until May 27, 2022, to consummate the proposed Business Combination. It is uncertain that the Company will be able to consummate the proposed Business Combination by this time. Additionally, the Company may not have sufficient liquidity to fund the working capital needs of the Company through one year from the issuance of these financial statements. If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a business combination not occur, and potential subsequent dissolution, raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 27, 2022. The Company intends to complete the proposed Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company will be able to consummate any business combination by May 27, 2022. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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 condensed financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have cash and cash equivalents as of September 30, 2021 and December 31, 2020, respectively. Derivative Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in ASC 815, “Derivatives and Hedging”, under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants has been estimated using the Public Warrants’ quoted market price. The Private Placement Warrants are valued using a Modified Black Scholes Option Pricing Model. See Note 9 for further discussion of the pertinent terms of the Warrants and Note 10 for further discussion of the methodology used to determine the value of the Warrants. Class A Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 23,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity outside of the shareholders’ equity section of the Company’s condensed balance sheets. Offering Costs Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares are charged against their carrying value upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2021, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income (Loss) Per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares issued and outstanding during the period. The Company has not considered the effect of warrants sold in the Initial Public Offering and private placement to purchase Class A ordinary share in the calculation of diluted income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. The Company’s statement of operations includes a presentation of income (loss) per share for shares of ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. As of September 30, 2021, 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. As a result, diluted loss per share is the same as basic loss per share for the period presented. A reconciliation of net loss per ordinary share is as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2021 Redeemable Class A Ordinary Shares Numerator: Allocation of net loss $ (1,541,126) $ 1,900,061 Denominator: Weighted average shares outstanding, basic and diluted 23,000,000 23,000,000 Basic and diluted net loss per share $ (0.07) $ 0.08 Non-Redeemable Class B Ordinary Shares Numerator: Net Loss minus Redeemable Net Earnings Net (Loss) Income attributable to Non-Redeemable Class B Ordinary Shares $ (385,282) $ 475,015 Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares Basic and diluted weighted average shares outstanding, Non-Redeemable Class B 5,750,000 5,750,000 Basic and diluted net loss per share, Non-Redeemable Class B $ (0.07) $ 0.08 Note: As of September 30, 2021, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s shareholders. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limits of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s balance sheet, primarily due to their short-term nature. 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. 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. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Initial Public Offering | ||
INITIAL PUBLIC OFFERING | NOTE 4 — Pursuant to the Initial Public Offering, the Company sold 23,000,000 Units, which includes a full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one -half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 8). | Note 4 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 23,000,000 Units, which includes a full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-half |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Private Placement | ||
PRIVATE PLACEMENT | NOTE 5 Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 8,900,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $8,900,000. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants 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. | Note 5 - Private Placement Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 8,900,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $8,900,000. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Related Party Transactions | ||
RELATED PARTY TRANSACTIONS | NOTE 6 — Founder Shares On August 21, 2020, the Sponsor paid $25,000 to the Company in consideration for 7,187,500 Class B ordinary shares (the “Founder Shares”). In September 2020, the Sponsor transferred 40,000 Founder Shares to each of the Company’s directors (120,000 shares in total). On October 22, 2020, the Sponsor effected a surrender of 1,437,500 Founder Shares to the Company for no consideration, resulting in 5,750,000 Founder Shares outstanding. The Sponsor transferred all of the Founder Shares owned by the Sponsor to SV Acquisition Sponsor Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Sponsor (“Holdco”), prior to the closing of the Initial Public Offering. The Founder Shares included an aggregate of up to 750,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, a total of 750,000 Founder Shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 30 Administrative Support Agreement Commencing on November 23, 2020, the Company entered into an agreement to pay an affiliate of the Sponsor up to $10,000 per month for office space, secretarial and administrative services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. As of December 31, 2020, no fees have been incurred related to the agreement. Promissory Note — Related Party On August 21, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2020 or (ii) the completion of the Initial Public Offering. The Company borrowed $124,826 through the IPO date and repaid the Note prior to December 31, 2020. Related Party Loans Loans from the Sponsor, members of Spring Valley’s founding team or any of their affiliates to finance transaction costs in connection with the Transactions (“Working Capital Loans”) are not permitted under the terms of the Merger Agreement (attached hereto as Annex A); provided, however, if (i) the Closing has not yet occurred on each of May 15, 2022 and August 15, 2022 and (ii) the Sponsor reasonably believes in good faith that Spring Valley has a need for additional working capital to fund its operations, then the Sponsor will have the right, but not the obligation, to purchase up to 250,000 Spring Valley Warrants, at the price of $1.00 per Spring Valley Warrant, on or after each of May 15, 2022 and August 15, 2022. Any such purchase may be made in one or more increments and may be made solely as and when needed to fund the working capital needs of the Sponsor. After the Closing, the Spring Valley Warrants will become exercisable for NuScale Corp Class A Common Stock. As of December 31, 2020, there were no Working Capital Loans outstanding. | Note 6 - Related Party Transactions Founder Shares On August 21, 2020, the Sponsor paid $25,000 to the Company in consideration for 7,187,500 Class B ordinary shares (the “Founder Shares”). In September 2020, the Sponsor transferred 40,000 Founder Shares to each of the Company’s directors (120,000 shares in total). On October 22, 2020, the Sponsor effected a surrender of 1,437,500 Founder Shares to the Company for no consideration, resulting in 5,750,000 Founder Shares outstanding. The Sponsor transferred all of the Founder Shares owned by the Sponsor to SV Acquisition Sponsor Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Sponsor (“Holdco”), prior to the closing of the Initial Public Offering. The Founder Shares included an aggregate of up to 750,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, a total of 750,000 Founder Shares are no longer subject to forfeiture. On February 24, 2021, the Company paid $25,000 as reimbursement for the original share purchase. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a 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 Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Administrative Support Agreement Commencing on November 23, 2020, the Company entered into an agreement to pay an affiliate of the Sponsor up to $10,000 per month for office space, secretarial and administrative services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2021, $30,000 and $90,000 has been expensed related to the agreement. Promissory Note — Related Party On August 21, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2020 or (ii) the completion of the Initial Public Offering. As of September 30, 2021 and December 31, 2020, there is no outstanding amounts under the Promissory Note, and no further borrowings are permitted. Related Party Loans Loans from the Sponsor, members of Spring Valley’s founding team or any of their affiliates to finance transaction costs in connection with the Transactions (“Working Capital Loans”) are not permitted under the terms of the Merger Agreement (attached hereto as Annex A); provided, however, if (i) the Closing has not yet occurred on each of May 15, 2022 and August 15, 2022 and (ii) the Sponsor reasonably believes in good faith that Spring Valley has a need for additional working capital to fund its operations, then the Sponsor will have the right, but not the obligation, to purchase up to 250,000 Spring Valley Warrants, at the price of $1.00 per Spring Valley Warrant, on or after each of May 15, 2022 and August 15, 2022. Any such purchase may be made in one or more increments and may be made solely as and when needed to fund the working capital needs of the Sponsor. After the Closing, the Spring Valley Warrants will become exercisable for NuScale Corp Class A Common Stock. As of September 30, 2021 and December 31, 2020, there were no Working Capital Loans outstanding. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Commitments And Contingencies | ||
COMMITMENTS AND CONTINGENCIES | NOTE 7 — Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 global 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, its results of 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. Registration and Shareholders Rights Pursuant to a registration and shareholders rights agreement entered into on November 23, 2020, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) are entitled to registration rights. The holders of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination. However, the registration and shareholder 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 lockup period. The registration and shareholder rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriter is entitled to a deferred fee of $0.35 per Unit, or $8,050,000 in the aggregate. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. In addition, the underwriters reimbursed the Company an aggregate of $750,000 for costs incurred in connection with the Initial Public Offering. Anchor Investments Certain qualified institutional buyers or institutional accredited investors not affiliated with any member of the Company’s management (the “anchor investors”) purchased 1,980,000 Units each in the Initial Public Offering and the Company directed the underwriters to sell to the anchor investors such number of Units. Further, each of the anchor investors entered into a separate agreement with the Sponsor pursuant to which each such investor purchased membership interests in Holdco representing an indirect beneficial interest in up to 142,187 Founder Shares upon the closing of the Initial Public Offering for up to $494.56. | Note 7 - Commitments And Contingencies Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 global 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, its results of 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. Registration and Shareholders Rights Pursuant to a registration and shareholders rights agreement entered into on November 23, 2020, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) will be entitled to registration rights. The holders of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination. However, the registration and shareholder 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 lockup period. The registration and shareholder rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriter is entitled to a deferred fee of $0.35 per Unit, or $8,050,000 in the aggregate. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. In addition, the underwriters reimbursed the Company an aggregate of $750,000 for costs incurred in connection with the Initial Public Offering. Anchor Investments Certain qualified institutional buyers or institutional accredited investors not affiliated with any member of the Company’s management (the “anchor investors”) purchased 1,980,000 Units each in the Initial Public Offering and the Company directed the underwriters to sell to the anchor investors such number of Units. Further, each of the anchor investors entered into a separate agreement with the Sponsor pursuant to which each such investor purchased membership interests in Holdco representing an indirect beneficial interest in up to 142,187 Founder Shares upon the closing of the Initial Public Offering for $494.56. |
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Shareholders' Equity | ||
SHAREHOLDERS' DEFICIT | NOTE 8 — Preference Shares — outstanding Class A Ordinary Shares — outstanding Class B Ordinary Shares outstanding Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Proposed Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. | Note 8 - Shareholders’ Equity Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. |
DERIVATIVE WARRANT LIABILITIES
DERIVATIVE WARRANT LIABILITIES | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
DERIVATIVE WARRANT LIABILITIES | ||
DERIVATIVE WARRANT LIABILITIES | NOTE 9 — DERIVATIVE WARRANT LIABILITIES 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 a Business Combination and (b) one year from the closing of the Proposed Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, 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, but it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 . ● 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 to each warrant holder; and ● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30 - trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; ● if, and only if, the closing price of the Class A ordinary shares equal or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30 -trading day period ending three trading days before the Company send the notice of redemption to the warrant holders; and ● if the closing price of the Class A ordinary shares 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 is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their 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. | Note 9 - Derivative Warrant Liability 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 a Business Combination and (b) one year from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable, and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified, or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, 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, but it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 . ● ● ● ● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30 -trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 ● ● ● three if the closing price of the Class A ordinary shares 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 is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable, or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their 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. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Fair Value Measurements | ||
FAIR VALUE MEASUREMENTS | NOTE 10 — FAIR VALUE MEASUREMENTS The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Asset Level Fair Value December 31, 2020 U.S. Treasury Securities Money Market Fund 1 232,301,973 The Warrants are accounted for as liabilities pursuant to ASC 815-40 and are measured at fair value as of each reporting period. Changes in the fair value of the Warrants are recorded in the statement of operations each period. The following table presents our fair value hierarchy for liabilities measured at fair value on a recurring basis as of December 31, 2021: Level 1 Level 2 Level 3 Total Warrant liabilities: Public Warrants $ 18,975,000 $ — $ — $ 18,975,000 Private Placement Warrants — — 14,685,000 14,685,000 Total warrant liabilities $ 18,975,000 $ — $ 14,685,000 $ 33,660,000 The Private Placement Warrants were valued using a Black Scholes Model, which is considered to be a Level 3 fair value measurement. As of December 31, At issuance 2020 Exercise price $ 11.50 $ 11.50 IPO price $ 10.00 $ 10.00 Implied share price range (or underlying asset price at December 31, 2020) $ 9.35 - $9.66 $ 10.12 Volatility 14% - 23% 21% Term 5.75 5.70 Risk-free rate 0.46% 0.46% Dividend yield 0.0% 0.0% The following table presents the changes in the fair value of warrant liabilities: Private Warrant Placement Public Liabilities Initial measurement on November 27, 2020 $ 9,879,000 $ 12,650,000 $ 22,529,000 Change in valuation inputs or other assumptions (1) 4,806,000 6,325,000 11,131,000 Fair value as of December 31, 2020 $ 14,685,000 $ 18,975,000 $ 33,660,000 (1) Due to the use of quoted prices in an active market (Level 1) to measure the fair value of the Public Warrants, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $6,325,000 during the period from November 27, 2020 through December 31, 2020. ● The non-cash loss on revaluation of the Private Placement Warrants is included in recognized loss on change in fair value of warrant liabilities on the statement of operations. | Note 10 - Fair Value Measurements The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 ”Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts. The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2021: Level 1 Level 2 Level 3 Total Assets: Marketable securities held in brokerage account $ 232,313,494 $ — $ — $ 232,313,494 Liabilities: Public Warrants $ 8,280,000 $ — $ — $ 8,280,000 Private Placement Warrants — — 21,894,000 21,894,000 Total liabilities $ 8,280,000 $ — $ 21,894,000 $ 30,174,000 The Warrants are accounted for as liabilities pursuant to ASC 815-40 and are measured at fair value as of each reporting period. Changes in the fair value of the Warrants are recorded in the statement of operations each period. The following table presents a summary of the changes in the fair value of the Private Placement Warrants, a Level 3 liability, measured on a recurring basis. Private Warrant Liability Balance at, January 1, 2021 $ 14,685,000 Recognized gain (loss) on change in fair value (3,738,000) Fair value, March 31, 2021 10,947,000 Recognized gain (loss) on change in fair value 1,869,000 Fair value, June 30, 2021 12,816,000 Recognized gain on change in fair value 9,078,000 Fair value, September 30, 2021 $ 21,894,000 The Private Placement Warrants were valued using a Least Squares Monte Carlo Model, which is considered to be a Level 3 fair value measurement. As the path-dependent nature of the redemption provisions does not apply to the Private Placement warrants, the Company estimated the fair value using a Least Square Monte Carlo Model framework with significant assumptions including the price of the Company’s ordinary shares, risk-free rate, volatility, and term to the Company’s initial business combination. There were no transfers out of Level 3 during the three and nine months ended September 30, 2021. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: As of As of December 31, 2020 September 30, 2021 Exercise price $ 11.50 $ 11.50 IPO price $ 10.00 $ 10.00 Implied share price range (or underlying asset price at December 31, 2020) $ 10.12 $ 8.69 Volatility 21 % 80 % Term 5.7 5.07 Risk-free rate 0.46 % 0.99 % Dividend yield 0 % 0 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Subsequent Events | ||
