Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Mar. 23, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | Lead Edge Growth Opportunities, Ltd | |
Trading Symbol | LEGA | |
Document Type | 10-K | |
Current Fiscal Year End Date | --12-31 | |
Entity Public Float | $ 0 | |
Amendment Flag | false | |
Entity Central Index Key | 0001834628 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity File Number | 001-40270 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1573983 | |
Entity Address, Address Line One | 96 Spring Street | |
Entity Address, Address Line Two | 5th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10012 | |
City Area Code | (212) | |
Local Phone Number | 984-2421 | |
Title of 12(b) Security | Class A Ordinary Shares included as part of the units | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Auditor Name | WithumSmith+Brown, PC | |
Auditor Location | New York | |
Auditor Firm ID | 100 | |
Class A Ordinary Shares | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 34,500,000 | |
Class B Ordinary Shares | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 8,625,000 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 587,328 | |
Prepaid expenses | 533,247 | |
Total Current Assets | 1,120,575 | |
Deferred offering costs | 94,000 | |
Cash and investments held in Trust Account | 345,065,727 | |
TOTAL ASSETS | 346,186,302 | 94,000 |
Current liabilities | ||
Accrued expenses | 113,243 | |
Accrued offering costs | 65,256 | 74,000 |
Total Current Liabilities | 178,499 | 74,000 |
Derivative Liability – Warrants | 9,679,584 | |
Derivative Liability – Forward Purchase Agreement | 46,000 | |
Deferred underwriting fee payable | 12,075,000 | |
Total Liabilities | 21,979,083 | 74,000 |
Commitments | ||
Class A ordinary shares, $0.0001 par value, 34,500,000 and -0- shares subject to possible redemption at $10.00 per share as of December 31, 2021 and 2020, respectively | 345,000,000 | |
Shareholders’ (Deficit) Equity | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | ||
Class A ordinary shares, $0.0001 par value; 350,000,000 shares authorized, no shares issued or outstanding (excluding 34,500,000 and no shares subject to possible redemption) as of December 31, 2021 and 2020, respectively | ||
Class B ordinary shares, $0.0001 par value; 35,000,000 shares authorized; 8,625,000 shares issued and outstanding as of December 31, 2021 and 2020 | 863 | 863 |
Additional paid-in capital | 24,137 | |
Accumulated deficit | (20,793,644) | (5,000) |
Total Shareholders’ (Deficit) Equity | (20,792,781) | 20,000 |
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | $ 346,186,302 | $ 94,000 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preference shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized | 1,000,000 | 1,000,000 |
Preference shares, shares issued | ||
Preference shares, shares outstanding | ||
Class A Ordinary Shares | ||
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Shares subject to possible redemption | 34,500,000 | 0 |
Shares subject to possible redemption per share (in Dollars per share) | $ 10 | $ 10 |
Ordinary shares, shares authorized | 350,000,000 | 350,000,000 |
Ordinary shares, issued | ||
Ordinary shares, outstanding | ||
Class B Ordinary Shares | ||
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 35,000,000 | 35,000,000 |
Ordinary shares, issued | 8,625,000 | 8,625,000 |
Ordinary shares, outstanding | 8,625,000 | 8,625,000 |
Statements of Operations
Statements of Operations - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
General and administrative expenses | $ 5,000 | $ 950,277 |
Loss from operations | (5,000) | (950,277) |
Other income: | ||
Change in fair value of Derivative Liability – Forward Purchase Agreement | (332,000) | |
Initial classification of Derivative Liability – Forward Purchase Agreement | 286,000 | |
Transaction costs incurred in connection with warrant liabilities | (588,646) | |
Change in fair value of warrant liabilities | 10,275,250 | |
Interest earned on investments held in Trust Account | 65,727 | |
Total other income, net | 9,706,331 | |
Net income (loss) | $ (5,000) | $ 8,756,054 |
Weighted average shares outstanding of Class A ordinary shares (in Shares) | 26,408,219 | |
Basic and diluted net income (loss) per ordinary share, Class A ordinary shares (in Dollars per share) | $ 0.25 | |
Weighted average shares outstanding of Class B ordinary shares (in Shares) | 7,500,000 | 8,307,534 |
Basic net income (loss) per ordinary share, Class B ordinary shares (in Dollars per share) | $ 0.25 | |
Weighted average shares outstanding of Class B ordinary shares (in Shares) | 8,347,603 | |
Diluted net income (loss) per ordinary share, Class B ordinary shares (in Dollars per share) | $ 0.25 |
Statements of Changes in Shareh
Statements of Changes in Shareholders’ (Deficit) Equity - USD ($) | Class AOrdinary Shares | Class BOrdinary Shares | Additional Paid in Capital | Accumulated Deficit | Total |
Balance at Dec. 15, 2020 | |||||
Balance (in Shares) at Dec. 15, 2020 | |||||
Issuance of Class B ordinary shares to Sponsor | $ 863 | 24,137 | 25,000 | ||
Issuance of Class B ordinary shares to Sponsor (in Shares) | 8,625,000 | ||||
Net income (loss) | (5,000) | (5,000) | |||
Balance at Dec. 31, 2020 | $ 863 | 24,137 | (5,000) | 20,000 | |
Balance (in Shares) at Dec. 31, 2020 | 8,625,000 | ||||
Cash received in excess of fair value of private warrants | 1,002,666 | 1,002,666 | |||
Accretion for Class A ordinary shares to redemption amount | (1,026,803) | (29,544,698) | (30,571,501) | ||
Net income (loss) | 8,756,054 | 8,756,054 | |||
Balance at Dec. 31, 2021 | $ 863 | $ (20,793,644) | $ (20,792,781) | ||
Balance (in Shares) at Dec. 31, 2021 | 8,625,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (5,000) | $ 8,756,054 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Formation cost paid by Sponsor in exchange for issuance of founder shares | 5,000 | |
Change in fair value of warrant liabilities | (10,275,250) | |
Interest earned on Investments held in Trust Account | (65,727) | |
Change in fair value of Derivative Liability – Forward Purchase Agreement | 332,000 | |
Initial classification of Derivative Liability – Forward Purchase Agreement | (286,000) | |
Transaction costs incurred in connection with warrant liabilities | 588,646 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (533,247) | |
Accrued expenses | 113,243 | |
Net cash used in operating activities | (1,370,281) | |
Cash Flows from Investing Activities: | ||
Investment of cash in Trust Account | (345,000,000) | |
Net cash used in investing activities | (345,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from sale of Units, net of underwriting discounts paid | 338,100,000 | |
