Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Entity Listings [Line Items] | ||
Entity Registrant Name | ALTIMETER GROWTH CORP. 2 | |
Entity Central Index Key | 0001830232 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Address, State or Province | CA | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
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 File Number | 001-39849 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1563924 | |
Entity Address, Address Line One | 2550 Sand Hill Road | |
Entity Address, Address Line Two | Suite 150 | |
Entity Address, City or Town | Menlo Park | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 549-9145 | |
Title of 12(b) Security | Class A ordinary shares | |
Trading Symbol | AGCB | |
Security Exchange Name | NYSE | |
Class A Ordinary Shares [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 46,100,000 | |
Class B Ordinary Shares [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,250,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | ||
Current assets | ||||
Cash | $ 553,866 | |||
Prepaid expenses | 577,083 | |||
Total Current Assets | 1,130,949 | |||
Deferred offering costs | $ 392,268 | |||
Cash and marketable securities held in Trust Account | 450,012,700 | |||
TOTAL ASSETS | 451,143,649 | 392,268 | ||
Liabilities, Current [Abstract] | ||||
Accrued expenses | 166,201 | |||
Accrued offering costs | 252,678 | |||
Promissory note – related party | 0 | 119,590 | ||
Total Current Liabilities | 166,201 | 372,268 | ||
FPA liability | 1,156,478 | |||
Deferred underwriting fee payable | 15,750,000 | |||
Total Liabilities | 17,072,679 | 372,268 | ||
Commitments and Contingencies | ||||
Class A ordinary shares subject to possible redemption 42,907,096 and 0 shares as of June 30, 2021 and December 31, 2020, respectively, at a redemption value of $10.00 per share | 429,070,960 | |||
Shareholders' Equity | ||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | 0 | |||
Additional paid-in capital | 6,647,821 | 23,875 | ||
Accumulated deficit | (1,649,255) | (5,000) | ||
Total Shareholders' Equity | 5,000,010 | 20,000 | [1] | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 451,143,649 | 392,268 | ||
Class A Ordinary Shares [Member] | ||||
Shareholders' Equity | ||||
Ordinary shares | 319 | |||
Class B Ordinary Shares [Member] | ||||
Shareholders' Equity | ||||
Ordinary shares | [2] | $ 1,125 | $ 1,125 | |
[1] | Includes an aggregate of up to 1,250,000 Class B ordinary shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5). As a result of the full exercise of the underwriters’ over-allotment, no shares remain subject to forfeiture. | |||
[2] | At December 31, 2020, includes an aggregate of up to 1,250,000 Class B ordinary shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5). As a result of the full exercise of the underwriters’ over-allotment, no shares remain subject to forfeiture. |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preference shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preference shares, shares outstanding (in shares) | 0 | 0 |
Over-Allotment Option [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Temporary equity, shares outstanding | 0 | 0 |
Class A Ordinary Shares [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Temporary equity, shares outstanding | 42,907,096 | 0 |
Temporary equity, redemption price per share | $ 10 | $ 10 |
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued (in shares) | 3,192,904 | 0 |
Ordinary shares, shares outstanding (in shares) | 3,192,904 | 0 |
Class B Ordinary Shares [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | |
Ordinary shares, shares authorized (in shares) | 20,000,000 | |
Ordinary shares, shares issued (in shares) | 11,250,000 | 11,250,000 |
Ordinary shares, shares outstanding (in shares) | 11,250,000 | 11,250,000 |
Class B Ordinary Shares [Member] | Over-Allotment Option [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Temporary equity, shares outstanding | 1,250,000 | 1,250,000 |
CONDENSED STATEMENT OF OPERATIO
CONDENSED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Operating and formation costs | $ 244,182 | $ 500,478 |
Loss from operations | (244,182) | (500,478) |
Other income (expense): | ||
Interest earned on marketable securities held in Trust Account | 6,839 | 12,701 |
Change in fair value of FPA liability | 507,612 | (1,156,478) |
Net income (loss) | $ 270,269 | $ (1,644,255) |
Class A Redeemable Ordinary Shares [Member] | ||
Other income (expense): | ||
Weighted average shares outstanding, basic and diluted (in shares) | 45,000,000 | 45,000,000 |
Basic and diluted net loss per share, Class A and Class B non-redeemable ordinary shares | $ 0 | $ 0 |
Class A and Class B Nonredeemable Ordinary Shares [member] | ||
Other income (expense): | ||
Weighted average shares outstanding, basic and diluted (in shares) | 12,350,000 | 12,207,182 |
Basic and diluted net loss per share, Class A and Class B non-redeemable ordinary shares | $ 0.02 | $ (0.14) |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member]Class A Ordinary Shares [Member] | Common Stock [Member]Class B Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | |
Beginning balance at Dec. 31, 2020 | [1] | $ 20,000 | $ 1,125 | $ 23,875 | $ (5,000) | |
Beginning balance (in shares) at Dec. 31, 2020 | [1] | 11,250,000 | ||||
Sale of 45,000,000 Shares, net of underwriting discounts | 424,695,225 | $ 4,500 | 424,690,725 | |||
Sale of 45,000,000 Shares, net of underwriting discounts (Shares) | 45,000,000 | |||||
Sale of 1,100,000 Private Placement Shares | 11,000,000 | $ 110 | 10,999,890 | |||
Sale of 1,100,000 Private Placement Shares (Shares) | 1,100,000 | |||||
Class A ordinary shares subject to possible redemption | (428,800,700) | $ (4,288) | $ 0 | (428,796,412) | 0 | |