SUBSEQUENT EVENTS | NOTE 11 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Except as described below and the restatement discussed in Note 2 of these financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On March 25, 2021 the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among the company, Spring Valley Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the company (“Merger Sub”), and Dream Holdings, Inc., a Delaware public benefit corporation (“Dream Holdings”), relating to a proposed business combination with AeroFarms. Pursuant to the Merger Agreement, among other things, Dream Holdings will merge with and into Merger Sub (the “Merger,” together with the other transactions related thereto, the “Proposed Transactions”), with Dream Holdings surviving the Merger as a subsidiary of the company. On October 14, 2021, the Company, Merger Sub and Dream Holdings entered into a Termination Agreement (the “Termination Agreement”), effective as of such date, pursuant to which the parties agreed to mutually terminate the Merger Agreement. The termination of the Merger Agreement is effective as of October 14, 2021. Proposed Business Combination On December 13, 2021, the Company, Spring Valley Merger Sub, LLC, an Oregon limited liability company (“ Merger Sub NuScale Merger Agreement Redomicile Merger Proposed Transactions Surviving Company Closing Closing Date Refer to the Form 8-K, as filed with the Securities and Exchange Commission on December 14, 2021 for additional information. | Note 11 - Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the condensed financial statements were issued. Based upon this review, except as noted below and other than the restatement discussed in Note 2, the Company did not identify any subsequent events that has not been disclosed in the condensed financial statements. Proposed Business Combination On December 13, 2021, the Company, Spring Valley Merger Sub, LLC, an Oregon limited liability company (“ Merger Sub NuScale Merger Agreement Redomicile Merger Proposed Transactions Surviving Company Closing Closing Date Refer to the Form 8-K, as filed with the Securities and Exchange Commission on December 14, 2021 for additional information. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies | ||
Basis of Presentation | Basis of Presentation The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020 as filed with the SEC on May 7, 2021, which contains the audited financial statements and notes thereto. The condensed financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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. | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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 financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. | Use of Estimates The preparation of the condensed financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,659,434 in cash and cash equivalents as of December 31, 2020. | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have cash and cash equivalents as of September 30, 2021 and December 31, 2020, respectively. |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is 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 to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of Initial Public Offering, the 23,000,000 shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, we recognized the accretion from initial book value to redemption amount. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit. | |
Derivative Warrant Liabilities | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Company issued 11,500,000 warrants as part of the units offered in its Initial Public Offering and, simultaneously with the closing of Initial Public Offering, the Company issued in a private placement an aggregate of 8,900,000 private placement warrants. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40-15-7D and 7F under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants has been estimated using the Public Warrants’ quoted market price. The Private Placement Warrants are valued using a Modified Black Scholes Option Pricing Model. | |
Offering Costs | Offering Costs Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares are charged against their carrying value upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. | |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2021, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Loss Per Ordinary Share | Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average ordinary shares outstanding for the respective period. The calculation of diluted net income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the IPO and the Private Placement to purchase an aggregate of 20,400,000 shares of Class A ordinary shares in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period from August 20, 2020 (inception) through December 31, 2020. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares: For the period from August 20, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (6,978,778) $ (5,992,646) Denominator: Basic and diluted weighted average ordinary shares outstanding 6,052,632 5,197,368 Basic and diluted net loss per ordinary share $ (1.15) $ (1.15) | Net Income (Loss) Per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares issued and outstanding during the period. The Company has not considered the effect of warrants sold in the Initial Public Offering and private placement to purchase Class A ordinary share in the calculation of diluted income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. The Company’s statement of operations includes a presentation of income (loss) per share for shares of ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. As of September 30, 2021, 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. As a result, diluted loss per share is the same as basic loss per share for the period presented. A reconciliation of net loss per ordinary share is as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2021 Redeemable Class A Ordinary Shares Numerator: Allocation of net loss $ (1,541,126) $ 1,900,061 Denominator: Weighted average shares outstanding, basic and diluted 23,000,000 23,000,000 Basic and diluted net loss per share $ (0.07) $ 0.08 Non-Redeemable Class B Ordinary Shares Numerator: Net Loss minus Redeemable Net Earnings Net (Loss) Income attributable to Non-Redeemable Class B Ordinary Shares $ (385,282) $ 475,015 Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares Basic and diluted weighted average shares outstanding, Non-Redeemable Class B 5,750,000 5,750,000 Basic and diluted net loss per share, Non-Redeemable Class B $ (0.07) $ 0.08 Note: As of September 30, 2021, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s shareholders. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limits of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s balance sheet, primarily due to their short-term nature. 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Recent Accounting Standards | 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 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. |
RESTATEMENT OF PREVIOUSLY ISS_2
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statement | ||
Schedule of correction of error in previously issued financial statements | As Previously As of December 31, 2020 Restated Adjustment As Restated Total assets $ 234,445,409 $ — $ 234,445,409 Total liabilities $ 41,759,934 $ — $ 41,759,934 Class A ordinary shares subject to possible redemption 187,685,474 44,614,526 232,300,000 Preference shares — — — Class A ordinary shares 442 (442) — Class B ordinary shares 575 — 575 Additional paid-in capital 17,970,408 (17,970,408) — Accumulated deficit (12,971,424) (26,643,676) (39,615,100) Total shareholders’ equity (deficit) $ 5,000,001 $ (44,614,526) $ (39,614,525) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,445,409 $ — $ 234,445,409 For the period from August 20, 2020 (inception) through December 31, 2020 As Previously Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Initial value of Class A ordinary shares subject to possible redemption $ 200,645,178 $ (200,645,178) $ — Change in value of Class A ordinary shares subject to possible redemption $ (12,959,704) $ 12,959,704 $ — Earnings Per Share for Class A ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic and diluted 23,000,000 (16,947,368) 6,052,632 Basic and diluted loss per share $ — $ (1.15) $ (1.15) Earnings Per Share for Class B ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic 5,194,656 2,712 5,197,368 Basic and diluted loss per share $ (3.80) $ 2.65 $ (1.15) As Previously As of November 27, 2020 Reported Adjustment As Restated Total assets $ 235,022,982 $ — $ 235,022,982 Total liabilities $ 31,106,056 $ — $ 31,106,056 Class A ordinary shares subject to possible redemption 200,645,178 31,654,822 232,300,000 Preference shares — — — Class A ordinary shares 313 (313) — Class B ordinary shares 575 — 575 Additional paid-in capital 5,010,833 (5,010,833) — Accumulated deficit (1,739,973) (26,643,676) (28,383,649) Total shareholders’ equity (deficit) $ 3,271,748 $ (31,654,822) $ (28,383,074) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 235,022,982 $ — $ 235,022,982 | As Previously As of March 31, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 234,164,226 $ — $ 234,164,226 Total liabilities $ 32,769,082 $ — $ 32,769,082 Class A ordinary shares subject to possible redemption 196,395,143 35,904,857 232,300,000 Preference shares — — — Class A ordinary shares 355 (355) — Class B ordinary shares 575 — 575 Additional paid-in-capital 9,235,826 (9,235,826) — Accumulated deficit (4,236,755) (26,668,676) (30,905,431) Total shareholders’ equity (deficit) $ 5,000,001 $ (35,904,857) $ (30,304,856) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,164,226 $ — $ 234,164,226 As Previously For the three months ended March 31, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (8,734,582) $ 8,734,582 $ — As Previously As of June 30, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 233,801,679 $ 233,801,679 Total liabilities $ 36,839,721 $ 36,839,721 Class A ordinary shares subject to possible redemption 196,961,950 40,338,050 232,300,000 Preference shares — — — Class A ordinary shares 399 (399) — Class B ordinary shares 575 — 575 Additional paid-in-capital 13,668,974 (13,668,974) — Accumulated deficit (8,669,940) (26,668,677) (35,338,617) Total shareholders’ equity (deficit) $ 5,000,008 $ (40,338,050) $ (35,338,042) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 233,801,679 $ — $ 233,801,679 As Previously For the six months ended June 30, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 4,276,476 $ (4,276,476) $ — As Previously Earnings Per Share for Class A ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 23,000,000 — 232,300,000 Basic and diluted earnings per share $ — $ 0.30 $ 0.300 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ (0.15) $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ 0.15 $ 0.15 As Previously Earnings Per Share for Class B ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 1.52 $ (1.22) $ 0.30 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ (0.77) $ 0.62 $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 0.75 $ (0.60) $ 0.15 |
Schedule of reconciliation of Class A ordinary share subject to possible redemption reflected on the balance sheet | Gross proceeds $ 230,000,000 Less: Fair value of Public Warrants at issuance (12,650,000) Offering costs allocated to Class A ordinary shares subject to possible redemption (11,781,101) Plus: Accretion on Class A ordinary shares subject to possible redemption amount 26,668,101 Class A ordinary shares subject to possible redemption $ 232,300,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies | ||
Schedule of basic and diluted net income (loss) per share | For the period from August 20, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (6,978,778) $ (5,992,646) Denominator: Basic and diluted weighted average ordinary shares outstanding 6,052,632 5,197,368 Basic and diluted net loss per ordinary share $ (1.15) $ (1.15) | A reconciliation of net loss per ordinary share is as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2021 Redeemable Class A Ordinary Shares Numerator: Allocation of net loss $ (1,541,126) $ 1,900,061 Denominator: Weighted average shares outstanding, basic and diluted 23,000,000 23,000,000 Basic and diluted net loss per share $ (0.07) $ 0.08 Non-Redeemable Class B Ordinary Shares Numerator: Net Loss minus Redeemable Net Earnings Net (Loss) Income attributable to Non-Redeemable Class B Ordinary Shares $ (385,282) $ 475,015 Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares Basic and diluted weighted average shares outstanding, Non-Redeemable Class B 5,750,000 5,750,000 Basic and diluted net loss per share, Non-Redeemable Class B $ (0.07) $ 0.08 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 4 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements | |
Debt Securities, Held-to-maturity [Table Text Block] | Asset Level Fair Value December 31, 2020 U.S. Treasury Securities Money Market Fund 1 232,301,973 |
Schedule of fair value hierarchy for liabilities measured at fair value on a recurring basis | Level 1 Level 2 Level 3 Total Warrant liabilities: Public Warrants $ 18,975,000 $ — $ — $ 18,975,000 Private Placement Warrants — — 14,685,000 14,685,000 Total warrant liabilities $ 18,975,000 $ — $ 14,685,000 $ 33,660,000 |
Schedule of quantitative information regarding Level 3 fair value measurements inputs | As of December 31, At issuance 2020 Exercise price $ 11.50 $ 11.50 IPO price $ 10.00 $ 10.00 Implied share price range (or underlying asset price at December 31, 2020) $ 9.35 - $9.66 $ 10.12 Volatility 14% - 23% 21% Term 5.75 5.70 Risk-free rate 0.46% 0.46% Dividend yield 0.0% 0.0% |
Schedule of changes in fair value of warrant liabilities | Private Warrant Placement Public Liabilities Initial measurement on November 27, 2020 $ 9,879,000 $ 12,650,000 $ 22,529,000 Change in valuation inputs or other assumptions (1) 4,806,000 6,325,000 11,131,000 Fair value as of December 31, 2020 $ 14,685,000 $ 18,975,000 $ 33,660,000 |
DESCRIPTION OF ORGANIZATION A_2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) | May 27, 2022USD ($)shares | Nov. 28, 2020USD ($)$ / sharesshares | Nov. 27, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2021USD ($)$ / sharesshares |
Subsidiary, Sale of Stock [Line Items] | ||||||
Proceeds from sale of Private Placement Warrants | $ 8,900,000 | |||||
Offering costs | 12,528,579 | $ 12,528,579 | ||||
Underwriting commission | 3,800,000 | 3,800,000 | $ 3,800,000 | |||
Deferred underwriters fee | 8,050,000 | 8,050,000 | 8,050,000 | |||
Other offering costs | 678,579 | 678,579 | ||||
Cash and cash equivalents | 1,906,348 | $ 1,906,348 | $ 1,190,307 | |||
Payments for investment of cash in Trust Account | $ 232,300,000 | |||||
Redemption limit percentage without prior consent | 15.00% | 15.00% | ||||
Redemption limit | 100 | |||||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100.00% | 100.00% | ||||
Maximum allowed dissolution expenses | $ 100,000 | |||||
Cash held outside the trust account | $ 1,906,348 | 1,906,348 | ||||
Minimum | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Tangible assets | 5,000,001 | 5,000,001 | ||||
Warrants | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Offering costs | $ 678,579 | $ 678,579 | ||||
Private Placement Warrants | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Warrants | shares | 2,300,000 | |||||
Proceeds from sale of Private Placement Warrants | $ 2,300,000 | |||||
Condition for future business combination use of proceeds percentage | 80.00% | 80.00% | ||||
Condition For Future Business Combination Threshold Percentage Ownership | 50.00% | 50.00% | ||||
Class A ordinary shares | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Offering costs | $ 11,850,000 | $ 11,850,000 | ||||
Public Offering | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of units issued | shares | 23,000,000 | |||||
Shares Issued, Price Per Share | $ / shares | $ 10.10 | $ 10.10 | $ 10.10 | |||
Proceeds from issuance | $ 232,300,000 | |||||
Private placement warrants | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares Issued, Price Per Share | $ / shares | $ 1 | |||||
Warrants | shares | 8,900,000 | 8,900,000 | 8,900,000 | |||
Proceeds from sale of Private Placement Warrants | $ 8,900,000 | $ 8,900,000 | $ 8,900,000 | |||
Over-allotment | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of units issued | shares | 3,000,000 | |||||