Proceeds from sale of Private Placement Warrants | 9,400,000 | |
Advances from related party | 100,871 | |
Repayment of promissory note | (100,871) | |
Proceeds from promissory note – related party | 87,500 | |
Repayment of promissory note – related party | (182,390) | |
Payment of offering costs | (447,501) | |
Net cash provided by financing activities | 346,957,609 | |
Net Change in Cash | 587,328 | |
Cash – Beginning of period | ||
Cash – End of period | 587,328 | |
Non-Cash Investing and Financing Activities: | ||
Offering costs included in accrued offering costs | 74,000 | 65,256 |
Offering costs paid by Sponsor in exchange for issuance of founder shares | 20,000 | |
Offering costs paid through promissory note | 94,890 | |
Deferred underwriting fee payable | $ 12,075,000 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Lead Edge Growth Opportunities, Ltd (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on December 16, 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 geographic region 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 December 31, 2021, the Company had not commenced any operations. All activity for the period from December 16, 2020 (inception) through December 31, 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 income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on March 22, 2021. On March 25, 2021, the Company consummated the Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), generating gross proceeds of $300,000,000, which is described in Note 4. On April 13, 2021, in connection with the underwriters fully exercising the over-allotment option, an additional 4,500,000 Units were sold at $10.00 per Unit, generating gross proceeds of $45,000,000. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,666,667 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to Lead Edge SPAC Management, LLC (the “Sponsor”), generating gross proceeds of $8,500,000, which is described in Note 5. On April 13, 2021, in connection with the underwriters’ fully exercising the over-allotment option, an additional 600,000 Private Placement Warrants were sold to the Sponsor. Transaction costs amounted to $19,602,647, consisting of $6,900,000 of underwriting fees, $12,075,000 of deferred underwriting fees and $627,647 of other offering costs. Following the closing of the Initial Public Offering on March 25, 2021 and the exercise of the over-allotment on April 13, 2021, an amount of $345,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and will be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (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, which invest only in direct U.S. government treasury obligations, meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination; (ii) the redemption of any Public Shares properly tendered in connection with a shareholder vote to amend the Company’s Amended and Restated Certificate of Incorporation (A) 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 24 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (iii) the distribution of the Trust Account, as described below. 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 Warrants, 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 (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. 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 shareholder 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 $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 amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 9). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. 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 6) 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 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 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 Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares. The Company will have until March 25, 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 the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder 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 Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.00 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statement | 12 Months Ended |
Dec. 31, 2021 | |
Revision Of Previously Issued Financial Statements [Abstract] | |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENT | NOTE 2. — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENT The Company previously accounted for its outstanding Public Warrants and Private Placement Warrants (collectively, with the Public Warrants, the “Warrants”) issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the Warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of shares, all holders of the Warrants would be entitled to receive cash for their Warrants (the “tender offer provision”). The Company’s management further evaluated the Warrants under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 815-40, “Contracts in Entity’s Own Equity.” ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s ordinary shares. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s ordinary shares if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the tender offer provision fails the “classified in shareholders’ equity” criteria as contemplated by ASC Section 815-40-25. As a result of the above, the Company should have classified the Warrants as derivative liabilities. Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period as well as re-evaluate the treatment of the warrants and recognize changes in the fair value from the prior period in the Company’s operating results for the current period. The restatement resulted in a $17,643,334 increase in the Company’s Warrant Liability as of March 25, 2021. Transaction costs of the IPO of $588,646 were allocated to expense associated with the warrant liability which are reflected in the change to the Accumulated Deficit line item. In connection with the preparation of the Company’s financial statements as of September 30, 2021, management identified errors made in its historical financial statement where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its ordinary shares subject to possible redemption. The Company previously determined the common shares subject to possible redemption to be equal to the redemption value of $10.00 per share, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the common shares issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside of the Company’s control. Therefore, management concluded that the redemption value should include all shares of ordinary shares subject to possible redemption, resulting in the common shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification error related to temporary equity and permanent equity. This resulted in a restatement adjustment to the initial carrying value of the ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and ordinary shares. 