Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Sep. 03, 2021 | |
Affiliate, Collateralized Security [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40639 | |
Entity Registrant Name | PORTAGE FINTECH ACQUISITION CORPORATION | |
Entity Central Index Key | 0001853580 | |
Entity Tax Identification Number | 98-1592069 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | 280 Park Avenue | |
Entity Address, Address Line Two | 3rd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 212 | |
Local Phone Number | 380-5605 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant | ||
Affiliate, Collateralized Security [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant | |
Trading Symbol | PFTAU | |
Security Exchange Name | NASDAQ | |
Class A ordinary shares included as part of the units | ||
Affiliate, Collateralized Security [Line Items] | ||
Title of 12(b) Security | Class A ordinary shares included as part of the units | |
Trading Symbol | PFTA | |
Security Exchange Name | NASDAQ | |
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 | ||
Affiliate, Collateralized Security [Line Items] | ||
Title of 12(b) Security | Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 | |
Trading Symbol | PFTAW | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Affiliate, Collateralized Security [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,911,379 | |
Common Class B [Member] | ||
Affiliate, Collateralized Security [Line Items] | ||
Entity Common Stock, Shares Outstanding | 6,477,845 |
UNAUDITED CONDENSED BALANCE SHE
UNAUDITED CONDENSED BALANCE SHEET | Jun. 30, 2021USD ($) | |
ASSETS | ||
Deferred offering costs | $ 862,621 | |
Total assets | 862,621 | |
Current Liabilities | ||
Accrued expenses | 379,488 | |
Promissory note – Sponsor | 188,004 | |
Due to Sponsor | 433,313 | |
Total current liabilities | 1,000,805 | |
Shareholders’ Deficit | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none outstanding | 0 | |
Additional paid in capital | 24,310 | |
Accumulated deficit | (163,184) | |
Total shareholders’ deficit | (138,184) | |
Total liabilities and shareholders’ deficit | 862,621 | |
Common Class A [Member] | ||
Shareholders’ Deficit | ||
Ordinary shares | [1],[2],[3] | |
Common Class B [Member] | ||
Shareholders’ Deficit | ||
Ordinary shares | $ 690 | [1],[2],[3] |
[1] | Includes an aggregate of up to 900,000 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised in full by the underwriters. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 1,911,379 Units; thus, 422,155 Class B ordinary shares were forfeited. (see Note 5) | |
[2] | On July 20, 2021, the Sponsor received an additional 1,150,000 Class B ordinary shares resulting in an aggregate of 6,900,000 Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5 and Note 8). | |
[3] | On June 15, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled resulting in an aggregate of 5,750,000 Class B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the surrender of these shares (see Note 5 and Note 8). |
UNAUDITED CONDENSED BALANCE S_2
UNAUDITED CONDENSED BALANCE SHEET (Parenthetical) | Jun. 30, 2021$ / sharesshares |
Preferred Stock, Par Value Per Share | $ / shares | $ 0.0001 |
Preferred Stock, Shares Authorized | 1,000,000 |
Preferred Stock, Shares Outstanding | 0 |
Common Class A [Member] | |
Common Stock Par Value Per Share | $ / shares | $ 0.0001 |
Common Stock Shares Authorized | 300,000,000 |
Common Stock, Shares, Outstanding | 0 |
Common Stock, Shares, Issued | 0 |
Common Class B [Member] | |
Common Stock Par Value Per Share | $ / shares | $ 0.0001 |
Common Stock Shares Authorized | 30,000,000 |
Common Stock, Shares, Outstanding | 6,900,000 |
Common Stock, Shares, Issued | 6,900,000 |
UNAUDITED CONDENSED STATEMENT O
UNAUDITED CONDENSED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | ||
Income Statement [Abstract] | |||
Formation costs and other operating expenses | $ 161,469 | $ 163,184 | |
Net loss | $ (161,469) | $ (163,184) | |
Weighted Average Number of Shares Outstanding, Basic and Diluted | [1],[2],[3] | 6,000,000 | 6,000,000 |
Basic and diluted net loss per ordinary share | $ (0.03) | $ (0.03) | |
[1] | Excludes an aggregate of up to 900,000 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised in full by the underwriters. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 1,911,379 Units; thus, 422,155 Class B ordinary shares were forfeited. (see Note 5) | ||
[2] | On July 20, 2021, the Sponsor received an additional 1,150,000 Class B ordinary shares resulting in an aggregate of 6,900,000 Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5 and Note 8). | ||
[3] | On June 15, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled resulting in an aggregate of 5,750,000 Class B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the surrender of these shares (see Note 5 and Note 8). |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Class Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance – March 31, 2021 at Mar. 17, 2021 | |||||