Class A ordinary shares subject to possible redemption (Shares) | (42,880,070) | 0 | ||||
Net Income (loss) | (1,914,524) | (1,914,524) | ||||
Ending balance at Mar. 31, 2021 | 5,000,001 | $ 322 | $ 1,125 | 6,918,078 | (1,919,524) | |
Ending balance (in shares) at Mar. 31, 2021 | 3,219,930 | 11,250,000 | ||||
Beginning balance at Dec. 31, 2020 | [1] | 20,000 | $ 1,125 | 23,875 | (5,000) | |
Beginning balance (in shares) at Dec. 31, 2020 | [1] | 11,250,000 | ||||
Net Income (loss) | (1,644,255) | |||||
Ending balance at Jun. 30, 2021 | 5,000,010 | $ 319 | $ 1,125 | 6,647,821 | (1,649,255) | |
Ending balance (in shares) at Jun. 30, 2021 | 3,192,904 | 11,250,000 | ||||
Beginning balance at Mar. 31, 2021 | 5,000,001 | $ 322 | $ 1,125 | 6,918,078 | (1,919,524) | |
Beginning balance (in shares) at Mar. 31, 2021 | 3,219,930 | 11,250,000 | ||||
Class A ordinary shares subject to possible redemption | (270,260) | $ (3) | $ 0 | (270,257) | 0 | |
Class A ordinary shares subject to possible redemption (Shares) | (27,026) | 0 | ||||
Net Income (loss) | 270,269 | 270,269 | ||||
Ending balance at Jun. 30, 2021 | $ 5,000,010 | $ 319 | $ 1,125 | $ 6,647,821 | $ (1,649,255) | |
Ending balance (in shares) at Jun. 30, 2021 | 3,192,904 | 11,250,000 | ||||
[1] | Includes an aggregate of up to 1,250,000 Class B ordinary shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5). As a result of the full exercise of the underwriters’ over-allotment, no shares remain subject to forfeiture. |
CONDENSED STATEMENT OF CHANGE_2
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Initial Public Offering [Member] | ||
Stockholders' Equity | ||
Shares issued (in shares) | 45,000,000 | |
Over-Allotment Option [Member] | ||
Stockholders' Equity | ||
Temporary equity shares outstanding | 0 | |
Private Placement Warrants [Member] | ||
Stockholders' Equity | ||
Shares issued (in shares) | 1,100,000 | |
Common Class B [Member] | Over-Allotment Option [Member] | ||
Stockholders' Equity | ||
Temporary equity shares outstanding | 1,250,000 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net loss | $ 270,269 | $ (1,644,255) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of FPA liability | (507,612) | 1,156,478 |
Interest earned on marketable securities held in Trust account | (6,839) | (12,701) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (577,083) | |
Accrued expenses | 166,201 | |
Net cash used in operating activities | (911,360) | |
Cash Flows from Investing Activities: | ||
Investment of cash in Trust Account | (450,000,000) | |
Net cash used in investing activities | (450,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from sale of Class A ordinary shares, net of underwriting discounts paid | 441,000,000 | |
Proceeds from sale of Private Placement Shares | 11,000,000 | |
Repayment of promissory note – related party | (144,544) | |
Payment of offering costs | (390,230) | |
Net cash provided by financing activities | 451,465,226 | |
Net Change in Cash | 553,866 | |
Cash – Beginning of period | 0 | |
Cash – End of period | 553,866 | 553,866 |
Non-Cash investing and financing activities: | ||
Offering costs paid through promissory note | 24,955 | |
Deferred underwriting fee payable | $ 15,750,000 | 15,750,000 |
Initial classification of Class A ordinary shares subject to possible redemption | 430,715,220 | |
Change in value of Class A ordinary shares subject to possible redemption | $ (1,644,260) |
ORGANIZATION AND PLAN OF BUSINE
ORGANIZATION AND PLAN OF BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND PLAN OF BUSINESS OPERATIONS | NOTE 1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS Altimeter Growth Corp. 2 (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 14, 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 or entities (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of June 30, 2021, the Company had not commenced any operations. All activity for the period from October 14, 2020 (inception) through June 30, 2021 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating The registration statement for the Company’s Initial Public Offering was declared effective on January 6, 2021. On January 11, 2021, the Company consummated the Initial Public Offering of 45,000,000 Class A ordinary shares (the “Public Shares”) at $10.00 per Public Share, which includes the full exercise by the underwriter of its over-allotment option in the amount of 5,000,000 Public Shares at $10.00 per Public Share, generating gross proceeds of $450,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 1,100,000 shares (the “Private Placement Shares”) at a price of $10.00 per Private Placement Share in a private placement to Altimeter Growth Holdings 2 (the “Sponsor”), generating gross proceeds of $11,000,000, which is described in Note 4. Transaction costs amounted to $25,304,775, consisting of $9,000,000 of underwriting fees, $15,750,000 of deferred underwriting fees and $554,775 of other offering costs. Following the closing of the Initial Public Offering on January 11, 2021, an amount of $450,000,000 ($10.00 per Public Share) from the net proceeds of the sale of the Public Shares in the Initial Public Offering and the sale of the Private Placement Shares was placed in a trust account (the “Trust Account”), and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (excluding the amount of any deferred underwriting discount held in the Trust Account and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post- The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general 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, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination (initially anticipated to be $10.00 per Public Share), including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, subject to certain limitations as described in the prospectus. The per-share The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. 