Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate its previously reported financial statements – the Form 8-K filed on March 12, 2021 with audited balance sheet as of March 8, 2021, the Form 10-Q filed on May 28, 2021 with unaudited condensed financial statements as of March 31, 2021, and Form 10-Q filed on August 16, 2021 with unaudited condensed financial statements as of June 30, 2021. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per Class A ordinary share while also taking into consideration its charter’s requirement that a redemption cannot result in net tangible assets being less than $5,000,001. Upon review of its financial statements for the period ended September 30, 2021, the Company reevaluated the classification of the Class A ordinary share and determined that the Class A ordinary shares issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control under ASC 480-10-S99. Therefore, management concluded that the carrying value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being classified as temporary equity in its entirety. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares. In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also restated its earnings per share calculation to allocate net income (loss) on a proportional basis to Class A and Class B ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company. There has been no change in the Company’s total assets, liabilities or operating results. The impact of the restatement on the Company’s financial statements is reflected in the following table. As Previously Adjustments As Restated Balance Sheet at March 8, 2021 Class A ordinary shares subject to possible redemption $ 175,516,420 $ 24,483,580 $ 200,000,000 Class A ordinary shares 245 (245 ) - Additional paid-in capital 5,529,861 (5,529,861 ) - Accumulated deficit $ (530,674 ) $ (18,953,474 ) $ (19,484,148 ) Balance Sheet at March 31, 2021 Class A ordinary shares subject to possible redemption $ 187,298,310 $ 25,789,820 $ 213,088,130 Class A ordinary shares 258 (258 ) - Additional paid-in capital 5,602,679 (5,602,679 ) - Accumulated deficit $ (603,511 ) $ (20,186,883 ) $ (20,790,394 ) Statement of Operations for the period from January 7, 2021 (inception) through March 31, 2021 Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption 5,175,484 1,074,325 6,249,809 Basic and diluted net income (loss) per share $ - $ (0.05 ) $ (0.05 ) Basic and diluted weighted average shares outstanding, ordinary shares 6,401,527 (1,313,434 ) 5,088,093 Basic and diluted net loss per share $ (0.09 ) $ 0.04 $ (0.05 ) Statement of Shareholders’ Equity for the period from January 7, 2021 (inception) through March 31, 2021 Change in value of Class A ordinary shares subject to possible redemption $ (187,298,310 ) $ (25,789,820 ) $ (213,088,130 ) Statement of Cash Flows for the period from January 7, 2021 (inception) through March 31, 2021 Initial value of Class A ordinary shares subject to possible redemption $ 175,516,420 $ 24,483,580 $ 200,000,000 Change in value of Class A ordinary shares subject to possible redemption $ 11,781,890 $ 1,306,240 $ 13,088,130 Balance Sheet at June 30, 2021 Class A ordinary shares subject to possible redemption $ 191,960,830 $ 21,130,687 $ 213,088,130 Class A ordinary shares 211 (211 ) - Additional paid-in capital 940,248 (940,248 ) - Accumulated deficit $ 4,059,018 $ (20,190,228 ) $ (16,127,823 ) Statement of Operations for the three months ended June 30, 2021 Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption 18,729,831 2,578,982 21,308,813 Basic and diluted net income per share $ - $ 0.18 $ 0.18 Basic and diluted weighted average shares outstanding, ordinary shares 7,994,461 (2,667,258 ) 5,327,203 Basic and diluted net income per share $ 0.58 $ (0.40 ) $ 0.18 Statement of Operations for the period from January 7, 2021 (inception) through June 30, 2021 Basic and diluted weighted average shares outstanding, ordinary shares subject to redemption 12,473,979 1,884,524 14,358,503 Basic and diluted net income per share $ - $ 0.21 $ 0.21 Basic and diluted weighted average shares outstanding, ordinary shares 7,454,398 (2,237,553 ) 5,216,845 Basic and diluted net income per share $ 0.54 $ (0.33 ) $ 0.21 Statement of Shareholders’ Equity for the period from January 7, 2021 (inception) through June 30, 2021 Change in value of Class A ordinary shares subject to possible redemption $ (4,662,520 ) $ 4,662,520 $ - Statement of Shareholders’ Equity for the period from January 7, 2021 (inception) through June 30, 2021 Change in value of Class A ordinary shares subject to possible redemption $ (191,960,830 ) $ (21,127,300 ) $ (213,088,130 ) Statement of Cash Flows for the period from January 7, 2021 (inception) through June 30, 2021 Initial value of Class A ordinary shares subject to possible redemption $ 175,516,420 $ 24,483,580 $ 200,000,000 Change in value of Class A ordinary shares subject to possible redemption $ 16,444,410 $ (3,356,280 ) $ 13,088,130 |