Restatement of Previously Reported Financial Statements | Note 9 — Restatement of Previously Reported Financial Statements Following the filing of the quarterly report for the period ended September 30, 2021, filed with the SEC on November 12, 2021, the Company, having performed further assessment, concluded that, effective with its financial statements for quarterly period ended September 30, 2021, it should restate its prior filed financial information for the period ended March 31, 2021, to classify all Class A ordinary shares subject to possible redemption in temporary equity and to recognize the accretion from the initial book value to the redemption value, and it should restate its prior filed financial information for the period ended June 30, 2021, to correct the recognition of the accretion from the initial book value to redemption value. In accordance with ASC 480-10-S99, The following tables contain unaudited quarterly financial information for the quarterly period ended March 31, 2021 that has been updated to reflect the restatement. The restatement had no impact on net loss, net cash flows from operating, investing or financing activities. The financial information that has been previously filed or otherwise reported for the quarterly period ended March 31, 2021 is superseded by the information in this Quarterly Report, and should no longer be relied upon. The change in the carrying value of the redeemable Class A ordinary shares at March 31, 2021 resulted in a reclassification of approximately 1.0 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited balance sheet as of March 31, 2021: As of March 31, 2021 As Previously Adjustment As Restated Total assets $ 233,041,168 — $ 233,041,168 Total liabilities $ 8,287,431 — $ 8,287,431 Class A ordinary shares subject to possible redemption 219,753,730 10,246,270 230,000,000 Preference shares — — — Class A ordinary shares 178 (102 ) 76 Class B ordinary shares 575 — 575 Additional paid-in capital 5,221,639 (5,221,639 ) — Accumulated deficit (222,385 ) (5,024,529 ) (5,246,914 ) Total shareholders’ equity (deficit) $ 5,000,007 $ (10,246,270 ) $ (5,246,263 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 233,041,168 $ — $ 233,041,168 The Company’s statement of shareholders’ equity (deficit) has been restated to reflect the changes to the impacted shareholders’ equity accounts for the three months ended March 31, 2021 in the table below: Statement of Shareholders’ Equity (Deficit) as of March 31, 2021 As Previously Adjustment As Restated Sale of Class A ordinary shares in initial public offering, gross $ 230,000,000 $ (230,000,000 ) $ — Offering costs $ (12,648,878 ) $ 12,648,878 $ — Sale of private placement shares to Sponsor in private placement $ 7,600,000 $ (7,600,000 ) $ — Shares subject to possible redemption $ (219,753,730 ) $ 219,753,730 $ — Sale of private placement shares to Sponsor in private placement, net of offering costs $ — $ 7,589,446 $ 7,589,446 Accretion of Class A ordinary shares subject to redemption $ — $ (12,638,324 ) $ (12,638,324 ) Total shareholders’ equity (deficit) $ 5,000,007 $ (10,246,270 ) $ (5,246,263 ) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the three months ended March 31, 2021: Form 10-Q: Three Months Ended March 31, 2021 As Previously Adjustment As Restated Supplemental Disclosure of Noncash Financing Activities: Initial value of Class A ordinary shares subject to possible redemption $ 219,445,280 $ (219,445,280 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ 308,450 $ (308,450 ) $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the three months ended March 31, 2021: EPS for Class A ordinary shares As Previously Adjustment As Restated Form 10-Q (March 31, 2021) — three months ended March 31, 2021 Weighted average shares outstanding 21,945,997 (16,579,330 ) 5,366,667 Basic and diluted earnings per ordinary share $ — $ (0.02 ) $ (0.02 ) EPS for non-redeemable ordinary shares As Previously Adjustment As Restated Form 10-Q (March 31, 2021) — three months ended March 31, 2021 Weighted average shares outstanding 5,598,267 (245,934 ) 5,352,333 Basic and diluted earnings per ordinary share $ (0.04 ) $ 0.02 $ (0.02 ) |