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 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, 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% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares, Private Placement 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 Memorandum and Articles of Association (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 the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial per-share The Company will have until January 11, 2023 (or until April 11, 2023 if the Company has executed a letter of intent, agreement in principle, or definitive agreement for a Business Combination by January 11, 2023, but the Company has not completed a Business Combination by January 11, 2023) to consummate a Business Combination (the “Combination Period”). However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at a per-share The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares and Private Placement Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, 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. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per share ($10.00). In order to protect the amounts held in the Trust |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K 10-K Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 of 2002, 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires 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 condensed financial statements. Making Estimates requires management to exercise significant judgement. Significant estimates included in these financial statements are the valuation of the FPA liability. 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 the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and cash 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 June 30, 2021 and December 31, 2020. Cash Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury Securities. 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.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at June 30, 2021, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. FPA Liability The Company accounts for the Forward Purchase Agreement (“FPA”) as a liability-classified instrument based on an assessment of the specific terms of the FPA and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the FPA is a freestanding financial instrument pursuant to ASC 480 and meets the definition of a liability pursuant to ASC 480. This assessment, which requires the use of professional judgment, is conducted at the time of execution of the FPA and as of each subsequent quarterly period end date while the FPA is outstanding. Changes in the estimated fair value of the FPA between reporting periods is recognized as a non-cash Offering Costs Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that are directly related to the Initial Public Offering. Offering costs amounting to $25,304,775 were charged to shareholders’ equity upon the completion of the Initial Public Offering. Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2021 and December 31, 2020, The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. Net income (Loss) per Common Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts) for the three months ended June 30, 2021: Three M Ended June 30, 2021 Redeemable Class A Ordinary Shares Numerator: Earnings allocable to Redeemable Class A Ordinary Shares Interest Income $ 6,389 Net Earnings $ 6,389 Denominator: Weighted Average Redeemable Class A Ordinary Shares Redeemable Class A Ordinary Shares, Basic and Diluted 45,000,000 Earnings/Basic and Diluted Redeemable Class A Ordinary Shares $ 0.00 Non-Redeemable Numerator: Net Income minus Redeemable Net Earnings Net Income $ 270,269 Redeemable Net Earnings 6,839 Non-Redeemable Income $ 263,430 Denominator: Weighted Average Non-Redeemable Non-Redeemable 12,350,000 Loss/Basic and Diluted Non-Redeemable $ 0.02 The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts) for the six months ended June 30, 2021: Six Ended June 30, 2021 Redeemable Class A Ordinary Shares Numerator: Earnings allocable to Redeemable Class A Ordinary Shares Interest Income $ 12,701 Net Earnings $ 12,701 Denominator: Weighted Average Redeemable Class A Ordinary Shares Redeemable Class A Ordinary Shares, Basic and Diluted 45,000,000 Earnings/Basic and Diluted Redeemable Class A Ordinary Shares $ 0.00 Non-Redeemable Numerator: Net Income minus Redeemable Net Earnings Net Income $ (1,644,255) Redeemable Net Earnings 12,701 Non-Redeemable $ (1,656,956) Denominator: Weighted Average Non-Redeemable Non-Redeemable 12,207,182 Loss/Basic and Diluted Non-Redeemable $ (0.14 ) 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 Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the accounting pronouncement and therefore has not yet adopted as of June 30, 2021. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended |
Jun. 30, 2021 | |
INITIAL PUBLIC OFFERING [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 3 — INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 45,000,000 Public Shares, which includes a full exercise by the underwriters of their over-allotment |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 6 Months Ended |
Jun. 30, 2021 | |
PRIVATE PLACEMENT [Abstract] | |
