Revision of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate its previously reported financial statements. The Company previously determined that the Public Shares subject to possible redemption were equal to their redemption value of $10.00 per Public Share while also taking into consideration the requirement under the Company’s amended and restated memorandum and articles of association that the Company’s redemption of Public Shares cannot result in the Company’s 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 Public Shares and determined that the Public Shares 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 Public Shares subject to possible redemption, resulting in all of the Public Shares being classified outside of permanent equity. 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 Public Shares with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Public Shares. See Note 3, “Ordinary Shares Subject to Possible Redemption.” In connection with the change in presentation for the Public Shares, the Company also restated its earnings per share calculation to allocate net income (loss) evenly to the Public Shares and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company. There has been no change in the Company’s total assets, liabilities or operating results. The impact of the restatement on the Company’s financial statements is reflected in the following table. As Previously Adjustments As Restated Balance Sheet at December 21, 2020 Class A ordinary shares subject to possible redemption $ 524,514,210 $ 50,485,790 $ 575,000,000 Class A ordinary shares 505 (505 ) - Additional paid-in capital 5,825,357 (5,825,357 ) - Accumulated deficit $ (827,293 ) $ (44,659,928 ) $ (45,487,221 ) Balance Sheet at December 31, 2020 Class A ordinary shares subject to possible redemption $ 520,824,620 $ 54,185,348 $ 575,009,968 Class A ordinary shares 542 (542 ) - Additional paid-in capital 9,514,909 (9,514,909 ) - Accumulated deficit $ (4,516,882 ) $ (44,669,897 ) $ (49,186,779 ) Statement of Operations for the period from October 7, 2020 (inception) through December 31, 2020 Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption - 6,764,706 6,764,706 Basic and diluted net loss per share $ - $ (0.23 ) $ (0.23 ) Basic and diluted weighted average shares outstanding, ordinary shares 14,968,950 (2,248,362 ) 12,720,588 Basic and diluted net loss per share $ (0.30 ) $ 0.07 $ (0.23 ) Statement of Shareholders’ Equity for the period from October 7, 2020 (inception) through December 31, 2020 Remeasurement in Class A ordinary shares to redemption value $ (520,824,620 ) $ 474,851,161 $ (45,973,459 ) Statement of Cash Flows for the period from October 7, 2020 (inception) through December 31, 2020 Initial value of Class A ordinary shares subject to possible redemption $ 524,514,210 $ 4,522,299 $ 529,036,509 Remeasurement in Class A ordinary shares to redemption value $ (3,689,590 ) $ 49,663,049 $ 45,973,459 Balance Sheet at March 31, 2021 Class A ordinary shares subject to possible redemption $ 519,152,660 $ 55,937,196 $ 575,089,856 Class A ordinary shares 558 (558 ) - Additional paid-in capital 11,186,853 (11,186,853 ) - Accumulated deficit $ (6,188,847 ) $ (44,749,785 ) $ (50,938,632 ) Statement of Operations for the three months ended March 31, 2021 Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption - 57,500,000 57,500,000 Basic and diluted net loss per share $ - $ (0.02 ) $ (0.02 ) Basic and diluted weighted average shares outstanding, ordinary shares 19,792,538 (5,417,538 ) 14,375,000 Basic and diluted net loss per share $ (0.09 ) $ 0.07 $ (0.02 ) Statement of Shareholders’ Equity for the three months ended March 31, 2021 Remeasurement in Class A ordinary shares to reredemption value redemption redemption value $ 1,671,960 $ (1,751,848 ) $ (79,888 ) Statement of Cash Flows for the three months March 31, 2021 Initial value of Class A ordinary shares subject to possible redemption $ - $ - $ - Remeasurement in Class A ordinary shares redemption value redemption value $ (1,671,960 ) $ 1,751,848 $ 79,888 Balance Sheet at June 30, 2021 Class A ordinary shares subject to possible redemption $ 514,392,290 $ 60,727,541 $ 575,119,831 Class A ordinary shares 606 (606 ) - Additional paid-in capital 15,947,175 (15,947,175 ) - Accumulated deficit $ (10,949,218 ) $ (44,779,760 ) $ (55,728,978 ) Statement of Operations for the three months ended June 30, 2021 Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption - 57,500,000 57,500,000 Basic and diluted net loss per share $ - $ (0.07 ) $ (0.07 ) Basic and diluted weighted average shares outstanding, ordinary shares 19,959,734 (5,584,734 ) 14,375,000 Basic and diluted net loss per share $ (0.24 ) $ 0.17 $ (0.07 ) Statement of Operations for the six months ended June 30, 2021 Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption - 57,500,000 57,500,000 Basic and diluted net loss per share $ - $ (0.09 ) $ (0.09 ) Basic and diluted weighted average shares outstanding, ordinary shares 19,876,598 (5,501,598 ) 14,375,000 Basic and diluted net loss per share $ (0.33 ) $ 0.24 $ (0.09 ) Statement of Shareholders’ Equity for the three months ended June 30, 2021 Remeasurement in Class A ordinary shares to redemption value $ 4,760,370 $ (4,790,345 ) $ (29,975 ) Statement of Shareholders’ Equity for the six months ended June 30, 2021 Remeasurement in Class A ordinary shares to redemption value $ 6,432,330 $ (6,542,193 ) $ (109,863 ) Statement of Cash Flows for the six months ended June 30, 2021 Initial value of Class A ordinary shares subject to possible redemption $ - $ - $ - Remeasurement in Class A ordinary shares to redemption value $ (6,432,330 ) $ 6,542,193 $ 109,863 |