Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Mar. 29, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-39507 | |
Entity Registrant Name | Ribbit LEAP, Ltd. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1549449 | |
Entity Address, Address Line One | 364 University Avenue | |
Entity Address, City or Town | Palo Alto | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | 94301 | |
City Area Code | 650 | |
Local Phone Number | 485-3758 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001818346 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | true | |
Amendment Description | Amendment No. 1 | |
Units and one-fifth warrant to acquire one Class A ordinary share | ||
Document and Entity Information | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-fifthof one Warrant to acquire one Class A ordinary share | |
Trading Symbol | LEAP.U | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 40,250,000 | |
Class A ordinary shares | ||
Document and Entity Information | ||
Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | |
Trading Symbol | LEAP | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 1,005,000 | |
Redeemable warrants | ||
Document and Entity Information | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for oneClass A ordinary share at an exercise price of $11.50 | |
Trading Symbol | LEAP.WS | |
Security Exchange Name | NYSE | |
Class B ordinary shares | ||
Document and Entity Information | ||
Entity Common Stock, Shares Outstanding | 4,472,222 | |
Class L ordinary shares | ||
Document and Entity Information | ||
Entity Common Stock, Shares Outstanding | 12,777,778 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 869,689 | $ 1,444,127 |
Prepaid assets | 252,778 | 260,000 |
Total current assets | 1,122,467 | 1,704,127 |
Cash and marketable securities held in Trust Account | 402,671,143 | 402,585,717 |
Other long-term assets | 168,403 | |
TOTAL ASSETS | 403,793,610 | 404,458,247 |
Current liabilities: | ||
Accounts payable and accrued expenses | 50,855 | 138,598 |
Total current liabilities | 50,855 | 138,598 |
Class A public warrants liability | 10,867,500 | 34,212,500 |
Forward purchase securities liability | 3,950,000 | 38,570,000 |
Class L ordinary shares liability | 17,370,000 | 90,540,000 |
Deferred underwriting commissions | 14,087,500 | 14,087,500 |
Total Liabilities | 46,325,855 | 177,548,598 |
Commitments and Contingencies (Note 6) | ||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 shares at $10.00 per share redemption value at September 30, 2021 and December 31, 2020 | 402,500,000 | 402,500,000 |
Shareholders' Deficit | ||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | ||
Accumulated deficit | (45,032,793) | (175,590,899) |
Total Shareholders' Deficit | (45,032,245) | (175,590,351) |
TOTAL LIABILITIES, CLASS A REDEEMABLE SHARES, AND SHAREHOLDERS' DEFICIT | 403,793,610 | 404,458,247 |
Class A ordinary shares | ||
Shareholders' Deficit | ||
Ordinary shares | 101 | 101 |
Class B ordinary shares | ||
Shareholders' Deficit | ||
Ordinary shares | $ 447 | $ 447 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 15, 2020 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 | |||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred shares, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Class A ordinary shares | |||||
Temporary equity, shares outstanding | 40,250,000 | 40,250,000 | |||
Ordinary shares, par value | $ 0.0001 | ||||
Class A ordinary shares subject to possible redemption | |||||
Temporary equity, par value (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Temporary equity, shares outstanding | 40,250,000 | 40,250,000 | 40,250,000 | 40,250,000 | |
Temporary equity, redemption value (per share) | $ 10 | $ 10 | $ 10 | $ 10 | |
Class A ordinary shares not subject to possible redemption | |||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Ordinary shares, shares authorized | 600,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | |
Ordinary shares, shares issued | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | |
Ordinary shares, shares outstanding | 1,005,000 | 1,005,000 | 1,005,000 | ||
Class B ordinary shares | |||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | |||
Ordinary shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Ordinary shares, shares issued | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | |
Ordinary shares, shares outstanding | 4,472,222 | 4,472,222 | 4,472,222 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Formation and operating costs | $ 187,563 | $ 84,593 | $ 662,320 |
Loss from operations | (187,563) | (84,593) | (662,320) |
Other income (expense): | |||
Change in fair value of Class A public warrants liability | 7,164,500 | (644,000) | 23,345,000 |
Change in fair value of forward purchase securities liability | 7,500,000 | (1,190,000) | 34,620,000 |
Change in fair value of Class L ordinary shares liability | 24,880,000 | (48,940,000) | 73,170,000 |
Interest earned on marketable securities held in Trust Account | 28,797 | 85,426 | |
Net Income (loss) | $ 39,385,734 | $ (50,858,593) | $ 130,558,106 |
