Restatement of Previously Issued Financial Statements | NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In connection with the preparation of the Company’s financial statements as of September 30, 2021, the Company concluded it should restate its financial statements to classify all Public Shares in temporary equity. In accordance with ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to possible redemption to be classified outside of permanent equity. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption valu e of $ per Class A ordinary shares while also taking into consideration a redemption cannot result in net tangible assets being less than $ . Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presents all redeemable Class A ordinary shares as temporary equity and recognizes accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC . As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company also restated its income (loss) per ordinary share calculation to allocate net income (loss) evenly to Class A and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company. The impact of the restatement on the Company’s financial statements is reflected in the following table: As Previously Adjustment As Restated Condensed Balance Sheet as of March 31, 2021 (Unaudited) Class A ordinary shares subject to possible redemption $ 263,523,499 $ 23,976,501 $ 287,500,000 Class A ordinary shares $ 240 $ (240 ) $ — Retained earnings (accumulated deficit) $ 4,999,051 $ (23,976,270 ) $ (18,977,219 ) Total Shareholders’ Equity (Deficit) $ 5,000,010 $ (23,976,510 ) $ (18,976,500 ) Condensed Balance Sheet as of June 30, 2021 (Unaudited) Class A ordinary shares subject to possible redemption $ 260,179,860 $ 27,320,140 $ 287,500,000 Class A ordinary shares $ 273 $ (273 ) $ — Retained earnings (accumulated deficit) $ 4,999,011 $ (27,319,867 ) $ (22,320,856 ) Total Shareholders’ Equity (Deficit) $ 5,000,003 $ (27,320,140 ) $ (22,320,137 ) Condensed Statement of Cash Flows for the Three Months Ended March 31, 2021 (Unaudited) Initial classification of Class A ordinary shares subject to possible redemption $ 252,915,960 $ (252,915,960 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ 10,607,530 $ (10,607,530 ) $ — Condensed Statement of Cash Flows for the Six Months Ended June 30, 2021 (Unaudited) Initial classification of Class A ordinary shares subject to possible redemption $ 252,915,960 $ (252,915,960 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ 7,263,900 $ (7,263,900 ) $ — As Previously Adjustment As Restated Condensed Statement of Operations for the Three Months Ended March 31, 2021 (Unaudited) Weighted average shares outstanding, Class A ordinary shares 28,750,000 (6,708,333 ) 22,041,667 Basic and diluted net income per share, Class A ordinary shares $ — $ 0.34 $ 0.34 Weighted average shares outstanding, Class B ordinary shares 6,966,292 (2,458 ) 6,968,750 Basic and diluted net income per share, Class B ordinary shares $ 1.40 $ (1.06 ) $ 0.34 Condensed Statement of Operations for the Three Months Ended June 30, 2021 (Unaudited) Weighted average shares outstanding, Class A ordinary shares 28,750,000 — 28,750,000 Basic and diluted net loss per share, Class A ordinary shares $ — $ (0.09 ) $ (0.09 ) Weighted average shares outstanding, Class B ordinary shares 7,187,500 — 7,187,500 Basic net loss per share, Class B ordinary shares $ (0.47 ) $ 0.38 $ (0.09 ) Diluted weighted average shares outstanding, Class B ordinary shares 7,187,500 (7,187,500 ) — Diluted net loss per share, Class B ordinary shares (0.47 ) 0.47 — Condensed Statement of Operations for the Six Months Ended June 30, 2021 (Unaudited) Weighted average shares outstanding, Class A ordinary shares 28,750,000 (3,335,635 ) 25,414,365 Basic and diluted net income per share, Class A ordinary shares $ — $ 0.20 $ 0.20 Basic weighted average shares outstanding, Class B ordinary shares 7,073,550 (5,179 ) 7,078,729 Basic net income per share, Class B ordinary shares $ 0.91 $ (0.71 ) $ 0.20 Diluted weighted average shares outstanding, Class B ordinary shares 7,187,500 — 7,187,500 Diluted net income per share, Class B ordinary shares 0.89 (0.69 ) 0.20 |