Cover Page
Cover Page | 7 Months Ended |
Sep. 30, 2021 | |
Document Information [Line Items] | |
Document Type | S-4 |
Amendment Flag | false |
Entity Registrant Name | Social Capital Suvretta Holdings Corp. I |
Entity Central Index Key | 0001850266 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Balance Sheet
Condensed Balance Sheet - USD ($) | Sep. 30, 2021 | Mar. 02, 2021 | |
Current assets | |||
Cash | $ 519,568 | ||
Prepaid expenses | 897,311 | ||
Total Current Assets | 1,416,879 | ||
Deferred offering costs | $ 25,000 | ||
Marketable Securities held in Trust Account | 250,003,042 | ||
TOTAL ASSETS | 251,419,921 | 25,000 | |
Current liabilities | |||
Accrued expenses | 10,314 | ||
Accrued offering costs | 5,000 | ||
Advances from related party | 38,427 | ||
Promissory note – related party | 138 | ||
Total Current Liabilities | 48,741 | 5,138 | |
Deferred underwriting fee payable | 7,700,000 | ||
Total Liabilities | 7,748,741 | ||
Commitments and Contingencies (Note 7) | |||
Temporary Equity | |||
Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value | 250,003,042 | ||
Permanent Deficit | |||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding | 0 | ||
Additional paid-in capital | 0 | 24,367 | |
Accumulated deficit | (6,332,551) | (5,138) | |
Total Permanent Deficit | (6,331,862) | 19,862 | |
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | 251,419,921 | 25,000 | |
Common Class A [Member] | |||
Permanent Deficit | |||
Common stock value | 64 | 0 | |
Common Class B [Member] | |||
Permanent Deficit | |||
Common stock value | $ 625 | $ 633 | [1] |
[1] | Includes an aggregate of up to 825,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised (see Notes 5 and 8). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, effectively increasing the Sponsor shares to 6,325,000 Class B ordinary shares, up to 825,000 of which are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. |
Condensed Balance Sheet (Parent
Condensed Balance Sheet (Parenthetical) - $ / shares | Jul. 02, 2021 | Jun. 29, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 02, 2021 | Feb. 24, 2021 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||
Preferred stock, shares issued | 0 | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||||
Common stock, shares outstanding | 38,427 | ||||||
Common stock, shares forfeiture | 825,000 | ||||||
Temporary equity shares outstanding | 25,000,000 | 25,000,000 | 0 | 0 | 0 | ||
Common Class A [Member] | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||||
Common stock, shares issued | 640,000 | 0 | |||||
Common stock, shares outstanding | 640,000 | 0 | |||||
Temporary equity shares outstanding | 25,000,000 | ||||||
Common Class A [Member] | Over-Allotment Option [Member] | |||||||
Stock issued during period new shares issued | 3,000,000 | ||||||
Common Class A [Member] | Subsequent Event [Member] | Over-Allotment Option [Member] | |||||||
Stock issued during period new shares issued | 25,300,000 | ||||||
Common Class B [Member] | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares authorized | 50,000,000 | 6,325,000 | |||||
Common stock, shares issued | 6,250,000 | 5,750,000 | |||||
Common stock, shares outstanding | 6,250,000 | 6,250,000 | 5,750,000 | ||||
Temporary equity shares outstanding | 825,000 | ||||||
Common Class B [Member] | Founder [Member] | |||||||
Common stock, shares outstanding | 6,325,000 | ||||||
Common stock, shares forfeiture | 825,000 | 825,000 | |||||
Stock issued during period new shares issued | 575,000 | ||||||
Common Class B [Member] | Subsequent Event [Member] | Founder [Member] | |||||||
Common stock, shares outstanding | 6,325,000 | ||||||
Stock issued during period new shares issued | 575,000 | ||||||
Common Class B [Member] | Subsequent Event [Member] | Founder [Member] | Over-Allotment Option [Member] | |||||||
Common stock, shares outstanding | 825,000 | ||||||
Common stock, shares forfeiture | 825,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | Mar. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | |
Operating and formation costs | $ 5,138 | $ 263,347 | $ 268,672 | |
Loss from operations | (263,347) | (268,672) | ||
Interest earned on marketable securities held in Trust Account | 3,042 | 3,042 | ||
Net loss | $ (5,138) | (260,305) | (265,630) | |
Basic and diluted weighted average shares outstanding | [1] | 5,500,000 | ||
Basic and diluted net loss per share | $ 0 | |||
Common Class A [Member] | ||||
Net loss | $ (208,889) | $ (173,101) | ||
Basic and diluted weighted average shares outstanding | 25,358,242 | 10,884,906 | ||
Basic and diluted net loss per share | $ (0.01) | $ (0.02) | ||
Common Class B [Member] | ||||
Net loss | $ (51,416) | $ (92,529) | ||
Basic and diluted weighted average shares outstanding | 6,241,758 | 5,818,396 | ||
Basic and diluted net loss per share | $ (0.01) | $ (0.02) | ||
[1] | Excludes an aggregate of up to 825,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised (see Notes 5 and 8). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, effectively increasing the Sponsor shares to 6,325,000 Class B ordinary shares, up to 825,000 of which are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. |
Condensed Statements of Opera_2
Condensed Statements of Operations (Parenthetical) - shares | Jun. 29, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 02, 2021 |
Common Stock, Shares, Subject to Forfeiture | 825,000 | |||
Common Stock, Shares, Outstanding | 38,427 | |||
Common Class B [Member] | ||||
Common Stock, Shares, Outstanding | 6,250,000 | 6,250,000 | 5,750,000 | |
Common Class B [Member] | Founder [Member] | ||||
Common Stock, Shares, Subject to Forfeiture | 825,000 | 825,000 | ||
Stock Issued During Period, Shares, New Issues | 575,000 | |||
Common Stock, Shares, Outstanding | 6,325,000 | |||
Common Class B [Member] | Subsequent Event [Member] | Founder [Member] | ||||
Stock Issued During Period, Shares, New Issues | 575,000 | |||
Common Stock, Shares, Outstanding | 6,325,000 | |||
Common Class B [Member] | Subsequent Event [Member] | Over-Allotment Option [Member] | Founder [Member] | ||||
Common Stock, Shares, Subject to Forfeiture | 825,000 | |||
Common Stock, Shares, Outstanding | 825,000 |
Condensed Statements of Changes
Condensed Statements of Changes in Temporary Equity and Permanent Equity (Deficit) - USD ($) | Total | Private Placement [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Private Placement [Member] | Accumulated Deficit [Member] | Common Class A [Member] | Common Class A [Member]Ordinary Shares [Member] | Common Class A [Member]Ordinary Shares [Member]Private Placement [Member] | Common Class B [Member] | Common Class B [Member]Ordinary Shares [Member] | |
Beginning balance at Feb. 24, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Beginning balance (in shares) at Feb. 24, 2021 | 0 | 0 | |||||||||
Beginning Balance at Feb. 24, 2021 | $ 0 | 0 | 0 | $ 0 | $ 0 | ||||||
Beginning Balance (in shares) at Feb. 24, 2021 | 0 | 0 | |||||||||
Issuance of Class B ordinary shares to Sponsor | [1] | 25,000 | 24,367 | $ 633 | |||||||
Issuance of Class B ordinary shares to Sponsor (in shares) | [1] | 6,325,000 | |||||||||
Net loss | (5,138) | (5,138) | |||||||||
Ending Balance at Mar. 02, 2021 | 19,862 | 24,367 | (5,138) | $ 633 | |||||||
Ending Balance (in shares) at Mar. 02, 2021 | 6,325,000 | ||||||||||
Ending balance (in shares) at Mar. 02, 2021 | 825,000 | ||||||||||
Beginning balance at Feb. 24, 2021 | $ 0 | 0 | 0 | $ 0 | |||||||
Beginning balance (in shares) at Feb. 24, 2021 | 0 | 0 | |||||||||
Beginning Balance at Feb. 24, 2021 | $ 0 | 0 | 0 | $ 0 | $ 0 | ||||||
Beginning Balance (in shares) at Feb. 24, 2021 | 0 | 0 | |||||||||
Issuance of Class B ordinary shares to Sponsor | 25,000 | 24,367 | $ 633 | ||||||||
Issuance of Class B ordinary shares to Sponsor (in shares) | 6,325,000 | ||||||||||
Net loss | (5,182) | (5,182) | |||||||||
Ending Balance at Mar. 31, 2021 | 19,818 | 24,367 | (5,182) | $ 0 | $ 633 | ||||||
Ending Balance (in shares) at Mar. 31, 2021 | 0 | 6,325,000 | |||||||||
Ending balance at Mar. 31, 2021 | $ 0 | ||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 0 | ||||||||||
Beginning balance at Feb. 24, 2021 | $ 0 | 0 | 0 | $ 0 | |||||||
Beginning balance (in shares) at Feb. 24, 2021 | 0 | 0 | |||||||||
Beginning Balance at Feb. 24, 2021 | $ 0 | 0 | 0 | $ 0 | $ 0 | ||||||
Beginning Balance (in shares) at Feb. 24, 2021 | 0 | 0 | |||||||||
Net loss | (265,630) | $ (173,101) | $ (92,529) | ||||||||
Ending Balance at Sep. 30, 2021 | (6,331,862) | 0 | (6,332,551) | $ 64 | $ 625 | ||||||
Ending Balance (in shares) at Sep. 30, 2021 | 640,000 | 6,250,000 | |||||||||
Ending balance at Sep. 30, 2021 | $ 250,003,042 | ||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 25,000,000 | 25,000,000 | |||||||||
Beginning balance at Mar. 31, 2021 | $ 0 | ||||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 0 | ||||||||||
Beginning Balance at Mar. 31, 2021 | $ 19,818 | 24,367 | (5,182) | $ 0 | $ 633 | ||||||
Beginning Balance (in shares) at Mar. 31, 2021 | 0 | 6,325,000 | |||||||||
Net loss | (143) | (143) | |||||||||
Ending Balance at Jun. 30, 2021 | 19,675 | 24,367 | (5,325) | $ 0 | $ 633 | ||||||
Ending Balance (in shares) at Jun. 30, 2021 | 0 | 6,325,000 | |||||||||
