Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-39844 | |
Entity Registrant Name | POEMA GLOBAL HOLDINGS CORP. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1561530 | |
Entity Address, Address Line One | 101 Natoma St., 2F | |
Entity Address, City or Town | San Francisco | |
Entity Address State Or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | 415 | |
Local Phone Number | 432-8880 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001826333 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Units, each consisting of one share of Class A ordinary share, 0.0001 par value, and one-half of one warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one share of Class A ordinary share, 0.0001 par value, and one-half of one warrant | |
Trading Symbol | PPGHU | |
Security Exchange Name | NASDAQ | |
Class A Ordinary shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A ordinary shares included as part of the units | |
Trading Symbol | PPGH | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 34,500,000 | |
Class B Ordinary shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,625,000 | |
Redeemable warrants included as part of the units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants included as part of the units | |
Trading Symbol | PPGHW | |
Security Exchange Name | NASDAQ |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash | $ 524,601 | |
Prepaid expenses | 468,028 | |
Total current assets | 992,629 | |
Deferred offering costs | $ 436,792 | |
Cash and investments held in Trust Account | 345,112,084 | |
Other non-current assets | 124,380 | |
Total Assets | 346,229,093 | 436,792 |
Liabilities, Redeemable Ordinary shares, and Shareholders' Equity (Deficit) | ||
Accounts payable and accrued expenses | 1,552,700 | 320,829 |
Promissory note - related party | 112,914 | 98,016 |
Total current liabilities | 1,665,614 | 418,845 |
Deferred underwriting commissions | 12,075,000 | |
Warrant liabilities | 40,563,252 | |
Total liabilities | 54,303,866 | 418,845 |
Commitments and Contingencies | ||
Class A ordinary shares subject to possible redemption, 34,500,000 and 0 shares subject to possible redemption, at redemption value at September 30, 2021 and December 31, 2020, respectively | 345,000,000 | |
Shareholders' Equity (Deficit): | ||
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Additional paid-in capital | 24,137 | |
Accumulated deficit | (53,075,636) | (7,053) |
Total Shareholders' Equity (Deficit) | (53,074,773) | 17,947 |
Total Liabilities, Redeemable Ordinary shares and Shareholders' Equity (Deficit) | 346,229,093 | 436,792 |
Class A Ordinary shares | ||
Liabilities, Redeemable Ordinary shares, and Shareholders' Equity (Deficit) | ||
Class A ordinary shares subject to possible redemption, 34,500,000 and 0 shares subject to possible redemption, at redemption value at September 30, 2021 and December 31, 2020, respectively | 345,000,000 | |
Class A Ordinary shares Not Subject to Redemption | ||
Shareholders' Equity (Deficit): | ||
Common stock Value | 0 | 0 |
Class B Ordinary shares | ||
Shareholders' Equity (Deficit): | ||
Common stock Value | $ 863 | $ 863 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 08, 2021 | Dec. 31, 2020 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Redemption price per share | $ 10 | ||||
Class A Ordinary shares | |||||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 500,000,000 | 500,000,000 | |||
Common shares, shares outstanding | 0 | 0 | |||
Temporary equity, shares outstanding | 34,500,000 | 0 | |||
Class A Ordinary shares Subject to Redemption | |||||
Temporary equity, shares outstanding | 34,500,000 | 0 | |||
Class B Ordinary shares | |||||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 50,000,000 | 50,000,000 | |||
Common shares, shares issued | 8,625,000 | 8,625,000 | |||
Common shares, shares outstanding | 8,625,000 | 8,625,000 |
UNAUDITED CONDENSED STATEMENT O
UNAUDITED CONDENSED STATEMENT OF OPERATIONS - USD ($) | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 |
Operating costs | $ 7,053 | $ 1,632,519 | $ 2,315,011 |
Loss from operations | (7,053) | (1,632,519) | (2,315,011) |
Other income (expense): | |||
Interest income on operating account | 98 | 140 | |
Interest earned on cash and investments held in Trust Account | 34,214 | 112,084 | |
Offering costs allocated to warrant liabilities | (1,534,661) | ||
Change in fair value of warrant liabilities | (20,216,271) | (4,077,302) | |
Total other income (expense) | (20,181,959) | (5,499,739) | |
Net income (loss) | (7,053) | (21,814,478) | (7,814,750) |
Class B Ordinary shares | |||
Other income (expense): | |||
Net income (loss) | $ (7,053) | $ (4,362,896) | $ (1,591,539) |
Weighted average shares outstanding | 6,250,000 | 8,625,000 | 8,596,048 |
Basic and diluted net income (loss) income per common share | $ 0 | $ (0.51) | $ (0.19) |
Weighted Average Number of Shares Outstanding, Basic | 6,250,000 | 8,625,000 | 8,596,048 |
Weighted Average Number of Shares Outstanding, Diluted | 6,250,000 | 8,625,000 | 8,625,000 |
Basic net (loss) income per share | $ 0 | $ (0.51) | $ (0.19) |
Diluted net (loss) income per share | $ 0 | $ (0.18) | |
Class A Ordinary shares | |||
Other income (expense): | |||
Net income (loss) | $ (17,451,582) | $ (6,223,211) | |
Weighted average shares outstanding | 34,500,000 | 33,612,132 | |
Basic and diluted net income (loss) income per common share | $ (0.51) | $ (0.19) | |
Weighted Average Number of Shares Outstanding, Basic | 34,500,000 | 33,612,132 | |
Weighted Average Number of Shares Outstanding, Diluted | 34,500,000 | 34,500,000 | |
Basic net (loss) income per share | $ (0.51) | $ (0.19) | |
Diluted net (loss) income per share | $ (0.51) | $ (0.18) |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) | Class A Ordinary sharesCommon Stock | Class A Ordinary shares | Class A Ordinary shares Not Subject to RedemptionCommon Stock | Class B Ordinary sharesCommon Stock | Class B Ordinary shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Sep. 24, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Balance at the beginning (in shares) at Sep. 24, 2020 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | $ (7,053) | (7,053) | (7,053) | |||||
Issuance of Class B common stock to Sponsor | $ 863 | 24,137 | 25,000 | |||||
Issuance of Class B common stock to Sponsor (in shares) | 8,625,000 | |||||||
Balance at the end at Sep. 30, 2020 | $ 863 | 24,137 | (7,053) | 17,947 | ||||
Balance at the end (in shares) at Sep. 30, 2020 | 8,625,000 | |||||||
Balance at the beginning at Dec. 31, 2020 | 0 | $ 863 | 24,137 | (7,053) | 17,947 | |||
Balance at the beginning (in shares) at Dec. 31, 2020 | 0 | 8,625,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 19,985,240 | 19,985,240 | ||||||
Accretion of Class A ordinary shares subject to redemption | (24,137) | (45,253,833) | (45,277,970) | |||||
Balance at the end at Mar. 31, 2021 | $ 863 | (25,275,646) | (25,274,783) | |||||
Balance at the end (in shares) at Mar. 31, 2021 | 8,625,000 | |||||||
Balance at the beginning at Dec. 31, 2020 | $ 0 | $ 863 | $ 24,137 | (7,053) | 17,947 | |||
Balance at the beginning (in shares) at Dec. 31, 2020 | 0 | 8,625,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | $ (6,223,211) | (1,591,539) | (7,814,750) | |||||
Accretion of Class A ordinary shares subject to redemption | (45,277,970) | |||||||
Balance at the end at Sep. 30, 2021 | $ 863 | (53,075,636) | (53,074,773) | |||||
Balance at the end (in shares) at Sep. 30, 2021 | 8,625,000 | |||||||
Balance at the beginning at Mar. 31, 2021 | $ 863 | (25,275,646) | (25,274,783) | |||||
Balance at the beginning (in shares) at Mar. 31, 2021 | 8,625,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (5,985,512) | (5,985,512) | ||||||
Balance at the end at Jun. 30, 2021 | $ 863 | (31,261,158) | (31,260,295) | |||||