Basic and diluted net income per non-redeemable ordinary share | $ 0.86 | $ (4.43) | $ 2.86 |
Class A ordinary shares subject to possible redemption | |||
Other income (expense): | |||
Weighted average shares outstanding of Class A redeemable ordinary shares, basic | 40,250,000 | 7,488,372 | 40,250,000 |
Weighted average shares outstanding of Class A redeemable ordinary shares, diluted | 40,250,000 | 40,250,000 | 40,250,000 |
Basic net income (loss) per redeemable ordinary share | $ 0.86 | $ (4.43) | $ 2.86 |
Diluted net income (loss) per redeemable ordinary share | $ 0.86 | $ (2.75) | $ 2.86 |
Class A ordinary shares not subject to possible redemption | |||
Other income (expense): | |||
Weighted average shares outstanding of non-redeemable ordinary shares, basic | 5,477,222 | 3,983,165 | 5,477,222 |
Basic net income (loss) per non-redeemable ordinary share | $ 0.86 | $ (4.43) | $ 2.86 |
Weighted average shares outstanding of non-redeemable ordinary shares, dilutive | 5,477,222 | 4,659,199 | 5,477,222 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Ordinary SharesClass A ordinary shares | Ordinary SharesClass B ordinary shares | Additional paid-in capital | Accumulated Deficit | Total |
Beginning balance at Jul. 06, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Beginning balance (in shares) at Jul. 06, 2020 | 0 | 0 | |||
Increase (decrease) in stockholders' equity (deficit) | |||||
Issuance of ordinary shares to Sponsor in private placement | $ 447 | 24,553 | 25,000 | ||
Issuance of ordinary shares to Sponsor in private placement (in shares) | 4,472,222 | ||||
Issuance of ordinary shares from private placement with Sponsor | $ 101 | 10,049,900 | 10,050,001 | ||
Issuance of ordinary shares from private placement with Sponsor (in shares) | 1,005,000 | ||||
Accretion of Class A ordinary shares subject to redemption value | $ (10,074,453) | (62,702,580) | (72,777,033) | ||
Net income (loss) | (50,858,593) | (50,858,593) | |||
Ending balance at Sep. 30, 2020 | $ 101 | $ 447 | (113,561,173) | (113,560,625) | |
Ending balance (in shares) at Sep. 30, 2020 | 1,005,000 | 4,472,222 | |||
Beginning balance at Dec. 31, 2020 | $ 101 | $ 447 | (175,590,899) | (175,590,351) | |
Beginning balance (in shares) at Dec. 31, 2020 | 1,005,000 | 4,472,222 | |||
Increase (decrease) in stockholders' equity (deficit) | |||||
Net income (loss) | 53,968,298 | 53,968,298 | |||
Ending balance at Mar. 31, 2021 | $ 101 | $ 447 | (121,622,601) | (121,622,053) | |
Ending balance (in shares) at Mar. 31, 2021 | 1,005,000 | 4,472,222 | |||
Beginning balance at Dec. 31, 2020 | $ 101 | $ 447 | (175,590,899) | (175,590,351) | |
Beginning balance (in shares) at Dec. 31, 2020 | 1,005,000 | 4,472,222 | |||
Increase (decrease) in stockholders' equity (deficit) | |||||
Net income (loss) | 91,172,372 | ||||
Ending balance at Jun. 30, 2021 | $ 101 | $ 447 | (84,418,527) | (84,417,979) | |
Ending balance (in shares) at Jun. 30, 2021 | 1,005,000 | 4,472,222 | |||
Beginning balance at Dec. 31, 2020 | $ 101 | $ 447 | (175,590,899) | (175,590,351) | |
Beginning balance (in shares) at Dec. 31, 2020 | 1,005,000 | 4,472,222 | |||
Increase (decrease) in stockholders' equity (deficit) | |||||
Net income (loss) | 130,558,106 | ||||
Ending balance at Sep. 30, 2021 | $ 101 | $ 447 | (45,032,793) | (45,032,245) | |
Ending balance (in shares) at Sep. 30, 2021 | 1,005,000 | 4,472,222 | |||
Beginning balance at Mar. 31, 2021 | $ 101 | $ 447 | (121,622,601) | (121,622,053) | |
Beginning balance (in shares) at Mar. 31, 2021 | 1,005,000 | 4,472,222 | |||
Increase (decrease) in stockholders' equity (deficit) | |||||
Net income (loss) | 37,204,074 | 37,204,074 | |||
Ending balance at Jun. 30, 2021 | $ 101 | $ 447 | (84,418,527) | (84,417,979) | |
Ending balance (in shares) at Jun. 30, 2021 | 1,005,000 | 4,472,222 | |||
Increase (decrease) in stockholders' equity (deficit) | |||||
Net income (loss) | 39,385,734 | 39,385,734 | |||
Ending balance at Sep. 30, 2021 | $ 101 | $ 447 | $ (45,032,793) | $ (45,032,245) | |
Ending balance (in shares) at Sep. 30, 2021 | 1,005,000 | 4,472,222 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (50,858,593) | $ 130,558,106 | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Change in fair value of Class A public warrants liability | $ (7,164,500) | 644,000 | (23,345,000) |
Change in fair value of forward purchase securities liability | (7,500,000) | 1,190,000 | (34,620,000) |
Change in fair value of Class L ordinary shares liability | (24,880,000) | 48,940,000 | (73,170,000) |
Interest earned on marketable securities held in Trust Account | (28,797) | (85,426) | |
Changes in operating assets and liabilities: | |||
Prepaid expenses | (242,500) | 7,222 | |
Other long-term assets | (229,028) | 168,403 | |
Accounts payable and accrued expenses | 82,505 | (87,743) | |
Net cash used in operating activities | (473,616) | (574,438) | |
Cash Flows from Investing Activities: | |||
Investment of cash into Trust Account | (402,500,000) | ||
Net cash used in investing activities | (402,500,000) | ||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of Class B ordinary shares to Sponsor | 25,000 | ||