Shares Issued, Price Per Share | $ / shares | $ 10 | |||||
Proceeds from issuance | $ 230,000,000 |
RESTATEMENT OF PREVIOUSLY ISS_3
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Balance Sheet (Details) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021AED (د.إ) | Dec. 31, 2020USD ($) | Nov. 27, 2020USD ($) | Sep. 30, 2020USD ($) | Aug. 20, 2020USD ($) | Aug. 19, 2020USD ($) |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | $ 233,615,163 | $ 234,445,409 | |||||||
Total Liabilities | 38,579,612 | 41,759,934 | |||||||
Class A ordinary shares subject to possible redemption | 232,300,000 | 232,300,000 | |||||||
Preference shares | |||||||||
Accumulated deficit | (37,265,024) | (39,615,100) | |||||||
Total Shareholders' Equity | (37,264,449) | $ (35,338,041) | $ (30,904,856) | (39,614,525) | $ 17,779 | $ 0 | $ 0 | ||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 233,615,163 | 234,445,409 | |||||||
As Restated | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | 234,445,409 | $ 235,022,982 | |||||||
Total Liabilities | 41,759,934 | 31,106,056 | |||||||
Class A ordinary shares subject to possible redemption | 232,300,000 | 232,300,000 | |||||||
Accumulated deficit | (39,615,100) | (28,383,649) | |||||||
Total Shareholders' Equity | (39,614,525) | (28,383,074) | |||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 234,445,409 | 235,022,982 | |||||||
As Previously Reported | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | 233,801,679 | 234,164,226 | 234,445,409 | 235,022,982 | |||||
Total Liabilities | 36,839,721 | 32,769,082 | 41,759,934 | 31,106,056 | |||||
Class A ordinary shares subject to possible redemption | 196,961,950 | 196,395,143 | 187,685,474 | 200,645,178 | |||||
Additional Paid in Capital | 13,668,974 | 9,235,826 | 17,970,408 | 5,010,833 | |||||
Accumulated deficit | (8,669,940) | (4,236,755) | (12,971,424) | (1,739,973) | |||||
Total Shareholders' Equity | 5,000,008 | 5,000,001 | 5,000,001 | 3,271,748 | |||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 233,801,679 | 234,164,226 | 234,445,409 | 235,022,982 | |||||
Revision Adjustment | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Class A ordinary shares subject to possible redemption | 40,338,050 | 35,904,857 | 44,614,526 | 31,654,822 | |||||
Additional Paid in Capital | (13,668,974) | (9,235,826) | (17,970,408) | (5,010,833) | |||||
Accumulated deficit | (26,668,677) | (26,668,676) | (26,643,676) | (26,643,676) | |||||
Total Shareholders' Equity | (40,338,050) | (35,904,857) | (44,614,526) | (31,654,822) | |||||
Class A ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Class A ordinary shares subject to possible redemption | 4,000,000 | د.إ 3,600,000 | |||||||
Class A ordinary shares | As Previously Reported | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | 399 | 355 | 442 | 313 | |||||
Class A ordinary shares | Revision Adjustment | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | (399) | (355) | (442) | (313) | |||||
Class B ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | $ 575 | 575 | |||||||
Class B ordinary shares | As Restated | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | 575 | 575 | |||||||
Class B ordinary shares | As Previously Reported | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | $ 575 | $ 575 | $ 575 | $ 575 |
RESTATEMENT OF PREVIOUSLY ISS_4
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
As Previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Initial value of Class A ordinary shares subject to possible redemption | $ 200,645,178 | ||
Change in value of Class A ordinary shares subject to possible redemption | $ (8,734,582) | (12,959,704) | $ 4,276,476 |
Revision Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Initial value of Class A ordinary shares subject to possible redemption | (200,645,178) | ||
Change in value of Class A ordinary shares subject to possible redemption | $ 8,734,582 | $ 12,959,704 | $ (4,276,476) |
RESTATEMENT OF PREVIOUSLY ISS_5
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Basic and Diluted net loss per share of common stock (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (7,221) | $ (7,221) | $ (1,926,408) | $ (4,433,185) | $ 8,734,669 | $ (12,971,424) | $ 2,375,076 | |
Weighted average shares outstanding - basic and diluted | 23,000,000 | 23,000,000 | ||||||
Class A ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Weighted average shares outstanding - basic and diluted | 6,052,632 | |||||||
Basic and diluted net loss per share | $ (1.15) | |||||||
Class B ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Weighted average shares outstanding - basic and diluted | 5,750,000 | 5,750,000 | 5,197,368 | 5,750,000 | ||||
Basic and diluted net loss per share | $ 0 | $ (0.07) | $ (1.15) | $ 0.08 | ||||
As Previously Reported | Class A ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (4,433,185) | $ 8,734,669 | $ (12,971,424) | $ 4,301,484 | ||||
Weighted average shares outstanding - basic and diluted | 23,000,000 | 23,000,000 | 23,000,000 | 23,000,000 | ||||
As Previously Reported | Class B ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (4,433,185) | $ 8,734,669 | $ (12,971,424) | $ 4,301,484 | ||||
Weighted average shares outstanding - basic and diluted | 5,750,000 | 5,750,000 | 5,750,000 | |||||
Basic and diluted net loss per share | $ (0.77) | $ 1.52 | $ (3.80) | $ 0.75 | ||||
Weighted average shares outstanding, basic | 5,194,656 | |||||||
Revision Adjustment | Class A ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Weighted average shares outstanding - basic and diluted | (16,947,368) | |||||||
Basic and diluted net loss per share | (0.15) | 0.30 | $ (1.15) | 0.15 | ||||
Revision Adjustment | Class B ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Basic and diluted net loss per share | $ 0.62 | $ (1.22) | $ 2.65 | $ (0.60) | ||||
Weighted average shares outstanding, basic | 2,712 | |||||||
As Restated | Class A ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (12,971,424) | |||||||
Weighted average shares outstanding - basic and diluted | 6,052,632 | |||||||
Basic and diluted net loss per share | $ (1.15) | |||||||
As Restated | Class B ordinary shares | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (12,971,424) | |||||||
Basic and diluted net loss per share | $ (1.15) | |||||||
Weighted average shares outstanding, basic | 5,197,368 |
RESTATEMENT OF PREVIOUSLY ISS_6
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Company Previously Reported Balance Sheet (Details) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021AED (د.إ) | Dec. 31, 2020USD ($) | Nov. 27, 2020USD ($) | Sep. 30, 2020USD ($) | Aug. 20, 2020USD ($) | Aug. 19, 2020USD ($) |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | $ 233,615,163 | $ 234,445,409 | |||||||
Total Liabilities | 38,579,612 | 41,759,934 | |||||||
Class A ordinary shares subject to possible redemption | 232,300,000 | 232,300,000 | |||||||
Preference shares | |||||||||
Accumulated deficit | (37,265,024) | (39,615,100) | |||||||
Total Shareholders' Equity | (37,264,449) | $ (35,338,041) | $ (30,904,856) | (39,614,525) | $ 17,779 | $ 0 | $ 0 | ||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 233,615,163 | 234,445,409 | |||||||
Class A ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Class A ordinary shares subject to possible redemption | 4,000,000 | د.إ 3,600,000 | |||||||
Class B ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | $ 575 | 575 | |||||||
As Restated | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | 234,445,409 | $ 235,022,982 | |||||||
Total Liabilities | 41,759,934 | 31,106,056 | |||||||
Class A ordinary shares subject to possible redemption | 232,300,000 | 232,300,000 | |||||||
Accumulated deficit | (39,615,100) | (28,383,649) | |||||||
Total Shareholders' Equity | (39,614,525) | (28,383,074) | |||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 234,445,409 | 235,022,982 | |||||||
As Restated | Class B ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | 575 | 575 | |||||||
As Previously Reported | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total assets | 233,801,679 | 234,164,226 | 234,445,409 | 235,022,982 | |||||
Total Liabilities | 36,839,721 | 32,769,082 | 41,759,934 | 31,106,056 | |||||
Class A ordinary shares subject to possible redemption | 196,961,950 | 196,395,143 | 187,685,474 | 200,645,178 | |||||
Additional paid-in-capital | 13,668,974 | 9,235,826 | 17,970,408 | 5,010,833 | |||||
Accumulated deficit | (8,669,940) | (4,236,755) | (12,971,424) | (1,739,973) | |||||
Total Shareholders' Equity | 5,000,008 | 5,000,001 | 5,000,001 | 3,271,748 | |||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 233,801,679 | 234,164,226 | 234,445,409 | 235,022,982 | |||||
As Previously Reported | Class A ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | 399 | 355 | 442 | 313 | |||||
As Previously Reported | Class B ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | 575 | 575 | 575 | 575 | |||||
Revision Adjustment | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Class A ordinary shares subject to possible redemption | 40,338,050 | 35,904,857 | 44,614,526 | 31,654,822 | |||||
Additional paid-in-capital | (13,668,974) | (9,235,826) | (17,970,408) | (5,010,833) | |||||
Accumulated deficit | (26,668,677) | (26,668,676) | (26,643,676) | (26,643,676) | |||||
Total Shareholders' Equity | (40,338,050) | (35,904,857) | (44,614,526) | (31,654,822) | |||||
Revision Adjustment | Class A ordinary shares | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Ordinary share | $ (399) | $ (355) | $ (442) | $ (313) |
RESTATEMENT OF PREVIOUSLY ISS_7
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Class A ordinary shares (Details) - USD ($) | 4 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | |
Class A ordinary shares subject to possible redemption | $ 232,300,000 | $ 232,300,000 |
Class A Ordinary Shares Subject to Possible Redemption | ||
Gross proceeds | 230,000,000 | |
Fair value of Public Warrants at issuance | (12,650,000) | |
Offering costs allocated to Class A ordinary shares subject to possible redemption | (11,781,101) | |
Accretion on Class A ordinary shares subject to possible redemption amount | 26,668,101 | |
Class A ordinary shares subject to possible redemption | $ 232,300,000 |
RESTATEMENT OF PREVIOUSLY ISS_8
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Additional Information (Details) | 4 Months Ended | ||
Dec. 31, 2020USD ($)Vote$ / sharesshares | Sep. 30, 2021$ / sharesshares | Nov. 27, 2020shares | |
Minimum net intangible assets required to redemption of common stock | $ | $ 5,000,001 | ||
Shares subject to possible redemption | 23,000,000 | 23,000,000 | |
Class A ordinary shares | |||
Reclassification of equity | 4,400,000 | ||
Common shares, shares authorized | 300,000,000 | 300,000,000 | |
Common shares, par value, (per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common shares, votes per share | Vote | 1 | ||
Shares subject to possible redemption | 23,000,000 | 23,000,000 | |
Class A Ordinary Shares Subject to Possible Redemption | |||
Common shares, shares authorized | 500,000,000 | ||
Public Offering | Class A Ordinary Shares Subject to Possible Redemption | |||
Shares subject to possible redemption | 23,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 4 Months Ended | 9 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | Nov. 27, 2020 | |
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 | |
Unrecognized tax benefits | $ 0 | $ 0 | |
Unrecognized tax benefits accrued for interest and penalties | 0 | 0 | |
Federal depository insurance coverage | 250,000 | $ 250,000 | |
Cash and cash equivalents | $ 1,659,434 | ||
Public Offering | |||
Number of warrants issued | 11,500,000 | ||
Private placement warrants | |||
Number of warrants issued | 8,900,000 | ||
Class A ordinary shares | |||
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 | |
Class A ordinary shares | Private placement warrants | |||
Purchase of aggregate shares | 20,400,000 | ||
Class A ordinary shares subject to redemption | |||
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 | |
Class A ordinary shares subject to redemption | Public Offering | |||
Temporary Equity, Shares outstanding | 23,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Basic and Diluted Net Income (Loss) per share (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Denominator: | ||||
Weighted average shares outstanding - basic and diluted | 23,000,000 | 23,000,000 | ||
Class A ordinary shares | ||||
Numerator: | ||||
Allocation of net loss | $ (6,978,778) | |||
Denominator: | ||||
Weighted average shares outstanding - basic and diluted | 6,052,632 | |||
Basic and diluted net loss per share | $ (1.15) | |||
Class B ordinary shares | ||||
Numerator: | ||||
Allocation of net loss | $ (5,992,646) | |||
Denominator: | ||||
Weighted average shares outstanding - basic and diluted | 5,750,000 | 5,750,000 | 5,197,368 | 5,750,000 |
Basic and diluted net loss per share | $ 0 | $ (0.07) | $ (1.15) | $ 0.08 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details) - $ / shares | Nov. 27, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issuable per warrant | 1 | ||
Exercise price of warrants | $ 11.50 | ||
Public Offering | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units sold | 23,000,000 | ||
Shares Issued, Price Per Share | $ 10.10 | $ 10.10 | |
Number of shares in a unit | 1 | ||
Number of warrants in a unit | 0.50 | ||
Number of shares issuable per warrant | 1 | ||
Exercise price of warrants | $ 11.50 | ||
Public Offering | Public Warrants | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares in a unit | 1 | ||
Number of warrants in a unit | 0.5 | ||
Over-allotment | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units sold | 3,000,000 | ||
Shares Issued, Price Per Share | $ 10 | ||
Exercise price of warrants | $ 11.50 | $ 11.50 |
PRIVATE PLACEMENT (Details)
PRIVATE PLACEMENT (Details) - USD ($) | Nov. 28, 2020 | Nov. 27, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from sale of Private Placement Warrants | $ 8,900,000 | |||
Shares issuable per warrant | 1 | |||
Exercise price of warrant | $ 11.50 | |||
Over-allotment | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price of warrant | $ 11.50 | $ 11.50 | ||
Private placement warrants | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Warrants | 8,900,000 | 8,900,000 | 8,900,000 | |
Proceeds from sale of Private Placement Warrants | $ 8,900,000 | $ 8,900,000 | $ 8,900,000 | |
Shares issuable per warrant | 1 | 1 | ||
Exercise price of warrant | $ 1 | $ 1 |
RELATED PARTY TRANSACTIONS - Fo
RELATED PARTY TRANSACTIONS - Founder Shares (Details) - USD ($) | Oct. 22, 2020 | Sep. 30, 2020 | Aug. 21, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Aug. 22, 2020 |
Related Party Transaction [Line Items] | |||||||
Common stock, shares subject to forfeiture, as a percent of issued and outstanding shares (as a percent) | 20.00% | 20.00% | |||||
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) | $ 12 | $ 12 | |||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 days | ||||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 30 days | 30 days | |||||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 150 days | 150 days | |||||
Each of the Company's directors | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares transferred | 120,000 | ||||||
Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Common shares, shares outstanding | 5,750,000 | 5,750,000 | |||||
Over-allotment | Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Shares subject to forfeiture | 750,000 | ||||||
Shares no longer subject to forfeiture | 750,000 | 750,000 | |||||
Founder Shares | Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Restrictions on transfer period of time after business combination completion | 1 year | ||||||
Sponsor | Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Consideration received | $ 25,000 | ||||||
Shares issued | 7,187,500 | ||||||
Number of shares surrender | 1,437,500 | ||||||
Common shares, shares outstanding | 5,750,000 | ||||||
Sponsor | Founder Shares | Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 days | ||||||
Sponsor | Each of the Company's directors | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares transferred | 40,000 | 40,000 | |||||
Sponsor | Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Consideration received | $ 0 | $ 25,000 | |||||
Shares issued | 7,187,500 | ||||||
Number of shares surrender | 1,437,500 | ||||||
Common shares, shares outstanding | 5,750,000 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) | Nov. 23, 2020 | Aug. 21, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Related Party Transaction [Line Items] | ||||||
Repayment of promissory note - related party | $ 124,826 | $ 124,826 | ||||
Affiliate | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative expenses - related party | $ 10,000 | |||||
Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Face amount | $ 300,000 | |||||
Administrative Support Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses incurred and paid | $ 30,000 | $ 0 | $ 90,000 | |||
Related Party Loans | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum number of warrants to be purchased | 250,000 | 250,000 | ||||
Exercise price of warrants | $ 1 | $ 1 | ||||
Working capital Loans outstanding | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Nov. 27, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / shares | Nov. 23, 2020item |
Commitments And Contingencies | ||||
Maximum number of demands for registration of securities | item | 3 | |||
Deferred fee per unit | $ / shares | $ 0.35 | $ 0.35 | ||
Deferred underwriting fee payable | $ | $ 8,050,000 | |||
Costs reimbursed by underwriters | $ | $ 750,000 | $ 750,000 | ||
Public Offering | ||||
Commitments And Contingencies | ||||
Aggregate amount of proceeds | $ | $ 230,000,000 | |||
Share price per share | $ / shares | $ 10 | |||
Number of units issued | shares | 23,000,000 | |||
Anchor investors | ||||
Commitments And Contingencies | ||||
Share price per share | $ / shares | $ 494.56 | |||
Indirect beneficial interest, shares | shares | 142,187 | |||
Anchor investors | Public Offering | ||||
Commitments And Contingencies | ||||
Number of units issued | shares | 1,980,000 |
SHAREHOLDERS' DEFICIT - Preferr
SHAREHOLDERS' DEFICIT - Preferred Stock Shares (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Shareholders' Equity | ||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
SHAREHOLDERS' DEFICIT - Common