Balance at the end (in shares) at Jun. 30, 2021 | 8,625,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | $ (17,451,582) | $ (4,362,896) | (21,814,478) | (21,814,478) | ||||
Balance at the end at Sep. 30, 2021 | $ 863 | $ (53,075,636) | $ (53,074,773) | |||||
Balance at the end (in shares) at Sep. 30, 2021 | 8,625,000 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS - USD ($) | Sep. 30, 2020 | Sep. 30, 2021 |
Cash flows from operating activities: | ||
Net loss | $ (7,053) | $ (7,814,750) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Formation costs paid by related party | 7,053 | 90,000 |
Interest earned on cash and investments held in trust account | (112,084) | |
Change in fair value of warrant liabilities | 4,077,302 | |
Offering costs allocated to warrant liabilities | 1,534,661 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other non-current assets | (592,408) | |
Accounts payable and accrued expenses | 1,462,700 | |
Net cash used in operating activities | (1,354,579) | |
Cash Flows from Investing Activities: | ||
Cash invested in Trust Account | (345,000,000) | |
Net cash used in investing activities | (345,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from sale of Units, net of underwriting commissions | 338,100,000 | |
Proceeds from issuance of Private Placement Warrants | 9,400,000 | |
Proceeds from promissory note - related party | 14,898 | |
Payment of offering costs | (635,718) | |
Net cash provided by financing activities | 346,879,180 | |
Net change in cash | 524,601 | |
Cash, end of the period | 524,601 | |
Supplemental disclosure of cash flow information: | ||
Deferred offering costs included in accrued expenses | 5,000 | |
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | $ 17,947 | |
Deferred underwriting commissions payable charged to additional paid-in capital | $ 12,075,000 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2021 | |
Organization and Business Operations | |
Organization and Business Operations | Note 1 — Organization and Business Operations Poema Global Holdings Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on September 25, 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 that the Company has not yet identified (“Business Combination”). As of September 30, 2021, the Company had not commenced any operations. All activity for the period from September 25, 2020 (inception) through September 30, 2021 relates to the Company’s formation and the Initial Public Offering (the “IPO”) described below, and, since the closing of the IPO, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on the proceeds derived from the IPO and recognizes changes in the fair value of warrant liability as other income (expense). The registration statement for the Company’s IPO was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 5, 2021 (the “Effective Date”). On January 8, 2021, the Company consummated the IPO of 34,500,000 units (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units sold, the “Public Shares”), including the issuance of 4,500,000 Units as a result of the underwriters’ full exercise of their over-allotment option. Each Unit consists of one share of Class A ordinary shares, $0.0001 par value, and one Simultaneously with the closing of the IPO, the Company consummated the private placement (“Private Placement”) with the Sponsor of an aggregate of 9,400,000 warrants (“Private Placement Warrants”) to purchase Class A ordinary shares, each at a price of $1.00 per Private Placement Warrant, generating total proceeds of $9,400,000 (Note 5). Transaction costs amounted to $19,746,681, consisting of $6,900,000 of underwriting commissions, $12,075,000 of deferred underwriting commissions and $771,681 of other offering costs. Following the closing of the IPO on January 8, 2021, an amount of $345,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement was placed in a trust account (“Trust Account”) which was be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940 (the “Investment Company Act”), with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations, until the earlier of (a) the completion of the Company’s initial Business Combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s certificate of incorporation, or (c) the redemption of the Company’s public shares if the Company is unable to complete the initial Business Combination within 24 months from January 8, 2021 (the “Combination Period”), the closing of the IPO. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO 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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time of the Company’s signing a definitive agreement in connection with its initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its holders of the outstanding Public Shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder 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. The public shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange rules and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange rules, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. 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 IPO in favor of approving a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition, the Company has agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the Sponsor. Notwithstanding the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that 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% or more of the Public Shares, without the prior consent of the Company. The Sponsor has agreed (a) to waive its redemption rights with respect to its 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 Certificate of Incorporation (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 its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to shareholders’ rights (including redemption rights) or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. 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 liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, 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. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party 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) $10.00 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 due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, 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 (except the Company’s independent registered public accounting firm), prospective target businesses and 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. Liquidity and Capital Resources As of September 30, 2021, the Company had $524,601 in its operating bank account and working capital deficit of $672,985. The Company's liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor to cover certain expenses on the Company's behalf in exchange for issuance of Founder Shares (as defined in Note 6), a loan from the Sponsor of approximately $300,000 under the Note (as defined in Note 6). Subsequent to the consummation of the Initial Public Offering, the Company's liquidity has been satisfied through the net proceeds from the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 6). As of September 30, 2021, there were no amounts outstanding under any Working Capital Loan. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. |
Revision of Previously Issued F
Revision of Previously Issued Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Revisionof Previously Issued Financial Statements | |