Ending balance at Jun. 30, 2021 | $ 0 | ||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 0 | ||||||||||
Sale of 25,000,000 Public Shares, net of underwriting discounts and offering expenses | $ 237,511,810 | ||||||||||
Sale of 25,000,000 Public Shares, net of underwriting discounts and offering expenses (in shares) | 25,000,000 | ||||||||||
Accretion of Class A ordinary shares to redemption value | $ (12,491,232) | (6,424,311) | (6,066,921) | ||||||||
Sale of 640,000 Private Placement Shares | $ 6,400,000 | $ 6,399,936 | $ 64 | ||||||||
Sale of 640,000 Private Placement Shares (in shares) | 640,000 | ||||||||||
Forfeiture of Founder Shares | 8 | $ (8) | |||||||||
Forfeiture of Founder Shares (in shares) | (75,000) | ||||||||||
Net loss | (260,305) | (260,305) | $ (208,889) | $ (51,416) | |||||||
Ending Balance at Sep. 30, 2021 | (6,331,862) | $ 0 | $ (6,332,551) | $ 64 | $ 625 | ||||||
Ending Balance (in shares) at Sep. 30, 2021 | 640,000 | 6,250,000 | |||||||||
Ending balance at Sep. 30, 2021 | $ 250,003,042 | ||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 25,000,000 | 25,000,000 | |||||||||
[1] | Includes an aggregate of up to 825,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised (see Notes 5 and 8). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, effectively increasing the Sponsor shares to 6,325,000 Class B ordinary shares, up to 825,000 of which are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. |
Condensed Statements of Chang_2
Condensed Statements of Changes in Temporary Equity and Permanent Equity (Deficit) (Parenthetical) - USD ($) | Jun. 29, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 02, 2021 |
Common stock, shares forfeiture | 825,000 | ||||
Temporary equity issuance costs | $ 25,000,000 | ||||
Proceeds from private placement issue | $ 640,000 | $ 6,400,000 | |||
Common stock, shares outstanding | 38,427 | 38,427 | |||
Common Class B [Member] | |||||
Common stock, shares outstanding | 6,250,000 | 6,250,000 | 6,250,000 | 5,750,000 | |
Common Class B [Member] | Founder [Member] | |||||
Common stock, shares forfeiture | 825,000 | 825,000 | 825,000 | ||
Common stock, shares outstanding | 6,325,000 | ||||
Stock issued during period new shares issued | 575,000 | ||||
Common Class B [Member] | Subsequent Event [Member] | Founder [Member] | |||||
Common stock, shares outstanding | 6,325,000 | ||||
Stock issued during period new shares issued | 575,000 | ||||
Common Class B [Member] | Subsequent Event [Member] | Founder [Member] | Over-Allotment Option [Member] | |||||
Common stock, shares forfeiture | 825,000 | ||||
Common stock, shares outstanding | 825,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows - USD ($) | Mar. 02, 2021 | Sep. 30, 2021 |
Cash Flows from Operating Activities: | ||
Net loss | $ (5,138) | $ (265,630) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Formation costs paid by Sponsor in exchange for issuance of Founder Shares | 5,000 | 5,000 |
Interest earned on marketable securities held in Trust Account | (3,042) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (897,311) | |
Accrued expenses | 10,314 | |
Net cash used in operating activities | (138) | (1,150,669) |
Cash Flows from Investing Activities: | ||
Investment of cash into Trust Account | (250,000,000) | |
Net cash used in investing activities | (250,000,000) | |
Cash Flows from Financing Activities | ||
Proceeds from sale of Public Shares, net of underwriting discounts paid | 245,600,000 | |
Proceeds from sale of Private Placement Shares | 6,400,000 | |
Advance from related party | 64,119 | |
Repayment of advances from related party | (25,692) | |
Proceeds from promissory note – related party | 138 | 300,000 |
Repayment of promissory note – related party | (300,000) | |
Payment of offering costs | (368,190) | |
Net cash provided by financing activities | 138 | 251,670,237 |
Net Change in Cash | 519,568 | |
Cash – Beginning of period (inception) | ||
Cash – End of period | 519,568 | |
Non-Cash investing and financing activities: | ||
Offering costs paid by Sponsor in exchange for issuance of Founder Shares | 20,000 | |
Deferred underwriting fee payable | $ 7,700,000 | |
Deferred Offering Costs Included In Accrued Offering Costs | 5,000 | |
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | $ 20,000 |
Description of Organization and
Description of Organization and Business | Mar. 02, 2021 | Sep. 30, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description of Organization and Business | Note 1 — Organization and Plan of Business Operations Social Capital Suvretta Holdings Corp. I (the “Company”) is a newly incorporated blank check company incorporated as a Cayman Islands exempted company on February 25, 2021. 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 (a “Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target. While the Company may pursue a Business Combination target in any industry, subsector therein or geographic location, the Company intends to focus its search for a target business operating in the biotechnology industry and within the neurology subsector of such industry. 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 March 31, 2021, the Company had not commenced any operations. All activity for the period from February 25, 2021 (inception) through March 31, 2021 relates to the Company’s formation and the proposed initial public offering described below (the “Proposed Public Offering”). 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 The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 22,000,000 Class A ordinary shares (the “Public Shares”) (or 25,300,000 Public Shares if the underwriter’s over-allotment option is exercised in full) at a price of $10.00 per Public Share, which is discussed in Note 3, and the sale of 640,000 private placement shares (the “Private Placement Shares”) at a price of $10.00 per Private Placement Share in a private placement to the Company’s sponsor, SCS Sponsor I LLC, a Cayman Islands limited liability company (the “Sponsor”), that will close simultaneously with the Proposed Public Offering. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company must complete one or more Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (as defined below) (excluding any deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the Company signing a definitive agreement in connection with the Business Combination. However, the Company will only complete a Business Combination if the post-transaction 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 of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully. Upon the closing of the Proposed Public Offering, management has agreed that $10.00 per Public Share sold in the Proposed Public Offering, including proceeds of the sale of the Private Placement Shares, will be held in a trust account (the “Trust Account”), located in the United States and invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 funds held in the Trust Account will not be released from the Trust Account until the earliest of: (a) the completion of a Business Combination; (b) the redemption of any Public Shares properly submitted in connection with a shareholder vote to amend the Company’s 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 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 material provisions relating to shareholders’ rights or pre-Business The Company will provide the Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (a) in connection with a general meeting called to approve the Business Combination or (b) 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 all or a portion of their Public Shares at a per-share In accordance with the Company’s Amended and Restated Memorandum and Articles of Association, in no event will the Company redeem the Public Shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 following such redemptions. Redemptions of the Public Shares may also be subject to a higher net tangible asset test or cash requirement pursuant to an agreement relating to the Business Combination. If a shareholder vote is not required in connection with a Business Combination and the Company does not decide to hold a shareholder vote for business or other 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 (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirement, or the Company decides to obtain shareholder approval for business or other reasons, the Company will conduct the redemptions in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules and will file proxy materials with the SEC. If the Company seeks shareholder approval in connection with a Business Combination, the Company will complete a Business Combination only if the Company receives an ordinary resolution under Cayman Islands law, which requires the affirmative vote of holders of a majority of ordinary shares who attend and vote at a general meeting of the Company. The Public Shareholders may elect to redeem their Public Shares without voting and, if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing redemption rights, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provide that 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 Public Shares with respect to more than an aggregate of 15% of the Public Shares sold in the Proposed Public Offering without