RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In connection with the preparation of the Company’s unaudited condensed financial statements as of September 30, 2021, management identified errors made in its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per share of Class A ordinary shares while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A ordinary shares issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all shares of Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted an error related to temporary equity and permanent equity. This resulted in a restatement of the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares. In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also restated its income (loss) per share calculation to allocate net loss pro rata to Class A 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 loss of the Company. There is no impact to the reported amounts for total assets, total liabilities, cash flows, or net loss. The impact of the restatement on the Company’s financial statements is reflected in the following table. Balance Sheet as of February 25, 2021 As Adjustment As Restated Class A ordinary shares subject to possible redemption $ 226,294,660 $ 23,705,340 $ 250,000,000 Class A ordinary shares $ 303 $ (237 ) $ 66 Additional paid-in capital $ 5,597,717 $ (5,597,717 ) $ — Accumulated deficit $ (598,867 ) $ (18,107,386 ) $ (18,706,253 ) Total Shareholders’ Equity (Deficit) $ 5,000,008 $ (23,705,340 ) $ (18,705,332 ) Balance Sheet as of March 31, 2021 (unaudited) As Adjustment As Restated Class A ordinary shares subject to possible redemption $ 227,343,550 $ 22,656,450 $ 250,000,000 Class A ordinary shares $ 293 $ (227 ) $ 66 Additional paid-in capital $ 4,548,837 $ (4,548,837 ) $ — Accumulated deficit $ 450,023 $ (18,107,386 ) $ (17,657,363 ) Total Shareholders’ Equity (Deficit) $ 5,000,008 $ (22,656,450 ) $ (17,656,442 ) Balance Sheet as of June 30, 2021 (unaudited) As Adjustment As Restated Class A ordinary shares subject to possible redemption $ 226,106,780 $ 23,893,220 $ 250,000,000 Class A ordinary shares $ 305 $ (239 ) $ 66 Additional paid-in capital $ 5,785,595 $ (5,785,595 ) $ — Accumulated deficit $ (786,753 ) $ (18,107,386 ) $ (18,894,139 ) Total Shareholders’ Equity (Deficit) $ 5,000,002 $ (23,893,220 ) $ (18,893,218 ) Statement of Operations for the Three Months March 31, 2021 (unaudited) As Adjustment As Restated Weighted average shares outstanding, Class A ordinary shares 25,000,000 (15,306,222 ) 9,693,778 Basic and diluted income per share, Class A ordinary shares $ — $ 0.03 $ 0.03 Weighted average shares outstanding, Class B ordinary shares 8,180,444 (249,333 ) 7,931,111 Basic and diluted income per share, Class B ordinary shares $ 0.06 $ (0.03 ) $ 0.03 Statement of Operations for the Three Months June 30, 2021 (unaudited) As Adjustment As Restated Weighted average shares outstanding, Class A ordinary shares 25,000,000 660,000 25,660,000 Basic and diluted loss per share, Class A ordinary shares $ — $ (0.04 ) $ (0.04 ) Weighted average shares outstanding, Class B ordinary shares 9,213,333 (660,000 ) 8,553,333 Basic and diluted loss per share, Class B ordinary shares $ (0.13 ) $ 0.09 $ (0.04 ) Statement of Operations for the Six Months June 30, 2021 (unaudited) As Previously Adjustment As Restated Weighted average shares outstanding, Class A ordinary shares 25,000,000 (7,279,006 ) 17,720,994 Basic and diluted loss per share, Class A ordinary shares $ — $ (0.03 ) $ (0.03 ) Weighted average shares outstanding, Class B ordinary shares 8,699,742 (455,801 ) 8,243,941 Basic and diluted loss per share, Class B ordinary shares $ (0.09 ) $ (0.06 ) $ (0.03 ) Statement of Cash Flows for the Three Months March 31, 2021 (unaudited) As Adjustment As Restated Non-Cash investing and financing activities: Initial classification of Class A ordinary shares subject to possible redemption $ 226,294,660 $ (226,294,660 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ 1,048,890 $ (1,048,890 ) $ — Statement of Cash Flows for the Six Months June 30, 2021 (unaudited) As Adjustment As Restated Non-Cash investing and financing activities: Initial classification of Class A ordinary shares subject to possible redemption $ 226,294,660 $ (226,294,660 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (187,880 ) $ 187,880 $ — |