Revision of Previously Issued Financial Statements | Note 2 — Revision of Previously Issued Financial Statements In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should revise its previously reported financial statements. The Company previously determined the ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per ordinary shares while also taking into consideration its charter’s requirement that a redemption cannot result in net tangible assets being less than $5,000,001. Upon review of its financial statements for the period ended September 30, 2021, the Company reevaluated the classification of the ordinary shares and determined that the ordinary shares issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control under ASC 480-10-S99. Therefore, management concluded that the carrying value should include all ordinary shares subject to possible redemption, resulting in the ordinary shares subject to possible redemption being classified as temporary equity in its entirety. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), retained earnings (accumulated deficit) and ordinary shares. In connection with the change in presentation for the ordinary shares subject to redemption, the Company also revised its earnings per share calculation to allocate net income (loss) evenly to ordinary shares subject to redemption and those that are not subject to redemption. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company. There has been no change in the Company’s total assets, liabilities or operating results. The impact of the revision on the Company’s financial statements is reflected in the following table: As Reported Adjustment As Adjusted Balance Sheet as of January 8, 2021 (as revised in footnote 9 per form 10-Q/A filed on June 25, 2021) Ordinary shares subject to possible redemption ($) $ 287,820,090 $ 57,179,910 $ 345,000,000 Ordinary shares Class A, $0.0001 par value 572 (572) — Ordinary shares Class B, $0.0001 par value 863 — 863 Additional Paid in Capital 12,104,851 (12,104,851) — Accumulated Deficit (7,106,285) (45,074,487) (52,180,772) Total Stockholders’ Equity (Deficit) $ 5,000,001 $ (57,179,910) $ (52,179,909) Number of shares subject to redemption 28,782,009 5,717,991 34,500,000 As Reported Adjustment As Adjusted Balance Sheet as of March 31, 2021 (per form 10-Q/A filed on June 25, 2021) Ordinary shares subject to possible redemption ($) $ 314,725,210 $ 30,274,790 $ 345,000,000 Ordinary shares Class A, $0.0001 par value 303 (303) — Ordinary shares Class B, $0.0001 par value 863 — 863 Additional Paid in Capital — — — Accumulated Deficit 4,998,841 (30,274,487) (25,275,646) Total Stockholders’ Equity (Deficit) $ 5,000,007 $ (30,274,790) $ (25,274,783) Number of shares subject to redemption 31,472,521 3,027,479 34,500,000 As Reported Adjustment As Adjusted Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 16, 2021) Ordinary shares subject to possible redemption ($) $ 308,739,700 $ 36,260,300 $ 345,000,000 Ordinary shares Class A, $0.0001 par value 363 (363) — Ordinary shares Class B, $0.0001 par value 863 — 863 Additional Paid in Capital — — — Accumulated Deficit 4,998,779 (36,259,937) (31,261,158) Total Stockholders’ Equity (Deficit) $ 5,000,005 $ (36,260,300) $ (31,260,295) Number of shares subject to redemption 30,873,970 3,626,030 34,500,000 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | Note 3 — Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The interim results for the three and nine months ended September 30, 2021 and for the period September 25, 2020 (inception) through September 30, 2020, are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods. The accompanying condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus, the Form 8-K, and the Form 10-Q and 10-Q/A filed by the Company with the SEC on January 7, 2021, January 14, 2021, and May 25, 2021, respectively. Emerging Growth Company The Company is an “emerging growth company,” as defined in 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, 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 an emerging growth 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 an 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 the comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that 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 these financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 these 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 any cash equivalents as of September 30, 2021 and December 31, 2020. Cash and Investments Held in Trust Account At September 30, 2021, the cash held in Trust was $785 and the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money market funds which invest U.S. Treasury securities. During the three and nine months ended September 30, 2021 and for the period September 25, 2020 (inception) through September 30, 2020, the Company did not withdraw any of the interest income from the Trust Account to pay its tax obligations. The Company classifies its United States Treasury securities as held-to-maturity in accordance with FASB 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 and adjusted for the amortization or accretion of premiums or discounts. A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion are included in the “interest income” line item in the statements of operations. Interest income is recognized when earned. 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 limit of $250,000. As of September 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Warrant Liabilities The Company evaluated the Public Warrants and Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 4, Note 5, and Note 9) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the warrant agreement, dated as of January 5, 2021, between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agreement”) related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the Condensed Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Condensed Statements of Operations in the periods of change. Derivative warrant liabilities 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. Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1. 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 were expensed as incurred, presented as non-operating expenses in the statements of operations. Offering costs associated with the Class A ordinary shares were charged to shareholders’ equity upon the completion of the IPO. 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 Income Taxes ASC Topic 740 prescribes a recognition threshold and measurement attributes for these financial statements recognition and measurements of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. 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 deferred tax assets were deemed to be de minimis as of September 30, 2021 and December 31, 2020. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be de minimis for the three and nine months ended September 30, 2021 and for the period September 25, 2020 (inception) through September 30, 2020. Net Income (Loss) Per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The 34,500,000 potential ordinary shares for outstanding warrants to purchase the Company’s shares were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares: For the three months ended For the nine months ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ (17,451,582) $ (4,362,896) $ (6,223,211) $ (1,591,539) Denominator: Weighted-average shares outstanding 34,500,000 8,625,000 33,612,132 8,596,048 Basic and diluted net income (loss) per share $ (0.51) $ (0.51) $ (0.19) $ (0.19) For the period from September 25, 2020 (inception) through September 30, 2020 Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ — $ (7,053) Denominator: Weighted-average shares outstanding — 6,250,000 Basic and diluted net income (loss) per share $ — $ (0.00) Fair Value of Financial Instruments The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 —Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 —Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 —Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 9 for additional information on assets and liabilities measured at fair value. Recent Accounting Standards Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed financial statements. In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt --debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -- Contracts in Entity’ Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’ Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. Management is currently evaluating the new guidance, but does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2021 | |