Beginning Balance, Shares at Mar. 17, 2021 | |||||
Issuance of Class B ordinary shares to sponsors | [1],[2],[3] | $ 690 | 24,310 | 25,000 | |
Issuance of Class B ordinary shares to sponsors, shares | [1],[2],[3] | 6,900,000 | |||
Net loss | (1,715) | (1,715) | |||
Balance – June 30, 2021 at Mar. 31, 2021 | $ 690 | 24,310 | (1,715) | 23,285 | |
Ending Balance, Shares at Mar. 31, 2021 | 6,900,000 | ||||
Net loss | (161,469) | (161,469) | |||
Balance – June 30, 2021 at Jun. 30, 2021 | $ 690 | $ 24,310 | $ (163,184) | $ (138,184) | |
Ending Balance, Shares at Jun. 30, 2021 | 6,900,000 | ||||
[1] | Includes an aggregate of up to 900,000 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised in full by the underwriters. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 1,911,379 Units; thus, 422,155 Class B ordinary shares were forfeited. (see Note 5) | ||||
[2] | On July 20, 2021, the Sponsor received an additional 1,150,000 Class B ordinary shares resulting in an aggregate of 6,900,000 Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5 and Note 8). | ||||
[3] | On June 15, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled resulting in an aggregate of 5,750,000 Class B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the surrender of these shares (see Note 5 and Note 8). |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Cash flow from operating activities: | |
Net loss | $ (163,184) |
Changes in operating assets and liabilities: | |
Accrued expenses | 163,184 |
Net cash used in operating activities | |
Net change in cash | |
Cash at the beginning of the period | |
Cash at the end of the period | |
Non-cash investing and financing activities: | |
Deferred offering costs paid by sponsor in exchange for issuance of Class B ordinary shares | 25,000 |
Deferred offering costs included in Promissory note – Sponsor | 188,004 |
Deferred offering costs included in Due to Sponsor | 271,844 |
Deferred offering costs included in accrued expenses | $ 377,773 |
DESCRIPTION OF ORGANIZATION AND
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Portage Fintech Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on March 17, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of June 30, 2021, the Company had not yet commenced any operations. All activity for the period March 17, 2021 (inception) through June 30, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) which is described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. As discussed in Note 9, Subsequent Events, the Company’s sponsor is PFTA I LP, an Ontario limited partnership (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective by the Securities and Exchange Commission (the “SEC”) on July 20, 2021. On July 23, 2021, the Company consummated its Initial Public Offering of 24,000,000 10.00 240.0 The Company incurred offering costs in the Public Offering totaling $ 14,355,016 4,800,000 8,400,000 1,155,016 3,600,000 Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 6,333,334 1.50 9,500,000 Upon the closing of the Initial Public Offering and the Private Placement, $240.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. As discussed in Note 9, Subsequent Events, on August 3, 2021, the underwriters notified the Company of their intention to partially exercise the over-allotment option on August 5, 2021 (the “Over-Allotment”). As such, on August 5, 2021, the Company consummated the sale of an additional 1,911,379 10.00 254,850 1.50 19,113,790 382,275 19,113,790 259,113,790 1,051,258 668,983 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80 50 The Company will provide its holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination pursuant to the proxy solicitation rules of the SEC or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company will be required to seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $ 5,000,001 Notwithstanding the foregoing, the Company’s amended and restated memorandum and articles of association (the “Articles”) 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 seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These Public Shares are recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” If the Company is not required to conduct redemptions pursuant to the proxy solicitation rules as described above, the Company will, pursuant to its Articles, offer such redemption pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. The Company’s Sponsor, officers, directors and advisors have agreed (a) to vote their Founder Shares (as defined in Note 8) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to redeem any shares (including the Founder Shares) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination or a vote to amend the provisions of the Articles relating to shareholders’ rights of pre-Business Combination activity and (c) that the