SHAREHOLDERS' DEFICIT - Common Stock Shares (Details) - $ / shares | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 |
Class A ordinary shares | ||
Class of Stock [Line Items] | ||
Common shares, shares authorized | 300,000,000 | 300,000,000 |
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Voting Rights | one | one |
Common shares, shares issued | 0 | 0 |
Common shares, shares outstanding | 0 | 0 |
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 |
Class A ordinary shares subject to redemption | ||
Class of Stock [Line Items] | ||
Class A common stock subject to possible redemption, issued (in shares) | 23,000,000 | |
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 |
Class B ordinary shares | ||
Class of Stock [Line Items] | ||
Common shares, shares authorized | 30,000,000 | 30,000,000 |
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Voting Rights | one | one |
Common shares, shares issued | 5,750,000 | 5,750,000 |
Common shares, shares outstanding | 5,750,000 | 5,750,000 |
Aggregated shares issued upon converted basis (in percent) | 20.00% | 20.00% |
DERIVATIVE WARRANT LIABILITIES
DERIVATIVE WARRANT LIABILITIES (Details) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020D$ / shares | Sep. 30, 2021$ / shares | |
Class of Warrant or Right [Line Items] | ||
Public Warrants expiration term | 5 years | |
Minimum threshold written notice period for redemption of public warrants | 30 days | |
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent) | 180.00% | |
Percentage of gross proceeds on total equity proceeds | 60.00% | |
Warrants | ||
Class of Warrant or Right [Line Items] | ||
Maximum period after business combination in which to file registration statement | 20 days | |
Period of time within which registration statement is expected to become effective | 60 days | |
Public Warrants | ||
Class of Warrant or Right [Line Items] | ||
Warrant exercise period condition one | P30D | |
Warrant exercise period condition two | P1Y | |
Public Warrants expiration term | 5 years | |
Stock price trigger for redemption of public warrants (in dollars per share) | $ 9.20 | |
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant | 60 | |
Trading period after business combination used to measure dilution of warrant | D | 20 | |
Warrant exercise price adjustment multiple | 115 | |
Warrant redemption price adjustment multiple | 180 | |
Restrictions on transfer period of time after business combination completion | 30 days | |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 | ||
Class of Warrant or Right [Line Items] | ||
Warrant redemption condition minimum share price | $ 18 | |
Redemption price per public warrant (in dollars per share) | $ 0.01 | $ 0.01 |
Minimum threshold written notice period for redemption of public warrants | 30 days | |
Threshold trading days for redemption of public warrants | 20 days | 20 days |
Threshold consecutive trading days for redemption of public warrants | 30 days | 30 days |
Threshold number of business days before sending notice of redemption to warrant holders | 3 days | 3 days |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $10.00 | ||
Class of Warrant or Right [Line Items] | ||
Warrant redemption condition minimum share price | $ 10 | |
Warrant redemption condition minimum share price scenario two | 10 | |
Redemption price per public warrant (in dollars per share) | $ 0.10 | |
Minimum threshold written notice period for redemption of public warrants | 30 days | |
Threshold trading days for redemption of public warrants | 20 days | 20 days |
Threshold consecutive trading days for redemption of public warrants | 30 days | 30 days |
Threshold number of business days before sending notice of redemption to warrant holders | 3 days | 3 days |
Public Warrants | Redemption Of Warrants When Price Per Share Of Class Common Stock Less Than 18.00 | ||
Class of Warrant or Right [Line Items] | ||
Warrant redemption condition minimum share price | $ 18 | |
Threshold trading days for redemption of public warrants | 20 days | |
Threshold consecutive trading days for redemption of public warrants | 30 days | |
Threshold number of business days before sending notice of redemption to warrant holders | 3 days |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) | Dec. 31, 2020USD ($) |
Level 1 | U.S. Treasury Securities Money Market Fund | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |
Fair Value | $ 232,301,973 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair value hierarchy for liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total warrant liabilities | $ 30,174,000 | $ 33,660,000 |
Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total warrant liabilities | 8,280,000 | 18,975,000 |
Private placement warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total warrant liabilities | 14,685,000 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total warrant liabilities | 8,280,000 | 18,975,000 |
Level 1 | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total warrant liabilities | 8,280,000 | 18,975,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total warrant liabilities | $ 21,894,000 | 14,685,000 |
Level 3 | Private placement warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total warrant liabilities | $ 14,685,000 |
FAIR VALUE MEASUREMENTS - Quant
FAIR VALUE MEASUREMENTS - Quantitative information regarding Level 3 fair value measurements inputs (Details) | Dec. 31, 2020 | Nov. 27, 2020 |
Exercise price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 11.50 | 11.50 |
IPO price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 10 | 10 |
Implied share price range (or underlying asset price at December 31, 2020) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 10.12 | |
Volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 21 | |
Term | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 5.70 | 5.75 |
Risk-Free Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.46 | 0.46 |
Dividend yield | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Minimum | Implied share price range (or underlying asset price at December 31, 2020) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 9.35 | |
Minimum | Volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 14 | |
Maximum | Implied share price range (or underlying asset price at December 31, 2020) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 9.66 | |
Maximum | Volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 23 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes in fair value of warrant liabilities (Details) - USD ($) | Nov. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 |
Class of Warrant or Right [Line Items] | ||||||
Change in value of derivative warrant liabilities | $ 1,488,000 | $ 12,110,000 | $ (3,486,000) | |||
Private placement warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Beginning balance | 14,685,000 | |||||
Initial measurement on November 27, 2020 | $ 9,879,000 | |||||
Change in value of derivative warrant liabilities | $ 4,806,000 | |||||
Fair value as of December 31, 2020 | 14,685,000 | $ 14,685,000 | 14,685,000 | |||
Public | ||||||
Class of Warrant or Right [Line Items] | ||||||
Beginning balance | 18,975,000 | |||||
Initial measurement on November 27, 2020 | 12,650,000 | |||||
Change in value of derivative warrant liabilities | 6,325,000 | |||||
Fair value as of December 31, 2020 | 18,975,000 | 18,975,000 | 18,975,000 | |||
Fair value assets transferred out of level 3 | 6,325,000 | |||||
Warrant Liabilities | ||||||
Class of Warrant or Right [Line Items] | ||||||
Beginning balance | $ 33,660,000 | |||||
Initial measurement on November 27, 2020 | $ 22,529,000 | |||||
Change in value of derivative warrant liabilities | 11,131,000 | |||||
Fair value as of December 31, 2020 | $ 33,660,000 | $ 33,660,000 | $ 33,660,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
ASSETS | ||
Cash | $ 1,190,307 | $ 1,906,348 |
Prepaid expenses | 108,370 | 237,088 |
Total current assets | 1,298,677 | 2,143,436 |
Investments held in trust account | 232,301,973 | |
Investments held in brokerage account | 232,316,486 | |
Total assets | 233,615,163 | 234,445,409 |
Current liabilities: | ||
Accounts payable | 345,062 | |
Accrued expenses | 10,550 | 49,934 |
Total current liabilities | 355,612 | 49,934 |
Deferred underwriting fees payable | 8,050,000 | 8,050,000 |
Derivative warrant liabilities | 30,174,000 | 33,660,000 |
Total liabilities | 38,579,612 | 41,759,934 |
Commitments and Contingencies (Note 7) | ||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | 232,300,000 | 232,300,000 |
Shareholders' Deficit: | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||
Accumulated deficit | (37,265,024) | (39,615,100) |
Total shareholders' deficit | (37,264,449) | (39,614,525) |
Total Liabilities and Shareholders' Deficit | 233,615,163 | 234,445,409 |
Class B ordinary shares | ||
Shareholders' Deficit: | ||
Common stock | $ 575 | $ 575 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 | Oct. 22, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 | |
Temporary equity, par value | $ 10.10 | $ 10.10 | |
Class A ordinary shares | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 300,000,000 | 300,000,000 | |
Common stock, shares issued | 0 | 0 | |
Common stock, shares outstanding | 0 | 0 | |
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 | |
Class A ordinary shares subject to redemption | |||
Temporary Equity, Shares outstanding | 23,000,000 | 23,000,000 | |
Temporary Equity, Shares Issued | 23,000,000 | ||
Class B ordinary shares | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 30,000,000 | 30,000,000 | |
Common stock, shares issued | 5,750,000 | 5,750,000 | |
Common stock, shares outstanding | 5,750,000 | 5,750,000 | |
Sponsor | Class B ordinary shares | |||
Common stock, shares outstanding | 5,750,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Formation and operating costs | $ 441,400 | $ 1,125,437 |
Loss from operations | (441,400) | (1,125,437) |
Gain on investments, dividends and interest, held in Trust Account | 2,992 | 14,513 |
Change in fair value of derivative liabilities | (1,488,000) | 3,486,000 |
Net Income (Loss) | $ (1,926,408) | $ 2,375,076 |
Weighted average shares outstanding | 23,000,000 | 23,000,000 |
Class A ordinary shares | ||
Weighted average shares outstanding of Class A ordinary shares | 23,000,000 | 23,000,000 |
Basic and diluted net income (loss) per ordinary share, Class A | $ (0.07) | $ 0.08 |
Class B ordinary shares | ||
Weighted average shares outstanding | 5,750,000 | 5,750,000 |
Basic and diluted net income (loss) per ordinary share | $ (0.07) | $ 0.08 |
Class A redeemable common stock | ||
Basic and diluted net income (loss) per ordinary share | $ (0.07) | $ 0.08 |
Class B non redeemable common stock | ||
Weighted average shares outstanding | 5,750,000 | 5,750,000 |
Basic and diluted net income (loss) per ordinary share | $ (0.07) | $ 0.08 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Class B ordinary sharesCommon Stock [Member] | Class A ordinary sharesCommon Stock [Member] | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Aug. 19, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (7,221) | ||||
Balance at the end at Sep. 30, 2020 | $ 575 | 24,425 | (7,221) | 17,779 | |
Balance at the end (in shares) at Sep. 30, 2020 | 5,750,000 | ||||
Balance at the beginning at Aug. 19, 2020 | $ 0 | $ 0 | 0 | 0 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of ordinary shares to sponsor | $ 575 | 24,425 | 25,000 | ||
Issuance of ordinary shares to sponsor (in shares) | 5,750,000 | ||||
Accretion of Class A Ordinary Shares to redemption value | (24,425) | (26,643,676) | (26,668,101) | ||
Net income (loss) | (12,971,424) | (12,971,424) | |||
Balance at the end at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the end (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Balance at the beginning at Aug. 20, 2020 | $ 0 | 0 | 0 | 0 | |
Balance at the beginning (in shares) at Aug. 20, 2020 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of ordinary shares to sponsor | $ 575 | 24,425 | 25,000 | ||
Issuance of ordinary shares to sponsor (in shares) | 5,750,000 | ||||
Net income (loss) | (7,221) | (7,221) | |||
Balance at the end at Sep. 30, 2020 | $ 575 | $ 24,425 | (7,221) | 17,779 | |
Balance at the end (in shares) at Sep. 30, 2020 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accretion of Class A Ordinary Shares to redemption value | (25,000) | (25,000) | |||
Net income (loss) | 8,734,669 | 8,734,669 | |||
Balance at the end at Mar. 31, 2021 | $ 575 | (30,905,431) | (30,904,856) | ||
Balance at the end (in shares) at Mar. 31, 2021 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Balance at the end at Jun. 30, 2021 | $ 575 | (35,338,616) | (35,338,041) | ||
Balance at the end (in shares) at Jun. 30, 2021 | 5,750,000 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 575 | (39,615,100) | (39,614,525) | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 2,375,076 | ||||
Balance at the end at Sep. 30, 2021 | $ 575 | (37,265,024) | (37,264,449) | ||
Balance at the end (in shares) at Sep. 30, 2021 | 5,750,000 | ||||
Balance at the beginning at Mar. 31, 2021 | $ 575 | (30,905,431) | (30,904,856) | ||
Balance at the beginning (in shares) at Mar. 31, 2021 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (4,433,185) | (4,433,185) | |||
Balance at the end at Jun. 30, 2021 | $ 575 | (35,338,616) | (35,338,041) | ||
Balance at the end (in shares) at Jun. 30, 2021 | 5,750,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (1,926,408) | (1,926,408) | |||
Balance at the end at Sep. 30, 2021 | $ 575 | $ (37,265,024) | $ (37,264,449) | ||
Balance at the end (in shares) at Sep. 30, 2021 | 5,750,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 1 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (7,221) | $ 2,375,076 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Change in fair value of derivative liabilities | (3,486,000) | |
Gain on marketable securities (net), dividends and interest, held in Trust Account | (14,513) | |
Formation and operating cost paid through the issuance of ordinary shares to Sponsor | 5,000 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (4,442) | 128,719 |
Accounts payable and accrued expenses | 305,677 | |
Net cash used in operating activities | (6,663) | (691,041) |
Cash Flows from Financing Activities: | ||
Advances from related party | 6,663 | |
Offering costs paid | (25,000) | |
Net cash provided by financing activities | 6,663 | (25,000) |
Net decrease in cash | (716,041) | |
Cash - beginning of period | 1,906,348 | |
Cash - end of period | $ 1,190,307 | |
Supplemental disclosure of noncash investing and financing activities: | ||
Deferred offering costs included in accrued expenses | 59,559 | |
Deferred offering costs paid through promissory note - related party | 113,163 | |
Deferred offering costs paid through the issuance of ordinary shares to Sponsor | $ 20,000 |
Description Of Organization A_3
Description Of Organization And Business Operations | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Description Of Organization And Business Operations | ||
Description Of Organization And Business Operations | NOTE 1 — Spring Valley Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 20, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from August 20, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering and will recognize changes in the fair value of warrant liability as other income (expense). The Company has selected December 31 as its fiscal year end. The registration statement for the Company’s Initial Public Offering was declared effective on November 23, 2020. On November 27, 2020, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”) which includes the full exercise by the underwriters of its over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000 which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 8,900,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Spring Valley Acquisition Sponsor, LLC (the “Sponsor”), generating gross proceeds of $8,900,000, which is described in Note 5. Offering costs consist of legal, accounting and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering in November 2020. Offering costs amounting to $12,528,579 (consisting of $3,800,000 in underwriting commissions, $8,050,000 of deferred underwriters’ fee and $678,579 of other offering costs) were incurred, of which $678,579 were allocated to warrants and expensed and $11,850,000 were allocated against the Class A shares. Following the closing of the Initial Public Offering, an amount of $232,300,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount of any deferred underwriting commission and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, for an amount equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the Prospectus. The per-share amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased during or after the Proposed Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest and other income earned on the Trust account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares. The Company will initially have until May 27, 2022 to consummate a Business Combination. However, if the Company anticipates that it may not be able to consummate a Business Combination by May 27, 2022, it may, by resolution of the board of directors if requested by the Sponsor, extend the initial period of time to consummate a Business Combination one time, by an additional 6 months, subject to the Sponsor, its affiliates or permitted designees purchasing additional Private Placement Warrants. The shareholders will not be entitled to vote or redeem their Public Shares in connection with any such extension. In order to extend the initial period of time to consummate a Business Combination for such six-month period, the Sponsor, its affiliates or permitted designees, must purchase an additional 2,300,000 Private Placement Warrants at $1.00 per warrant and deposit the $2,300,000 in proceeds into the Trust Account on or prior to May 27, 2022. The Sponsor, its affiliates or permitted designees are not obligated to purchase additional Private Placement Warrants to extend the time for the Company to complete a Business Combination. However, if the Company has not completed a Business Combination within the Combination Period, 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, redeem 100% of 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 and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, 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. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the per share value deposited into the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.10 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. | SPRING VALLEY ACQUISITION CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) Note 1 - Description Of Organization And Business Operations Spring Valley Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 20, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities (a ”Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, searching for a business combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on November 23, 2020. On November 27, 2020, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”) which includes the full exercise by the underwriters of its over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000 which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 8,900,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Spring Valley Acquisition Sponsor, LLC (the “Sponsor”), generating gross proceeds of $8,900,000, which is described in Note 5. Offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering in November 2020. Offering costs amounting to $12,528,579 (consisting of $3,800,000 in underwriting commissions, $8,050,000 of deferred underwriters’ fee and $678,579 of other offering costs) were incurred, of which $678,579 were allocated to warrants and expensed and $11,850,000 were allocated against the Class A shares. Following the closing of the Initial Public Offering, an amount of $232,300,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. On March 25, 2021 the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, Spring Valley Merger Sub, Inc., a Delaware corporation, and wholly owned subsidiary of the Company, and Dream Holdings, Inc., a Delaware public benefit corporation (“Dream Holdings”), relating to a proposed business combination with AeroFarms (the “Merger”). On October 14, 2021, the Company and Dream Holdings terminated the Merger Agreement in a mutual decision not to pursue the Merger. The Company plans to withdraw the registration statement on Form S-4 initially filed with the U.S. Securities and Exchange Commission on May 10, 2021. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount of any deferred underwriting commission and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, for an amount equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the prospectus. The per-share amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest and other income earned on the Trust account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares. The Company will initially have until May 27, 2022 to consummate a Business Combination. However, if the Company anticipates that it may not be able to consummate a Business Combination by May 27, 2022, it may, by resolution of the board of directors if requested by the Sponsor, extend the initial period of time to consummate a Business Combination one time, by an additional 6 months, subject to the Sponsor, its affiliates or permitted designees purchasing additional Private Placement Warrants. The shareholders will not be entitled to vote or redeem their Public Shares in connection with any such extension. In order to extend the initial period of time to consummate a Business Combination for such six-month period, the Sponsor, its affiliates or permitted designees, must purchase an additional 2,300,000 Private Placement Warrants at $1.00 per warrant and deposit the However, if the Company has not completed a Business Combination within the Combination Period, 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, redeem 100% of 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 and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, 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. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the per share value deposited into the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.10 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. |
Restatement of Previously Iss_9
Restatement of Previously Issued Financial Statement | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statement | ||
Restatement of Previously Issued Financial Statement | NOTE 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (as restated) In connection with the change in presentation of Class A ordinary shares subject to possible redemption, the Company concluded it should restate its previously filed financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the guidance on redeemable equity instruments in ASC Topic 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity, or total shareholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with its financial statements for quarterly period ended September 30, 2021, the Company revised this interpretation to include temporary equity in net tangible assets. In addition, in connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company determined it should restate its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error. Therefore, the Company, in consultation with its Audit Committee, concluded that the following financial statements should be restated: (i) audited balance sheet as of November 27, 2020 (the “Post IPO Balance Sheet”), as previously revised in the Company’s Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2020, filed with the SEC on May 7, 2021 (“2020 Form 10-K/A No. 1”); (ii) audited financial statements included in the 2020 Form 10-K/A No. 1; (iii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on May 21, 2021; and (iv) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 13, 2021 (collectively, the “Affected Periods”), should be restated to report all Public Shares as temporary equity and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods in this Form 10-K/A for the Post IPO Balance Sheet and the Company’s audited financial statements included in the 2020 Form 10-K/A No. 1. The unaudited condensed financial statements for the periods ended March 31, 2021 and June 30, 2021 will be amended in the Company’s Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021, to be filed with the SEC (the “Q3 Form 10-Q”). The restatement does not have an impact on the Company’s cash position and cash held in the trust account established in connection with the IPO (the “Trust Account”). The change in the carrying value of the redeemable Class A ordinary shares at December 31, 2020 resulted in a reclassification of approximately 4.4 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 31, 2020: As Previously As of December 31, 2020 Restated Adjustment As Restated Total assets $ 234,445,409 $ — $ 234,445,409 Total liabilities $ 41,759,934 $ — $ 41,759,934 Class A ordinary shares subject to possible redemption 187,685,474 44,614,526 232,300,000 Preference shares — — — Class A ordinary shares 442 (442) — Class B ordinary shares 575 — 575 Additional paid-in capital 17,970,408 (17,970,408) — Accumulated deficit (12,971,424) (26,643,676) (39,615,100) Total shareholders’ equity (deficit) $ 5,000,001 $ (44,614,526) $ (39,614,525) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,445,409 $ — $ 234,445,409 For the period from August 20, 2020 (inception) through December 31, 2020 As Previously Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Initial value of Class A ordinary shares subject to possible redemption $ 200,645,178 $ (200,645,178) $ — Change in value of Class A ordinary shares subject to possible redemption $ (12,959,704) $ 12,959,704 $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the period from August 20, 2020 (inception) through December 31, 2020: Earnings Per Share for Class A ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic and diluted 23,000,000 (16,947,368) 6,052,632 Basic and diluted loss per share $ — $ (1.15) $ (1.15) Earnings Per Share for Class B ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic 5,194,656 2,712 5,197,368 Basic and diluted loss per share $ (3.80) $ 2.65 $ (1.15) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of November 27, 2020: As Previously As of November 27, 2020 Reported Adjustment As Restated Total assets $ 235,022,982 $ — $ 235,022,982 Total liabilities $ 31,106,056 $ — $ 31,106,056 Class A ordinary shares subject to possible redemption 200,645,178 31,654,822 232,300,000 Preference shares — — — Class A ordinary shares 313 (313) — Class B ordinary shares 575 — 575 Additional paid-in capital 5,010,833 (5,010,833) — Accumulated deficit (1,739,973) (26,643,676) (28,383,649) Total shareholders’ equity (deficit) $ 3,271,748 $ (31,654,822) $ (28,383,074) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 235,022,982 $ — $ 235,022,982 Class A Ordinary Shares Subject to Possible Redemption The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 shares of Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of the Initial Public Offering, there were 23,000,000 Class A ordinary shares outstanding, which were all subject to possible redemption and classified outside of permanent equity in the balance sheet. The Class A ordinary shares subject to possible redemption reflected on the balance sheet is reconciled on the following table: Gross proceeds $ 230,000,000 Less: Fair value of Public Warrants at issuance (12,650,000) Offering costs allocated to Class A ordinary shares subject to possible redemption (11,781,101) Plus: Accretion on Class A ordinary shares subject to possible redemption amount 26,668,101 Class A ordinary shares subject to possible redemption $ 232,300,000 Liquidity and Going Concern Considerations As of December 31, 2020, we had $1,906,348 of cash held outside of the Trust Account, after payment of costs related to the Initial Public Offering, and available for working capital purposes. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements - Going Concern,” management has determined that the liquidity condition, mandatory liquidation date and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to complete a business combination by May 27, 2022 then the Company will cease all operations except for the purpose of liquidating. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 27, 2022. | Note 2 — Restatement of Previously Issued Financial Statement The Company concluded it should restate its previously issued financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with guidance on redeemable equity instruments in ASC Topic 480-10-S99, redemption provisions not solely within the control of the Company, require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 . Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these condensed financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares participate pro rata in the income and losses of the Company. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Quarterly Periods should be restated to present all Class A ordinary shares subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements to those periods in this quarterly report. The impact of the restatement on the financial statements for the Affected Quarterly Periods is presented below. The change in the carrying value of the redeemable Class A ordinary shares at March 31, 2021 resulted in a reclassification of approximately 3.6 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of March 31, 2021. As Previously As of March 31, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 234,164,226 $ — $ 234,164,226 Total liabilities $ 32,769,082 $ — $ 32,769,082 Class A ordinary shares subject to possible redemption 196,395,143 35,904,857 232,300,000 Preference shares — — — Class A ordinary shares 355 (355) — Class B ordinary shares 575 — 575 Additional paid-in-capital 9,235,826 (9,235,826) — Accumulated deficit (4,236,755) (26,668,676) (30,905,431) Total shareholders’ equity (deficit) $ 5,000,001 $ (35,904,857) $ (30,304,856) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,164,226 $ — $ 234,164,226 The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the three months ended March 31, 2021. As Previously For the three months ended March 31, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (8,734,582) $ 8,734,582 $ — The change in the carrying value of the redeemable Class A ordinary shares at June 30, 2021 resulted in a reclassification of approximately 4.0 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of June 30, 2021. As Previously As of June 30, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 233,801,679 $ 233,801,679 Total liabilities $ 36,839,721 $ 36,839,721 Class A ordinary shares subject to possible redemption 196,961,950 40,338,050 232,300,000 Preference shares — — — Class A ordinary shares 399 (399) — Class B ordinary shares 575 — 575 Additional paid-in-capital 13,668,974 (13,668,974) — Accumulated deficit (8,669,940) (26,668,677) (35,338,617) Total shareholders’ equity (deficit) $ 5,000,008 $ (40,338,050) $ (35,338,042) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 233,801,679 $ — $ 233,801,679 The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the six months ended June 30, 2021. As Previously For the six months ended June 30, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 4,276,476 $ (4,276,476) $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods. As Previously Earnings Per Share for Class A ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 23,000,000 — 232,300,000 Basic and diluted earnings per share $ — $ 0.30 $ 0.300 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ (0.15) $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ 0.15 $ 0.15 As Previously Earnings Per Share for Class B ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 1.52 $ (1.22) $ 0.30 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ (0.77) $ 0.62 $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 0.75 $ (0.60) $ 0.15 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies | ||
Summary of Significant Accounting Policies | NOTE 3 — Basis of Presentation The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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 financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,659,434 in cash and cash equivalents as of December 31, 2020. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is 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 to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of Initial Public Offering, the 23,000,000 shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, we recognized the accretion from initial book value to redemption amount. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit. Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Company issued 11,500,000 warrants as part of the units offered in its Initial Public Offering and, simultaneously with the closing of Initial Public Offering, the Company issued in a private placement an aggregate of 8,900,000 private placement warrants. The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40-15-7D and 7F under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants has been estimated using the Public Warrants’ quoted market price. The Private Placement Warrants are valued using a Modified Black Scholes Option Pricing Model. Offering Costs Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares are charged against their carrying value upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average ordinary shares outstanding for the respective period. The calculation of diluted net income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the IPO and the Private Placement to purchase an aggregate of 20,400,000 shares of Class A ordinary shares in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period from August 20, 2020 (inception) through December 31, 2020. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares: For the period from August 20, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (6,978,778) $ (5,992,646) Denominator: Basic and diluted weighted average ordinary shares outstanding 6,052,632 5,197,368 Basic and diluted net loss per ordinary share $ (1.15) $ (1.15) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. 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. | Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020 as filed with the SEC on May 7, 2021, which contains the audited financial statements and notes thereto. The condensed financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. Going Concern In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until May 27, 2022, to consummate the proposed Business Combination. It is uncertain that the Company will be able to consummate the proposed Business Combination by this time. Additionally, the Company may not have sufficient liquidity to fund the working capital needs of the Company through one year from the issuance of these financial statements. If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a business combination not occur, and potential subsequent dissolution, raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 27, 2022. The Company intends to complete the proposed Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company will be able to consummate any business combination by May 27, 2022. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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 condensed financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have cash and cash equivalents as of September 30, 2021 and December 31, 2020, respectively. Derivative Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in ASC 815, “Derivatives and Hedging”, under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants has been estimated using the Public Warrants’ quoted market price. The Private Placement Warrants are valued using a Modified Black Scholes Option Pricing Model. See Note 9 for further discussion of the pertinent terms of the Warrants and Note 10 for further discussion of the methodology used to determine the value of the Warrants. Class A Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 23,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity outside of the shareholders’ equity section of the Company’s condensed balance sheets. Offering Costs Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares are charged against their carrying value upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2021, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income (Loss) Per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares issued and outstanding during the period. The Company has not considered the effect of warrants sold in the Initial Public Offering and private placement to purchase Class A ordinary share in the calculation of diluted income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. The Company’s statement of operations includes a presentation of income (loss) per share for shares of ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. As of September 30, 2021, 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. As a result, diluted loss per share is the same as basic loss per share for the period presented. A reconciliation of net loss per ordinary share is as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2021 Redeemable Class A Ordinary Shares Numerator: Allocation of net loss $ (1,541,126) $ 1,900,061 Denominator: Weighted average shares outstanding, basic and diluted 23,000,000 23,000,000 Basic and diluted net loss per share $ (0.07) $ 0.08 Non-Redeemable Class B Ordinary Shares Numerator: Net Loss minus Redeemable Net Earnings Net (Loss) Income attributable to Non-Redeemable Class B Ordinary Shares $ (385,282) $ 475,015 Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares Basic and diluted weighted average shares outstanding, Non-Redeemable Class B 5,750,000 5,750,000 Basic and diluted net loss per share, Non-Redeemable Class B $ (0.07) $ 0.08 Note: As of September 30, 2021, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s shareholders. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limits of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s balance sheet, primarily due to their short-term nature. 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. 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. |