Initial Public Offering | |
Initial Public Offering | Note 4 — Initial Public Offering Public Units On January 8, 2021, the Company sold 34,500,000 Units at a price of $10.00 per Unit, including the issuance of 4,500,000 Units as a result of the underwriters’ full exercise of their over-allotment option. Each Unit consists of one share of Class A ordinary shares, par value $0.0001 per share and one All of the 34,500,000 Class A ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 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 Class A ordinary shares is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company recognizes changes in redemption value immediately as they occur. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable ordinary shares resulted in charges against additional paid-in capital and accumulated deficit. As of September 30, 2021, the ordinary shares reflected on the balance sheet are reconciled in the following table: Gross proceeds from IPO $ 345,000,000 Less: Proceeds allocated to Public Warrants (27,085,950) Ordinary shares issuance costs (18,192,020) Plus: Accretion of carrying value to redemption value 45,277,970 Contingently redeemable ordinary shares $ 345,000,000 Public Warrants Each whole Public Warrant entitles the holder to purchase one share of the Company’s Class A ordinary shares at a price of $11.50 per share. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the IPO; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. 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 the initial 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. Notwithstanding the above, 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” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. 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 the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the 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 the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the 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 initial 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, and the $18.00 per share redemption trigger price described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” 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 described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 : Once the warrants become exercisable, the Company may call the outstanding warrants for redemption (except as described herein with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 day s’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last reported sale price (the “closing price”) of 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 on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company 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 : Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● 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 by reference to an agreed table based on the redemption date and the “fair market value” of our Class A ordinary shares; ● if, and only if, the closing price of Class A ordinary shares equals 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 sends the notice of redemption to the warrant holders; and ● 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. The “fair market value” of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). In no event will the Company be required to net cash settle any warrant. 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 warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Private Placement
Private Placement | 9 Months Ended |
Sep. 30, 2021 | |
Private Placement | |
Private Placement | Note 5 — Private Placement Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 9,400,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of 9,400,000 in a private placement. A portion of the proceeds from the private placement was added to the proceeds from the IPO held in the Trust Account. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the Class A ordinary shares issuable upon 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 non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 6 — Related Party Transactions Founder Shares On September 30, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 7,187,500 shares of the Company’s Class B ordinary shares (the “Founder Shares”). On January 5, 2021, the Company effected a dividend of 0.2 of a share of Class B ordinary shares for each share of Class B ordinary shares, resulting in 8,625,000 shares of Class B ordinary shares being issued and outstanding Promissory Note — Related Party The Sponsor had agreed to loan the Company an aggregate of up to $300,000 to be used for the payment of costs related to the IPO. The promissory note was non-interest bearing, unsecured and was due on the earlier of March 31, 2021 or the closing of the IPO. As of September 30, 2021, and December 31, 2020, the Company has borrowed $112,914 and $98,016, respectively, under the promissory note and is due on demand. The facility is no longer available to the Company. Working Capital Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor may, but is not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans, other than the interest on such proceeds that may be released for working capital purposes. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. As of September 30, 2021 and December 31, 2020, no Working Capital Loans were outstanding. Administrative Services Agreement The Company entered into an agreement, commencing January 5, 2021 through the earlier of the consummation of a business combination or our liquidation, to pay the Sponsor a monthly fee of $10,000 for office space, utilities, secretarial and administrative services. Upon completion of the initial Business Combination or liquidation, the Company will cease paying these monthly fees. The Company incurred $90,000 and $60,000 in expenses in connection with such services for the period from January 5, 2021 to September 30, 2021 and for the three months ended September 30, 2021, respectively and $90,000 Due to related party as of September 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 7 — Commitments and Contingencies Underwriting Agreement The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 4,500,000 additional Units at the public offering price less the underwriting commissions to cover over-allotments, if any. On January 8, 2021, the underwriters exercised the over-allotment in full, purchasing an additional 4,500,000 Units. On January 8, 2021, the underwriters were paid cash underwriting commissions of 2% of the gross proceeds of the IPO, totaling $6,900,000. In addition, $0.35 per unit, or approximately $12,075,000 in the aggregate, will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Merger Agreement On September 16, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gogoro Inc., an exempted company incorporated with limited liability under the laws of Cayman Islands (“Gogoro”), Starship Merger Sub I Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands and a wholly-owned subsidiary of Gogoro (“Merger Sub”) and Starship Merger Sub II Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands and a wholly-owned subsidiary of Gogoro (“Merger Sub II”), pursuant to which, among other transactions, on the terms and subject to the conditions set forth therein, (i) Merger Sub will merge with and into the Company (the “First Merger”), with the Company surviving the First Merger as a wholly owned subsidiary of Gogoro, and (ii) the Company will merge with and into Merger Sub II (the “Second Merger” and together with the First Merger, collectively, the “Mergers”), with Merger Sub II surviving the Second Merger as a wholly-owned subsidiary of Gogoro (the “Business Combination”). |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Shareholders' Equity | |
