Restatement of Previously Issued Financial Statements | Note 2—Restatement of Previously Issued Financial Statements In the Company’s previously issued financial statements, a portion of the Class A common stock subject to possible redemption was classified as permanent equity to maintain stockholders’ equity greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. Thus, the Company has historically classified a portion of Class A common stock subject to possible redemption as permanent equity to satisfy the $5,000,000 permanent equity requirement. Management has reviewed the Company’s initial application of ASC 480-10-99 to its accounting classification of Class A common stock subject to possible redemption and determined that the Class A common stock subject to possible redemption includes certain provisions outside of the Company’s control that requires Class A common stock subject to possible redemption to be presented as temporary equity regardless of the minimum net tangible asset required by the Company to complete its initial Business Combination. In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company has restated its earnings per share calculation to allocate income and loss shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares participate pro rata in the income and loss of the Company. 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 presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements should be restated to (i) report all Class A common stock subject to possible redemption as temporary equity, (ii) to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and (iii) to correct its earnings per share calculation. As such, the Company is restating those periods in this Form 10-Q/A. Impact of the Restatement The impact of the restatement to the balance sheet as of June 2, 2021 and the balance sheet and the earnings per share disclosed in the income statement as of as of June 30, 2021 are presented below: As previously reported Adjustments Restated Balance Sheet as of June 2, 2021 (audited) Class A common stock subject to redemption $ 80,338,703 $ 20,661,297 $ 101,000,000 Class A common stock $ 215 $ (205) $ 10 Class B common stock $ 288 $ — $ 288 Additional paid-in capital $ 5,708,316 $ (5,708,316) $ — Accumulated deficit $ (708,808) $ (14,952,776) $ (15,661,584) Total Stockholders’ Equity (Deficit) $ 5,000,011 $ (20,661,297) $ (15,661,286) Class A common stock subject to redemption 7,954,327 2,045,673 10,000,000 Class A common stock 2,145,673 (2,045,673) 100,000 Balance Sheet as of June 30, 2021 (unaudited) Class A common stock subject to redemption $ 82,980,912 $ 21,311,688 $ 104,292,600 Class A common stock $ 222 $ (212) $ 10 Class B common stock $ 259 $ — $ 259 Additional paid-in capital $ 5,756,707 $ (5,756,707) $ — Accumulated deficit $ (757,179) $ (15,554,769) $ (16,311,948) Total Stockholders’ Equity (Deficit) $ 5,000,009 $ (21,311,688) $ (16,311,679) Class A common stock subject to redemption $ 8,215,932 $ 2,110,068 $ 10,326,000 Class A common stock 2,213,328 (2,110,068) 103,260 Statement of Operations for the three months ended June 30, 2021 (unaudited) Basic and diluted Class A weighted-average shares outstanding 2,667,815 396,207 3,064,022 Basic and diluted Class A net income (loss) per share $ — $ (0.13) $ (0.13) Basic and diluted Class B weighted-average shares outstanding 3,534,721 (995,137) 2,539,587 Basic and diluted Class B net loss per share $ (0.21) $ 0.08 $ (0.13) Statement of Operations for the period from February 3, 2021 (inception) through June 30, 2021 (unaudited) Basic and diluted Class A weighted-average shares outstanding 8,088,007 (5,998,022) 2,089,985 Basic and diluted Class A net income (loss) per share $ — $ (0.16) $ (0.16) Basic and diluted Class B weighted-average shares outstanding 3,280,641 (754,444) 2,526,197 Basic and diluted Class B net loss per share $ (0.23) $ 0.07 $ (0.16) Statement of changes in Stockholders’ equity for the period from February 3, 2021 (inception) through June 30, 2021 (unaudited) Class A common stock subject to possible redemption at June 2, 2021 $ (80,338,703) $ 80,338,703 $ — Change in Class A common stock subject to possible redemption at June 30, 2021 $ (2,642,209) $ 2,642,209 $ — Subsequent measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99 $ — $ (104,292,600) $ (104,292,600) Statement of cash flows for the period from February 3, 2021 (inception) through June 30, 2021 (unaudited) Supplemental Disclosure of Non-cash Activities Initial value of Class A common stock subject to possible redemption $ 80,337,908 $ 23,954,692 $ 104,292,600 Change in value of Class A common stock subject to possible redemption $ 2,642,183 $ (2,642,183) $ — |