Initial Public Offering_2
Initial Public Offering | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Initial Public Offering | ||
Initial Public Offering | NOTE 4 — Pursuant to the Initial Public Offering, the Company sold 23,000,000 Units, which includes a full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one -half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 8). | Note 4 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 23,000,000 Units, which includes a full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-half |
Private Placement_2
Private Placement | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Private Placement | ||
Private Placement | NOTE 5 Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 8,900,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $8,900,000. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants 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. | Note 5 - Private Placement Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 8,900,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $8,900,000. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants 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. |
Related Party Transactions_2
Related Party Transactions | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Related Party Transactions | ||
Related Party Transactions | NOTE 6 — Founder Shares On August 21, 2020, the Sponsor paid $25,000 to the Company in consideration for 7,187,500 Class B ordinary shares (the “Founder Shares”). In September 2020, the Sponsor transferred 40,000 Founder Shares to each of the Company’s directors (120,000 shares in total). On October 22, 2020, the Sponsor effected a surrender of 1,437,500 Founder Shares to the Company for no consideration, resulting in 5,750,000 Founder Shares outstanding. The Sponsor transferred all of the Founder Shares owned by the Sponsor to SV Acquisition Sponsor Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Sponsor (“Holdco”), prior to the closing of the Initial Public Offering. The Founder Shares included an aggregate of up to 750,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, a total of 750,000 Founder Shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 30 Administrative Support Agreement Commencing on November 23, 2020, the Company entered into an agreement to pay an affiliate of the Sponsor up to $10,000 per month for office space, secretarial and administrative services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. As of December 31, 2020, no fees have been incurred related to the agreement. Promissory Note — Related Party On August 21, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2020 or (ii) the completion of the Initial Public Offering. The Company borrowed $124,826 through the IPO date and repaid the Note prior to December 31, 2020. Related Party Loans Loans from the Sponsor, members of Spring Valley’s founding team or any of their affiliates to finance transaction costs in connection with the Transactions (“Working Capital Loans”) are not permitted under the terms of the Merger Agreement (attached hereto as Annex A); provided, however, if (i) the Closing has not yet occurred on each of May 15, 2022 and August 15, 2022 and (ii) the Sponsor reasonably believes in good faith that Spring Valley has a need for additional working capital to fund its operations, then the Sponsor will have the right, but not the obligation, to purchase up to 250,000 Spring Valley Warrants, at the price of $1.00 per Spring Valley Warrant, on or after each of May 15, 2022 and August 15, 2022. Any such purchase may be made in one or more increments and may be made solely as and when needed to fund the working capital needs of the Sponsor. After the Closing, the Spring Valley Warrants will become exercisable for NuScale Corp Class A Common Stock. As of December 31, 2020, there were no Working Capital Loans outstanding. | Note 6 - Related Party Transactions Founder Shares On August 21, 2020, the Sponsor paid $25,000 to the Company in consideration for 7,187,500 Class B ordinary shares (the “Founder Shares”). In September 2020, the Sponsor transferred 40,000 Founder Shares to each of the Company’s directors (120,000 shares in total). On October 22, 2020, the Sponsor effected a surrender of 1,437,500 Founder Shares to the Company for no consideration, resulting in 5,750,000 Founder Shares outstanding. The Sponsor transferred all of the Founder Shares owned by the Sponsor to SV Acquisition Sponsor Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Sponsor (“Holdco”), prior to the closing of the Initial Public Offering. The Founder Shares included an aggregate of up to 750,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, a total of 750,000 Founder Shares are no longer subject to forfeiture. On February 24, 2021, the Company paid $25,000 as reimbursement for the original share purchase. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a 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 Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Administrative Support Agreement Commencing on November 23, 2020, the Company entered into an agreement to pay an affiliate of the Sponsor up to $10,000 per month for office space, secretarial and administrative services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2021, $30,000 and $90,000 has been expensed related to the agreement. Promissory Note — Related Party On August 21, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2020 or (ii) the completion of the Initial Public Offering. As of September 30, 2021 and December 31, 2020, there is no outstanding amounts under the Promissory Note, and no further borrowings are permitted. Related Party Loans Loans from the Sponsor, members of Spring Valley’s founding team or any of their affiliates to finance transaction costs in connection with the Transactions (“Working Capital Loans”) are not permitted under the terms of the Merger Agreement (attached hereto as Annex A); provided, however, if (i) the Closing has not yet occurred on each of May 15, 2022 and August 15, 2022 and (ii) the Sponsor reasonably believes in good faith that Spring Valley has a need for additional working capital to fund its operations, then the Sponsor will have the right, but not the obligation, to purchase up to 250,000 Spring Valley Warrants, at the price of $1.00 per Spring Valley Warrant, on or after each of May 15, 2022 and August 15, 2022. Any such purchase may be made in one or more increments and may be made solely as and when needed to fund the working capital needs of the Sponsor. After the Closing, the Spring Valley Warrants will become exercisable for NuScale Corp Class A Common Stock. As of September 30, 2021 and December 31, 2020, there were no Working Capital Loans outstanding. |
Commitments And Contingencies_2
Commitments And Contingencies | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Commitments And Contingencies | ||
Commitments And Contingencies | NOTE 7 — Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 global 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, its results of 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. Registration and Shareholders Rights Pursuant to a registration and shareholders rights agreement entered into on November 23, 2020, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) are entitled to registration rights. The holders of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination. However, the registration and shareholder 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 lockup period. The registration and shareholder rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriter is entitled to a deferred fee of $0.35 per Unit, or $8,050,000 in the aggregate. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. In addition, the underwriters reimbursed the Company an aggregate of $750,000 for costs incurred in connection with the Initial Public Offering. Anchor Investments Certain qualified institutional buyers or institutional accredited investors not affiliated with any member of the Company’s management (the “anchor investors”) purchased 1,980,000 Units each in the Initial Public Offering and the Company directed the underwriters to sell to the anchor investors such number of Units. Further, each of the anchor investors entered into a separate agreement with the Sponsor pursuant to which each such investor purchased membership interests in Holdco representing an indirect beneficial interest in up to 142,187 Founder Shares upon the closing of the Initial Public Offering for up to $494.56. | Note 7 - Commitments And Contingencies Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 global 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, its results of 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. Registration and Shareholders Rights Pursuant to a registration and shareholders rights agreement entered into on November 23, 2020, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) will be entitled to registration rights. The holders of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination. However, the registration and shareholder 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 lockup period. The registration and shareholder rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriter is entitled to a deferred fee of $0.35 per Unit, or $8,050,000 in the aggregate. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. In addition, the underwriters reimbursed the Company an aggregate of $750,000 for costs incurred in connection with the Initial Public Offering. Anchor Investments Certain qualified institutional buyers or institutional accredited investors not affiliated with any member of the Company’s management (the “anchor investors”) purchased 1,980,000 Units each in the Initial Public Offering and the Company directed the underwriters to sell to the anchor investors such number of Units. Further, each of the anchor investors entered into a separate agreement with the Sponsor pursuant to which each such investor purchased membership interests in Holdco representing an indirect beneficial interest in up to 142,187 Founder Shares upon the closing of the Initial Public Offering for $494.56. |
Shareholders' Equity
Shareholders' Equity | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Shareholders' Equity | ||
Shareholders' Equity | NOTE 8 — Preference Shares — outstanding Class A Ordinary Shares — outstanding Class B Ordinary Shares outstanding Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Proposed Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. | Note 8 - Shareholders’ Equity Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. |
Derivative Warrant Liability
Derivative Warrant Liability | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Derivative Warrant Liability | ||
Derivative Warrant Liability | NOTE 9 — DERIVATIVE WARRANT LIABILITIES 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 a Business Combination and (b) one year from the closing of the Proposed Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, 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, but it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 . ● 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 to each warrant holder; and ● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30 - trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; ● if, and only if, the closing price of the Class A ordinary shares equal or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30 -trading day period ending three trading days before the Company send the notice of redemption to the warrant holders; and ● if the closing price of the Class A ordinary shares 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 is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their 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. | Note 9 - Derivative Warrant Liability 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 a Business Combination and (b) one year from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable, and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified, or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, 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, but it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 . ● ● ● ● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30 -trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 ● ● ● three if the closing price of the Class A ordinary shares 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 is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable, or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their 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. |
Fair Value Measurements_2
Fair Value Measurements | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Fair Value Measurements | ||
Fair Value Measurements | NOTE 10 — FAIR VALUE MEASUREMENTS The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Asset Level Fair Value December 31, 2020 U.S. Treasury Securities Money Market Fund 1 232,301,973 The Warrants are accounted for as liabilities pursuant to ASC 815-40 and are measured at fair value as of each reporting period. Changes in the fair value of the Warrants are recorded in the statement of operations each period. The following table presents our fair value hierarchy for liabilities measured at fair value on a recurring basis as of December 31, 2021: Level 1 Level 2 Level 3 Total Warrant liabilities: Public Warrants $ 18,975,000 $ — $ — $ 18,975,000 Private Placement Warrants — — 14,685,000 14,685,000 Total warrant liabilities $ 18,975,000 $ — $ 14,685,000 $ 33,660,000 The Private Placement Warrants were valued using a Black Scholes Model, which is considered to be a Level 3 fair value measurement. As of December 31, At issuance 2020 Exercise price $ 11.50 $ 11.50 IPO price $ 10.00 $ 10.00 Implied share price range (or underlying asset price at December 31, 2020) $ 9.35 - $9.66 $ 10.12 Volatility 14% - 23% 21% Term 5.75 5.70 Risk-free rate 0.46% 0.46% Dividend yield 0.0% 0.0% The following table presents the changes in the fair value of warrant liabilities: Private Warrant Placement Public Liabilities Initial measurement on November 27, 2020 $ 9,879,000 $ 12,650,000 $ 22,529,000 Change in valuation inputs or other assumptions (1) 4,806,000 6,325,000 11,131,000 Fair value as of December 31, 2020 $ 14,685,000 $ 18,975,000 $ 33,660,000 (1) Due to the use of quoted prices in an active market (Level 1) to measure the fair value of the Public Warrants, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $6,325,000 during the period from November 27, 2020 through December 31, 2020. ● The non-cash loss on revaluation of the Private Placement Warrants is included in recognized loss on change in fair value of warrant liabilities on the statement of operations. | Note 10 - Fair Value Measurements The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320 ”Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts. The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2021: Level 1 Level 2 Level 3 Total Assets: Marketable securities held in brokerage account $ 232,313,494 $ — $ — $ 232,313,494 Liabilities: Public Warrants $ 8,280,000 $ — $ — $ 8,280,000 Private Placement Warrants — — 21,894,000 21,894,000 Total liabilities $ 8,280,000 $ — $ 21,894,000 $ 30,174,000 The Warrants are accounted for as liabilities pursuant to ASC 815-40 and are measured at fair value as of each reporting period. Changes in the fair value of the Warrants are recorded in the statement of operations each period. The following table presents a summary of the changes in the fair value of the Private Placement Warrants, a Level 3 liability, measured on a recurring basis. Private Warrant Liability Balance at, January 1, 2021 $ 14,685,000 Recognized gain (loss) on change in fair value (3,738,000) Fair value, March 31, 2021 10,947,000 Recognized gain (loss) on change in fair value 1,869,000 Fair value, June 30, 2021 12,816,000 Recognized gain on change in fair value 9,078,000 Fair value, September 30, 2021 $ 21,894,000 The Private Placement Warrants were valued using a Least Squares Monte Carlo Model, which is considered to be a Level 3 fair value measurement. As the path-dependent nature of the redemption provisions does not apply to the Private Placement warrants, the Company estimated the fair value using a Least Square Monte Carlo Model framework with significant assumptions including the price of the Company’s ordinary shares, risk-free rate, volatility, and term to the Company’s initial business combination. There were no transfers out of Level 3 during the three and nine months ended September 30, 2021. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: As of As of December 31, 2020 September 30, 2021 Exercise price $ 11.50 $ 11.50 IPO price $ 10.00 $ 10.00 Implied share price range (or underlying asset price at December 31, 2020) $ 10.12 $ 8.69 Volatility 21 % 80 % Term 5.7 5.07 Risk-free rate 0.46 % 0.99 % Dividend yield 0 % 0 % |