Shareholders' Equity | Note 8 — Shareholders’ Equity Preference Shares Class A Ordinary shares issued outstanding Class B Ordinary shares Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if the Company does not consummate an initial business combination) at the time of the initial 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 IPO, 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 the initial 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 the initial 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | Note 9 — Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Quoted Prices In Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs September 30, 2021 (Level 1) (Level 2) (Level 3) Assets: Cash and investments held in Trust Account $ 345,112,083 $ 345,112,083 $ — $ — $ 345,112,083 $ 345,112,083 $ — $ — Liabilities: Public Warrants: Liabilities $ 15,352,500 $ 15,352,500 $ — $ — Private Placement Warrants: Liabilities 25,210,752 — — 25,210,752 $ 40,563,252 $ 15,352,500 $ — $ 25,210,752 The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the condensed balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed statements of operations. The Company established the initial fair value of the Public Warrants on January 8, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model, and as of September 30, 2021 by using the associated trading price of the Public Warrants. The Company established the initial fair value of the Private Placement Warrants on January 8, 2021 and on September 30, 2021 by using a modified Black Scholes calculation. The Warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs. The Public Warrants were subsequently classified as Level 1 as the subsequent valuation was based upon the trading price of the Public Warrants. The key inputs into the Modified Black Scholes calculation as of September 30, 2021 were as follows: September 30, 2021 Inputs Risk-free interest rate 1.09 % Expected term (years) to initial business combination 0.64 Expected volatility 13.9 % Notional Exercise price $ 11.50 The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three and nine months ended September 30, 2021 is summarized as follows: Warrant Liability Derivative warrant liabilities at January 1, 2021 $ — Issuance of Public and Private Placement Warrants 42,050,521 Transfer of Public Warrants to Level 1 (9,487,500) Change in fair value of derivative warrant liabilities (27,393,021) Derivative warrant liabilities at March 31, 2021 5,170,000 Change in fair value of derivative warrant liabilities 2,016,956 Derivative warrant liabilities at June 30, 2021 7,186,956 Change in fair value of derivative warrant liabilities 18,023,796 Derivative warrant liabilities at September 30, 2021 $ 25,210,752 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The interim results for the three and nine months ended September 30, 2021 and for the period September 25, 2020 (inception) through September 30, 2020, are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods. The accompanying condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus, the Form 8-K, and the Form 10-Q and 10-Q/A filed by the Company with the SEC on January 7, 2021, January 14, 2021, and May 25, 2021, respectively. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in 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, 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 an emerging growth 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 an 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 the comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that 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 these financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 these 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 did not have any cash equivalents as of September 30, 2021 and December 31, 2020. |
Cash and Investments Held in Trust Account | Cash and Investments Held in Trust Account At September 30, 2021, the cash held in Trust was $785 and the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money market funds which invest U.S. Treasury securities. During the three and nine months ended September 30, 2021 and for the period September 25, 2020 (inception) through September 30, 2020, the Company did not withdraw any of the interest income from the Trust Account to pay its tax obligations. The Company classifies its United States Treasury securities as held-to-maturity in accordance with FASB 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 and adjusted for the amortization or accretion of premiums or discounts. A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion are included in the “interest income” line item in the statements of operations. Interest income is recognized when earned. |
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 Corporation limit of $250,000. As of September 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Warrant Liabilities | Warrant Liabilities The Company evaluated the Public Warrants and Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 4, Note 5, and Note 9) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the warrant agreement, dated as of January 5, 2021, between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agreement”) related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the Condensed Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Condensed Statements of Operations in the periods of change. Derivative warrant liabilities 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. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1. 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 were expensed as incurred, presented as non-operating expenses in the statements of operations. Offering costs associated with the Class A ordinary shares were charged to shareholders’ equity upon the completion of the IPO. |
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 |
Income Taxes | Income Taxes ASC Topic 740 prescribes a recognition threshold and measurement attributes for these financial statements recognition and measurements of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. 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 deferred tax assets were deemed to be de minimis as of September 30, 2021 and December 31, 2020. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be de minimis for the three and nine months ended September 30, 2021 and for the period September 25, 2020 (inception) through September 30, 2020. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The 34,500,000 potential ordinary shares for outstanding warrants to purchase the Company’s shares were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares: For the three months ended For the nine months ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ (17,451,582) $ (4,362,896) $ (6,223,211) $ (1,591,539) Denominator: Weighted-average shares outstanding 34,500,000 8,625,000 33,612,132 8,596,048 Basic and diluted net income (loss) per share $ (0.51) $ (0.51) $ (0.19) $ (0.19) For the period from September 25, 2020 (inception) through September 30, 2020 Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ — $ (7,053) Denominator: Weighted-average shares outstanding — 6,250,000 Basic and diluted net income (loss) per share $ — $ (0.00) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 —Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 —Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 —Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 9 for additional information on assets and liabilities measured at fair value. |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed financial statements. In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt --debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -- Contracts in Entity’ Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’ Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. Management is currently evaluating the new guidance, but does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. |