PRIVATE PLACEMENT | NOTE 4 — PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 1,100,000 Private Placement Shares at a price of $10.00 per Private Placement Share, for an aggregate purchase price of $11,000,000, in a private placement. A portion of the proceeds from the Private Placement Shares were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Shares will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS Founder Shares On October 23, 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 2,875,000 Class B ordinary shares (the “Founder Shares”). On December 1, 2020, the Company effected a 2,875,000 share dividend, on December 24, 2020, the Company effected a 4,250,000 share dividend and on January 7, 2021, the Company effected a 1,250,000 share dividend, resulting in an aggregate of 11,250,000 Founder Shares outstanding. All share and per-share The Founder Shares included an aggregate of up to 1,250,000 shares subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was not exercised in full, so that the number of Founder Shares would equal, on an as-converted The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Administrative Support Agreement The Company entered into an agreement, commencing on January 11, 2021 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay an affiliate of the Sponsor $20,000 per month for office space, utilities and secretarial, and administrative support services. For the three and six months ended June 30, 2021, the Company incurred and $120,000, respectively, in fees for these services which is reflected in accrued expenses as of June 30, 2021. Promissory Note — Related Party On October 23, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note is non-interest was subsequently repaid on January 15, 2021. As of June 30, 2021, the promissory note is expired and the Company is no longer able to borrow funds. Related Party Loans 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, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would 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. 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 $2,000,000 of such Working Capital Loans may be convertible into shares of the post-Business Combination entity at a price of $10.00 per share. The shares would be identical to the Private Placement Shares. As of June 30, 2021, the Company had no outstanding borrowings under the Working Capital Loans. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 — COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 global pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position and/or search for a target company, the specific impact is not readily determinable as of the date of the condensed financial statements. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Registration and Shareholders Rights Pursuant to a registration and shareholders rights agreement entered into on January 6, 2021, the holders of the Founder Shares and Private Placement Shares and any shares that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the conversion of the Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed before or on the effective date of the Initial Public Offering. The holders of these securities will be entitled to make up to three Pursuant to the forward purchase agreement, the Company will agree that it will use its commercially reasonable efforts to (i) within 30 days after the closing of a Business Combination, file a registration statement with the SEC for a secondary offering of (A) the forward purchase investor’s forward purchase shares and any other Class A ordinary shares acquired by the forward purchase investor, including any acquisitions after the Company completes a Business Combination, (ii) cause such registration statement to be declared effective promptly thereafter, but in no event later than 90 days after the closing of a Business Combination and (iii) maintain the effectiveness of such registration statement and to ensure the registration statement does not contain a material omission or misstatement, including by way of amendment or other update, as required, until the earlier of (A) the date on which a forward purchase investor ceases to hold the securities covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act, and without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act, subject to certain conditions and limitations set forth in the forward purchase agreement. The Company will bear the cost of registering these securities. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per share, or $15,750,000 in the aggregate. 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. Forward Purchase Agreement The Company entered into a forward purchase agreement which will provide for the purchase of a certain number of shares (the “forward purchase shares”), up to 5,000,000 forward purchase shares for $10.00 per share, or an aggregate purchase price of $50,000,000 in a private placement to close concurrently with the closing of a Business Combination. The forward purchase agreement provides that the forward purchase investor may decline to purchase some or all of the forward purchase shares if the Sponsor and the Sponsor’s affiliates collectively own 25% or more of the outstanding shares of the Company when the private placement of the forward purchase shares is initiated. The obligations under the forward purchase agreement will not depend on whether any Class A ordinary shares are redeemed by the Public Shareholders. The forward purchase shares will be identical to the Class A ordinary shares being sold in the Initial Public Offering, except that they will be subject to certain registration rights. The amount of forward purchase shares sold pursuant to the forward purchase agreement will be determined by the Company at its sole discretion. |
SHAREHOLDER'S EQUITY
