RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | Note 2 — Restatement of Previously Issued Financial Statements In May 2021, the Audit Committee of the Company, in consultation with management, concluded that, because of a misapplication of the accounting guidance related to its warrants issued in the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants to purchase Class A common stock that the Company issued in November 2020 (collectively, the “Warrants”), the Company’s previously issued financial statements for the Affected Period should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Period included in this Annual Report. On April Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheet and the statement of operations did not include the subsequent non -cash -40 -40 -40 Impact of the Restatement The impact of the restatement on the balance sheet and statement of operations for the Affected Period is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. As of December 31, 2020 As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 207,947,496 $ — $ 207,947,496 Liabilities, redeemable non-controlling interest and stockholders’ equity Total current liabilities $ 261,977 $ — $ 261,977 Deferred underwriting commissions 7,227,500 — 7,227,500 Derivative warrant liabilities — 21,226,950 21,226,950 Total liabilities 7,489,477 21,226,950 28,716,427 Class A common stock, $0.0001 par value; shares subject to possible redemption 195,458,010 (21,226,950 ) 174,231,060 Stockholders’ equity Preferred stock – $0.0001 par value — — — Class A common stock – $0.0001 par value 110 212 322 Class B common stock – $0.0001 par value 575 — 575 Additional paid-in-capital 5,243,107 3,637,656 8,880,763 Accumulated deficit (243,783 ) (3,637,868 ) (3,881,651 ) Total stockholders’ equity 5,000,009 — 5,000,009 Total liabilities and stockholders’ equity $ 207,947,496 $ — $ 207,947,496 Period From September 9, 2020 As Previously Reported Restatement Adjustment As Restated Statement of Operations and Comprehensive Loss Loss from operations $ (242,585 ) $ — $ (242,585 ) Other income (expense): Loss upon issuance of private placement warrants (1,103,400 ) (1,103,400 ) Offering costs associated with derivative warrant liabilities (724,418 ) (724,418 ) Change in fair value of derivative warrant liabilities — (1,810,050 ) (1,810,050 ) Loss from investments held in Trust Account (1,198 ) — (1,198 ) Earnings before income taxes (243,783 ) (3,637,868 ) (3,881,651 ) Income tax benefit Net loss $ (243,783 ) $ (3,637,868 ) $ (3,881,651 ) Basic and Diluted weighted-average Class A common shares outstanding 20,547,368 — 20,547,368 Basic and Diluted net income per Class A common shares $ (0.00 ) — $ (0.00 ) Basic and Diluted weighted-average Class B common shares outstanding 5,055,914 — 5,055,914 Basic and Diluted net loss per Class B common shares $ (0.05 ) (0.50 ) $ (0.55 ) In addition, the impact to the balance sheet dated November -K As of November 24, 2020 As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 202,148,859 $ — $ 202,148,859 Liabilities, redeemable non-controlling interest and stockholders’ equity Total current liabilities $ 768,154 $ — $ 768,154 Deferred underwriting commissions 7,000,000 — 7,000,000 Derivative warrant liabilities — 18,880,000 18,880,000 Total liabilities 7,768,154 18,880,000 26,648,154 Class A common stock, $0.0001 par value; shares subject to possible redemption 189,380,700 (18,880,000 ) 170,500,700 Stockholders’ equity Preferred stock – $0.0001 par value — — — Class A common stock – $0.0001 par value 106 189 295 Class B common stock – $0.0001 par value 575 — 575 Additional paid-in-capital 5,047,921 1,783,139 6,831,060 Accumulated deficit (48,597 ) (1,783,328 ) (1,831,925 ) Total stockholders’ equity 5,000,005 — 5,000,005 Total liabilities and stockholders’ equity $ 202,148,859 $ — $ 202,148,859 |