Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (as restated) (Tables)

v3.21.4
Basis of Presentation and Summary of Significant Accounting Policies (as restated) (Tables)
9 Months Ended
Sep. 30, 2021
Basis of Presentation and Summary of Significant Accounting Policies (as restated) [Abstract]  
Revision on Financial Statements The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of March 31, 2021:

As of March 31, 2021
 
As Previously
Reported
    Adjustment
    As Restated
 
Total assets
 
$
346,937,354
   
$
-
   
$
346,937,355
 
Total liabilities
 
$
38,973,849
   
$
-
   
$
38,973,849
 
Class A ordinary shares subject to possible redemption
   
302,963,500
     
42,036,500
     
345,000,000
 
Preference shares
   
-
     
-
     
-
 
Class A ordinary shares
   
420
     
(420
)
   
-
 
Class B ordinary shares
   
863
     
-
     
863
 
Additional paid-in capital
   
5,899,367
     
(5,899,367
)
   
-
 
Accumulated deficit
   
(900,645
)
   
(36,136,712
)
   
(37,037,357
)
Total shareholders' equity (deficit)
 
$
5,000,005
   
$
(42,036,499
)
 
$
(37,036,494
)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit)
 
$
346,937,354
   
$
-
   
$
346,937,355
 

The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above.

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the period from January 19, 2021 (inception) through March 31, 2021:

For the period from January 19, 2021 (inception) through March 31, 2021
 
   
As Previously
Reported
   
Adjustment
   
As Restated
 
Supplemental Disclosure of Noncash Financing Activities:
                 
Initial value of Class A ordinary shares subject to possible redemption
 
$
328,971,630
   
$
(328,971,630
)
 
$
-
 
Change in value of Class A ordinary shares subject to possible redemption
 
$
(26,008,130
)
 
$
26,008,130
   
$
-
 

The change in the carrying value of the redeemable Class A ordinary shares at June 30, 2021 resulted in a reclassification of approximately 3.3 million Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of June 30, 2021:


As of June 30, 2021
 
As Previously
Reported
   
Adjustment
   
As Restated
 
Total assets
 
$
346,838,219
   
$
-
   
$
346,838,219
 
Total liabilities
 
$
29,794,985
   
$
-
   
$
29,794,985
 
Class A ordinary shares subject to possible redemption
   
312,043,230
     
32,956,770
     
345,000,000
 
Preference shares
   
-
     
-
     
-
 
Class A ordinary shares
   
330
     
(330
)
   
-
 
Class B ordinary shares
   
863
     
-
     
863
 
Additional paid-in capital
   
-
     
-
     
-
 
Retained earnings (accumulated deficit)
   
4,998,811
     
(32,956,440
)
   
(27,957,629
)
Total shareholders' equity (deficit)
 
$
5,000,004
   
$
(32,956,770
)
 
$
(27,956,766
)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit)
 
$
346,838,219
   
$
-
   
$
346,838,219
 

The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above.

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the period from January 19, 2021 (inception) through June 30, 2021:

For the period from January 19, 2021 (inception) through June 30, 2021
 
   
As Previously
 Reported
   
Adjustment
   
As Restated
 
Supplemental Disclosure of Noncash Financing Activities:
                 
Initial value of Class A ordinary shares subject to possible redemption
 
$
328,971,630
   
$
(328,971,630
)
 
$
-
 
Change in value of Class A ordinary shares subject to possible redemption
 
$
(20,108,673
)
 
$
20,108,673
   
$
-
 

In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares participate pro rata in the income and losses of the Company. The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per ordinary share is presented below for the Affected Quarterly Periods:

   
Earnings Per Share for Class A ordinary shares
 
   
As Previously
Reported
   
Adjustment
   
As Adjusted
 
For the period from January 19, 2021 (inception) through March 31, 2021
                 
Net loss
 
$
(900,645
)
 
$
-
   
$
(900,645
)
Weighted average shares outstanding
   
34,500,000
     
(26,500,000
)
   
8,000,000
 
Basic and diluted loss per share
 
$
0.00
   
$
(0.06
)
 
$
(0.06
)
For the three months ended June 30, 2021
                       
Net income
 
$
9,079,728
   
$
-
   
$
9,079,728
 
Weighted average shares outstanding
   
34,500,000
     
-
     
34,500,000
 
Basic and diluted earnings per share
  $ 0.00    
$
0.21
    $ 0.21  
For the period from January 19, 2021 (inception) through June 30, 2021
                       
Net income
 
$
8,179,083
   
$
-
   
$
8,179,083
 
Weighted average shares outstanding
   
34,500,000
     
(11,428,125
)
   
23,071,875
 
Basic and diluted earnings per share
 
$
0.00
   
$
0.26
   
$
0.26
 

   
Earnings Per Share for Class B ordinary shares
 
   
As Previously
Reported
   
Adjustment
   
As Adjusted
 
For the period from January 19, 2021 (inception) through March 31, 2021
                 
Net loss
 
$
(900,645
)
 
$
-
   
$
(900,645
)
Weighted average shares outstanding
   
8,625,000
     
(864,130
)
   
7,760,870
 
Basic and diluted loss per share
 
$
(0.10
)
 
$
0.04
   
$
(0.06
)
For the three months ended June 30, 2021
                       
Net income
 
$
9,079,728
   
$
-
   
$
9,079,728
 
Weighted average shares outstanding
   
8,625,000
     
-
     
8,625,000
 
Basic and diluted earnings per share
 
$
0.23
   
$
(0.02
)
 
$
0.21
 
For the period from January 19, 2021 (inception) through June 30, 2021
                       
Net income
   
8,179,083
     
-
   
$
8,179,083
 
Weighted average shares outstanding
   
8,231,595
     
20,749
     
8,252,344
 
Basic and diluted earnings per share
 
$
0.18
   
$
0.08
   
$
0.26
 
Basic and Diluted Net Income per Share of Ordinary Share

The following table reflects presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of ordinary shares:


   
For the Three Months
Ended September 30, 2021
   
For the Period from January 19, 2021
(Inception) through September 30,
2021
 
    Class A
    Class B
    Class A
    Class B  
Basic net income per ordinary share:
                       
Numerator:
                       
Allocation of net income
  $ 372,744     $ 93,186    
$
6,609,852
   
$
2,035,161
 
                                 
Denominator:
                               
Basic weighted average ordinary shares outstanding
    34,500,000       8,625,000      
27,244,048
     
8,388,393
 
                                 
Basic net income per ordinary share
  $ 0.01     $ 0.01    
$
0.24
   
$
0.24
 



   
For the Three Months
Ended September 30, 2021
   
For the Period from January 19, 2021
(Inception) through September 30,
2021
 
    Class A
    Class B
    Class A
    Class B  
Diluted net income per ordinary share:
                       
Numerator:
                       
Allocation of net income
  $ 372,744     $ 93,186    
$
6,566,251
   
$
2,078,763
 
                                 
Denominator:
                               
Diluted weighted average ordinary shares outstanding
    34,500,000       8,625,000      
27,244,048
     
8,625,000
 
                                 
Diluted net income per ordinary share
  $ 0.01     $ 0.01    
$
0.24
   
$
0.24