Founder Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor and the Company’s officers, directors and advisors will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or July 23, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $ 100,000 The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply 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”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its shareholders that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period from March 17, 2021 (inception) through June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus and the Form 8-K filed by the Company with the SEC on July 22, 2021 and July 29, 2021, respectively, and the unaudited balance sheet included in the Company’s Form 8-K filed with the SEC on August 11, 2021. Liquidity and Management’s Plans Prior to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. The Company has since completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general working capital purposes. Accordingly, management has since reevaluated the Company’s liquidity and financial condition and determined that sufficient capital exists to sustain operations through the earlier of the consummation of a Business Combination or one year from this filing and therefore substantial doubt has been alleviated. There is no assurance that the Company’s plans to consummate an initial Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm 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 stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with 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 revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. 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 no Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. 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, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 900,000 Warrant Liability The Company will account for warrants for shares of the Company’s Class A ordinary shares that are not indexed to its own stock as liabilities at fair value on the balance sheet in accordance with ASC 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $ 250,000 Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. Deferred Offering Costs Associated with the Initial Public Offering Deferred offering costs of legal, accounting, underwriting fees and other costs incurred that are directly related to the Initial Public Offering will be charged to stockholder’s equity upon the completion of the Initial Public Offering. Should the Initial Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Recently Issued Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 6 Months Ended |
Jun. 30, 2021 | |
Initial Public Offering | |
INITIAL PUBLIC OFFERING | NOTE 3. INITIAL PUBLIC OFFERING On July 23, 2021, the Company sold 24,000,000 10.00 240,000,000 14,355,016 4,800,000 8,400,000 1,155,016 1,911,379 19,113,790 1,051,258 382,275 668,983 Each Unit consists of one of the Company’s Class A ordinary shares, par value $ 0.0001 11.50 |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 6 Months Ended |
Jun. 30, 2021 | |
Private Placement | |
PRIVATE PLACEMENT | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 6,333,334 1.50 9,500,000 254,850 $ 1.50 382,275 Each Private Placement Warrant is identical to the warrants offered in the Initial Public Offering, except there will be no redemption rights or liquidating distributions from the trust account with respect to Private Placement Warrants, which will expire worthless if we do not consummate a Business Combination within the Combination Period. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On March 22, 2021, the Sponsor paid $ 25,000 0.003 7,187,500 1,437,500 5,750,000 1,150,000 6,900,000 1,911,379 422,155 The Sponsor has agreed not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) following the completion of an initial Business Combination, the date on which the Company completes a liquidation, merger, capital stock exchange or similar transaction that results in the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up. Promissory Note — Related Party On March 22, 2021, the Sponsor agreed to loan the Company an aggregate of up to $ 300,000 September 30, 2021 188,004 Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor, an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into warrants at a price of $1.50 per warrant. There are expenses that are paid by the Sponsor on behalf of the Company. As of June 30, 2021, the Sponsor spent $ 433,313 Administrative Services and Reimbursement Agreement Pursuant to an administrative services and reimbursement agreement, on or prior to the closing of the initial business combination, we will reimburse the Sponsor or its affiliates for formation and other pre-IPO expenses incurred on our behalf not to exceed $900,000. Further, commencing on the date that our securities are first listed on Nasdaq and until completion of the Company’s initial business combination or liquidation, the Company will (a) reimburse the Sponsor or its affiliates up to an amount of $ 10,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