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 changes and has determined that the related impact was material to the previously issued audited balance sheet included in the Company’s Current Report on Form 8-K as of March 25, 2021, filed with the SEC on March 31, 2021 (the “Affected Financial Statement”) and such the Affected Financial Statement should no longer be relied upon. Therefore, the Company, in consultation with its Audit Committee, concluded that its Affected Financial Statement should be restated to classify the warrants as derivative liabilities and report all Public Shares as temporary equity. As such the Company is reporting this restatement to the Affected Financial Statement in this Current Report on Form 10K. Please see Notes 3, Note 9 and Note 11, which have been updated to reflect the restatement of the financial statements contained in this within. The impact of the restatement on the Company’s balance sheet is reflected in the following table: Balance Sheet as of March 25, 2021 As Warrant As Revised Temp Adjustment As Forward Purchase Agreement $ — $ 286,000 $ 286,000 $ — $ 286,000 Total Assets $ 302,385,541 $ 286,000 $ 302,671,541 $ — $ 302,671,541 Warrant Liabilities $ — $ 17,643,334 $ 17,643,334 $ — $ 17,643,334 Total Liabilities $ 10,993,188 $ 17,643,334 $ 28,636,522 $ — $ 28,636,522 Class A ordinary shares subject to possible redemption $ 286,392,350 $ (17,357,334 ) $ 269,035,016 $ 30,964,984 $ 300,000,000 Class A ordinary shares $ 136 $ 174 $ 310 $ (310 ) $ — Additional paid-in capital $ 5,004,004 $ 302,472 $ 5,306,476 $ (5,306,476 ) $ — Accumulated deficit $ (5,000 ) $ (302,646 ) $ (307,646 ) $ (25,658,198 ) $ (25,965,844 ) Total shareholders’ equity (deficit) $ 5,000,003 $ — $ 5,000,003 $ (30,964,984 ) $ (25,964,981 ) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Cash and Cash Equivalents 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 December 31, 2021 and 2020. Offering Costs Offering costs consisted of legal, accounting and other expenses incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A ordinary shares issued were initially charged to temporary equity upon the completion of the Initial Public Offering. 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 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 Class A 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, shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ (deficit) equity section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. At December 31, 2021, the Class A ordinary shares reflected in the balance sheet are reconciled in the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to Public Warrants (11,557,500 ) Class A ordinary shares issuance costs (19,014,001 ) Plus: Accretion of carrying value to redemption value 30,571,501 Class A ordinary shares subject to possible redemption $ 345,000,000 Warrant and Forward Purchase Agreement (“FPA”) Assets and Liabilities The Company accounts for the warrants and FPA in accordance with the guidance contained in ASC 815-40, under which the warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the warrants and FPA as assets or liabilities at their fair value and adjust the warrants and FPA to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statements of operations. The Private Placement Warrants and the Public Warrants for periods where no observable traded price was available are valued using a binomial lattice model and the FPA liability is valued based on the value of the ordinary shares and warrants as compared to the purchase price adjusted for the probability of a Business Combination. 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 December 31, 2021 and 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. 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. As such, the Company’s tax provision was zero for the period presented. Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary share outstanding for the period. The Company applies the two-class method in calculating earnings per share. Accretion associated with the redeemable shares of Class A ordinary share is excluded from earnings per share as the redemption value approximates fair value. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 14,891,667 Class A ordinary shares in the aggregate. For the year ended December 31, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): Year Ended For the Period from Class A Class B Class A Class B Basic net income (loss) per ordinary share Numerator: Allocation of net income (loss), as adjusted $ 6,660,717 $ 2,095,337 $ — $ (5,000 ) Denominator: Basic weighted average shares outstanding 26,408,219 8,307,534 — 7,500,000 Basic net income (loss) per ordinary share $ 0.25 $ 0.25 $ — $ 0.00 Year Ended For the Period from Class A Class B Class A Class B Diluted net income (loss) per ordinary share Numerator: Allocation of net income (loss), as adjusted $ 6,653,058 $ 2,103,016 $ — $ — Denominator: Diluted weighted average shares outstanding 26,408,219 8,347,603 — — Diluted net income (loss) per ordinary share $ 0.25 $ 0.25 $ — $ — 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 account. Fair Value of Financial Instruments 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 Company’s balance sheets, primarily due to their short-term nature, other than warrant liabilities (see Note 10). Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as assets or liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. Recent Accounting Standards In August 2020, 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 January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2021 | |
Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 4 — INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 30,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-fourth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 9). On April 13, 2021, in connection with the underwriters fully exercising the over-allotment option, an additional 4,500,000 Units were sold at $10.00 per Unit, generating gross proceeds of $45,000,000. |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2021 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 5 — PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 5,666,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $8,500,000, in a private placement. On April 13, 2021, in connection with the underwriters fully exercising the over-allotment option, an additional 600,000 Private Placement Warrants were sold to the Sponsor. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 9). A portion of the proceeds from the Private Placement Warrants 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 Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 — RELATED PARTY TRANSACTIONS Founder Shares In December 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 8,625,000 Class B ordinary shares (the “Founder Shares”). The Founder Shares include an aggregate of up to 1,125,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised, so that the number of Founder Shares will equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters fully exercised the over-allotment option on April 13, 2021; thus, these 1,125,000 Founder Shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier 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 capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Administrative Support Agreement Commencing on November 18, 2020, the Company entered into an agreement to pay the Sponsor up to $10,000 per month for office space, utilities, secretarial and administrative support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. Promissory Note — Related Party On December 16, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of June 30, 2021 and the completion of the Initial Public Offering. The outstanding balance under the Promissory Note of $182,390 was repaid at the closing of the Initial Public Offering on March 25, 2021. As of the Initial Public Offering date, March 25, 2021, the Company no longer has the ability to utilize the Promissory note. 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 $1,500,000 of such Working Capital Loans may be convertible into up to an additional 1,000,000 Private Placement Warrants of the post-Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of December 31, 2021 and 2020, there were no amounts outstanding under the Working Capital Loans. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 — COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Registration and Shareholders Rights Pursuant to a registration rights agreement entered into on March 22, 2021, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the Founder Shares, and (ii) in the case of the Private Placement Warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion a Business Combination. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option to purchase up to 4,500,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters fully exercised the over-allotment option on April 13, 2021. The underwriters are entitled to a deferred fee of $0.35 per Unit, or $12,075,000 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 In connection with the consummation of the Initial Public Offering, the Company entered into a forward purchase agreement with Lead Edge Capital V, LP, a Delaware limited partnership (“LEC V”), which provides for the purchase of up to $50,000,000 of units, with each unit consisting of one Class A ordinary share and one-fourth of one warrant to purchase one Class A ordinary share at $11.50 per share, subject to adjustment, for a purchase price of $10.00 per unit, in a private placement to occur concurrently with the closing of the Business Combination. The obligations under the forward purchase agreement do not depend on whether any Class A ordinary shares are redeemed by the public shareholders. The forward purchase securities will be issued only in connection with the closing of the Business Combination. The proceeds from the sale of forward purchase securities may be used as part of the consideration to the sellers in the Company’s initial business combination, expenses in connection with the Business Combination or for working capital in the post-transaction company. |
Shareholders_ (Deficit) Equity
Shareholders’ (Deficit) Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ (DEFICIT) EQUITY | NOTE 8 — SHAREHOLDERS’ (DEFICIT) EQUITY Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of the Class B ordinary shares are the only shareholders of the company that will have the right to vote on the appointment of directors prior to the Business Combination. 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 basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of Propose Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
WARRANTS | NOTE 9 — WARRANTS As of December 31, 2021, there were 8,625,000 Public Warrants outstanding. As of December 31, 2020, there were no Public Warrants outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) one year from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement and a current prospectus relating thereto until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. ■ in whole and not in part; ■ at a price of $0.01 per warrant; ■ upon a minimum of 30 days’ prior written notice of redemption; and ■ if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. ■ in whole and not in part; ■ at a price of $0.10 per warrant; ■ upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; ■ if, and only if, the closing price of the Class A ordinary shares equal or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company send the notice of redemption of the warrant holders; and ■ if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants. If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. At December 31, 2021, there were 6,266,667 Private Placement Warrants outstanding. As of December 31, 2020, there were no Private Placement Warrants outstanding. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 10 — FAIR VALUE MEASUREMENTS The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC Topic 320, “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts. At December 31, 2021, assets held in the Trust Account were comprised of $284 in cash and $345,065,443 in U.S. Treasury Bills. During the year ended December 31, 2021, the Company did not withdraw interest income from the Trust Account. There were no amounts held in trust at December 31, 2020. The following table presents information about the Company’s gross holding gain (loss) and fair value of held-to-maturity securities at December 31, 2021: Held-To-Maturity Level Amortized Cost Gross Holding Gain (Loss) Fair December 31, 2021 U.S. Treasury Bill (Matures on 06/23/2022) 1 $ 345,065,443 $ (91,133 ) $ 344,974,310 The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level December 31, December 31, Liabilities Derivative Liability– Forward Purchase Agreement 3 $ 46,000 $ — Warrant Liability – Public Warrants 1 $ 5,606,250 $ — Warrant Liability – Private Placement Warrants 2 $ 4,073,334 $ — The