SHAREHOLDER'S EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDER'S EQUITY | NOTE 7 — SHAREHOLDERS’ EQUITY Preference Shares directors. At June 30, 2021 and December 31, 2020, there Class A Ordinary Shares At June 30, 2021 and December 31, 2020, there were 3,192,904 and 0 Class B Ordinary Shares at June 30, 2021 and December 31, 2020, there Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders, except as required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a 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 one-to-one. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 8. FAIR VALUE MEASUREMENTS 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: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. At June 30, 2021, assets held in the Trust Account were comprised of $450,012,700 in money market funds which are invested primarily in U.S. Treasury Securities. During the three and six months ended The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Description Level June 30 Assets: Investments held in Trust Account – U.S. Treasury Securities Money Market Fund 1 $ 450,012,700 Liabilities: FPA Liability 3 $ 1,156,478 FPA Liability The liability for the FPA was valued using an adjusted net assets method, which is considered to be a Level 3 fair value measurement. Under the adjusted net assets method utilized, the aggregate commitment of $50 million pursuant to the FPA is discounted to present value and compared to the fair value of the ordinary shares to be issued pursuant to the FPA. The fair value of the ordinary shares to be issued under the FPA is based on the public trading price of the Shares issued in the Company’s IPO. The excess (liability) or deficit (asset) of the fair value of the ordinary shares to be issued compared to the $50 million fixed commitment is then reduced to account for the probability of consummation of the Business Combination. The primary unobservable input utilized in determining the fair value of the FPA is the probability of consummation of the Business Combination. As of June 30, 2021, the probability assigned to the consummation of the Business Combination was 90% which was determined based on observed success rates of business combinations for special purpose acquisition companies. The key inputs into the valuation analysis for the Forward Purchase Agreement were as follows at January 11 , Input J 0 2021 January 11 2021 Risk-free interest 0.1 % 0.1 % Years to expected IBC date 1.00 1.5 Conditional probability of Securities Issued 90.0 % 85.0 % Fair value of security at valuation date $ 10.25 $ 9.98 The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis. FPA Fair value, January 11, 202 1 $ 73,207 Recognized loss on change in fair value 1,590,883 Fair value, March 31, 2021 1,664,090 Recognized gain on change in fair value (507,612 ) Fair value, June 30, 202 1 $ 1,156,478 There were no transfers between Levels 1, 2 or 3 during the three and six months ended June 30, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 — 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K 10-K |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 of 2002, 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires 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 condensed financial statements. Making Estimates requires management to exercise significant judgement. Significant estimates included in these financial statements are the valuation of the FPA liability. 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 the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash 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 June 30, 2021 and December 31, 2020. |
Cash Held in Trust Account | Cash Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury Securities. |
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.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at June 30, 2021, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. |
FPA Liability | FPA Liability The Company accounts for the Forward Purchase Agreement (“FPA”) as a liability-classified instrument based on an assessment of the specific terms of the FPA and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the FPA is a freestanding financial instrument pursuant to ASC 480 and meets the definition of a liability pursuant to ASC 480. This assessment, which requires the use of professional judgment, is conducted at the time of execution of the FPA and as of each subsequent quarterly period end date while the FPA is outstanding. Changes in the estimated fair value of the FPA between reporting periods is recognized as a non-cash |
Offering Costs | Offering Costs Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that are directly related to the Initial Public Offering. Offering costs amounting to $25,304,775 were charged to shareholders’ equity upon the completion of the Initial Public Offering. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2021 and December 31, 2020, The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. |
Net income (Loss) per Common Share | Net income (Loss) per Common Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts) for the three months ended June 30, 2021: Three M Ended June 30, 2021 Redeemable Class A Ordinary Shares Numerator: Earnings allocable to Redeemable Class A Ordinary Shares Interest Income $ 6,389 Net Earnings $ 6,389 Denominator: Weighted Average Redeemable Class A Ordinary Shares Redeemable Class A Ordinary Shares, Basic and Diluted 45,000,000 Earnings/Basic and Diluted Redeemable Class A Ordinary Shares $ 0.00 Non-Redeemable Numerator: Net Income minus Redeemable Net Earnings Net Income $ 270,269 Redeemable Net Earnings 6,839 Non-Redeemable Income $ 263,430 Denominator: Weighted Average Non-Redeemable Non-Redeemable 12,350,000 Loss/Basic and Diluted Non-Redeemable $ 0.02 The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts) for the six months ended June 30, 2021: Six Ended June 30, 2021 Redeemable Class A Ordinary Shares Numerator: Earnings allocable to Redeemable Class A Ordinary Shares Interest Income $ 12,701 Net Earnings $ 12,701 Denominator: Weighted Average Redeemable Class A Ordinary Shares Redeemable Class A Ordinary Shares, Basic and Diluted 45,000,000 Earnings/Basic and Diluted Redeemable Class A Ordinary Shares $ 0.00 Non-Redeemable Numerator: Net Income minus Redeemable Net Earnings Net Income $ (1,644,255) Redeemable Net Earnings 12,701 Non-Redeemable $ (1,656,956) Denominator: Weighted Average Non-Redeemable Non-Redeemable 12,207,182 Loss/Basic and Diluted Non-Redeemable $ (0.14 ) |