Revision to Prior Period Financ
Revision to Prior Period Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revisionof Previously Issued Financial Statements | |
Schedule of Error Corrections and Prior Period Adjustments | The impact of the revision on the Company’s financial statements is reflected in the following table: As Reported Adjustment As Adjusted Balance Sheet as of January 8, 2021 (as revised in footnote 9 per form 10-Q/A filed on June 25, 2021) Ordinary shares subject to possible redemption ($) $ 287,820,090 $ 57,179,910 $ 345,000,000 Ordinary shares Class A, $0.0001 par value 572 (572) — Ordinary shares Class B, $0.0001 par value 863 — 863 Additional Paid in Capital 12,104,851 (12,104,851) — Accumulated Deficit (7,106,285) (45,074,487) (52,180,772) Total Stockholders’ Equity (Deficit) $ 5,000,001 $ (57,179,910) $ (52,179,909) Number of shares subject to redemption 28,782,009 5,717,991 34,500,000 As Reported Adjustment As Adjusted Balance Sheet as of March 31, 2021 (per form 10-Q/A filed on June 25, 2021) Ordinary shares subject to possible redemption ($) $ 314,725,210 $ 30,274,790 $ 345,000,000 Ordinary shares Class A, $0.0001 par value 303 (303) — Ordinary shares Class B, $0.0001 par value 863 — 863 Additional Paid in Capital — — — Accumulated Deficit 4,998,841 (30,274,487) (25,275,646) Total Stockholders’ Equity (Deficit) $ 5,000,007 $ (30,274,790) $ (25,274,783) Number of shares subject to redemption 31,472,521 3,027,479 34,500,000 As Reported Adjustment As Adjusted Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 16, 2021) Ordinary shares subject to possible redemption ($) $ 308,739,700 $ 36,260,300 $ 345,000,000 Ordinary shares Class A, $0.0001 par value 363 (363) — Ordinary shares Class B, $0.0001 par value 863 — 863 Additional Paid in Capital — — — Accumulated Deficit 4,998,779 (36,259,937) (31,261,158) Total Stockholders’ Equity (Deficit) $ 5,000,005 $ (36,260,300) $ (31,260,295) Number of shares subject to redemption 30,873,970 3,626,030 34,500,000 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Significant Accounting Policies | |
Schedule of reconciliation of net loss per common share | For the three months ended For the nine months ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ (17,451,582) $ (4,362,896) $ (6,223,211) $ (1,591,539) Denominator: Weighted-average shares outstanding 34,500,000 8,625,000 33,612,132 8,596,048 Basic and diluted net income (loss) per share $ (0.51) $ (0.51) $ (0.19) $ (0.19) For the period from September 25, 2020 (inception) through September 30, 2020 Class A Class B Basic and diluted net income (loss) per share: Numerator: Allocation of net income (loss) $ — $ (7,053) Denominator: Weighted-average shares outstanding — 6,250,000 Basic and diluted net income (loss) per share $ — $ (0.00) |
Initial Public Offering (Tables
Initial Public Offering (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Initial Public Offering | |
Summary of reconciliation of ordinary shares reflected on balance sheet | As of September 30, 2021, the ordinary shares reflected on the balance sheet are reconciled in the following table: Gross proceeds from IPO $ 345,000,000 Less: Proceeds allocated to Public Warrants (27,085,950) Ordinary shares issuance costs (18,192,020) Plus: Accretion of carrying value to redemption value 45,277,970 Contingently redeemable ordinary shares $ 345,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Schedule of Company's assets and financial liabilities that are measured at fair value on a recurring basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Quoted Prices In Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs September 30, 2021 (Level 1) (Level 2) (Level 3) Assets: Cash and investments held in Trust Account $ 345,112,083 $ 345,112,083 $ — $ — $ 345,112,083 $ 345,112,083 $ — $ — Liabilities: Public Warrants: Liabilities $ 15,352,500 $ 15,352,500 $ — $ — Private Placement Warrants: Liabilities 25,210,752 — — 25,210,752 $ 40,563,252 $ 15,352,500 $ — $ 25,210,752 |
Schedule of quantitative information regarding Level 3 fair value measurements inputs | September 30, 2021 Inputs Risk-free interest rate 1.09 % Expected term (years) to initial business combination 0.64 Expected volatility 13.9 % Notional Exercise price $ 11.50 |
Schedule of change in the fair value of derivative warrant liabilities | Warrant Liability Derivative warrant liabilities at January 1, 2021 $ — Issuance of Public and Private Placement Warrants 42,050,521 Transfer of Public Warrants to Level 1 (9,487,500) Change in fair value of derivative warrant liabilities (27,393,021) Derivative warrant liabilities at March 31, 2021 5,170,000 Change in fair value of derivative warrant liabilities 2,016,956 Derivative warrant liabilities at June 30, 2021 7,186,956 Change in fair value of derivative warrant liabilities 18,023,796 Derivative warrant liabilities at September 30, 2021 $ 25,210,752 |
Organization and Business Ope_2
Organization and Business Operations (Details) - USD ($) | Jan. 08, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||||
Price per share | $ 10 | ||||
Proceeds from issuance of Private Placement Warrants | $ 9,400,000 | ||||
Threshold Minimum Aggregate Fair Market Value As Percentage Of Assets Held In Trust Account | 80.00% | ||||
Threshold Percentage Of Outstanding Voting Securities Of Target To Be Acquired By Post Transaction Company To Complete Business Combination | 50.00% | ||||
Minimum net tangible assets required to process with a Business Combination | $ 5,000,001 | ||||
Threshold percentage of public shares subject to redemption without Company's prior written consent | 15.00% | ||||
Gross proceeds from sale of units | $ 345,000,000 | ||||
Transaction Costs | 19,746,681 | ||||
Underwriting fees | 6,900,000 | ||||
Deferred underwriting commissions | 12,075,000 | ||||
Other offering costs | 771,681 | ||||
Cash held outside the Trust Account | 524,601 | ||||
Working capital deficit | (672,985) | ||||
Payments for investment of cash in Trust Account | 345,000,000 | ||||
Aggregate purchase price | $ 25,000 | ||||
Working Capital Loans outstanding | $ 0 | $ 0 | |||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100.00% | ||||
IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of 34,500,000 Units on January 8, 2021 through public offering (in shares) | 34,500,000 | ||||
Price per share | $ 10 | $ 10 | |||
Number of units issued | 34,500,000 | ||||
Gross proceeds from sale of units | $ 345,000,000 | $ 345,000,000 | |||
Deferred underwriting commissions | $ 12,075,000 | ||||
IPO | Public Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Price per share | $ 11.50 | ||||
Common shares, par value, (per share) | $ 0.0001 | ||||
Number of shares in a unit | 1 | ||||
Number of warrants in a unit | 0.5 | ||||
Number of shares per warrant | 1 | ||||
Private Placement | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of warrants issued | 9,400,000 | ||||
Proceeds from issuance , gross | $ 9,400,000 | ||||
Price of warrant | $ 1 | ||||
Over-allotment option | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of 34,500,000 Units on January 8, 2021 through public offering (in shares) | 4,500,000 | ||||