Warrants and FPA were accounted for as assets or liabilities in accordance with ASC 815-40 and are presented within Derivative liability-FPA and warrant liabilities on the accompanying December 31, 2021 balance sheet. The warrant liabilities and FPA are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value in the accompanying statements of operations. The Private Placement Warrants and the Public Warrants for periods where no observable traded price was available were valued using a binomial lattice model and the FPA liability is valued based on the value of the ordinary shares and warrants as compared to the purchase price adjusted for the probability of a Business Combination. At December 31, 2021, the Private Placement Warrants transferred to Level 2 due to the use of an observable market quote for a similar asset in an active market. At December 31, 2021, The FPA liability is classified as Level 3 due to use of unobservable inputs. At December 31, 2021, the Public Warrants are valued using their observable trading price. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The following table presents the changes in the fair value of warrant liabilities classified as Level 3 of the fair value hierarchy: Public Private Warrant FPA Fair value as of December 31, 2020 $ — $ — $ — $ — Initial measurement on March 25, 2021 10,050,000 7,593,334 17,643,334 (286,000 ) Change in fair value — — 45,000 Fair value as of March 31, 2021 10,050,000 $ 7,593,334 $ 17,643,334 (241,000 ) Initial Measurement of Over-Allotment 1,507,500 804,000 2,311,500 — Change in fair value 2,415,000 (4,010,667 ) (1,595,667 ) 195,000 Transfer to Level 1 (13,972,500 ) — (13,972,500 ) — Transfer to Level 2 — (4,386,667 ) (4,386,667 ) — Fair value as of December 31, 2021 $ — $ — $ — $ (46,000 ) Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The estimated fair value of the Private Warrants transferred from a Level 3 measurement to a Level 2 fair value measurement during the year ended December 31, 2021 was $4,386,667. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement during the year ended December 31, 2021 was $13,972,500. The following table presents the changes in the fair value of FPA Derivative (Asset) liability: FPA Fair value as of December 31, 2020 $ — Initial measurement on March 25, 2021 (286,000 ) Change in fair value 332,000 Fair value as of December 31, 2021 $ 46,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 — SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the 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 financial statements. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements. The specific impact on the Company's financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). |
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 growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents 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 December 31, 2021 and 2020. |
Offering Costs | Offering Costs Offering costs consisted of legal, accounting and other expenses incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to warrant liabilities were expensed as incurred in the statements of operations. Offering costs associated with the Class A ordinary shares issued were initially charged to temporary equity upon the completion of the Initial Public Offering. |
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 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 Class A 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, shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ (deficit) equity section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. At December 31, 2021, the Class A ordinary shares reflected in the balance sheet are reconciled in the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to Public Warrants (11,557,500 ) Class A ordinary shares issuance costs (19,014,001 ) Plus: Accretion of carrying value to redemption value 30,571,501 Class A ordinary shares subject to possible redemption $ 345,000,000 |
Warrant and Forward Purchase Agreement (“FPA”) Assets and Liabilities | Warrant and Forward Purchase Agreement (“FPA”) Assets and Liabilities The Company accounts for the warrants and FPA in accordance with the guidance contained in ASC 815-40, under which the warrants and FPA do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the warrants and FPA as assets or liabilities at their fair value and adjust the warrants and FPA to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statements of operations. The Private Placement Warrants and the Public Warrants for periods where no observable traded price was available are valued using a binomial lattice model and the FPA liability is valued based on the value of the ordinary shares and warrants as compared to the purchase price adjusted for the probability of a Business Combination. |
Income Taxes | 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 December 31, 2021 and 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. 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. As such, the Company’s tax provision was zero for the period presented. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary share outstanding for the period. The Company applies the two-class method in calculating earnings per share. Accretion associated with the redeemable shares of Class A ordinary share is excluded from earnings per share as the redemption value approximates fair value. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 14,891,667 Class A ordinary shares in the aggregate. For the year ended December 31, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): |
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 account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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 Company’s balance sheets, primarily due to their short-term nature, other than warrant liabilities (see Note 10). |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as assets or liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. |
Recent Accounting Standards | Recent Accounting Standards In August 2020, 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 January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revision Of Previously Issued Financial Statements [Abstract] | |