COMMITMENTS AND CONTINGENCIES | NOTE 6. COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and in each case holders of their component securities, as applicable) will be entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to our Class A ordinary shares). The holders of the majority of these securities are entitled to make up to three demands, excluding short form 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 consummation 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. Underwriter’s Agreement The Company granted the underwriters a 45-day option to purchase up to 3,600,000 1,911,379 The underwriters were paid a cash underwriting discount of 2.00 5,182,275 3.50 9,068,983 |
WARRANTS
WARRANTS | 6 Months Ended |
Jun. 30, 2021 | |
Warrants | |
WARRANTS | NOTE 7. WARRANTS The Company has accounted for the 15,225,310 warrants to be issued in connection with the Initial Public Offering (8,637,126 Public Warrants and 6,588,184 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable 30 days after the consummation of a Business Combination. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement for the Initial Public Offering or a new registration statement covering the Class A ordinary shares issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a post-effective amendment or a new registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60 th Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00 ● in whole and not in part; ● at a price of $ 0.01 ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 ● in whole and not in part; ● at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; ● if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends a notice of redemption to the warrant holders; and ● if the closing price of Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted share splits, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. If and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of Class A ordinary shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. The exercise price and number of Class A ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $ 18.00 The Private Placement Warrants are identical to the Public Warrants included in the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. |
SHAREHOLDERS_ DEFICIT
SHAREHOLDERS’ DEFICIT | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS’ DEFICIT | NOTE 8. SHAREHOLDERS’ DEFICIT Preference Shares 1,000,000 0.0001 no Class A Ordinary Shares 300,000,000 0.0001 no Class B Ordinary Shares — 30,000,000 0.0001 25,000 7,187,500 1,437,500 5,750,000 1,150,000 6,900,000 1,911,379 422,155 The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Business Combination on a one-for-one basis, subject to adjustment for share splits, share dividends, reorganizations, recapitalizations and the like. In the case that additional Class A ordinary shares, or equity linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their Class B ordinary shares into an equal number of Class A ordinary shares, subject to adjustment as provided above, at any time. The Company may issue additional ordinary shares or preference shares to complete its Business Combination or under an employee incentive plan after completion of its Business Combination. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS Management of the Company evaluated events that have occurred after the balance sheet date of June 30, 2021 through the date these financial statements were issued. Based upon the review, management did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, other than as described below. On July 20, 2021, the Company filed a registration statement on Form S-1 to the registration of 4,600,000 24,000,000 10.00 240,000,000 6,333,334 9,500,000 On August 3, 2021, the underwriters partially exercised the Over-Allotment option, and the closing of the issuance and sale of an additional 1,911,379 19,113,790 254,850 $ 1.50 382,275 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period from March 17, 2021 (inception) through June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus and the Form 8-K filed by the Company with the SEC on July 22, 2021 and July 29, 2021, respectively, and the unaudited balance sheet included in the Company’s Form 8-K filed with the SEC on August 11, 2021. |