the Company’s prior written consent. The Sponsor and any other holders of Founder Shares (as defined in Note 5) and Private Placement Shares prior to the Proposed Public Offering (collectively, the “Initial Shareholders”) and the Company’s directors and officers have agreed to waive: (a) their redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares held by them, as applicable, in connection with the completion of a Business Combination; (b) their redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares held by them in connection with a shareholder vote to amend the Company’s 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 Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period or (ii) with respect to any other material provisions relating to shareholders’ rights or pre-Business The Company will have 24 months from the closing of the Proposed Public Offering to complete a Business Combination (the “Combination Period”). However, if the Company has not completed a Business Combination within such 24-month per-share 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 auditors) 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 (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party that executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriter of the Proposed 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 has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company and, therefore, the Sponsor may not be able to satisfy those obligations. The Company has not asked the Sponsor to reserve for such obligations. None of the Company’s directors or officers will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective target businesses. Going Concern Consideration At March 2, 2021 (audited), the Company had cash and a working capital deficit of $ and $ , respectively. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements. Management plans to address this uncertainty through a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful within the Combination Period or at all. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Risks and Uncertainties Management is currently evaluating the impact of the Covid-19 | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Social Capital Suvretta Holdings Corp. I (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on While the Company may pursue a Business Combination target in any industry, subsector therein or geographic location, the Company intends to focus its search for a target business operating in the biotechnology industry and within the neurology subsector of such industry. 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 non-operating The registration statements for the Company’s Initial Public Offering became effective Simultaneously Class A ordinary shares (the “Private Placement Shares”) at a price of Transaction In connection with the closing of the Initial Public Offering on July 2, 2021, an amount of $ ($ per Public Share) from the net proceeds of the sale of the Public Shares in the Initial Public Offering and the sale of the Private Placement Shares was placed in a trust account (the “Trust Account”), to be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions of Rule 2a-7 % 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 material provisions relating to shareholders’ rights or pre-Business Combination activity; and (c) the redemption of the Public Shares if the Company has not completed a Business Combination within the Combination Period or during any applicable extension period. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the holders of the Public Shares (the “Public Shareholders”). The Company’s post-Business Combination company . The Company will provide the Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (a) in connection with a general meeting called to approve the Business Combination or (b) 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. The Public Shareholders will be entitled to redeem all or a portion of their Public Shares at a per-share In accordance If a shareholder vote is not required in connection with a Business Combination and the Company does not decide to hold a shareholder vote for business or other 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 (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirement, or the Company decides to obtain shareholder approval for business or other reasons, the Company will conduct the redemptions in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules and will file proxy materials with the SEC. If the Company seeks shareholder approval in connection with a Business Combination, the Company will complete such Business Combination only if the Company receives an ordinary resolution under Cayman Islands law, which requires the affirmative vote of holders of a majority of ordinary shares who attend and vote at a general meeting of the Company. The Public Shareholders 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 of the Public Shares without the Company’s prior written consent. The Sponsor and the Company’s directors and officers have agreed to waive: (a) their redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares held by them, as applicable, in connection with the completion of a Business Combination; (b) their redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares held by them in connection with a shareholder vote to amend the Company’s 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 Business Combination or to redeem of the Public Shares if the Company does not complete a Business Combination within the Combination Period, or (ii) with respect to any other material provisions relating to shareholders’ rights or pre-Business Combination activity; and (c) their rights to liquidating distributions from the Trust Account with respect to any Founder Shares and Private Placement Shares they hold if the Company fails to complete a Business Combination within the Combination Period or during any applicable extension period (although such persons will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete a Business Combination within the prescribed time frame). If the Company submits the Business Combination to the Public Shareholders for a vote, the Sponsor and the Company’s directors and officers have also agreed to vote any Founder Shares, Private Placement Shares and Public Shares held by them in favor of the Business Combination. The Company 24-month per-share The Sponsor per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party that executed a waiver of any and all rights to seek access to the Trust Account and except 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 has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company and, therefore, the Sponsor may not be able to satisfy those obligations. The Company has not asked the Sponsor to reserve for such obligations. None of the Company’s directors or officers will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective target businesses. Risks and Uncertainties Management continues to evaluate the impact of the Covid-19 Liquidity and Going Concern As of September 30, 2021, the Company had $519,568 in its operating bank accounts, $250,003,042 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital of $1,368,138. As of September 30, 2021, approximately $3,000 of the amount on deposit in the Trust Account represented interest income. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company may |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 7 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements [Abstract] | |
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, the Company concluded it was appropriate to restate the presentation of Class A ordinary shares subject to possible redemption to reflect its Public Shares within temporary equity after determining the Public Shares redemption feature is not solely within the control of the Company. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, Accounting Standards Codification (“ASC”) 480, paragraph 10-99, redemption provisions not solely within the control of the Company require ordinary share subject to redemption to be classified outside of permanent equity. The Company previously recorded the Class A ordinary shares subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result in net tangible assets being less than thus recording a portion of the Class A ordinary shares as permanent equity. The restatement 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. There The impact of the restatement on the Company’s financial statements previously included on Form 8-K as filed on July 2, 2021 is reflected in the following table. Balance Sheet as of July 2, 2021 As Previously Adjustment As Restated Class A ordinary shares subject to possible redemption $ 238,931,480 $ 11,068,520 $ 250,000,000 Class A ordinary shares $ 175 $ (111 ) $ 64 Additional paid-in $ 5,004,522 $ (5,004,522 ) $ — Accumulated deficit $ (5,325 ) $ (6,063,887 ) $ (6,069,212 ) Total Permanent Equity (Deficit) $ 5,000,005 $ (11,068,520 ) $ (6,068,515 ) Number of Class A ordinary shares subject to possible redemption 23,893,148 1,106,852 25,000,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | Mar. 02, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. Emerging Growth Company Status 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, 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 Use of Estimates The preparation of financial statements in conformity with GAAP requires 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 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. 