Schedule of impact revision on financial statements | Balance Sheet as of March 25, 2021 As Warrant As Revised Temp Adjustment As Forward Purchase Agreement $ — $ 286,000 $ 286,000 $ — $ 286,000 Total Assets $ 302,385,541 $ 286,000 $ 302,671,541 $ — $ 302,671,541 Warrant Liabilities $ — $ 17,643,334 $ 17,643,334 $ — $ 17,643,334 Total Liabilities $ 10,993,188 $ 17,643,334 $ 28,636,522 $ — $ 28,636,522 Class A ordinary shares subject to possible redemption $ 286,392,350 $ (17,357,334 ) $ 269,035,016 $ 30,964,984 $ 300,000,000 Class A ordinary shares $ 136 $ 174 $ 310 $ (310 ) $ — Additional paid-in capital $ 5,004,004 $ 302,472 $ 5,306,476 $ (5,306,476 ) $ — Accumulated deficit $ (5,000 ) $ (302,646 ) $ (307,646 ) $ (25,658,198 ) $ (25,965,844 ) Total shareholders’ equity (deficit) $ 5,000,003 $ — $ 5,000,003 $ (30,964,984 ) $ (25,964,981 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of class A ordinary shares | Gross proceeds $ 345,000,000 Less: Proceeds allocated to Public Warrants (11,557,500 ) Class A ordinary shares issuance costs (19,014,001 ) Plus: Accretion of carrying value to redemption value 30,571,501 Class A ordinary shares subject to possible redemption $ 345,000,000 |
Schedule of calculation of basic and diluted net income (loss) per ordinary share | Year Ended For the Period from Class A Class B Class A Class B Basic net income (loss) per ordinary share Numerator: Allocation of net income (loss), as adjusted $ 6,660,717 $ 2,095,337 $ — $ (5,000 ) Denominator: Basic weighted average shares outstanding 26,408,219 8,307,534 — 7,500,000 Basic net income (loss) per ordinary share $ 0.25 $ 0.25 $ — $ 0.00 Year Ended For the Period from Class A Class B Class A Class B Diluted net income (loss) per ordinary share Numerator: Allocation of net income (loss), as adjusted $ 6,653,058 $ 2,103,016 $ — $ — Denominator: Diluted weighted average shares outstanding 26,408,219 8,347,603 — — Diluted net income (loss) per ordinary share $ 0.25 $ 0.25 $ — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of held-to-maturity securities | Held-To-Maturity Level Amortized Cost Gross Holding Gain (Loss) Fair December 31, 2021 U.S. Treasury Bill (Matures on 06/23/2022) 1 $ 345,065,443 $ (91,133 ) $ 344,974,310 |
Schedule of assets and liabilities that are measured at fair value | Description Level December 31, December 31, Liabilities Derivative Liability– Forward Purchase Agreement 3 $ 46,000 $ — Warrant Liability – Public Warrants 1 $ 5,606,250 $ — Warrant Liability – Private Placement Warrants 2 $ 4,073,334 $ — |
Schedule of change in fair value of warrant liabilities | Public Private Warrant FPA Fair value as of December 31, 2020 $ — $ — $ — $ — Initial measurement on March 25, 2021 10,050,000 7,593,334 17,643,334 (286,000 ) Change in fair value — — 45,000 Fair value as of March 31, 2021 10,050,000 $ 7,593,334 $ 17,643,334 (241,000 ) Initial Measurement of Over-Allotment 1,507,500 804,000 2,311,500 — Change in fair value 2,415,000 (4,010,667 ) (1,595,667 ) 195,000 Transfer to Level 1 (13,972,500 ) — (13,972,500 ) — Transfer to Level 2 — (4,386,667 ) (4,386,667 ) — Fair value as of December 31, 2021 $ — $ — $ — $ (46,000 ) FPA Fair value as of December 31, 2020 $ — Initial measurement on March 25, 2021 (286,000 ) Change in fair value 332,000 Fair value as of December 31, 2021 $ 46,000 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | Apr. 13, 2021 | Mar. 25, 2021 | Dec. 31, 2021 |
Description of Organization and Business Operations (Details) [Line Items] | |||
Transaction costs | $ 19,602,647 | ||
Underwriting fees | 6,900,000 | ||
Deferred underwriting fees | 12,075,000 | ||
Other offering costs | $ 627,647 | ||
Initial public offering, description | Following the closing of the Initial Public Offering on March 25, 2021 and the exercise of the over-allotment on April 13, 2021, an amount of $345,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and will be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (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, which invest only in direct U.S. government treasury obligations, meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination; (ii) the redemption of any Public Shares properly tendered in connection with a shareholder vote to amend the Company’s Amended and Restated Certificate of Incorporation (A) 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 24 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (iii) the distribution of the Trust Account, as described below. | ||
Public share (in Shares) | 10 | ||
Net tangible assets | $ 5,000,001 | ||
Aggregate of public share percentage | 15.00% | ||
Initial business combination or to redeem public share | 100.00% | ||
Dissolution expenses | $ 100,000 | ||
Initial public offering price per unit (in Dollars per share) | $ (10) | ||
Public per share (in Dollars per share) | $ 10 | ||
Trust account, description | $10.00 per Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. | ||
Initial Public Offering [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Initial public offering (in Shares) | 30,000,000 | ||
Generating gross proceeds | $ 300,000,000 | ||
Sale of additional units (in Shares) | 30,000,000 | ||
Sale of stock, per unit (in Dollars per share) | $ 10 | ||
Over-Allotment Option [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Sale of additional units (in Shares) | 4,500,000 | ||
Sale of stock, per unit (in Dollars per share) | $ 10 | ||
Gross proceeds | $ 45,000,000 | ||
Private Placement Warrants [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Generating gross proceeds | $ 8,500,000 | ||
Warrants (in Shares) | 5,666,667 | ||
Share price unit (in Dollars per share) | $ 1.5 | ||
Additional units private placement warrants (in Shares) | 600,000 | ||
Business Combination [Member] | Initial Public Offering [Member] | |||
Description of Organization and Business Operations (Details) [Line Items] | |||
Description of business combination | 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 (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statement (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / shares | |
Restatement of Previously Issued Financial Statement (Details) [Line Items] | |
Percentage of outstanding shares | 50.00% |
Warrant liability | $ 17,643,334 |
Net tangible assets | 5,000,001 |
IPO [Member] | |
Restatement of Previously Issued Financial Statement (Details) [Line Items] | |
Transaction costs of the IPO | $ 588,646 |
Class A Ordinary Shares [Member] | |
Restatement of Previously Issued Financial Statement (Details) [Line Items] | |
Ordinary shares subject to possible redemption (in Dollars per share) | $ / shares | $ 10 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statement (Details) - Schedule of impact revision on financial statements | Mar. 25, 2021USD ($) |
As Previously Reported IPO [Member] | |
Restatement of Previously Issued Financial Statement (Details) - Schedule of impact revision on financial statements [Line Items] | |
Forward Purchase Agreement | |
Total Assets | 302,385,541 |