Founder Shares | Sponsor | IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Aggregate purchase price | $ 25,000 | ||||
Promissory Note with Related Party | Sponsor | IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Loan from the Sponsor | $ 300,000 |
Revision of Prior Period Financ
Revision of Prior Period Financial Statement - Summary of impact of revision on previously issued financial statement (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 08, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 24, 2020 |
CONDENSED BALANCE SHEETS | |||||||
Contingently redeemable ordinary shares | $ 345,000,000 | ||||||
Additional Paid in Capital | $ 24,137 | ||||||
Accumulated Deficit | (53,075,636) | (7,053) | |||||
Total Shareholders' Equity (Deficit) | (53,074,773) | $ (31,260,295) | $ (25,274,783) | $ 17,947 | $ 17,947 | $ 0 | |
Class A Ordinary shares | |||||||
CONDENSED BALANCE SHEETS | |||||||
Contingently redeemable ordinary shares | $ 345,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Class B Ordinary shares | |||||||
CONDENSED BALANCE SHEETS | |||||||
Ordinary shares, value | $ 863 | $ 863 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Class A Ordinary shares Not Subject to Redemption | |||||||
CONDENSED BALANCE SHEETS | |||||||
Ordinary shares, value | $ 0 | $ 0 | |||||
Restatement of redeemable common stock as temporary equity | |||||||
CONDENSED BALANCE SHEETS | |||||||
Contingently redeemable ordinary shares | $ 345,000,000 | $ 345,000,000 | $ 345,000,000 | ||||
Accumulated Deficit | (31,261,158) | (25,275,646) | (52,180,772) | ||||
Total Shareholders' Equity (Deficit) | $ (31,260,295) | $ (25,274,783) | $ (52,179,909) | ||||
Number of shares subject to redemption | 34,500,000 | 34,500,000 | 34,500,000 | ||||
Restatement of redeemable common stock as temporary equity | Class B Ordinary shares | |||||||
CONDENSED BALANCE SHEETS | |||||||
Ordinary shares, value | $ 863 | $ 863 | $ 863 | ||||
As Reported | Restatement of redeemable common stock as temporary equity | |||||||
CONDENSED BALANCE SHEETS | |||||||
Contingently redeemable ordinary shares | 308,739,700 | 314,725,210 | 287,820,090 | ||||
Additional Paid in Capital | 12,104,851 | ||||||
Accumulated Deficit | 4,998,779 | 4,998,841 | (7,106,285) | ||||
Total Shareholders' Equity (Deficit) | $ 5,000,005 | $ 5,000,007 | $ 5,000,001 | ||||
Number of shares subject to redemption | 30,873,970 | 31,472,521 | 28,782,009 | ||||
As Reported | Restatement of redeemable common stock as temporary equity | Class A Ordinary shares | |||||||
CONDENSED BALANCE SHEETS | |||||||
Ordinary shares, value | $ 363 | $ 303 | $ 572 | ||||
As Reported | Restatement of redeemable common stock as temporary equity | Class B Ordinary shares | |||||||
CONDENSED BALANCE SHEETS | |||||||
Ordinary shares, value | 863 | 863 | 863 | ||||
Adjustment | Restatement of redeemable common stock as temporary equity | |||||||
CONDENSED BALANCE SHEETS | |||||||
Contingently redeemable ordinary shares | 36,260,300 | 30,274,790 | 57,179,910 | ||||
Additional Paid in Capital | (12,104,851) | ||||||
Accumulated Deficit | (36,259,937) | (30,274,487) | (45,074,487) | ||||
Total Shareholders' Equity (Deficit) | $ (36,260,300) | $ (30,274,790) | $ (57,179,910) | ||||
Number of shares subject to redemption | 3,626,030 | 3,027,479 | 5,717,991 | ||||
Adjustment | Restatement of redeemable common stock as temporary equity | Class A Ordinary shares | |||||||
CONDENSED BALANCE SHEETS | |||||||
Ordinary shares, value | $ (363) | $ (303) | $ (572) |
Revision of Prior Period Fina_2
Revision of Prior Period Financial Statement - Additional Information (Details) | Sep. 30, 2021USD ($)$ / shares |
Revisionof Previously Issued Financial Statements | |
Redemption price per share | $ / shares | $ 10 |
Minimum net tangible assets | $ | $ 5,000,001 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Cash held in Trust Account | $ 345,112,084 | |
Federal Depository Insurance Coverage | $ 250,000 | |
Anti-dilutive securities attributable to warrants (in shares) | 34,500,000 | |
Class A Ordinary shares | ||
Temporary equity, shares outstanding | 34,500,000 | 0 |
U.S. Treasury Securities | ||
Cash held in Trust Account | $ 785 |
Significant Accounting Polici_5
Significant Accounting Policies - Reconciliation of Net Income (Loss) per Common Share (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 |
Net (loss) income | $ (7,053) | $ (21,814,478) | $ (5,985,512) | $ 19,985,240 | $ (7,814,750) |
Interest income earned on securities held in the Trust Account | 34,214 | 112,084 | |||
Class A Ordinary shares | |||||
Net (loss) income | $ (17,451,582) | $ (6,223,211) | |||
Weighted average shares outstanding | 34,500,000 | 33,612,132 | |||
Basic and diluted net income (loss) income per common share | $ (0.51) | $ (0.19) | |||
Weighted Average Number of Shares Outstanding, Basic | 34,500,000 | 33,612,132 | |||
Weighted Average Number of Shares Outstanding, Diluted | 34,500,000 | 34,500,000 | |||
Basic net (loss) income per share | $ (0.51) | $ (0.19) | |||
Diluted net (loss) income per share | $ (0.51) | $ (0.18) | |||
Class B Ordinary shares | |||||
Net (loss) income | $ (7,053) | $ (4,362,896) | $ (1,591,539) | ||
Weighted average shares outstanding | 6,250,000 | 8,625,000 | 8,596,048 | ||
Basic and diluted net income (loss) income per common share | $ 0 | $ (0.51) | $ (0.19) | ||
Weighted Average Number of Shares Outstanding, Basic | 6,250,000 | 8,625,000 | 8,596,048 | ||
Weighted Average Number of Shares Outstanding, Diluted | 6,250,000 | 8,625,000 | 8,625,000 | ||
Basic net (loss) income per share | $ 0 | $ (0.51) | $ (0.19) | ||
Diluted net (loss) income per share | $ 0 | $ (0.18) |
Initial Public Offering (Detail
Initial Public Offering (Details) | Jan. 08, 2021$ / sharesshares | Sep. 30, 2021USD ($)D$ / shares | Jun. 30, 2021$ / shares | Mar. 31, 2021$ / shares | Dec. 31, 2020$ / shares |
Subsidiary, Sale of Stock [Line Items] | |||||
Issue price per share | $ 10 | ||||
Contingently redeemable ordinary shares | $ | $ 345,000,000 | ||||
Class A Ordinary shares | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Contingently redeemable ordinary shares | $ | $ 345,000,000 | ||||
Public Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Exercise price of warrants | $ 11.50 | ||||
Public Warrant exercisable term after the completion of a business combination | 30 days | ||||
Public Warrants exercisable term from the closing of the initial public offering | 12 months | ||||
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 | ||||
Public Warrants expiration term | 5 years | ||||
Fair market value per share | $ 0.361 | ||||
Number of trading days on which fair market value of shares is reported | D | 10 | ||||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | ||||
Redemption price per public warrant (in dollars per share) | $ 0.10 | ||||
Adjustment of redemption price of warrants based on market value and newly issued price (as a percent) | 180.00% | ||||
Redemption period | 30 days | ||||
Threshold consecutive trading days for redemption of public warrants | D | 20 | ||||
Threshold Number of Business Days Before Sending Notice of Redemption to Warrant Holders | 30 days | ||||
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||||
Subsidiary, Sale of Stock [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 | ||||
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115.00% | ||||
Redemption period | 30 days | ||||
Threshold trading days for redemption of public warrants | D | 20 | ||||
Public Warrants | Class A Ordinary shares | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Issue price per share | $ 9.20 | ||||
Percentage of gross proceeds on total equity proceeds | 60.00% | ||||