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 or cash equivalents as of March 2, 2021. Deferred Offering Costs Deferred offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholder’s equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to operations. Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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 The Company is considered a Cayman Islands exempted company 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 Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 825,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised (see Notes 5 and 8). At March 2, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised for or converted into ordinary Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times may exceed the Federal Depository Insurance Coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X . The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on July 1, 2021, as well as the Company’s Current Report on Form 8-K, Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section (a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of (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 independent registered public accounting firm attestation requirements of Section of the Sarbanes-Oxley Act, 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 non-emerging Use of Estimates The Making estimates Cash and Cash Equivalents The Marketable Securities Held in Trust Account At September 30, 2021, substantially all of the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities. 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 , “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at redemption 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, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity (deficit) section of the Company’s condensed balance sheet. The Company or paid-in Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the IPO that were directly related to the IPO. The Company incurred offering costs amounting to $12,488,190 as a result of the IPO consisting of $4,400,000 of underwriting commissions, $7,700,000 of deferred underwriting commissions, and $388,190 of other offering costs. The offering costs were charged to temporary equity and additional paid-in capital upon the completion of the IPO. Immediately thereafter, temporary equity was remeasured and an adjustment was recognized through additional paid in capital and accumulated deficit to adjust temporary equity to the redemption value. Share-Based Payment Arrangements The Company accounts for stock awards in accordance with ASC 718, “Compensation - Stock Compensation,” which requires that all equity awards be accounted for at their “fair value.” Fair value is measured on the grant date and is equal to the underlying value of the stock. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition become probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. Income Taxes The be realized. ASC 740 also more-likely-than-not The Company is considered to be an exempted Cayman Islands company 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 periods presented. Net Loss per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. The Company has two classes of shares , which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Accretion associated with the redeemable Class A ordinary shares is excluded from net loss As of The following Three Months Ended For the Period from February 25, 2021 (Inception) September 30, 2021 Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss $ (208,889 ) $ (51,416 ) $ (173,101 ) $ (92,529 ) Denominator: Basic and diluted weighted average shares outstanding 25,358,242 6,241,758 10,884,906 5,818,396 Basic and diluted net loss per ordinary share $ (0.01 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) Concentration of Credit Risk Financial instruments Fair Value of Financial Instruments The Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
Initial Public Offering
Initial Public Offering | 7 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Initial Public Offering | NOTE 4. INITIAL PUBLIC OFFERING Pursuant per Public Share. Unlike some other initial public offerings of special purpose acquisition companies, investors in the Initial Public Offering did not receive any warrants (which would typically become exercisable following completion of the Business Combination). |
Proposed Public Offering
Proposed Public Offering | Mar. 02, 2021 |
Proposed Public Offering Disclosure [Abstract] | |
Proposed Public Offering | Note 3 — Proposed Public Offering In the Proposed Public Offering, the Company will offer for sale 22,000,000 Public Shares (or 25,300,000 Public Shares if the underwriter’s over-allotment option is exercised in full) at a price of $10.00 per Public Share. Unlike other initial public offerings of special purpose acquisition companies, investors in the Proposed Public Offering will not receive any warrants (which would typically become exercisable following completion of the Business Combination). |
Private Placement
Private Placement | Mar. 02, 2021 | Sep. 30, 2021 |
Private Placement [Abstract] | ||
Private Placement | Note 4 — Private Placement The Sponsor has committed to purchase an aggregate of 640,000 Private Placement Shares at a price of $10.00 per Private Placement Share, for an aggregate price of $6,400,000 in a private placement that will close simultaneously with the closing of the Proposed Public Offering, subject to certain limited exceptions as described in Note 7. Each Private Placement Share is identical to the Class A ordinary share sold in the Public Offering. A portion of the proceeds from the sale of the Private Placement Shares will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period or during any applicable extension period, the proceeds from the sale of the Private Placement Shares held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Shares will expire worthless. | NOTE 5. PRIVATE PLACEMENT Simultaneously per Private Placement Share, for an aggregate purchase price of Each Private Placement Share is identical to the Class A ordinary shares sold in the Initial Public Offering, subject to certain limited exceptions as described in Note 8. A portion of the proceeds from the sale of the Private Placement Shares was added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period or during any applicable extension period, the proceeds from the sale of the Private Placement Shares held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Shares will be worthless. |
Related Party Transactions
Related Party Transactions | Mar. 02, 2021 | Sep. 30, 2021 |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On March 2, 2021, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for which the Sponsor received 5,750,000 Class B ordinary shares (the “Founder Shares”). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, resulting in the Company’s initial shareholders holding an aggregate of 6,325,000 Founder Shares (see Notes 5 and 8). The Founder Shares include an aggregate of up to 825,000 shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. All shares have been retroactively restated in the presented financials. The Initial Shareholders and the Company’s directors and officers have agreed, subject to limited exceptions, not to transfer, assign or sell any of their 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 last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, 30-trading Promissory Note — Related Party On March 2, 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, of which $138 was outstanding as of March 2, 2021. The Promissory Note is non-interest Administrative Services Agreement The Company will enter into an agreement pursuant to which it will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. 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, it may repay such loaned amounts out of the proceeds of the Trust Account. In the event that the Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay such loaned amounts. Up to $1,500,000 of such Working Capital Loans may be convertible into shares at a price of $10.00 per share at the option of the lender. Such shares would be identical to the Private Placement Shares. | NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares On March 2, 2021, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for which the Sponsor received 5,750,000 Class B ordinary shares (the “Founder Shares”). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, resulting in the Company’s initial shareholders holding an aggregate of 6,325,000 Founder Shares. All share and per-share amounts have been retroactively restated to reflect the share capitalization. The Founder Shares included an aggregate of up to 825,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised. As a result of the underwriters’ election to partially exercise their over-allotment option, a total of 750,000 Founder Shares are no longer subject to forfeiture and 75,000 Founder Shares were forfeited, resulting 6,250,000 Founder Shares outstanding. In June 2021, the Sponsor transferred 30,000 Founder Shares to Vladimir Coric, an independent director of the Company. The Founders Shares were effectively sold subject to a performance condition (i.e., the occurrence of a Business Combination). As of September 30, 2021, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. The Sponsor and the Company’s directors and officers have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier of: (A) year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $ per share (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and other similar transactions) for any trading days within any 30-trading day period commencing at least days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization 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 Services Agreement The Company entered into an agreement in which it will pay an affiliate of the Sponsor per month, commencing on June 30, 2021, for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three months ended September 30, 2021 and for the period from February 25, 2021 (inception) through September 30, 2021, the Company incurred . Advance from Related Party As Promissory Note — Related Party On March non-interest 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, it may repay such loaned amounts out of the proceeds of the Trust Account. In the event that the Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay such loaned amounts. Up to $1,500,000 of such Working Capital Loans may be convertible into shares at a price of $10.00 per share at the option of the wer |
Commitments and Contingencies
Commitments and Contingencies | Mar. 02, 2021 | Sep. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Shares and any Private Placement Shares that may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Proposed Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register 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 and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up Underwriting Agreement The Company will grant the underwriter a 45-day The underwriter will be entitled to a cash underwriting discount of $0.20 per Public Share sold in the base offering, or $4,400,000 in the aggregate, payable upon the closing of the Proposed Public Offering. In addition, the underwriter will be entitled to a deferred underwriting commission of $0.35 per Public Share sold in the base offering, or $7,700,000 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. | NOTE 7. COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration rights agreement entered into on June 29, 2021, the holders of the Founder Shares, Private Placement Shares and any Private Placement Shares that may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the conversion of the Founder Shares) are entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register 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 and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Restricted Stock Unit Award In September 2021, pursuant to a Director Restricted Stock Unit Award Agreement, dated September 24, 2021, between the Company and Mr. Sundaram, the Company granted 30,000 restricted stock units (“RSUs”) to Mr. Sundaram, which grant is contingent on both the consummation of a Business Combination and a shareholder approved equity plan. The RSUs will vest upon the consummation of such Business Combination and represent 30,000 Class A ordinary shares of the Company that will settle on a date determined in the sole discretion of the Company that shall occur between the vesting date and March 15 of the year following the year in which vesting occurs. |
Temporary Equity And Permanent
Temporary Equity And Permanent Deficit | Mar. 02, 2021 | Sep. 30, 2021 |
Temporary Equity And Permanent Equity [Abstract] | ||
Temporary Equity And Permanent Deficit | Note 7 — Shareholder’s Equity Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of record of Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided that prior to a Business Combination, holders of Class B ordinary shares will have the right to appoint all of the Company’s directors and remove members of its board of directors for any reason, and holders of Class A ordinary shares will not be entitled to vote on the appointment of directors during such time. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Business Combination, or earlier at the option of the holder, on a one-for-one deemed issued, by the Company in connection with the Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the Business Combination and any private placement shares issued to the Sponsor or its affiliates upon conversion of Working Capital Loans; provided that such conversion of Class B ordinary shares will never occur on a less than one-for-one Private Placement Shares | NOTE 8. TEMPORARY EQUITY AND PERMANENT DEFICIT Preference Shares outstanding. Class A Ordinary Shares Class B Ordinary Shares Holders of The Class B one-for-one sub-divisions, one-for-one Private Placement Shares Placement Shares are not transferable, assignable, or salable until 30 days after the completion of a Business Combination (except, among other limited exceptions, to the Company’s directors and officers and other persons or entities affiliated with the Sponsor). Holders of the Private Placement Shares are entitled to certain registration rights. If the Company does not complete a Business Combination within the Combination Period or during any applicable extension period, the proceeds from the sale of the Private Placement Shares held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Shares will be worthless. |
Fair Value Measurements
Fair Value Measurements | 7 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured non-financial re-measured The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table Description Level September 30, Assets: Marketable securities held in Trust Account 1 $ 250,003,042 |
Subsequent Events
Subsequent Events | Mar. 02, 2021 | Sep. 30, 2021 |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 8 — 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, except set forth below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, effectively increasing the Sponsor shares to 6,325,000 Class B ordinary shares, up to 825,000 of which are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. All shares and per share presentation have been retroactively restated. | NOTE 10. SUBSEQUENT EVENTS On January 26, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Karibu Merger Sub, Inc., a Delaware corporation and its direct wholly owned subsidiary (“Merger Sub”), and Akili Interactive Labs, Inc., a Delaware corporation (“Akili”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur (together with the other agreements and transactions contemplated by the Merger Agreement, the “Akili Business Combination”): (1) at the closing of the transactions contemplated by the Merger Agreement (the “Closing”), upon the terms and subject to the conditions thereof, and in accordance with the Delaware General Corporation Law, as amended (the “DGCL”), Merger Sub will merge with and into Akili, with Akili continuing as the surviving corporation and the Company’s wholly owned subsidiary (the “Merger”); (2) at the Closing, all of the outstanding capital stock of Akili and all options and warrants to acquire capital stock of Akili will be converted into the right to receive shares of common stock, par value $0.0001 per share, of SCS (after the Domestication (as defined below)) (“SCS Common Stock”) or comparable equity awards that are settled or are exercisable for shares of SCS Common Stock, representing an aggregate of 60 million shares of SCS Common Stock; (3) at the Closing, the Company will deposit into an escrow account for the benefit of the pre-Closing Akili stockholders, optionholders and warrantholders an aggregate number of shares of SCS Common Stock equal to 7.5% of the fully diluted shares of SCS Common Stock (including shares reserved under the equity incentive plan to be adopted by the combined company in connection with the Closing), determined as of immediately following the Closing (collectively, the “Earnout Shares”), which Earnout Shares will be subject to release from escrow to the pre-Closing Akili stockholders, optionholders and warrantholders in three equal tranches upon the daily volume weighted average price of a share of SCS Common Stock reaching $15.00/share, $20.00/share and $30.00/share, respectively, over any 20 trading days within any 30 consecutive trading day period following the Closing and prior to the fifth anniversary of the Closing, in each case, on the terms set forth in the Merger Agreement; and (4) at the Closing, SCS will be renamed “Akili, Inc.” The Closing is subject to the satisfaction or waiver of certain closing conditions contained in the Merger Agreement, including the approval of the Company’s shareholders. Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, the Cayman Islands Companies Act (As Revised) (the “CICA”) and the Company’s Amended and Restated Memorandum and Articles of Association, the Company will effect a deregistration under the CICA and a domestication under Section 388 of the DGCL, pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the “Domestication”). In connection with the Domestication, (i) each of the Company’s then issued and outstanding Class A ordinary shares, par value $0.0001 per share (the “SCS Class A Ordinary Shares”), will convert automatically, on a one-for-one basis, into a share of SCS Common Stock, which is entitled to one vote per share, and (ii) each of the Company’s then issued and outstanding Class B ordinary shares, par value $0.0001 per share, will convert automatically, on a one-for-one basis, into a share of SCS Common Stock. On January 26, 2022, concurrently with the execution of the Merger Agreement, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”), pursuant to which the PIPE Investors have subscribed for an aggregate of 16,200,000 shares of SCS Common Stock for an aggregate purchase price of $162,000,000 (the “PIPE Investment”), of which approximately $135,400,000 is committed by certain existing directors, officers and equityholders of, or investment funds managed by, the Company, the Sponsor, Suvretta and/or their respective affiliates (the “Sponsor Related PIPE Investors”). The PIPE Investment will be consummated substantially concurrently with the Closing. The consummation of the proposed Akili Business Combination is subject to certain conditions as further described in the Merger Agreement. For more information about the Merger Agreement and the proposed Akili Business Combination, see the Company’s Current Report on Form 8-K filed with the SEC on January 26, 2022, as amended on January 27, 2022, and the registration statement that the Company has filed with the SEC. Unless specifically stated, these unaudited financial statements do not give effect to the proposed Akili Business Combination and do not contain the risks associated with the proposed Akili Business Combination. Such risks and effects relating to the proposed Akili Business Combination are included in the registration statement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | Mar. 02, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. | Basis of Presentation The accompanying unaudited condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X . The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on July 1, 2021, as well as the Company’s Current Report on Form 8-K, |
Emerging Growth Company Status | Emerging Growth Company Status 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, 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 | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section (a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of (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 independent registered public accounting firm attestation requirements of Section of the Sarbanes-Oxley Act, 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 non-emerging |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires 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 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. Accordingly, the actual results could differ significantly from those estimates. | Use of Estimates The Making 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 or cash equivalents as of March 2, 2021. | Cash and Cash Equivalents The |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At September 30, 2021, substantially all of the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities. | |
Class A Ordinary Share 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 , “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at redemption 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, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity (deficit) section of the Company’s condensed balance sheet. The Company or paid-in | |
Share-Based Payment Arrangements | Share-Based Payment Arrangements The Company accounts for stock awards in accordance with ASC 718, “Compensation - Stock Compensation,” which requires that all equity awards be accounted for at their “fair value.” Fair value is measured on the grant date and is equal to the underlying value of the stock. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition become probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. | |
Offering Costs | Deferred Offering Costs Deferred offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholder’s equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to operations. | Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the IPO that were directly related to the IPO. The Company incurred offering costs amounting to $12,488,190 as a result of the IPO consisting of $4,400,000 of underwriting commissions, $7,700,000 of deferred underwriting commissions, and $388,190 of other offering costs. The offering costs were charged to temporary equity and additional paid-in capital upon the completion of the IPO. Immediately thereafter, temporary equity was remeasured and an adjustment was recognized through additional paid in capital and accumulated deficit to adjust temporary equity to the redemption value. |
Income Taxes | Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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 The Company is considered a Cayman Islands exempted company 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. | Income Taxes The be realized. |
Net Loss per Ordinary Share | Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 825,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised (see Notes 5 and 8). At March 2, 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised for or converted into ordinary | Net Loss per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. The Company has two classes of shares , which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Accretion associated with the redeemable Class A ordinary shares is excluded from net loss As of The following Three Months Ended For the Period from February 25, 2021 (Inception) September 30, 2021 Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss $ (208,889 ) $ (51,416 ) $ (173,101 ) $ (92,529 ) Denominator: Basic and diluted weighted average shares outstanding 25,358,242 6,241,758 10,884,906 5,818,396 Basic and diluted net loss per ordinary share $ (0.01 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times may exceed the Federal Depository Insurance Coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. | Concentration of Credit Risk Financial instruments |
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 FASB ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. | Fair Value of Financial Instruments The |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 7 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements [Abstract] | |
Summary of Company's financial statements | The impact of the restatement on the Company’s financial statements previously included on Form 8-K as filed on July 2, 2021 is reflected in the following table. Balance Sheet as of July 2, 2021 As Previously Adjustment As Restated Class A ordinary shares subject to possible redemption $ 238,931,480 $ 11,068,520 $ 250,000,000 Class A ordinary shares $ 175 $ (111 ) $ 64 Additional paid-in $ 5,004,522 $ (5,004,522 ) $ — Accumulated deficit $ (5,325 ) $ (6,063,887 ) $ (6,069,212 ) Total Permanent Equity (Deficit) $ 5,000,005 $ (11,068,520 ) $ (6,068,515 ) Number of Class A ordinary shares subject to possible redemption 23,893,148 1,106,852 25,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 7 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following Three Months Ended For the Period from February 25, 2021 (Inception) September 30, 2021 Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss $ (208,889 ) $ (51,416 ) $ (173,101 ) $ (92,529 ) Denominator: Basic and diluted weighted average shares outstanding 25,358,242 6,241,758 10,884,906 5,818,396 Basic and diluted net loss per ordinary share $ (0.01 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 7 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Measurements, Recurring and Nonrecurring | The following table Description Level September 30, Assets: Marketable securities held in Trust Account 1 $ 250,003,042 |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) | Jul. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Mar. 02, 2021 | Feb. 25, 2021 |
Description Of Organization And Business Operations [Line Items] | |||||
Incorporation date of entity | Feb. 25, 2021 | ||||
Proceeds from initial public offering | $ 245,600,000 | ||||
Proceeds from private placement issue | $ 640,000 | 6,400,000 | |||
Deferred underwriting fee | 7,700,000 | 7,700,000 | |||
Minimum net worth to consummate business combination | $ 5,000,001 | $ 5,000,001 | |||
Percentage of public shares that can be transferred without any restriction | 15.00% | 15.00% | |||
Percentage of public shares to be redeemed in case business combination is not consummated | 100.00% | 100.00% | |||
Interest to pay dissolution expenses | $ 100,000 | $ 100,000 | |||
Per share value of restricted assets | $ 10 | $ 10 | |||
Percentage of public shares redemption | 100.00% | ||||
Cash | $ 519,568 | $ 519,568 | $ 0 | ||