Liquidity and Management’s Plans | Liquidity and Management’s Plans Prior to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. The Company has since completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general working capital purposes. Accordingly, management has since reevaluated the Company’s liquidity and financial condition and determined that sufficient capital exists to sustain operations through the earlier of the consummation of a Business Combination or one year from this filing and therefore substantial doubt has been alleviated. There is no assurance that the Company’s plans to consummate an initial Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm 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 stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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 revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did no |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Loss Per Ordinary Share | 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, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 900,000 |
Warrant Liability | Warrant Liability The Company will account for warrants for shares of the Company’s Class A ordinary shares that are not indexed to its own stock as liabilities at fair value on the balance sheet in accordance with ASC 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $ 250,000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. |
Deferred Offering Costs Associated with the Initial Public Offering | Deferred Offering Costs Associated with the Initial Public Offering Deferred offering costs of legal, accounting, underwriting fees and other costs incurred that are directly related to the Initial Public Offering will be charged to stockholder’s equity upon the completion of the Initial Public Offering. Should the Initial Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
DESCRIPTION OF ORGANIZATION A_2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | Aug. 05, 2021 | Jul. 23, 2021 | Jul. 20, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | ||||
Warrant Price per share | $ 0.01 | |||
Cash placed in a trust account | $ 19,113,790 | |||
Proceeds from private placement | $ 259,113,790 | |||
Percentage of asset held in trust account | 80.00% | |||
Business combination, percentage of voting securities | 50.00% | |||
Business Combination, minimum amount of net tangible assets | $ 5,000,001 | |||
Tax obligation, maximum amount | $ 100,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 4,600,000 | |||
Subsequent Event [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units per share | $ 10 | |||
Subsequent Event [Member] | IPO [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 24,000,000 | |||
Sale of units in initial public offering aggragate amount | $ 240,000,000 | |||
Offering costs | 14,355,016 | |||
Underwriting fees | 4,800,000 | |||
Deferred underwriting fees | 8,400,000 | |||
Other Offering costs | $ 1,155,016 | |||
Number of Over-Allotment Units | 3,600,000 | |||
Subsequent Event [Member] | Private Placement [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 254,850 | 6,333,334 | ||
Sale of units per share | $ 1.50 | |||
Sale of units in initial public offering aggragate amount | $ 382,275 | $ 9,500,000 | ||
Subsequent Event [Member] | Private Placement [Member] | Sponsors [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrant Price per share | $ 1.50 | |||
Subsequent Event [Member] | Over-Allotment Option [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 1,911,379 | |||
Sale of units in initial public offering aggragate amount | $ 19,113,790 | |||
Offering costs | 1,051,258 | |||
Underwriting fees | 382,275 | |||
Deferred underwriting fees | $ 668,983 | |||
Subsequent Event [Member] | Over-Allotment Option [Member] | Sponsors [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units per share | $ 10 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Affiliate, Collateralized Security [Line Items] | |
Cash equivalents | $ 0 |
FDIC Insured limit | $ 250,000 |
Class B Ordinary Shares [Member] | |
Affiliate, Collateralized Security [Line Items] | |
Ordinary shares forfeited | shares | 900,000 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($) | Aug. 05, 2021 | Jul. 23, 2021 | Jul. 20, 2021 | Jun. 30, 2021 | Mar. 22, 2021 |
Subsequent Event [Line Items] | |||||
Warrants exercise price share | $ 0.01 | ||||
Sponsor [Member] | |||||
Subsequent Event [Line Items] | |||||
Share Price | $ 0.003 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of units in initial public offering | 4,600,000 | ||||
Subsequent Event [Member] | Sponsor [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of units per share | $ 10 | ||||
Subsequent Event [Member] | IPO [Member] | Sponsor [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of units in initial public offering | 24,000,000 | ||||
Sale of units in initial public offering aggragate amount | $ 240,000,000 | ||||
Offering costs | 14,355,016 | ||||
Underwriting fees | 4,800,000 | ||||
Deferred underwriting fees | 8,400,000 | ||||
Other Offering costs | $ 1,155,016 | ||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Sponsor [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of units in initial public offering | 1,911,379 | ||||