Proceeds received from initial public offering, net of underwriting discounts and offering costs | 393,689,968 | ||
Proceeds received from private placement | 10,050,000 | ||
Proceeds from promissory note - related party | 200,000 | ||
Repayment of promissory note - related party | (200,000) | ||
Net cash provided by financing activities | 403,764,968 | ||
Net Change in Cash | 791,352 | (574,438) | |
Cash - Beginning of the Period | 0 | 1,444,127 | |
Cash - End of the Period | 869,689 | 791,352 | 869,689 |
Cash - End of the Period | $ 900,000 | $ 900,000 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||
Offering costs included in accounts payable | 16,345 | ||
Deferred offering costs paid in exchange for issuance of ordinary shares to sponsor | 25,000 | ||
Deferred underwriting commissions in connection with the initial public offering | 14,087,500 | ||
Initial fair value of Class A public warrants liability | 20,849,500 | ||
Initial fair value of forward purchase securities liability | $ 29,030,000 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2021 | |
Organization and Business Operations | |
Organization and Business Operations | Note 1 — Organization and Business Operations Ribbit LEAP, Ltd. (the “Company”) is a blank check company incorporated on July 7, 2020 (inception) as a Cayman Islands exempted company for the purpose of effecting 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 emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of September 30, 2021, the Company had not not The Company’s sponsor is Ribbit LEAP Sponsor, Ltd., a Cayman Islands exempted company with limited liability (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on September 10, 2020. On September 15, 2020, the Company consummated its Initial Public Offering of 40,250,000 units (each, a “Unit” and collectively, the “Units”), including the 5,250,000 Units as a result of the underwriters’ exercise of their over-allotment option at $10.00 per Unit, generating gross proceeds of $402.5 million and incurring offering costs of approximately $22.9 million, inclusive of approximately $14.1 million in deferred underwriting commissions (Note 6). Each Unit consists of one Class A ordinary share, $0.0001 par value per share (the “Class A ordinary shares”), and one Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement of 1,005,000 Class A ordinary shares (the “Private Placement Shares” or “Private Placement”) generating gross proceeds of $10.1 million. Upon the closing of the Initial Public Offering and Private Placement, $402.5 million of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (the “Trust Account”), located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and will only be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the assets held in the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the partner or otherwise acquires a controlling interest in the partner sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended. The Company will provide the holders (the “Public Shareholders”) of its outstanding shares of Class A ordinary shares, sold in the Initial Public Offering (the “Public Shares”) 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 or (ii) 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 their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal 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 U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 5), and any Public Shares purchased during or after the Public Offering in favor of a Business Combination. In addition, the Sponsor, officers and directors (the “initial shareholders”) have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares owned by it in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Company’s amended and restated memorandum and articles of association provides 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 shares with respect to more than an aggregate of 15% or more of the shares of Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s initial shareholders have agreed not to propose an amendment to the amended and restated memorandum and articles of association that would modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Public Offering, or 27 months from the closing of the Initial Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination within 24 months from the closing of the Initial Public Offering (the “Combination Period”), or with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their shares of Class A ordinary shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten The Company’s initial shareholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders or members of the Company’s management team acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account (or less than that in certain circumstances). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective partner business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, 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 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 (except for the Company’s independent registered public accounting firm), prospective partner 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. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements | |
Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements Restatement Of Previously Issued Financial Statements The Company has followed ASC 480, “Distinguishing Liabilities from Equity,” in accounting for the redeemable Class A ordinary shares. This included recording the redeemable Class A ordinary shares in temporary equity on the balance sheet. However, the Company maintained shareholders’ equity of at least $5,000,001 as the Company will not redeem Class A ordinary shares that would cause the Company’s net tangible assets to be less than $5,000,001 following such redemptions. In September 2021, the Company's management re-evaluated and ultimately concluded that the classification of $5,000,001 in permanent equity was not appropriate and that the Class A ordinary shares subject to possible redemption should be reclassified as temporary equity. In connection with the preparation of the financial statements as of and for the three and nine months ended September 30, 2021 that were included in the Quarterly Report on Form 10-Q (the “Original Quarterly Report”), the Company concluded that it would change its accounting and reflect the full amount of all redeemable Public Shares in temporary equity. This was a change from the Company’s previous accounting practice whereby it maintained shareholders’ equity of at least $5,000,001 as the Company will not redeem Public Shares that would cause the Company’s net tangible assets to be less than $5,000,001 following such redemptions. In connection with the change in presentation for the Public Shares subject to possible redemption, the Company also revised its earnings per share to allocate net income (loss) on a pro rata basis between (i) Class A ordinary shares subject to possible redemption and (ii) Class B non-redeemable ordinary shares and Class A non-redeemable ordinary shares. On February 16, 2022, the Company’s management and the audit committee concluded that the Company’s previously issued (i) audited balance sheet as of September 15, 2020 (the "Post IPO Balance Sheet"), filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed with the SEC on September 18, 2020; (ii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, filed with the SEC on November 9, 2020; (iii) audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as amended (the "10-K/A"), filed with the SEC on May 17, 2021; (iv) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on May 17, 2021; and (v) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 12, 2021 (collectively, the “Affected Periods”), in each case, should be restated to classify all of the Public Shares as temporary equity and should no longer be relied upon. As a result, the Company is restating its previously issued financial statements on Amendment No. 2 to the Annual Report on Form 10-K/A (“Amendment No. 2”) for the Post-IPO Balance Sheet as of September 15, 2020, the unaudited condensed financial statements as of and for the three and nine months ended September 30, 2020, and the Company's audited financial statements included in the Amendment No. 1 to the Annual Report on Form 10-K/A (“Amendment No. 1”) and in this Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the unaudited condensed financial statements as of and for the three months ended March 31, 2021 and June 30, 2021. Impact of the Restatement The following tables summarize the effect of the restatement on each of the line items in the financial statements as of the dates and for the periods, indicated: As of March 31, 2021 As Previously Reported Adjustment As Restated Balance Sheet Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value at March 31, 2021 $ 275,877,946 $ 126,622,054 $ 402,500,000 Shareholders’ equity (deficit) Class A ordinary shares $0.0001 par value; 600,000,000 shares authorized; 1,005,000 issued and outstanding 1,367 (1,266) 101 Class B ordinary shares, par value; 10,000,000 shares authorized; 4,472,222 issued and outstanding 447 — 447 Additional paid-in-capital 64,678,240 (64,678,240) — Accumulated deficit (59,680,053) (61,942,548) (121,622,601) Total shareholders’ equity (deficit) $ 5,000,001 $ (126,622,054) $ (121,622,053) For the Three Months Ended March 31, 2021 As Previously Reported Adjustment As Restated Statement of Operations Net income $ 53,968,298 $ — $ 53,968,298 Weighted average shares outstanding of redeemable ordinary shares, basic and diluted 40,250,000 — 40,250,000 Basic and diluted net income per redeemable ordinary share $ — $ 1.18 $ 1.18 Weighted average shares outstanding of non-redeemable ordinary shares, basic 5,477,222 (5,477,222) — Basic net income per non-redeemable ordinary share $ 9.84 $ (9.84) $ — Weighted average shares outstanding of non-redeemable ordinary shares, dilutive 6,657,468 (6,657,468) — Dilutive net income per non-redeemable ordinary share $ 6.59 $ (6.59) $ — Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted — 5,477,222 5,477,222 Basic and diluted net income per non-redeemable ordinary share $ — $ 1.18 $ 1.18 For the Three Months Ended March 31, 2021 As Previously Reported Adjustment