Marketable Securities held in Trust Account | 250,003,042 | 250,003,042 | |||
Working Capital | $ 1,368,138 | 1,368,138 | $ 5,138 | $ 5,299 | |
Interest income | $ 3,000 | ||||
Minimum [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Prospective assets of acquire as a percentage of fair value of assets in the trust account | 80.00% | 80.00% | |||
Equity method investment ownership percentage | 50.00% | 50.00% | |||
Common Class A [Member] | IPO [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Stock issued during period new shares issued | 25,000,000 | ||||
Sale of stock price per share | $ 10 | ||||
Proceeds from initial public offering | $ 250,000,000 | ||||
Transaction costs incurred in connection with initial public offering | $ 12,488,190 | ||||
Underwriting fee | 4,400,000 | ||||
Deferred underwriting fee | $ 7,700,000 | 7,700,000 | |||
Deferred offering costs | $ 388,190 | 388,190 | |||
Common stock held in trust account | $ 250,000,000 | ||||
Common Class A [Member] | Over-Allotment Option [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Stock issued during period new shares issued | 3,000,000 | ||||
Common Class A [Member] | Private Placement [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Stock issued during period new shares issued | 640,000 | ||||
Sale of stock price per share | $ 10 | ||||
Proceeds from private placement issue | $ 6,400,000 | $ 6,400,000 | |||
Subsequent Event [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Common stock held in trust account | 5,000,001 | ||||
Minimum net worth to consummate business combination | $ 5,000,001 | ||||
Share price | $ 10 | ||||
Percentage of public shares that can be transferred without any restriction | 15.00% | ||||
Percentage of public shares to be redeemed in case business combination is not consummated | 100.00% | ||||
Interest to pay dissolution expenses | $ 100,000 | ||||
Per share value of restricted assets | $ 10 | ||||
Subsequent Event [Member] | Over-Allotment Option [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Deferred underwriting fee | $ 7,700,000 | ||||
Subsequent Event [Member] | Proposed Public Offering [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Deferred underwriting fee | $ 4,400,000 | ||||
Subsequent Event [Member] | Minimum [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Prospective assets of acquire as a percentage of fair value of assets in the trust account | 80.00% | ||||
Equity method investment ownership percentage | 50.00% | ||||
Subsequent Event [Member] | Common Class A [Member] | Over-Allotment Option [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Stock issued during period new shares issued | 25,300,000 | ||||
Subsequent Event [Member] | Common Class A [Member] | Private Placement [Member] | Sponsor [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Stock issued during period new shares issued | 640,000 | ||||
Sale of stock price per share | $ 10 | ||||
Proceeds from private placement issue | $ 6,400,000 | ||||
Subsequent Event [Member] | Common Class A [Member] | Proposed Public Offering [Member] | |||||
Description Of Organization And Business Operations [Line Items] | |||||
Stock issued during period new shares issued | 22,000,000 | ||||
Sale of stock price per share | $ 10 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Summary of Company's financial statements (Detail) - USD ($) | Sep. 30, 2021 | Jul. 02, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 02, 2021 | Feb. 24, 2021 |
Restatement Of Previously Issued Financial Statements [Line Items] | ||||||
Class A ordinary shares subject to possible redemption | $ 250,003,042 | $ 250,000,000 | $ 0 | $ 0 | $ 0 | |
Class A ordinary shares | 64 | |||||
Additional paid-in capital | 0 | 0 | $ 24,367 | |||
Accumulated deficit | (6,332,551) | (6,069,212) | (5,138) | |||
Total Permanent Equity (Deficit) | $ (6,331,862) | $ (6,068,515) | $ 19,675 | $ 19,818 | $ 19,862 | $ 0 |
Number of Class A ordinary shares subject to possible redemption | 25,000,000 | 25,000,000 | 0 | 0 | 0 | |
As Previously Reported [Member] | ||||||
Restatement Of Previously Issued Financial Statements [Line Items] | ||||||
Class A ordinary shares subject to possible redemption | $ 238,931,480 | |||||
Class A ordinary shares | 175 | |||||
Additional paid-in capital | 5,004,522 | |||||
Accumulated deficit | (5,325) | |||||
Total Permanent Equity (Deficit) | $ 5,000,005 | |||||
Number of Class A ordinary shares subject to possible redemption | 23,893,148 | |||||
Adjustment [Member] | ||||||
Restatement Of Previously Issued Financial Statements [Line Items] | ||||||
Class A ordinary shares subject to possible redemption | $ 11,068,520 | |||||
Class A ordinary shares | (111) | |||||
Additional paid-in capital | (5,004,522) | |||||
Accumulated deficit | (6,063,887) | |||||
Total Permanent Equity (Deficit) | $ (11,068,520) | |||||
Number of Class A ordinary shares subject to possible redemption | 1,106,852 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Additional Information (Detail) | Sep. 30, 2021USD ($) |
Restatement of Previously Issued Financial Statements [Abstract] | |
Minimum net worth needed for redemption of temporary equity | $ 5,000,001 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) | Mar. 02, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||||
Allocation of net loss | $ (5,138) | $ (5,182) | $ (260,305) | $ (143) | $ (265,630) | |
Basic and diluted weighted average shares outstanding | [1] | 5,500,000 | ||||
Basic and diluted net loss per ordinary share | $ 0 | |||||
Common Class A [Member] | ||||||
Earnings Per Share Basic And Diluted [Line Items] | ||||||
Allocation of net loss | $ (208,889) | $ (173,101) | ||||
Basic and diluted weighted average shares outstanding | 25,358,242 | 10,884,906 | ||||
Basic and diluted net loss per ordinary share | $ (0.01) | $ (0.02) | ||||
Common Class B [Member] | ||||||
Earnings Per Share Basic And Diluted [Line Items] | ||||||
Allocation of net loss | $ (51,416) | $ (92,529) | ||||
Basic and diluted weighted average shares outstanding | 6,241,758 | 5,818,396 | ||||
Basic and diluted net loss per ordinary share | $ (0.01) | $ (0.02) | ||||
[1] | Excludes an aggregate of up to 825,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised (see Notes 5 and 8). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, effectively increasing the Sponsor shares to 6,325,000 Class B ordinary shares, up to 825,000 of which are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Mar. 02, 2021 | Mar. 02, 2021 | Sep. 30, 2021 |
Accounting Policies [Line Items] | ||||
Cash Equivalents, at Carrying Value | $ 0 | $ 0 | $ 0 | |
Unrecognized tax benefits | 0 | 0 | 0 | |
Unrecognized tax benefits, accrued interests and penalties | 0 | 0 | ||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 | 250,000 | |
Deferred underwriting fee | 7,700,000 | |||
Common stock shares subject to forfeiture | 825,000 | 825,000 | ||
Dilutive securities | $ 0 | $ 0 | ||
Common Class A [Member] | IPO [Member] | ||||
Accounting Policies [Line Items] | ||||
Transaction costs incurred in connection with initial public offering | 12,488,190 | |||
Deferred offering costs | 388,190 | |||
Underwriting fee | 4,400,000 | |||
Deferred underwriting fee | $ 7,700,000 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - Common Class A [Member] | Jul. 02, 2021$ / sharesshares |
IPO [Member] | |
Class of Stock [Line Items] | |
Stock issued during period new shares issued | 25,000,000 |
Sale of stock price per share | $ / shares | $ 10 |
Over-Allotment Option [Member] | |
Class of Stock [Line Items] | |
Stock issued during period new shares issued | 3,000,000 |
Proposed Public Offering - Addi
Proposed Public Offering - Additional information (Detail) - Common Class A [Member] | Jul. 02, 2021$ / sharesshares |
Proposed Public Offering [Member] | Subsequent Event [Member] | |
Proposed Public Offering Details [Line Items] | |
Stock issued during period new shares issued | 22,000,000 |
Sale of stock price per share | $ / shares | $ 10 |
Over-Allotment Option [Member] | |
Proposed Public Offering Details [Line Items] | |
Stock issued during period new shares issued | 3,000,000 |
Over-Allotment Option [Member] | Subsequent Event [Member] | |
Proposed Public Offering Details [Line Items] | |
Stock issued during period new shares issued | 25,300,000 |
Private Placement - Additional
Private Placement - Additional Information (Detail) - USD ($) | Jul. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2021 |
Class of Stock [Line Items] | |||
Proceeds from private placement issue | $ 640,000 | $ 6,400,000 | |
Common Class A [Member] | Private Placement [Member] | |||
Class of Stock [Line Items] | |||
Stock issued during period new shares issued | 640,000 | ||
Sale of stock price per share | $ 10 | ||
Proceeds from private placement issue | $ 6,400,000 | $ 6,400,000 | |
Subsequent Event [Member] | Common Class A [Member] | Private Placement [Member] | Sponsor [Member] | |||
Class of Stock [Line Items] | |||
Stock issued during period new shares issued | 640,000 | ||
Sale of stock price per share | $ 10 | ||
Proceeds from private placement issue | $ 6,400,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jul. 02, 2021 | Jun. 29, 2021 | Mar. 02, 2021 | Mar. 02, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||||||||||