Subsequent Events_2
Subsequent Events | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Subsequent Events | ||
Subsequent Events | NOTE 11 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Except as described below and the restatement discussed in Note 2 of these financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On March 25, 2021 the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among the company, Spring Valley Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the company (“Merger Sub”), and Dream Holdings, Inc., a Delaware public benefit corporation (“Dream Holdings”), relating to a proposed business combination with AeroFarms. Pursuant to the Merger Agreement, among other things, Dream Holdings will merge with and into Merger Sub (the “Merger,” together with the other transactions related thereto, the “Proposed Transactions”), with Dream Holdings surviving the Merger as a subsidiary of the company. On October 14, 2021, the Company, Merger Sub and Dream Holdings entered into a Termination Agreement (the “Termination Agreement”), effective as of such date, pursuant to which the parties agreed to mutually terminate the Merger Agreement. The termination of the Merger Agreement is effective as of October 14, 2021. Proposed Business Combination On December 13, 2021, the Company, Spring Valley Merger Sub, LLC, an Oregon limited liability company (“ Merger Sub NuScale Merger Agreement Redomicile Merger Proposed Transactions Surviving Company Closing Closing Date Refer to the Form 8-K, as filed with the Securities and Exchange Commission on December 14, 2021 for additional information. | Note 11 - Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the condensed financial statements were issued. Based upon this review, except as noted below and other than the restatement discussed in Note 2, the Company did not identify any subsequent events that has not been disclosed in the condensed financial statements. Proposed Business Combination On December 13, 2021, the Company, Spring Valley Merger Sub, LLC, an Oregon limited liability company (“ Merger Sub NuScale Merger Agreement Redomicile Merger Proposed Transactions Surviving Company Closing Closing Date Refer to the Form 8-K, as filed with the Securities and Exchange Commission on December 14, 2021 for additional information. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Policies) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies | ||
Basis of Presentation | Basis of Presentation The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020 as filed with the SEC on May 7, 2021, which contains the audited financial statements and notes thereto. The condensed financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. |
Going Concern | Going Concern In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until May 27, 2022, to consummate the proposed Business Combination. It is uncertain that the Company will be able to consummate the proposed Business Combination by this time. Additionally, the Company may not have sufficient liquidity to fund the working capital needs of the Company through one year from the issuance of these financial statements. If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a business combination not occur, and potential subsequent dissolution, raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 27, 2022. The Company intends to complete the proposed Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company will be able to consummate any business combination by May 27, 2022. | |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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. | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 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 financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. | Use of Estimates The preparation of the condensed financial statements in conformity with 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 period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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. |
Cash and cash equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,659,434 in cash and cash equivalents as of December 31, 2020. | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have cash and cash equivalents as of September 30, 2021 and December 31, 2020, respectively. |
Derivative Warrant Liability | Derivative Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in ASC 815, “Derivatives and Hedging”, under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants has been estimated using the Public Warrants’ quoted market price. The Private Placement Warrants are valued using a Modified Black Scholes Option Pricing Model. See Note 9 for further discussion of the pertinent terms of the Warrants and Note 10 for further discussion of the methodology used to determine the value of the Warrants. | |
Class A Shares Subject to Possible Redemption | Class A Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 23,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity outside of the shareholders’ equity section of the Company’s condensed balance sheets. | |
Offering Costs | Offering Costs Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares are charged against their carrying value upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. | |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2021, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Income (Loss) Per Ordinary Share | Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average ordinary shares outstanding for the respective period. The calculation of diluted net income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the IPO and the Private Placement to purchase an aggregate of 20,400,000 shares of Class A ordinary shares in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period from August 20, 2020 (inception) through December 31, 2020. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares: For the period from August 20, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (6,978,778) $ (5,992,646) Denominator: Basic and diluted weighted average ordinary shares outstanding 6,052,632 5,197,368 Basic and diluted net loss per ordinary share $ (1.15) $ (1.15) | Net Income (Loss) Per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares issued and outstanding during the period. The Company has not considered the effect of warrants sold in the Initial Public Offering and private placement to purchase Class A ordinary share in the calculation of diluted income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. The Company’s statement of operations includes a presentation of income (loss) per share for shares of ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. As of September 30, 2021, 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. As a result, diluted loss per share is the same as basic loss per share for the period presented. A reconciliation of net loss per ordinary share is as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2021 Redeemable Class A Ordinary Shares Numerator: Allocation of net loss $ (1,541,126) $ 1,900,061 Denominator: Weighted average shares outstanding, basic and diluted 23,000,000 23,000,000 Basic and diluted net loss per share $ (0.07) $ 0.08 Non-Redeemable Class B Ordinary Shares Numerator: Net Loss minus Redeemable Net Earnings Net (Loss) Income attributable to Non-Redeemable Class B Ordinary Shares $ (385,282) $ 475,015 Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares Basic and diluted weighted average shares outstanding, Non-Redeemable Class B 5,750,000 5,750,000 Basic and diluted net loss per share, Non-Redeemable Class B $ (0.07) $ 0.08 Note: As of September 30, 2021, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s shareholders. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limits of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s balance sheet, primarily due to their short-term nature. 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Recent Accounting Standards | 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 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. |
Restatement of Previously Is_10
Restatement of Previously Issued Financial Statement (Tables) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statement | ||
Summarizes the effect of the correction on each financial statement line item | As Previously As of December 31, 2020 Restated Adjustment As Restated Total assets $ 234,445,409 $ — $ 234,445,409 Total liabilities $ 41,759,934 $ — $ 41,759,934 Class A ordinary shares subject to possible redemption 187,685,474 44,614,526 232,300,000 Preference shares — — — Class A ordinary shares 442 (442) — Class B ordinary shares 575 — 575 Additional paid-in capital 17,970,408 (17,970,408) — Accumulated deficit (12,971,424) (26,643,676) (39,615,100) Total shareholders’ equity (deficit) $ 5,000,001 $ (44,614,526) $ (39,614,525) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,445,409 $ — $ 234,445,409 For the period from August 20, 2020 (inception) through December 31, 2020 As Previously Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Initial value of Class A ordinary shares subject to possible redemption $ 200,645,178 $ (200,645,178) $ — Change in value of Class A ordinary shares subject to possible redemption $ (12,959,704) $ 12,959,704 $ — Earnings Per Share for Class A ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic and diluted 23,000,000 (16,947,368) 6,052,632 Basic and diluted loss per share $ — $ (1.15) $ (1.15) Earnings Per Share for Class B ordinary shares As Previously Reported Adjustment As Restated For the period from August 20, 2020 (inception) through December 31, 2020 Net loss $ (12,971,424) $ — $ (12,971,424) Weighted average shares outstanding, basic 5,194,656 2,712 5,197,368 Basic and diluted loss per share $ (3.80) $ 2.65 $ (1.15) As Previously As of November 27, 2020 Reported Adjustment As Restated Total assets $ 235,022,982 $ — $ 235,022,982 Total liabilities $ 31,106,056 $ — $ 31,106,056 Class A ordinary shares subject to possible redemption 200,645,178 31,654,822 232,300,000 Preference shares — — — Class A ordinary shares 313 (313) — Class B ordinary shares 575 — 575 Additional paid-in capital 5,010,833 (5,010,833) — Accumulated deficit (1,739,973) (26,643,676) (28,383,649) Total shareholders’ equity (deficit) $ 3,271,748 $ (31,654,822) $ (28,383,074) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 235,022,982 $ — $ 235,022,982 | As Previously As of March 31, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 234,164,226 $ — $ 234,164,226 Total liabilities $ 32,769,082 $ — $ 32,769,082 Class A ordinary shares subject to possible redemption 196,395,143 35,904,857 232,300,000 Preference shares — — — Class A ordinary shares 355 (355) — Class B ordinary shares 575 — 575 Additional paid-in-capital 9,235,826 (9,235,826) — Accumulated deficit (4,236,755) (26,668,676) (30,905,431) Total shareholders’ equity (deficit) $ 5,000,001 $ (35,904,857) $ (30,304,856) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 234,164,226 $ — $ 234,164,226 As Previously For the three months ended March 31, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ (8,734,582) $ 8,734,582 $ — As Previously As of June 30, 2021 (unaudited) Reported Adjustment As Restated Total assets $ 233,801,679 $ 233,801,679 Total liabilities $ 36,839,721 $ 36,839,721 Class A ordinary shares subject to possible redemption 196,961,950 40,338,050 232,300,000 Preference shares — — — Class A ordinary shares 399 (399) — Class B ordinary shares 575 — 575 Additional paid-in-capital 13,668,974 (13,668,974) — Accumulated deficit (8,669,940) (26,668,677) (35,338,617) Total shareholders’ equity (deficit) $ 5,000,008 $ (40,338,050) $ (35,338,042) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 233,801,679 $ — $ 233,801,679 As Previously For the six months ended June 30, 2021 (unaudited) Reported Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Change in value of Class A ordinary shares subject to possible redemption $ 4,276,476 $ (4,276,476) $ — As Previously Earnings Per Share for Class A ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 23,000,000 — 232,300,000 Basic and diluted earnings per share $ — $ 0.30 $ 0.300 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ (0.15) $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 23,000,000 — 23,000,000 Basic and diluted earnings per share $ — $ 0.15 $ 0.15 As Previously Earnings Per Share for Class B ordinary shares Reported Adjustment As Restated For the three months ended March 31, 2021 (unaudited) Net income $ 8,734,669 $ — $ 8,734,669 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 1.52 $ (1.22) $ 0.30 For the three months ended June 30, 2021 (unaudited) Net loss $ (4,433,185) $ — $ (4,433,185) Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ (0.77) $ 0.62 $ (0.15) For the six months ended June 30, 2021 (unaudited) Net income $ 4,301,484 $ — $ 4,301,484 Weighted average shares outstanding - basic and diluted 5,750,000 — 5,750,000 Basic and diluted earnings per share $ 0.75 $ (0.60) $ 0.15 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Tables) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies | ||
Schedule of reconciliation of net loss per ordinary share | For the period from August 20, 2020 (inception) through December 31, 2020 Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss $ (6,978,778) $ (5,992,646) Denominator: Basic and diluted weighted average ordinary shares outstanding 6,052,632 5,197,368 Basic and diluted net loss per ordinary share $ (1.15) $ (1.15) | A reconciliation of net loss per ordinary share is as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2021 Redeemable Class A Ordinary Shares Numerator: Allocation of net loss $ (1,541,126) $ 1,900,061 Denominator: Weighted average shares outstanding, basic and diluted 23,000,000 23,000,000 Basic and diluted net loss per share $ (0.07) $ 0.08 Non-Redeemable Class B Ordinary Shares Numerator: Net Loss minus Redeemable Net Earnings Net (Loss) Income attributable to Non-Redeemable Class B Ordinary Shares $ (385,282) $ 475,015 Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares Basic and diluted weighted average shares outstanding, Non-Redeemable Class B 5,750,000 5,750,000 Basic and diluted net loss per share, Non-Redeemable Class B $ (0.07) $ 0.08 |
Fair Value Measurements (Tabl_2
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis | The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2021: Level 1 Level 2 Level 3 Total Assets: Marketable securities held in brokerage account $ 232,313,494 $ — $ — $ 232,313,494 Liabilities: Public Warrants $ 8,280,000 $ — $ — $ 8,280,000 Private Placement Warrants — — 21,894,000 21,894,000 Total liabilities $ 8,280,000 $ — $ 21,894,000 $ 30,174,000 |
Summary of the changes in the fair value of the Private Placement Warrants | The following table presents a summary of the changes in the fair value of the Private Placement Warrants, a Level 3 liability, measured on a recurring basis. Private Warrant Liability Balance at, January 1, 2021 $ 14,685,000 Recognized gain (loss) on change in fair value (3,738,000) Fair value, March 31, 2021 10,947,000 Recognized gain (loss) on change in fair value 1,869,000 Fair value, June 30, 2021 12,816,000 Recognized gain on change in fair value 9,078,000 Fair value, September 30, 2021 $ 21,894,000 |
Summary of quantitative information regarding Level 3 fair value measurements inputs | As of As of December 31, 2020 September 30, 2021 Exercise price $ 11.50 $ 11.50 IPO price $ 10.00 $ 10.00 Implied share price range (or underlying asset price at December 31, 2020) $ 10.12 $ 8.69 Volatility 21 % 80 % Term 5.7 5.07 Risk-free rate 0.46 % 0.99 % Dividend yield 0 % 0 % |
Description Of Organization A_4
Description Of Organization And Business Operations (Details) - USD ($) | Nov. 28, 2020 | Nov. 27, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price of warrants | $ 11.50 | |||
Proceeds from issuance of warrants | $ 8,900,000 | |||
Offering costs | $ 12,528,579 | |||
Underwriting commissions | 3,800,000 | 3,800,000 | ||
Deferred underwriting fees | $ 8,050,000 | 8,050,000 | ||
Other offering costs | 678,579 | |||
Warrants amount | 678,579 | |||
Assets held in trust | $ 232,300,000 | |||
Threshold minimum aggregate fair market value as a percentage of the assts held in the Trust Account | 80.00% | |||
Threshold percentage of public shares subject to redemption without the Company's prior written consent | 50.00% | |||
Minimum net tangible assets upon consummation of the Business Combination | $ 5,000,001 | |||
Obligation to redeem public shares if entity does not complete a business combination (as a percent) | 100.00% | |||
Redemption threshold as percent of outstanding | 15.00% | |||
Additional period to consummate business combination | 6 months | |||
Maximum net interest to pay dissolution expenses | $ 100,000 | |||
Class A ordinary shares | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Warrants amount | $ 11,850,000 | |||
Class A ordinary shares | Maximum | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Share price | $ 9.20 | |||
Public Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of units issued | 23,000,000 | |||
Share price | $ 10 | |||
Gross proceeds | $ 230,000,000 | |||
Exercise price of warrants | $ 11.50 | |||
Purchase price, per unit | $ 10.10 | 10.10 | ||
Over-allotment | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of units issued | 3,000,000 | |||
Share price | $ 10 | |||
Exercise price of warrants | 11.50 | $ 11.50 | ||
Purchase price, per unit | $ 10 | |||
Private placement warrants | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of warrants issued | 8,900,000 | 8,900,000 | 8,900,000 | |
Exercise price of warrants | $ 1 | $ 1 | ||
Proceeds from issuance of warrants | $ 8,900,000 | $ 8,900,000 | $ 8,900,000 | |
Purchase price, per unit | $ 1 | |||
Business Combination | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of warrants issued | 2,300,000 | |||
Exercise price of warrants | $ 1 | |||
Assets held in trust | $ 2,300,000 |
Restatement of Previously Is_11