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 Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such accounts. |
Fair Value of Financial Instruments | Fair Value of Financial The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Recent Accounting Standards | Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the accounting pronouncement and therefore has not yet adopted as of June 30, 2021. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of basic and diluted net income (loss) per common share | The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts) for the three months ended June 30, 2021: Three M Ended June 30, 2021 Redeemable Class A Ordinary Shares Numerator: Earnings allocable to Redeemable Class A Ordinary Shares Interest Income $ 6,389 Net Earnings $ 6,389 Denominator: Weighted Average Redeemable Class A Ordinary Shares Redeemable Class A Ordinary Shares, Basic and Diluted 45,000,000 Earnings/Basic and Diluted Redeemable Class A Ordinary Shares $ 0.00 Non-Redeemable Numerator: Net Income minus Redeemable Net Earnings Net Income $ 270,269 Redeemable Net Earnings 6,839 Non-Redeemable Income $ 263,430 Denominator: Weighted Average Non-Redeemable Non-Redeemable 12,350,000 Loss/Basic and Diluted Non-Redeemable $ 0.02 The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts) for the six months ended June 30, 2021: Six Ended June 30, 2021 Redeemable Class A Ordinary Shares Numerator: Earnings allocable to Redeemable Class A Ordinary Shares Interest Income $ 12,701 Net Earnings $ 12,701 Denominator: Weighted Average Redeemable Class A Ordinary Shares Redeemable Class A Ordinary Shares, Basic and Diluted 45,000,000 Earnings/Basic and Diluted Redeemable Class A Ordinary Shares $ 0.00 Non-Redeemable Numerator: Net Income minus Redeemable Net Earnings Net Income $ (1,644,255) Redeemable Net Earnings 12,701 Non-Redeemable $ (1,656,956) Denominator: Weighted Average Non-Redeemable Non-Redeemable 12,207,182 Loss/Basic and Diluted Non-Redeemable $ (0.14 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities 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 June 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Description Level June 30 Assets: Investments held in Trust Account – U.S. Treasury Securities Money Market Fund 1 $ 450,012,700 Liabilities: FPA Liability 3 $ 1,156,478 |
Summary of Changes in the Fair Value of the FPA Liability | The key inputs into the valuation analysis for the Forward Purchase Agreement were as follows at January 11 , Input J 0 2021 January 11 2021 Risk-free interest 0.1 % 0.1 % Years to expected IBC date 1.00 1.5 Conditional probability of Securities Issued 90.0 % 85.0 % Fair value of security at valuation date $ 10.25 $ 9.98 The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis. FPA Fair value, January 11, 202 1 $ 73,207 Recognized loss on change in fair value 1,590,883 Fair value, March 31, 2021 1,664,090 Recognized gain on change in fair value (507,612 ) Fair value, June 30, 202 1 $ 1,156,478 |
Summary of fair value measurements inputs | The key inputs into the valuation analysis for the Forward Purchase Agreement were as follows at January 11 , Input J 0 2021 January 11 2021 Risk-free interest 0.1 % 0.1 % Years to expected IBC date 1.00 1.5 Conditional probability of Securities Issued 90.0 % 85.0 % Fair value of security at valuation date $ 10.25 $ 9.98 |
ORGANIZATION AND PLAN OF BUSI_2
ORGANIZATION AND PLAN OF BUSINESS OPERATIONS (Details) - USD ($) | Jan. 11, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Proceeds from Issuance of Equity [Abstract] | ||||
Gross proceeds from initial public offering | $ 441,000,000 | |||
Transaction costs | $ 25,304,775 | $ 392,268 | ||
Underwriting fees | 9,000,000 | |||
Deferred underwriting fees | 15,750,000 | 15,750,000 | ||
Other offering costs | 554,775 | |||
Net proceeds deposited in trust account | $ 450,000,000 | $ 450,012,700 | ||
Net proceeds from Initial Public Offering and Private Placement (in dollars per share) | $ 10 | |||
Maximum [Member] | ||||
Proceeds from Issuance of Equity [Abstract] | ||||
Net proceeds from Initial Public Offering and Private Placement (in dollars per share) | $ 10 | |||
Interest on Trust Account that can be held to pay dissolution expenses | $ 100,000 | |||
Public Shares [Member] | ||||
Proceeds from Issuance of Equity [Abstract] | ||||
Share price (in dollars per share) | $ 10 | |||
Initial Public Offering [Member] | ||||
Proceeds from Issuance of Equity [Abstract] | ||||
Shares issued (in shares) | 45,000,000 | 45,000,000 | ||
Initial Public Offering [Member] | Public Shares [Member] | ||||
Proceeds from Issuance of Equity [Abstract] | ||||
Shares issued (in shares) | 45,000,000 | |||
Share price (in dollars per share) | $ 10 | |||
Gross proceeds from initial public offering | $ 450,000,000 | |||
Over-Allotment Option [Member] | ||||
Proceeds from Issuance of Equity [Abstract] | ||||
Shares issued (in shares) | 5,000,000 | |||
Over-Allotment Option [Member] | Public Shares [Member] | ||||
Proceeds from Issuance of Equity [Abstract] | ||||
Shares issued (in shares) | 5,000,000 | |||
Share price (in dollars per share) | $ 10 | |||
Private Placement [Member] | ||||