Stock shares issued during the period for services value | $ 25,000 | [1] | $ 25,000 | |||||||
Common stock shares outstanding | 38,427 | 38,427 | ||||||||
Common Stock, Shares, Subject to Forfeiture | 825,000 | 825,000 | ||||||||
Repayments of Related Party Debt | $ 25,692 | |||||||||
Repayment of advances from related party | 25,692 | |||||||||
Stock based compensation expense | 0 | |||||||||
Advances from related party | $ 38,427 | $ 38,427 | ||||||||
Notes payable outstanding to related party | $ 138 | $ 138 | ||||||||
Founder [Member] | Independent directors [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 30,000 | |||||||||
Common Class B [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock shares outstanding | 5,750,000 | 5,750,000 | 6,250,000 | 6,250,000 | 6,250,000 | 6,250,000 | ||||
Shares no longer subject to forfeiture | 750,000 | 750,000 | ||||||||
Common Class B [Member] | Founder [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock shares issued during the period for services value | $ 25,000 | |||||||||
Stock shares issued during the period for services shares | 5,750,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 575,000 | |||||||||
Common stock shares outstanding | 6,325,000 | |||||||||
Common Stock, Shares, Subject to Forfeiture | 825,000 | 825,000 | 825,000 | 825,000 | ||||||
Share based compensation shares forfeited during the period | 75,000 | |||||||||
Administration And Support Services [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction fees payable per month | $ 12 | $ 10,000 | $ 12 | |||||||
Selling general and administrative expenses from transactions with related party | $ 30,000 | 30,000 | ||||||||
Selling general and administrative expenses accrued from transactions with related party | 30,000 | 30,000 | ||||||||
Advances from related party | 30,000 | 30,000 | ||||||||
Advance From Related Party Loan [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to Related Parties | $ 64,119 | $ 64,119 | ||||||||
Promissory Note [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Repayments of Related Party Debt | $ 300,000 | |||||||||
Debt instrument face value | 300,000 | $ 300,000 | ||||||||
Notes payable outstanding to related party | 138 | 138 | ||||||||
Working Capital Loans [Member] | Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Working capital loans convertible into equity warrants | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||
Debt instrument conversion price per share | $ 10 | $ 10 | $ 10 | $ 10 | ||||||
Restriction On Transfer Of Sponsor Shares [Member] | Common Class B [Member] | Founder [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of trading days for determining the share price | 20 days | 20 days | ||||||||
Number of consecutive trading days for determining the share price | 30 days | 30 days | ||||||||
Waiting period after which the share trading days are considered | 150 days | 150 days | ||||||||
Subsequent Event [Member] | Common Class B [Member] | Founder [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 575,000 | |||||||||
Common stock shares outstanding | 6,325,000 | |||||||||
Subsequent Event [Member] | Common Class B [Member] | Founder [Member] | Over-Allotment Option [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock shares outstanding | 825,000 | |||||||||
Common Stock, Shares, Subject to Forfeiture | 825,000 | |||||||||
[1] | Includes an aggregate of up to 825,000 Class B ordinary shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised (see Notes 5 and 8). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, effectively increasing the Sponsor shares to 6,325,000 Class B ordinary shares, up to 825,000 of which are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jul. 02, 2021 | Sep. 30, 2021 |
Loss Contingencies [Line Items] | ||
Deferred underwriting commission per share | $ 0.35 | |
Deferred underwriting fee | $ 7,700,000 | |
Subsequent Event [Member] | ||
Loss Contingencies [Line Items] | ||
Underwriter option period | 45 days | |
Stock Issued During Period Shares Issued To Underwriters | 3,300,000 | |
Subsequent Event [Member] | Over-Allotment Option [Member] | ||
Loss Contingencies [Line Items] | ||
Deferred underwriting commission per share | $ 0.35 | |
Deferred underwriting fee | $ 7,700,000 | |
Subsequent Event [Member] | Proposed Public Offering [Member] | ||
Loss Contingencies [Line Items] | ||
Deferred underwriting commission per share | $ 0.20 | |
Deferred underwriting fee | $ 4,400,000 | |
Common Class A [Member] | Director Restricted Stock Unit Award Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Number of shares of common stock committed to settle on a date following the year Business combination occurs | 30,000 | |
Restricted Stock Units (RSUs) [Member] | Director Restricted Stock Unit Award Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Number of stock units granted | 30,000 |
Temporary Equity and Permanen_2
Temporary Equity and Permanent Deficit - Additional Information (Detail) - $ / shares | Sep. 30, 2021 | Jul. 02, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 02, 2021 | Feb. 24, 2021 |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares issued | 0 | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||
Common stock, shares outstanding | 38,427 | |||||
Temporary equity shares outstanding | 25,000,000 | 25,000,000 | 0 | 0 | 0 | |
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 640,000 | 0 | ||||
Common stock, shares outstanding | 640,000 | 0 | ||||
Temporary equity shares outstanding | 25,000,000 | |||||
Common Class B [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 50,000,000 | 6,325,000 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 6,250,000 | 5,750,000 | ||||
Common stock, shares outstanding | 6,250,000 | 6,250,000 | 5,750,000 | |||
Percent of founders shares to Company's issued and outstanding ordinary shares | 20.00% | 20.00% | ||||
Temporary equity shares outstanding | 825,000 | |||||
Common Stock Share Authorized | 50,000,000 | |||||
Common Stock Share Issued | 6,325,000 | |||||
Common Stock Share Outstanding | 6,325,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Measurements, Recurring and Nonrecurring (Detail) | Sep. 30, 2021USD ($) |
Marketable Securities Held In Trust Account [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 250,003,042 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Jan. 26, 2022 | Jun. 29, 2021 | Sep. 30, 2021 | Jul. 02, 2021 | Jun. 30, 2021 | Mar. 02, 2021 |
Subsequent Event [Line Items] | ||||||
Common stock, shares outstanding | 38,427 | |||||
Common Class B [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares outstanding | 6,250,000 | 6,250,000 | 5,750,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common Class B [Member] | Founder [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 575,000 | |||||
Common stock, shares outstanding | 6,325,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Share Price | $ 10 | |||||
Subsequent Event [Member] | Conversion of Class A Ordinary Shares to Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, par value | $ 0.0001 | |||||
Common Stock, Conversion Basis | one-for-one | |||||
Common Stock, Voting Rights | one | |||||
Subsequent Event [Member] | Conversion of Class B Ordinary Shares to Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, par value | $ 0.0001 | |||||
Common Stock, Conversion Basis | one-for-one | |||||
Subsequent Event [Member] | Akili Business Combination [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, par value | $ 0.0001 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 60,000,000 | |||||
Subsequent Event [Member] | Akili Business Combination [Member] | Earnout Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of Aggregate Number of Common Stock Deposited in Escrow Account | 7.50% | |||||
Number Of Trading Days For Determining The Share Price | 20 days | |||||
Number Of Consecutive Trading Days For Determining The Share Price | 30 days | |||||
Subsequent Event [Member] | Akili Business Combination [Member] | Earnout Shares [Member] | Earnout Shares Tranche One [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Share Price | $ 15 | |||||
Subsequent Event [Member] | Akili Business Combination [Member] | Earnout Shares [Member] | Earnout Shares Tranche Two [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Share Price | 20 | |||||
Subsequent Event [Member] | Akili Business Combination [Member] | Earnout Shares [Member] | Earnout Shares Tranche Three [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Share Price | $ 30 | |||||
Subsequent Event [Member] | Common Class B [Member] | Founder [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 575,000 | |||||
Common stock, shares outstanding | 6,325,000 | |||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Common Class B [Member] | Founder [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares outstanding | 825,000 | |||||
Subsequent Event [Member] | P I P E Investment [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Shares Subscribed but Unissued | 16,200,000 | |||||
Common Stock, Value, Subscriptions | $ 162,000,000 | |||||
Subsequent Event [Member] | Sponsor Related PIPE Investors [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Value, Subscriptions | $ 135,400,000 |