Accounting Changes And Error Corrections | Note 2—RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS In preparation of the Company’s financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it should revise its prior-filed financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with ASC 480-10-S99, In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error. Therefore, the Company’s management and the audit committee of the Company’s board of directors (the “Audit Committee”) concluded that the Company’s previously issued (i) audited balance sheet as of December 17, 2020 (the “Post IPO Balance Sheet”), as previously revised in the Company’s Amendment No. 1 to the Annual Report on Form 10-K/A The restatement does not have an impact on the Company’s cash position and cash held in the Trust Account. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 31, 2020: As of December 31, 2020 As Reported Adjustment As Restated Total assets $ 376,847,694 $ 376,847,694 Total liabilities $ 41,398,106 $ 41,398,106 Class A ordinary shares subject to redemption at $10.00 per share $ 330,449,580 $ 43,300,420 $ 373,750,000 Preference shares — — — Class A ordinary shares 433 (433 ) — Class B ordinary shares 934 — 934 Additional paid-in 9,830,842 (9,830,842 ) — Accumulated deficit (4,832,201 ) (33,469,145 ) (38,301,346 ) Total shareholders’ equity (deficit) $ 5,000,008 $ (43,300,420 ) $ (38,300,412 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 376,847,694 $ — $ 376,847,694 Shares of Class A ordinary shares subject to redemption 33,044,958 4,330,042 37,375,000 Shares of Class A ordinary shares 4,330,042 (4,330,042 ) — The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity (deficit) accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the period from October 16, 2020 (inception) through December 31, 2020: Supplemental Disclosure of Noncash Financing Activities Initial value of Class A ordinary shares subject to possible redemption $ 333,685,710 $ (333,685,710 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (3,236,130 ) $ 3,236,130 $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the period from October 16, 2020 (inception) through December 31, 2020: Earnings Per Share As Reported Adjustment As Restated For the Period from October 16, 2020 (Inception) through December 31, 2020 Net loss $ (4,832,201 ) $ — $ (4,832,201 ) Weighted average shares outstanding - Class A ordinary shares 37,375,000 (28,750,000 ) 8,625,000 Basic and diluted loss per share - Class A ordinary shares $ — $ (0.28 ) $ (0.28 ) Weighted average shares outstanding - Class B ordinary shares 8,429,688 (23,438 ) 8,406,250 Basic and diluted loss per share - Class B ordinary shares $ (0.57 ) $ 0.29 $ (0.28 ) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 17, 2020: As of December 17, 2020 As Reported, Adjustment As Restated Total assets $ 375,776,800 $ 375,776,800 Total liabilities $ 37,091,089 $ 37,091,089 Class A ordinary shares subject to redemption at $10.00 per share $ 333,685,710 $ 40,064,290 $ 373,750,000 Preference shares — — — Class A ordinary shares 401 (401 ) — Class B ordinary shares 934 — 934 Additional paid-in 5,995,328 (5,995,328 ) — Accumulated deficit (996,662 ) (34,068,561 ) (35,065,223 ) Total shareholders’ equity (deficit) $ 5,000,001 $ (40,064,290 ) $ (35,064,289 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 375,776,800 $ — $ 375,776,800 Shares of Class A ordinary shares subject to redemption 33,368,571 4,006,429 37,375,000 Shares of Class A ordinary shares 4,006,429 (4,006,429 ) — The Class A ordinary shares issued in the Initial Public Offering and issued as part of the Over-Allotment Units were recognized in Class A ordinary shares stock subject to possible redemption as follows: Gross Proceeds for initial public offering and over-allotment $ 375,750,000 Less: — Offering costs allocated to Class A shares subject to possible redemption (19,477,581 ) Proceeds allocated to Public Warrants at issuance (14,015,630 ) Plus: Accretion of Class A ordinary shares subject to possible redemption amount 33,493,211 Class A ordinary shares subject to possible redemption $ 375,750,000 |