Warrant Liabilities | |
Total Liabilities | 10,993,188 |
Class A ordinary shares subject to possible redemption | 286,392,350 |
Class A ordinary shares | 136 |
Additional paid-in capital | 5,004,004 |
Accumulated deficit | (5,000) |
Total shareholders’ equity (deficit) | 5,000,003 |
Warrant & FPA Adjustment [Member] | |
Restatement of Previously Issued Financial Statement (Details) - Schedule of impact revision on financial statements [Line Items] | |
Forward Purchase Agreement | 286,000 |
Total Assets | 286,000 |
Warrant Liabilities | 17,643,334 |
Total Liabilities | 17,643,334 |
Class A ordinary shares subject to possible redemption | (17,357,334) |
Class A ordinary shares | 174 |
Additional paid-in capital | 302,472 |
Accumulated deficit | (302,646) |
Total shareholders’ equity (deficit) | |
As Revised [Member] | |
Restatement of Previously Issued Financial Statement (Details) - Schedule of impact revision on financial statements [Line Items] | |
Forward Purchase Agreement | 286,000 |
Total Assets | 302,671,541 |
Warrant Liabilities | 17,643,334 |
Total Liabilities | 28,636,522 |
Class A ordinary shares subject to possible redemption | 269,035,016 |
Class A ordinary shares | 310 |
Additional paid-in capital | 5,306,476 |
Accumulated deficit | (307,646) |
Total shareholders’ equity (deficit) | 5,000,003 |
Temp Equity Adjustment [Member] | |
Restatement of Previously Issued Financial Statement (Details) - Schedule of impact revision on financial statements [Line Items] | |
Forward Purchase Agreement | |
Total Assets | |
Warrant Liabilities | |
Total Liabilities | |
Class A ordinary shares subject to possible redemption | 30,964,984 |
Class A ordinary shares | (310) |
Additional paid-in capital | (5,306,476) |
Accumulated deficit | (25,658,198) |
Total shareholders’ equity (deficit) | (30,964,984) |
As Restated [Member] | |
Restatement of Previously Issued Financial Statement (Details) - Schedule of impact revision on financial statements [Line Items] | |
Forward Purchase Agreement | 286,000 |
Total Assets | 302,671,541 |
Warrant Liabilities | 17,643,334 |
Total Liabilities | 28,636,522 |
Class A ordinary shares subject to possible redemption | 300,000,000 |
Class A ordinary shares | |
Additional paid-in capital | |
Accumulated deficit | (25,965,844) |
Total shareholders’ equity (deficit) | $ (25,964,981) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Federal depository insurance corporation coverage | $ | $ 250,000 |
Class A Ordinary Shares [Member] | |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Warrants are exercisable to purchase | shares | 14,891,667 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of class A ordinary shares | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Schedule of class A ordinary shares [Abstract] | |
Gross proceeds | $ 345,000,000 |
Less: | |
Proceeds allocated to Public Warrants | (11,557,500) |
Class A ordinary shares issuance costs | (19,014,001) |
Plus: | |
Accretion of carrying value to redemption value | 30,571,501 |
Class A ordinary shares subject to possible redemption | $ 345,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of calculation of basic and diluted net income (loss) per ordinary share - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Class A [Member] | ||
Numerator: | ||
Allocation of net income (loss), as adjusted | $ 6,660,717 | |
Denominator: | ||
Basic weighted average shares outstanding | 26,408,219 | |
Basic net income (loss) per ordinary share | $ 0.25 | |
Numerator: | ||
Allocation of net income (loss), as adjusted | $ 6,653,058 | |
Denominator: | ||
Diluted weighted average shares outstanding | 26,408,219 | |
Diluted net income (loss) per ordinary share | $ 0.25 | |
Class B [Member] | ||
Numerator: | ||
Allocation of net income (loss), as adjusted | $ (5,000) | $ 2,095,337 |
Denominator: | ||
Basic weighted average shares outstanding | 7,500,000 | 8,307,534 |
Basic net income (loss) per ordinary share | $ 0 | $ 0.25 |
Numerator: | ||
Allocation of net income (loss), as adjusted | $ 2,103,016 | |
Denominator: | ||
Diluted weighted average shares outstanding | 8,347,603 | |
Diluted net income (loss) per ordinary share | $ 0.25 |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | Apr. 13, 2021 | Dec. 31, 2021 |
Public Offering [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Sale of units (in Shares) | 30,000,000 | |
Stock price per unit | $ 10 | |
Over-Allotment Option [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Sale of units (in Shares) | 4,500,000 | |
Stock price per unit | $ 10 | |
Gross proceeds (in Dollars) | $ 45,000,000 | |
Class A Ordinary Shares [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Exercise price per share | $ 11.5 |
Private Placement (Details)
Private Placement (Details) - USD ($) | Apr. 13, 2021 | Dec. 31, 2021 |
Private Placement Warrant [Member] | ||
Private Placement (Details) [Line Items] | ||
Purchase price | $ 8,500,000 | |
Share price | $ 1.5 | |
Private Placement Warrant [Member] | Sponsor [Member] | ||
Private Placement (Details) [Line Items] | ||
Aggregate shares | 5,666,667 | |
Warrant price per share | $ 1.5 | |
Over-Allotment Option [Member] | ||
Private Placement (Details) [Line Items] | ||
Aggregate shares | 600,000 | |
Class A Ordinary Shares [Member] | Private Placement Warrant [Member] | ||
Private Placement (Details) [Line Items] | ||
Share price | $ 11.5 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Apr. 13, 2021 | Dec. 31, 2020 | Nov. 18, 2020 | Dec. 31, 2021 | Mar. 25, 2021 | Dec. 16, 2020 |
Related Party Transactions (Details) [Line Items] | ||||||
Offering and formation costs | $ 25,000 | |||||
Consideration shares (in Shares) | 8,625,000 | |||||
Aggregate shares (in Shares) | 1,125,000 | |||||
Percentage of ordinary shares issued and outstanding | 20.00% | |||||
Founder shares (in Shares) | 1,125,000 | |||||
Sponsor founder's share, description | The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier 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 capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. | |||||
Promissory note repaid | $ 182,390 | |||||
Working capital loans | $ 1,500,000 | |||||
Additional private placement warrants (in Shares) | 1,000,000 | |||||
Business Combination [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Business combination price per warrant (in Dollars per share) | $ 1.5 | |||||
Promissory Note [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Aggregate principal amount | $ 300,000 | |||||
Administrative Support Agreement [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Office space, secretarial and administrative support services | $ 10,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Commitments and Contingencies (Details) [Line Items] | |