Proceeds from Issuance of Equity [Abstract] | ||||
Shares issued (in shares) | 1,100,000 | 1,100,000 | ||
Share price (in dollars per share) | $ 10 | $ 10 | ||
Gross proceeds from initial public offering | $ 11,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of basic and diluted net income (loss) per common share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | |
Numerator: Net Income minus Redeemable Net Earnings | |||
Net Income | $ 270,269 | $ (1,914,524) | $ (1,644,255) |
Class A Redeemable Ordinary Shares [Member] | |||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares | |||
Interest Income | 6,389 | 12,701 | |
Net Earnings | $ 6,389 | $ 12,701 | |
Denominator: Weighted Average Redeemable Class A Ordinary Shares | |||
Redeemable Class A Ordinary Shares, Basic and Diluted | 45,000,000 | 45,000,000 | |
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares | $ 0 | $ 0 | |
Numerator: Net Income minus Redeemable Net Earnings | |||
Redeemable Net Earnings | $ 6,389 | $ 12,701 | |
Denominator: Weighted Average Non-Redeemable Class A and Class B Ordinary Shares | |||
Non-Redeemable Class A and Class B Ordinary Shares, Basic and Diluted | 45,000,000 | 45,000,000 | |
Loss/Basic and Diluted Non-Redeemable Class A and Class B Ordinary Shares | $ 0 | $ 0 | |
Class B Non Redeemable Ordinary Shares [Member] | |||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares | |||
Net Earnings | $ 6,839 | $ 12,701 | |
Numerator: Net Income minus Redeemable Net Earnings | |||
Net Income | 270,269 | (1,644,255) | |
Redeemable Net Earnings | 6,839 | 12,701 | |
Non-Redeemable Net Income (Loss) | $ 263,430 | $ (1,656,956) | |
Class A and Class B Nonredeemable Ordinary Shares [member] | |||
Denominator: Weighted Average Redeemable Class A Ordinary Shares | |||
Redeemable Class A Ordinary Shares, Basic and Diluted | 12,350,000 | 12,207,182 | |
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares | $ (0.02) | $ 0.14 | |
Denominator: Weighted Average Non-Redeemable Class A and Class B Ordinary Shares | |||
Non-Redeemable Class A and Class B Ordinary Shares, Basic and Diluted | 12,350,000 | 12,207,182 | |
Loss/Basic and Diluted Non-Redeemable Class A and Class B Ordinary Shares | $ 0.02 | $ (0.14) |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Jun. 30, 2021 | Jan. 11, 2021 | Dec. 31, 2020 |
Net Loss Per Ordinary Share [Abstract] | |||
Federal depository insurance coverage | $ 250,000 | ||
Deferred Costs, Current [Abstract] | |||
Offering costs | $ 25,304,775 | $ 392,268 | |
Cash and Cash Equivalents [Abstract] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Income Taxes [Abstract] | |||
Unrecognized Tax Benefits | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details) - $ / shares | Jan. 11, 2021 | Mar. 31, 2021 | Jun. 30, 2021 |
Public Shares [Member] | |||
Initial Public Offering [Abstract] | |||
Unit price (in dollars per share) | $ 10 | ||
Initial Public Offering [Member] | |||
Initial Public Offering [Abstract] | |||
Shares issued (in shares) | 45,000,000 | 45,000,000 | |
Initial Public Offering [Member] | Public Shares [Member] | |||
Initial Public Offering [Abstract] | |||
Shares issued (in shares) | 45,000,000 | ||
Unit price (in dollars per share) | $ 10 | ||
Over-Allotment Option [Member] | |||
Initial Public Offering [Abstract] | |||
Shares issued (in shares) | 5,000,000 | ||
Over-Allotment Option [Member] | Public Shares [Member] | |||
Initial Public Offering [Abstract] | |||
Shares issued (in shares) | 5,000,000 | ||
Unit price (in dollars per share) | $ 10 |
PRIVATE PLACEMENT (Details)
PRIVATE PLACEMENT (Details) - USD ($) | Jan. 11, 2021 | Jun. 30, 2021 |
Private Placement Shares [Abstract] | ||
Gross proceeds from issuance of warrants | $ 11,000,000 | |
Private Placement [Member] | ||
Private Placement Shares [Abstract] | ||
Shares issued (in shares) | 1,100,000 | 1,100,000 |
Share price (in dollars per share) | $ 10 | $ 10 |
Gross proceeds from issuance of warrants | $ 11,000,000 |
RELATED PARTY TRANSACTIONS, Fou
RELATED PARTY TRANSACTIONS, Founder Shares (Details) | Jan. 07, 2021shares | Dec. 24, 2020shares | Dec. 01, 2020shares | Oct. 23, 2020USD ($)shares | Jun. 30, 2021$ / sharesshares | Dec. 31, 2020shares |
Founder Shares [Abstract] | ||||||
Stock conversion basis at time of business combination | 1 | |||||
Founder Shares [Member] | Class B Ordinary Shares [Member] | ||||||
Founder Shares [Abstract] | ||||||
Shares issued (in shares) | 1,250,000 | 4,250,000 | 2,875,000 | |||
Shares, Outstanding | 11,250,000 | |||||
Founder Shares [Member] | Sponsor [Member] | Common Class A [Member] | ||||||
Founder Shares [Abstract] | ||||||
Stock conversion basis at time of business combination | 1 | |||||
Number of trading days | 20 days | |||||
Trading day threshold period | 30 days | |||||
Founder Shares [Member] | Sponsor [Member] | Common Class A [Member] | Minimum [Member] | ||||||
Founder Shares [Abstract] | ||||||
Share price (in dollars per share) | $ / shares | $ 12 | |||||
Threshold period after initial Business Combination | 120 days | |||||
Founder Shares [Member] | Sponsor [Member] | Class B Ordinary Shares [Member] | ||||||
Founder Shares [Abstract] | ||||||
Proceeds from Issuance of Common Stock | $ | $ 25,000 | |||||
Shares issued (in shares) | 2,875,000 | |||||
Number of shares subject to forfeiture (in shares) | 0 | |||||
Ownership interest, as converted percentage | 20.00% | |||||
Founder Shares [Member] | Sponsor [Member] | Class B Ordinary Shares [Member] | Maximum [Member] | ||||||
Founder Shares [Abstract] | ||||||
Number of shares subject to forfeiture (in shares) | 1,250,000 | |||||
Founder Shares [Member] | Director One [Member] | Class B Ordinary Shares [Member] | ||||||
Founder Shares [Abstract] | ||||||
Shares issued (in shares) | 75,000 | |||||