Threshold consecutive trading days for redemption of public warrants | D | 20 | ||||
IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of new units issued during the period. | shares | 34,500,000 | ||||
Issue price per share | $ 10 | $ 10 | |||
Contingently redeemable ordinary shares | $ | $ 34,500,000 | ||||
IPO | Public Warrants | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common shares, par value, (per share) | 0.0001 | ||||
Issue price per share | $ 11.50 | ||||
Number of shares in a unit | shares | 1 | ||||
Number of warrants in a unit | shares | 0.5 | ||||
Number of shares issuable per warrant | shares | 1 | ||||
Exercise price of warrants | $ 11.50 | ||||
Over-allotment option | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of new units issued during the period. | shares | 4,500,000 |
Initial Public Offering - Summa
Initial Public Offering - Summary of reconciliation of ordinary shares reflected on balance sheet (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2021 | Sep. 30, 2021 | |
Initial Public Offering | ||
Proceeds From Sale Of Units | $ 345,000,000 | |
Proceeds allocated to Public Warrants | (27,085,950) | |
Ordinary shares issuance costs | (18,192,020) | |
Accretion of carrying value to redemption value | $ 45,277,970 | 45,277,970 |
Contingently redeemable ordinary shares | $ 345,000,000 |
Private Placement (Details)
Private Placement (Details) - USD ($) | Jan. 08, 2021 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||
Aggregate purchase price | $ 9,400,000 | |
Private Placement | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants to purchase shares issued | 9,400,000 | |
Price of warrants | $ 1 | |
Private Placement | Private Placement Warrants | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants to purchase shares issued | 9,400,000 | |
Price of warrants | $ 1 | |
Aggregate purchase price | $ 9,400,000 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) - USD ($) | Jan. 05, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Jan. 08, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||||
Aggregate purchase price | $ 25,000 | |||||
Class B Ordinary shares | ||||||
Related Party Transaction [Line Items] | ||||||
Common shares, shares issued (in shares) | 8,625,000 | 8,625,000 | ||||
Common shares, shares outstanding (in shares) | 8,625,000 | 8,625,000 | ||||
Founder Shares | ||||||
Related Party Transaction [Line Items] | ||||||
Common shares, shares outstanding (in shares) | 8,625,000 | |||||
Founder Shares | Over-allotment option | ||||||
Related Party Transaction [Line Items] | ||||||
Shares subject to forfeiture | 0 | |||||
Founder Shares | Class B Ordinary shares | ||||||
Related Party Transaction [Line Items] | ||||||
Share dividend | 0.2 | |||||
Common shares, shares issued (in shares) | 8,625,000 | |||||
Common shares, shares outstanding (in shares) | 8,625,000 | |||||
Shares subject to forfeiture | 1,125,000 | 1,125,000 | ||||
Founder Shares | Sponsor | IPO | ||||||
Related Party Transaction [Line Items] | ||||||
Aggregate purchase price | $ 25,000 | |||||
Founder Shares | Sponsor | Class B Ordinary shares | ||||||
Related Party Transaction [Line Items] | ||||||
Aggregate purchase price | $ 25,000 | |||||
Number of shares issued | 7,187,500 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Jan. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Promissory note borrowed | $ 112,914 | $ 112,914 | $ 98,016 | |
Working Capital Loans outstanding | 0 | 0 | 0 | |
Promissory Note with Related Party | ||||
Related Party Transaction [Line Items] | ||||
Promissory note borrowed | 112,914 | 112,914 | $ 98,016 | |
Administrative Support Agreement | ||||
Related Party Transaction [Line Items] | ||||
Administrative service incurred amount | 60,000 | 90,000 | ||
Due to related party | 90,000 | 90,000 | ||
Sponsor | ||||
Related Party Transaction [Line Items] | ||||
Loan conversion agreement warrant | $ 1,500,000 | $ 1,500,000 | ||
Administrative Fees Expense | $ 10,000 | |||
Sponsor | Working capital loans warrant | ||||
Related Party Transaction [Line Items] | ||||
Price of warrant | $ 1 | $ 1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Jan. 08, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($) |
Deferred underwriting commissions | $ 12,075,000 | |
Over-allotment option | ||
Granted Term | 45 days | |
Number of new units issued during the period. | shares | 4,500,000 | |
Underwriting commission ( as a percent) | 2 | |
IPO | ||
Number of new units issued during the period. | shares | 34,500,000 | |
Underwriting commission paid | $ 6,900,000 | |
Deferred fee per unit | $ / shares | $ 0.35 | |
Deferred underwriting commissions | $ 12,075,000 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Shares (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Shareholders' Equity | ||
Preferred shares, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Shares (Details) | 9 Months Ended | ||||
Sep. 30, 2021Vote$ / sharesshares | Jun. 30, 2021$ / shares | Mar. 31, 2021$ / shares | Jan. 08, 2021$ / shares | Dec. 31, 2020$ / sharesshares | |
Class of Stock [Line Items] | |||||
Common shares, votes per share | Vote | 1 | ||||
Class A Ordinary shares | |||||
Class of Stock [Line Items] | |||||
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 | |||
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares outstanding (in shares) | 0 | 0 | |||
Temporary equity, shares outstanding | 34,500,000 | 0 | |||
Class A Ordinary shares Subject to Redemption | |||||
Class of Stock [Line Items] | |||||
Temporary equity, shares outstanding | 34,500,000 | 0 | |||
Temporary equity, shares issued | 34,500,000 | 0 | |||
Class B Ordinary shares | |||||
Class of Stock [Line Items] | |||||
Common shares, shares authorized (in shares) | 50,000,000 | 50,000,000 | |||
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares issued (in shares) | 8,625,000 | 8,625,000 | |||
Common shares, shares outstanding (in shares) | 8,625,000 | 8,625,000 | |||
Ratio to be applied to the stock in the conversion | 20 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | Sep. 30, 2021USD ($) |
Assets: | |
Cash and investments held in Trust Account | $ 345,112,084 |
Cash and investments held in Trust Account | 345,112,083 |
Total | 345,112,083 |
Liabilities: | |
Warrant liabilities | 40,563,252 |
Total | 40,563,252 |
Public Warrants | |
Liabilities: | |
Warrant liabilities | 15,352,500 |
Private Placement Warrants | |
Liabilities: | |
Warrant liabilities | 25,210,752 |
Level 1 | |
Assets: | |
Cash and investments held in Trust Account | 345,112,083 |
Total | 345,112,083 |
Liabilities: | |
Total | 15,352,500 |
Level 1 | Public Warrants | |
Liabilities: | |
Warrant liabilities | 15,352,500 |
Level 3 | |
Liabilities: | |
Total | 25,210,752 |
Level 3 | Private Placement Warrants | |
Liabilities: | |
Warrant liabilities | $ 25,210,752 |
Fair Value Measurements - Measu
Fair Value Measurements - Measurements Inputs (Details) | Sep. 30, 2021$ / shares |
Risk-free interest rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.0109 |
Expected term (years) to initial business combination | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.64 |
Expected volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.139 |
Notional Exercise price | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 11.50 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in fair value, Level 3 Inputs (Details) - 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] | |||
Derivative warrant liabilities, beginning | $ 7,186,956 | $ 5,170,000 | |
Issuance of Public and Private Warrants | $ 42,050,521 | ||
Transfer of Public Warrants to Level 1 | (9,487,500) | ||
Change in fair value of derivative warrant liabilities | 18,023,796 | 2,016,956 | (27,393,021) |
Derivative warrant liabilities, ending | $ 25,210,752 | $ 7,186,956 | $ 5,170,000 |