Deferred Fee Per Unit | $ 0.35 |
Purchase of units (in Dollars) | $ | $ 50,000,000 |
Purchase price per share | $ 10 |
Over-Allotment Option [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Additional units (in Shares) | shares | 4,500,000 |
Aggregate price (in Dollars) | $ | $ 12,075,000 |
Class A Ordinary Shares [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Warrant to purchase ordinary per shares | $ 11.5 |
Shareholders_ (Deficit) Equity
Shareholders’ (Deficit) Equity (Details) - $ / shares | Apr. 13, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Shareholders’ (Deficit) Equity (Details) [Line Items] | |||
Preference shares, shares authorized | 1,000,000 | 1,000,000 | |
Preference shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Class A Ordinary Shares [Member] | |||
Shareholders’ (Deficit) Equity (Details) [Line Items] | |||
Ordinary shares, shares authorized | 350,000,000 | 350,000,000 | |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Voting rights | Holders of Class A ordinary shares are entitled to one vote for each share. | ||
Temporary equity, shares issued | 34,500,000 | ||
Temporary equity, shares outstanding | 34,500,000 | ||
Common stock, shares issued | |||
Common stock, shares outstanding | |||
Class B Ordinary Shares [Member] | |||
Shareholders’ (Deficit) Equity (Details) [Line Items] | |||
Ordinary shares, shares authorized | 35,000,000 | 35,000,000 | |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Voting rights | Holders of the Class B ordinary shares are entitled to one vote for each share. | ||
Common stock, shares issued | 8,625,000 | 8,625,000 | |
Common stock, shares outstanding | 8,625,000 | 8,625,000 | |
Share subject to forfeiture | 1,125,000 | ||
Issued and outstanding shares of public offering, percentage | 20.00% | ||
Founder shares are no longer subject to forfeiture | 1,125,000 | ||
Common stock conversion percentage | 20.00% |
Warrants (Details)
Warrants (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Warrants (Details) [Line Items] | |
Public warrants expire | 5 years |
Warrants for redemption, description | Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described with respect to the Private Placement Warrants): ■in whole and not in part; ■at a price of $0.10 per warrant; ■upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; ■if, and only if, the closing price of the Class A ordinary shares equal or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company send the notice of redemption of the warrant holders; and ■if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants. |
Business Combination [Member] | |
Warrants (Details) [Line Items] | |
Description of business combination of equity | In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. |
Effective issue price | $ 1.5 |
Total equity proceeds | 60.00% |
Warrant [Member] | |
Warrants (Details) [Line Items] | |
Redemption of warrant equal or exceeds per share | $ 18 |
Price per warrant | 0.01 |
Closing price ordinary share equal or exceeds | $ 18 |
Public Warrants [Member] | |
Warrants (Details) [Line Items] | |
Public warrants outstanding (in Shares) | shares | 8,625,000 |
Private Placement Warrants [Member] | |
Warrants (Details) [Line Items] | |
Public warrants outstanding (in Shares) | shares | 6,266,667 |
Class A Ordinary Shares [Member] | Business Combination [Member] | |
Warrants (Details) [Line Items] | |
Effective issue price | $ 9.2 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value Measurements (Details) [Line Items] | |
Cash | $ 284 |
Fair value of private warrants | 4,386,667 |
Fair value of public warrants | 13,972,500 |
U.S. Treasury Bills [Member] | |
Fair Value Measurements (Details) [Line Items] | |
Amortized cost | $ 345,065,443 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of fair value of held-to-maturity securities - Level 1 [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |
Held-To-Maturity | U.S. Treasury Bill (Matures on 06/23/2022) |
Amortized Cost | $ 345,065,443 |
Gross Holding Gain (Loss) | (91,133) |
Fair Value | $ 344,974,310 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Level 3 [Member] | ||
Liabilities | ||
Derivative Liability– Forward Purchase Agreement | $ 46,000 | |
Level 1 [Member] | Public Warrants [Member] | ||
Liabilities | ||
Warrant Liability | 5,606,250 | |
Level 2 [Member] | Private Placement Warrants [Member] | ||
Liabilities | ||
Warrant Liability | $ 4,073,334 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of change in fair value of warrant liabilities - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | |
Public [Member] | |||
Fair Value Measurements (Details) - Schedule of change in fair value of warrant liabilities [Line Items] | |||
Fair value beginning | $ 10,050,000 | ||
Initial measurement on March 25, 2021 | 10,050,000 | ||
Change in fair value | 2,415,000 | ||
Transfer to Level 1 | (13,972,500) | ||
Transfer to Level 2 | |||
Fair value ending | 10,050,000 | ||
Initial Measurement of Over-Allotment | 1,507,500 | ||
Private Placement [Member] | |||
Fair Value Measurements (Details) - Schedule of change in fair value of warrant liabilities [Line Items] | |||
Fair value beginning | 7,593,334 | ||
Initial measurement on March 25, 2021 | 7,593,334 | ||
Change in fair value | (4,010,667) | ||
Transfer to Level 1 | |||
Transfer to Level 2 | (4,386,667) | ||
Fair value ending | 7,593,334 | ||
Initial Measurement of Over-Allotment | 804,000 | ||
Warrant Liabilities [Member] | |||
Fair Value Measurements (Details) - Schedule of change in fair value of warrant liabilities [Line Items] | |||
Fair value beginning | 17,643,334 | ||
Initial measurement on March 25, 2021 | 17,643,334 | ||
Change in fair value | (1,595,667) | ||
Transfer to Level 1 | (13,972,500) | ||
Transfer to Level 2 | (4,386,667) | ||
Fair value ending | 17,643,334 | ||
Initial Measurement of Over-Allotment | 2,311,500 | ||
FPA [Member] | |||
Fair Value Measurements (Details) - Schedule of change in fair value of warrant liabilities [Line Items] | |||
Fair value beginning | (241,000) | ||
Initial measurement on March 25, 2021 | (286,000) | ||
Change in fair value | 45,000 | 195,000 | |
Transfer to Level 1 | |||
Transfer to Level 2 | |||
Fair value ending | (241,000) | (46,000) | (46,000) |
Initial Measurement of Over-Allotment | |||
FPA Derivative [Member] | |||
Fair Value Measurements (Details) - Schedule of change in fair value of warrant liabilities [Line Items] | |||
Fair value beginning | |||
Initial measurement on March 25, 2021 | (286,000) | ||
Change in fair value | 332,000 | ||
Fair value ending | $ 46,000 | $ 46,000 |