Restatement of Previously Issued Financial Statement (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2021AED (د.إ) | Nov. 27, 2020USD ($) | Aug. 20, 2020USD ($) | Aug. 19, 2020USD ($) | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Temporary equity, par value | $ / shares | $ 10.10 | $ 10.10 | $ 10.10 | |||||||||
Temporary equity | $ 232,300,000 | $ 232,300,000 | $ 232,300,000 | |||||||||
Minimum net tangible assets upon consummation of the Business Combination | 5,000,001 | |||||||||||
Balance Sheet | ||||||||||||
Total assets | 233,615,163 | 234,445,409 | 233,615,163 | |||||||||
Total liabilities | 38,579,612 | 41,759,934 | 38,579,612 | |||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | 232,300,000 | 232,300,000 | 232,300,000 | |||||||||
Preference shares, $0.0001 par value | ||||||||||||
Accumulated deficit | (37,265,024) | (39,615,100) | (37,265,024) | |||||||||
Total shareholders' equity (deficit) | $ 17,779 | $ 17,779 | (37,264,449) | $ (35,338,041) | $ (30,904,856) | (39,614,525) | $ (35,338,041) | (37,264,449) | $ 0 | $ 0 | ||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 233,615,163 | 234,445,409 | 233,615,163 | |||||||||
Operations | ||||||||||||
Net income (loss) | $ (7,221) | $ (7,221) | $ (1,926,408) | (4,433,185) | 8,734,669 | (12,971,424) | $ 2,375,076 | |||||
Weighted average shares outstanding - basic and diluted | shares | 23,000,000 | 23,000,000 | ||||||||||
As Previously Reported | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Temporary equity | 196,961,950 | 196,395,143 | 187,685,474 | 196,961,950 | $ 200,645,178 | |||||||
Balance Sheet | ||||||||||||
Total assets | 233,801,679 | 234,164,226 | 234,445,409 | 233,801,679 | 235,022,982 | |||||||
Total liabilities | 36,839,721 | 32,769,082 | 41,759,934 | 36,839,721 | 31,106,056 | |||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | 196,961,950 | 196,395,143 | 187,685,474 | 196,961,950 | 200,645,178 | |||||||
Additional paid-in-capital | 13,668,974 | 9,235,826 | 17,970,408 | 13,668,974 | 5,010,833 | |||||||
Accumulated deficit | (8,669,940) | (4,236,755) | (12,971,424) | (8,669,940) | (1,739,973) | |||||||
Total shareholders' equity (deficit) | 5,000,008 | 5,000,001 | 5,000,001 | 5,000,008 | 3,271,748 | |||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 233,801,679 | 234,164,226 | 234,445,409 | 233,801,679 | 235,022,982 | |||||||
Cash flows | ||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | (8,734,582) | (12,959,704) | 4,276,476 | |||||||||
Revision Adjustment | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Temporary equity | 40,338,050 | 35,904,857 | 44,614,526 | 40,338,050 | 31,654,822 | |||||||
Balance Sheet | ||||||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | 40,338,050 | 35,904,857 | 44,614,526 | 40,338,050 | 31,654,822 | |||||||
Additional paid-in-capital | (13,668,974) | (9,235,826) | (17,970,408) | (13,668,974) | (5,010,833) | |||||||
Accumulated deficit | (26,668,677) | (26,668,676) | (26,643,676) | (26,668,677) | (26,643,676) | |||||||
Total shareholders' equity (deficit) | (40,338,050) | (35,904,857) | (44,614,526) | (40,338,050) | (31,654,822) | |||||||
Cash flows | ||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | 8,734,582 | $ 12,959,704 | (4,276,476) | |||||||||
As Restated | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Temporary equity | 232,300,000 | 232,300,000 | 232,300,000 | |||||||||
Balance Sheet | ||||||||||||
Total assets | 233,801,679 | 234,164,226 | 233,801,679 | |||||||||
Total liabilities | 36,839,721 | 32,769,082 | 36,839,721 | |||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | 232,300,000 | 232,300,000 | 232,300,000 | |||||||||
Accumulated deficit | (35,338,617) | (30,905,431) | (35,338,617) | |||||||||
Total shareholders' equity (deficit) | (35,338,042) | (30,304,856) | (35,338,042) | |||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 233,801,679 | 234,164,226 | 233,801,679 | |||||||||
Class A ordinary shares | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Temporary equity | 4,000,000 | 4,000,000 | د.إ 3,600,000 | |||||||||
Balance Sheet | ||||||||||||
Class A ordinary shares subject to possible redemption, 23,000,000 shares at $10.10 redemption value as of September 30, 2021 and December 31, 2020 | 4,000,000 | 4,000,000 | د.إ 3,600,000 | |||||||||
Operations | ||||||||||||
Weighted average shares outstanding - basic and diluted | shares | 6,052,632 | |||||||||||
Basic and diluted net loss per share | $ / shares | $ (1.15) | |||||||||||
Class A ordinary shares | As Previously Reported | ||||||||||||
Balance Sheet | ||||||||||||
Common stock | 399 | 355 | $ 442 | 399 | 313 | |||||||
Operations | ||||||||||||
Net income (loss) | $ (4,433,185) | $ 8,734,669 | $ (12,971,424) | $ 4,301,484 | ||||||||
Weighted average shares outstanding - basic and diluted | shares | 23,000,000 | 23,000,000 | 23,000,000 | 23,000,000 | ||||||||
Class A ordinary shares | Revision Adjustment | ||||||||||||
Balance Sheet | ||||||||||||
Common stock | $ (399) | $ (355) | $ (442) | $ (399) | (313) | |||||||
Operations | ||||||||||||
Weighted average shares outstanding - basic and diluted | shares | (16,947,368) | |||||||||||
Basic and diluted net loss per share | $ / shares | $ (0.15) | $ 0.30 | $ (1.15) | $ 0.15 | ||||||||
Class A ordinary shares | As Restated | ||||||||||||
Operations | ||||||||||||
Net income (loss) | $ (4,433,185) | $ 8,734,669 | $ 4,301,484 | |||||||||
Weighted average shares outstanding - basic and diluted | shares | 23,000,000 | 232,300,000 | 23,000,000 | |||||||||
Basic and diluted net loss per share | $ / shares | $ (0.15) | $ 0.300 | $ 0.15 | |||||||||
Class B ordinary shares | ||||||||||||
Balance Sheet | ||||||||||||
Common stock | $ 575 | $ 575 | $ 575 | |||||||||
Operations | ||||||||||||
Weighted average shares outstanding - basic and diluted | shares | 5,750,000 | 5,750,000 | 5,197,368 | 5,750,000 | ||||||||
Basic and diluted net loss per share | $ / shares | $ 0 | $ (0.07) | $ (1.15) | $ 0.08 | ||||||||
Class B ordinary shares | As Previously Reported | ||||||||||||
Balance Sheet | ||||||||||||
Common stock | $ 575 | $ 575 | $ 575 | $ 575 | $ 575 | |||||||
Operations | ||||||||||||
Net income (loss) | $ (4,433,185) | $ 8,734,669 | $ (12,971,424) | $ 4,301,484 | ||||||||
Weighted average shares outstanding - basic and diluted | shares | 5,750,000 | 5,750,000 | 5,750,000 | |||||||||
Basic and diluted net loss per share | $ / shares | $ (0.77) | $ 1.52 | $ (3.80) | $ 0.75 | ||||||||
Class B ordinary shares | Revision Adjustment | ||||||||||||
Operations | ||||||||||||
Basic and diluted net loss per share | $ / shares | $ 0.62 | $ (1.22) | $ 2.65 | $ (0.60) | ||||||||
Class B ordinary shares | As Restated | ||||||||||||
Balance Sheet | ||||||||||||
Common stock | $ 575 | $ 575 | $ 575 | |||||||||
Operations | ||||||||||||
Net income (loss) | $ (4,433,185) | $ 8,734,669 | $ 4,301,484 | |||||||||
Weighted average shares outstanding - basic and diluted | shares | 5,750,000 | 5,750,000 | 5,750,000 | |||||||||
Basic and diluted net loss per share | $ / shares | $ (0.15) | $ 0.30 | $ 0.15 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details) - USD ($) | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Temporary Equity, Shares Outstanding | 23,000,000 | 23,000,000 |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Unrecognized tax benefits accrued for interest and penalties | 0 | 0 |
Federal Depository Insurance Coverage | $ 250,000 | 250,000 |
Accrued Income Taxes, Current | $ 0 | |
Class A ordinary shares subject to redemption | ||
Temporary Equity, Shares Outstanding | 23,000,000 | 23,000,000 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Net loss (income) per share (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Net (Loss) Income attributable to Non-Redeemable Class B Ordinary Shares | $ (385,282) | $ 475,015 |
Weighted average shares outstanding - basic and diluted | 23,000,000 | 23,000,000 |
Class A redeemable common stock | ||
Allocation of net loss | $ (1,541,126) | $ 1,900,061 |
Basic and diluted net loss per share | $ (0.07) | $ 0.08 |
Class B non redeemable common stock | ||
Weighted average shares outstanding - basic and diluted | 5,750,000 | 5,750,000 |
Basic and diluted net loss per share | $ (0.07) | $ 0.08 |
Initial Public Offering (Deta_2
Initial Public Offering (Details) - $ / shares | Nov. 27, 2020 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||
Shares issuable per warrant | 1 | |
Exercise price of warrants | $ 11.50 | |
Public Offering | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units issued | 23,000,000 | |
Share price | $ 10 | |
Number of unit consists class A ordinary shares | 1 | |
Number of warrants in a unit | 0.50 | |
Shares issuable per warrant | 1 | |
Exercise price of warrants | $ 11.50 | |
Over-allotment | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units issued | 3,000,000 | |
Share price | $ 10 | |
Exercise price of warrants | $ 11.50 | $ 11.50 |
Private Placement (Details)_2
Private Placement (Details) - USD ($) | Nov. 28, 2020 | Nov. 27, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issuable per warrant | 1 | |||
Exercise price of warrants | $ 11.50 | |||
Proceeds from issuance of warrants | $ 8,900,000 | |||
Private placement warrants | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of warrants issued | 8,900,000 | 8,900,000 | 8,900,000 | |
Warrant Issue Price | $ 1 | |||
Shares issuable per warrant | 1 | 1 | ||
Exercise price of warrants | $ 1 | $ 1 | ||
Proceeds from issuance of warrants | $ 8,900,000 | $ 8,900,000 | $ 8,900,000 | |
Over-allotment | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price of warrants | $ 11.50 | $ 11.50 |
Related Party Transactions - _2
Related Party Transactions - Founder Shares (Details) - USD ($) | Oct. 22, 2020 | Sep. 30, 2020 | Aug. 21, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Feb. 24, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||||
Common stock, shares subject to forfeiture, as a percent of issued and outstanding shares (as a percent) | 20.00% | 20.00% | |||||
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) | $ 12 | $ 12 | |||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 30 days | 30 days | |||||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 150 days | 150 days | |||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 days | ||||||
Each of the Company's directors | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares transferred | 120,000 | ||||||
Sponsor | Each of the Company's directors | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares transferred | 40,000 | 40,000 | |||||
Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Common stock, shares outstanding | 5,750,000 | 5,750,000 | |||||
Related Party Transaction, Due from (to) Related Party | $ 25,000 | ||||||
Class B ordinary shares | Over-allotment | |||||||
Related Party Transaction [Line Items] | |||||||
Shares subject to forfeiture | 750,000 | ||||||
Shares no longer subject to forfeiture | 750,000 | 750,000 | |||||
Class B ordinary shares | Over-allotment | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Shares subject to forfeiture | 750,000 | ||||||
Class B ordinary shares | Sponsor | |||||||
Related Party Transaction [Line Items] | |||||||
Consideration received | $ 0 | $ 25,000 | |||||
Shares issued | 7,187,500 | ||||||
Number of shares surrender | 1,437,500 | ||||||
Common stock, shares outstanding | 5,750,000 |
Related Party Transactions - _3
Related Party Transactions - Additional information (Details) - USD ($) | Nov. 23, 2020 | Aug. 21, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | Nov. 27, 2020 |
Related Party Transaction [Line Items] | |||||||
Repayment of promissory note - related party | $ 124,826 | $ 124,826 | |||||
Promissory note - related party | $ 0 | 0 | 0 | $ 0 | |||
Exercise price of warrants | $ 11.50 | ||||||
Administrative Support Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 30,000 | 0 | $ 90,000 | ||||
Sponsor | |||||||
Related Party Transaction [Line Items] | |||||||
Face amount | $ 300,000 | ||||||
Affiliate | |||||||
Related Party Transaction [Line Items] | |||||||
Administrative expenses - related party | $ 10,000 | ||||||
Related Party Loans | |||||||
Related Party Transaction [Line Items] | |||||||
Exercise price of warrants | $ 1 | $ 1 | |||||
Working capital Loans outstanding | $ 0 | $ 0 | $ 0 | $ 0 | |||
Public Offering | |||||||
Related Party Transaction [Line Items] | |||||||
Exercise price of warrants | $ 11.50 |
Commitments And Contingencies_3
Commitments And Contingencies (Details) - USD ($) | Nov. 27, 2020 | Dec. 31, 2020 | Sep. 30, 2021 |
Commitments and Contingencies | |||
Registration arrangement consideration (per unit) | $ 0.35 | $ 0.35 | |
Registration arrangement consideration | $ 8,050,000 | ||
Costs reimbursed by underwriters | $ 750,000 | $ 750,000 | |
Public Offering | |||
Commitments and Contingencies | |||
Number of units issued | 23,000,000 | ||
Share price per share | $ 10 | ||
Public Offering | Anchor investors | |||
Commitments and Contingencies | |||
Number of units issued | 1,980,000 | ||
Share price per share | $ 494.56 | ||
Indirect beneficial interest, shares | 142,187 |
Shareholders' Equity - Preferen
Shareholders' Equity - Preference Shares (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Shareholders' Equity | ||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Shareholders' Equity - Ordinary
Shareholders' Equity - Ordinary Shares (Details) - $ / shares | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||
Shares subject to possible redemption | 23,000,000 | 23,000,000 |
Class A ordinary shares | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, Voting Rights | one | one |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Shares subject to possible redemption | 23,000,000 | 23,000,000 |
Class B ordinary shares | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, Voting Rights | one | one |
Common stock, shares issued | 5,750,000 | 5,750,000 |
Common stock, shares outstanding | 5,750,000 | 5,750,000 |
Aggregated shares issued upon converted basis (in percent) | 20.00% | 20.00% |
Class A ordinary shares subject to redemption | ||
Class of Stock [Line Items] | ||
Shares subject to possible redemption | 23,000,000 | 23,000,000 |
Derivative Warrant Liability -
Derivative Warrant Liability - (Details) - $ / shares | 4 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Sep. 30, 2021 | |
Class of Warrant or Right [Line Items] | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | |
Public Warrants exercisable term from the closing of the initial public offering | 1 year | |
Warrant term | 5 years | |
Threshold period for filling registration statement after business combination | 20 days | |
Maximum threshold period for registration statement to become effective after business combination | 60 days | |
Percentage of gross proceeds on total equity proceeds | 60.00% | |
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115.00% | |
Adjustment of redemption price of stock based on market value and newly issued price 1 (as a percent) | 180.00% | |
Public Warrants | ||
Class of Warrant or Right [Line Items] | ||
Warrant term | 5 years | |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 | ||
Class of Warrant or Right [Line Items] | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | |
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | |
Redemption price per public warrant (in dollars per share) | $ 0.01 | $ 0.01 |
Threshold trading days for redemption of public warrants | 20 days | 20 days |
Threshold consecutive trading days for redemption of public warrants | 30 days | 30 days |
Threshold business days before sending notice of redemption to warrant holders | 3 days | 3 days |
Public Warrants | Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $10.00 | ||
Class of Warrant or Right [Line Items] | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | |
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | |
Redemption price per public warrant (in dollars per share) | $ 0.10 | |
Threshold trading days for redemption of public warrants | 20 days | 20 days |
Threshold consecutive trading days for redemption of public warrants | 30 days | 30 days |
Threshold business days before sending notice of redemption to warrant holders | 3 days | 3 days |
Class A ordinary shares | Public Warrants | ||
Class of Warrant or Right [Line Items] | ||
Redemption price per public warrant (in dollars per share) | $ 0.10 | |
Threshold consecutive trading days for redemption of public warrants | 30 days | |
Class A ordinary shares | Maximum | ||
Class of Warrant or Right [Line Items] | ||
Share price | $ 9.20 |
Fair Value Measurements - Hiera
Fair Value Measurements - Hierarchy for liabilities measured at fair value on a recurring basis (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Marketable securities held in brokerage account | $ 232,313,494 | |
Liabilities: | ||
Total liabilities | 30,174,000 | $ 33,660,000 |
Level 1 | ||
Assets: | ||
Marketable securities held in brokerage account | 232,313,494 | |
Liabilities: | ||
Total liabilities | 8,280,000 | 18,975,000 |
Level 3 | ||
Liabilities: | ||
Total liabilities | 21,894,000 | 14,685,000 |
Public Warrants | ||
Liabilities: | ||
Total liabilities | 8,280,000 | 18,975,000 |
Public Warrants | Level 1 | ||
Liabilities: | ||
Total liabilities | 8,280,000 | $ 18,975,000 |
Private Placement Warrants | ||
Liabilities: | ||
Total liabilities | 21,894,000 | |
Private Placement Warrants | Level 3 | ||
Liabilities: | ||
Total liabilities | $ 21,894,000 |
Fair Value Measurements - Priva
Fair Value Measurements - Private placement warrants (Details) - Level 3 - Private Placement Warrants - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at the beginning | $ 12,816,000 | $ 10,947,000 | $ 14,685,000 |
Recognized gain (loss) on change in fair value | 9,078,000 | 1,869,000 | (3,738,000) |
Fair value at the end | $ 21,894,000 | $ 12,816,000 | $ 10,947,000 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 fair value measurements (Details) - Level 3 | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Exercise price | ||
Derivative Liability, Measurement Input | 11.50 | 11.50 |
IPO Price | ||
Derivative Liability, Measurement Input | 10 | 10 |
Implied Stock Price Range | ||
Derivative Liability, Measurement Input | 8.69 | 10.12 |
Volatility | ||
Derivative Liability, Measurement Input | 80 | 21 |
Term | ||
Derivative Liability, Measurement Input | 5.07 | 5.7 |
Risk-Free Rate | ||
Derivative Liability, Measurement Input | 0.99 | 0.46 |
Dividend Yield | ||
Derivative Liability, Measurement Input | 0 | 0 |