Founder Shares [Member] | Director Two [Member] | Class B Ordinary Shares [Member] | ||||||
Founder Shares [Abstract] | ||||||
Shares issued (in shares) | 75,000 | |||||
Founder Shares [Member] | Director Three [Member] | Class B Ordinary Shares [Member] | ||||||
Founder Shares [Abstract] | ||||||
Shares issued (in shares) | 75,000 | |||||
Founder Shares [Member] | Director Four [Member] | Class B Ordinary Shares [Member] | ||||||
Founder Shares [Abstract] | ||||||
Shares issued (in shares) | 75,000 | |||||
Founder Shares [Member] | Director [Member] | Class B Ordinary Shares [Member] | ||||||
Founder Shares [Abstract] | ||||||
Shares issued (in shares) | 300,000 |
RELATED PARTY TRANSACTIONS, Adm
RELATED PARTY TRANSACTIONS, Administrative Support Agreement, Promissory Note - Related Party and Related Party Loans (Details) - USD ($) | Jan. 15, 2021 | Jan. 11, 2021 | Oct. 23, 2020 | Jun. 30, 2021 | Jun. 30, 2021 |
Related Party Transactions [Abstract] | |||||
Repayment of debt to related party | $ 144,544 | ||||
Accrued Expense [Member] | |||||
Related Party Transactions [Abstract] | |||||
Related party transaction | $ 60,000 | 120,000 | |||
Sponsor [Member] | Promissory Note [Member] | |||||
Related Party Transactions [Abstract] | |||||
Related party transaction | $ 300,000 | ||||
Repayment of debt to related party | $ 144,544 | ||||
Sponsor [Member] | Administrative Support Agreement [Member] | |||||
Related Party Transactions [Abstract] | |||||
Related party transaction | $ 20,000 | ||||
Sponsor or an Affiliate of the Sponsor, or Certain of the Company's Officers and Directors [Member] | Working Capital Loans [Member] | |||||
Related Party Transactions [Abstract] | |||||
Related party transaction | 2,000,000 | ||||
Notes Payable, Related Parties | $ 10 | $ 10 | |||
Share price (in dollars per share) | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)$ / sharesshares | Jan. 11, 2021USD ($) | |
Underwriting Agreement [Abstract] | ||
Deferred underwriter fee discount (in dollars per share) | $ / shares | $ 0.35 | |
Deferred underwriting fees | $ | $ 15,750,000 | $ 15,750,000 |
Forward Purchase Agreement [Abstract] | ||
Aggregate purchase price under forward purchase agreement | $ | $ 50,000,000 | |
Warrants exercise price (in dollars per share) | $ / shares | $ 10 | |
Maximum [Member] | ||
Registration and Stockholder Rights [Abstract] | ||
Number of demands eligible security holder can make | 3 | |
Forward Purchase Agreement [Abstract] | ||
Number of securities entitled to purchase (in shares) | shares | 5,000,000 | |
Sponsor and Sponsors's Affiliates [Member] | Private Placement [Member] | Minimum [Member] | ||
Forward Purchase Agreement [Abstract] | ||
Percentage of collectively own outstanding shares under forward purchase agreement | 25.00% |
SHAREHOLDER'S EQUITY (Details)
SHAREHOLDER'S EQUITY (Details) | 6 Months Ended | ||||
Jun. 30, 2021$ / sharesshares | Jan. 07, 2021shares | Dec. 31, 2020$ / sharesshares | Dec. 24, 2020shares | Dec. 01, 2020shares | |
Stockholders' Equity [Abstract] | |||||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | |||
Stock conversion percentage threshold | 20.00% | ||||
Stock conversion basis at time of business combination | 1 | ||||
Common Class A [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | |||
Voting right per share | 1 | ||||
Common Stock, Shares, Issued | 3,192,904 | 0 | |||
Common Stock, Shares, Outstanding | 3,192,904 | 0 | |||
Ordinary shares subject to possible redemption (in shares) | 42,907,096 | 0 | |||
Class B Ordinary Shares [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Common Stock, Shares Authorized | 20,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | ||||
Voting right per share | 1 | ||||
Common Stock, Shares, Issued | 11,250,000 | 1,250,000 | 11,250,000 | 4,250,000 | 2,875,000 |
Common Stock, Shares, Outstanding | 11,250,000 | 11,250,000 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair value on a Recurring Basis (Details) - Fair Value, Recurring [Member] | Jun. 30, 2021USD ($) |
FPA Libaility [Member] | Fair Value, Inputs, Level 3 [Member] | |
Liabilities: | |
FPA Liability | $ 1,156,478 |
Us Treasury Securities Money market Fund [Member] | Fair Value, Inputs, Level 1 [Member] | |
Assets: | |
Investments held in Trust Account | $ 450,012,700 |
FAIR VALUE MEASUREMENTS - Sum_2
FAIR VALUE MEASUREMENTS - Summary of Changes in the Fair Value of the FPA Liability (Details) - FPA Liability [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value | $ 1,664,090 | $ 73,207 |
Recognized gain (loss) on change in fair value | (507,612) | 1,590,883 |
Fair value | $ 1,156,478 | $ 1,664,090 |
FAIR VALUE MEASUREMENTS - Sum_3
FAIR VALUE MEASUREMENTS - Summary of Fair Value Measurements Inputs (Detail) | Jun. 30, 2021yr | Jan. 11, 2021yr |
Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.1 | 0.1 |
Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 1 | 1.5 |
Measurement Input Price Probability [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 90 | 85 |
Measurement Input, Share Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 10.25 | 9.98 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jan. 11, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in trust | $ 450,012,700 | $ 450,012,700 | $ 450,000,000 |
Proceeds From Interest income | 0 | 0 | |
Aggregate FPA Commitment | 50 | 50 | |
Excess (liability) or deficit (asset) of the fair value of the common stock to be issued | 50 | $ 50 | |
Percentage of probability assigned to the consummation of business combination | 90.00% | ||
Fair value transfer Level 1 to 3 Amount | 0 | $ 0 | |
Money Market Funds [Member] | US Treasury Securities [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in trust | $ 450,012,700 | $ 450,012,700 |