Sale of units in initial public offering aggragate amount | $ 19,113,790 | ||||
Offering costs | 1,051,258 | ||||
Underwriting fees | 382,275 | ||||
Deferred underwriting fees | $ 668,983 | ||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Sponsors [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of units per share | $ 10 | ||||
Subsequent Event [Member] | Private Placement [Member] | Sponsor [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of units in initial public offering | 254,850 | 6,333,334 | |||
Sale of units per share | $ 1.50 | ||||
Sale of units in initial public offering aggragate amount | $ 382,275 | $ 9,500,000 | |||
Subsequent Event [Member] | Private Placement [Member] | Sponsors [Member] | |||||
Subsequent Event [Line Items] | |||||
Share Price | $ 0.0001 | ||||
Warrants exercise price share | 1.50 | ||||
Subsequent Event [Member] | Private Placement [Member] | Sponsors [Member] | Common Class B [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants exercise price share | $ 11.50 |
PRIVATE PLACEMENT (Details Narr
PRIVATE PLACEMENT (Details Narrative) - USD ($) | Aug. 05, 2021 | Jul. 23, 2021 | Jul. 20, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | ||||
Warrants exercise price share | $ 0.01 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 4,600,000 | |||
Subsequent Event [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units per share | $ 10 | |||
Subsequent Event [Member] | Private Placement [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 254,850 | 6,333,334 | ||
Sale of units per share | $ 1.50 | |||
Sale of units in initial public offering aggragate amount | $ 382,275 | $ 9,500,000 | ||
Subsequent Event [Member] | Private Placement [Member] | Sponsors [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants exercise price share | $ 1.50 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Aug. 05, 2021 | Mar. 31, 2021 | Jul. 20, 2021 | Jun. 20, 2021 | Jun. 15, 2021 | Mar. 22, 2021 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||||||||
Number of shares issued | [1],[2],[3] | $ 25,000 | ||||||
Related Party Loans Description | The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into warrants at a price of $1.50 per warrant. | |||||||
Due to Sponsor | $ 433,313 | |||||||
Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of units in initial public offering | 4,600,000 | |||||||
Common Class B [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock, Shares issued | 6,900,000 | |||||||
Common stock, Shares outstanding | 6,900,000 | |||||||
Common Class A [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock, Shares issued | 0 | |||||||
Common stock, Shares outstanding | 0 | |||||||
Sponsor [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares issued | $ 25,000 | |||||||
Share Price | $ 0.003 | |||||||
Number of shares issued, shares | 7,187,500 | |||||||
Principal amount | $ 300,000 | |||||||
Maturity date | Sep. 30, 2021 | |||||||
Repayment of Promissory Note | $ 188,004 | |||||||
Due to Sponsor | $ 433,313 | |||||||
Monthly fee for office space, utilities and administrative support | $ 10,000 | |||||||
Sponsor [Member] | Subsequent Event [Member] | Over-Allotment Option [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of units in initial public offering | 1,911,379 | |||||||
Sponsor [Member] | Common Class B [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares cancelled | 1,437,500 | |||||||
Sponsor [Member] | Common Class B [Member] | Subsequent Event [Member] | Over-Allotment Option [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares cancelled | 422,155 | |||||||
Sponsor [Member] | Common Class A [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares issued, shares | 1,150,000 | |||||||
Common stock, Shares issued | 6,900,000 | 5,750,000 | ||||||
Common stock, Shares outstanding | 6,900,000 | 5,750,000 | ||||||
[1] | Includes an aggregate of up to 900,000 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised in full by the underwriters. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 1,911,379 Units; thus, 422,155 Class B ordinary shares were forfeited. (see Note 5) | |||||||
[2] | On July 20, 2021, the Sponsor received an additional 1,150,000 Class B ordinary shares resulting in an aggregate of 6,900,000 Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5 and Note 8). | |||||||
[3] | On June 15, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled resulting in an aggregate of 5,750,000 Class B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the surrender of these shares (see Note 5 and Note 8). |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Aug. 05, 2021 | Jul. 23, 2021 | Jul. 20, 2021 | Jun. 30, 2021 |
IPO [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of cash underwriting discount | 2.00% | |||
Proceeds from Initial Public Offering | $ 5,182,275 | |||
Percentage of underwriters deferred fee | 3.50% | |||
Proceeds from initial public offering for deferred fee | $ 9,068,983 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 4,600,000 | |||
Subsequent Event [Member] | IPO [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Over-Allotment Units | 3,600,000 | |||
Sale of units in initial public offering | 24,000,000 | |||
Subsequent Event [Member] | Over-Allotment Option [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 1,911,379 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Warrants | |
Warrants to be issued description | Company has accounted for the 15,225,310 warrants to be issued in connection with the Initial Public Offering (8,637,126 Public Warrants and 6,588,184 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. |
Warrant Price | $ 0.01 |
Share redemption price per share | $ 18 |
SHAREHOLDERS_ DEFICIT (Details
SHAREHOLDERS’ DEFICIT (Details Narrative) - USD ($) | Aug. 05, 2021 | Mar. 31, 2021 | Jul. 20, 2021 | Jun. 20, 2021 | Jun. 15, 2021 | Mar. 22, 2021 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||||||||
Preferred stock, Shares authorized | 1,000,000 | |||||||
Preferred stock, Par value | $ 0.0001 | |||||||
Preferred stock, Shares issued | 0 | |||||||
Preferred stock, Shares outstanding | 0 | |||||||
Number of shares issued | [1],[2],[3] | $ 25,000 | ||||||
Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Sale of units in initial public offering | 4,600,000 | |||||||
Sponsor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued | $ 25,000 | |||||||
Number of shares issued, shares | 7,187,500 | |||||||
Sponsor [Member] | Subsequent Event [Member] | Over-Allotment Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Sale of units in initial public offering | 1,911,379 | |||||||
Common Class A [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, Shares authorized | 300,000,000 | |||||||
Common stock, Par value | $ 0.0001 | |||||||
Common stock, Shares issued | 0 | |||||||
Common stock, Shares outstanding | 0 | |||||||
Common Class A [Member] | Sponsor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, Shares issued | 6,900,000 | 5,750,000 | ||||||
Common stock, Shares outstanding | 6,900,000 | 5,750,000 | ||||||
Number of shares issued, shares | 1,150,000 | |||||||
Common Class B [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, Shares authorized | 30,000,000 | |||||||
Common stock, Par value | $ 0.0001 | |||||||
Common stock, Shares issued | 6,900,000 | |||||||
Common stock, Shares outstanding | 6,900,000 | |||||||
Common Class B [Member] | Sponsor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares forfeited | 1,437,500 | |||||||
Common Class B [Member] | Sponsor [Member] | Subsequent Event [Member] | Over-Allotment Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares forfeited | 422,155 | |||||||
[1] | Includes an aggregate of up to 900,000 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised in full by the underwriters. On August 5, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 1,911,379 Units; thus, 422,155 Class B ordinary shares were forfeited. (see Note 5) | |||||||
[2] | On July 20, 2021, the Sponsor received an additional 1,150,000 Class B ordinary shares resulting in an aggregate of 6,900,000 Class B ordinary shares issued and outstanding. Up to 900,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5 and Note 8). | |||||||
[3] | On June 15, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for no consideration, which were cancelled resulting in an aggregate of 5,750,000 Class B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the surrender of these shares (see Note 5 and Note 8). |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Aug. 05, 2021 | Jul. 23, 2021 | Jul. 20, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | ||||
Warrant Price per share | $ 0.01 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 4,600,000 | |||
Subsequent Event [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units per share | $ 10 | |||
Subsequent Event [Member] | IPO [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 24,000,000 | |||
Sale of units in initial public offering aggragate amount | $ 240,000,000 | |||
Subsequent Event [Member] | Private Placement [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 254,850 | 6,333,334 | ||
Sale of units per share | $ 1.50 | |||
Sale of units in initial public offering aggragate amount | $ 382,275 | $ 9,500,000 | ||
Subsequent Event [Member] | Private Placement [Member] | Sponsors [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrant Price per share | $ 1.50 | |||
Subsequent Event [Member] | Over-Allotment Option [Member] | Sponsor [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units in initial public offering | 1,911,379 | |||
Sale of units in initial public offering aggragate amount | $ 19,113,790 | |||
Subsequent Event [Member] | Over-Allotment Option [Member] | Sponsors [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of units per share | $ 10 |