As Restated Statement of Cash Flows Supplemental schedule of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to possible redemption $ 53,968,298 $ 53,968,298 $ — As of June 30, 2021 As Previously Reported Adjustment As Restated Balance Sheet Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value at June 30, 2021 $ 313,082,020 $ 89,417,980 $ 402,500,000 Shareholders’ equity (deficit) Class A ordinary shares $0.0001 par value; 600,000,000 shares authorized; 1,005,000 issued and outstanding 995 (894) 101 Class B ordinary shares, par value; 10,000,000 shares authorized; 4,472,222 issued and outstanding 447 — 447 Additional paid-in-capital 27,474,538 (27,474,538) — Accumulated deficit (22,475,979) (61,942,548) (84,418,527) Total shareholders’ equity (deficit) $ 5,000,001 $ (89,417,980) $ (84,417,979) For the Three Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Statement of Operations Net income $ 37,204,074 $ — $ 37,204,074 Weighted average shares outstanding of redeemable ordinary shares, basic and diluted 40,250,000 — 40,250,000 Basic and diluted net income per redeemable ordinary share $ — $ 0.81 $ 0.81 Weighted average shares outstanding of non-redeemable ordinary shares, basic 5,477,222 (5,477,222) — Basic net income per non-redeemable ordinary share $ 6.79 $ (6.79) $ — Weighted average shares outstanding of non-redeemable ordinary shares, dilutive 5,477,222 (5,477,222) — Dilutive net income per non-redeemable ordinary share $ 5.67 $ (5.67) $ — Weighted average shares outstanding of non-redeemable ordinary shares, basic and dilutive — 5,477,222 5,477,222 Basic and diluted net income per non-redeemable ordinary share $ — $ 0.81 $ 0.81 For the Six Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Statement of Operations Net income $ 91,172,372 $ — $ 91,172,372 Weighted average shares outstanding of redeemable ordinary shares, basic and diluted 40,250,000 — 40,250,000 Basic and diluted net income per redeemable ordinary share $ — $ 1.99 $ 1.99 Weighted average shares outstanding of non-redeemable ordinary shares, basic 5,477,222 (5,477,222) — Basic net income per non-redeemable ordinary share $ 16.64 $ (16.64) $ — Weighted average shares outstanding of non-redeemable ordinary shares, dilutive 5,885,766 (5,885,766) — Dilutive net income per non-redeemable ordinary share $ 12.73 $ (12.73) $ — Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted — 5,477,222 5,477,222 Basic and diluted net income per non-redeemable ordinary share $ — $ 1.99 $ 1.99 For the Six Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Statement of Cash Flows Supplemental schedule of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to possible redemption $ 91,172,372 $ (91,172,372) $ — Reassessment Going Concern In connection with the restatement, the Company has performed an assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern.” If the Company does not complete an initial Business Combination within 24 months from September 15, 2020, the Company will (i) cease all operations except for the purposes of winding up, (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem all of the Class A ordinary redeemable shares issued as part of the units in the Initial Public Offering at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account with Continental Stock Transfer and Trust Company acting as trustee (the “Trust Account”), including interest, net of taxes (less up to $100,000 of such net interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish the shareholder rights of owners of Class A ordinary shares (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution, including Trust Account assets, will be less than the initial public offering price per unit in the Public Offering. In addition, if the Company fails to complete its Business Combination within the Combination Period, there will be no redemption rights or liquidating distributions with respect to warrants to purchase the Company’s Class A ordinary shares, which will expire worthless. The accompanying financial statements have been prepared on a going concern basis and do not include any adjustments that might arise as a result of uncertainties about the Company's ability to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed interim financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim 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 U.S. GAAP. In the opinion of management, the unaudited condensed interim 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 three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any future interim periods. The accompanying unaudited condensed interim financial statements should be read in conjunction with Amendment No. 2 as filed with the SEC on March 29, 2022, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2020, is derived from the audited financial statements presented in Amendment No. 2. 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 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. Liquidity and Capital Resources The accompanying unaudited condensed interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of September 30, 2021, and December 31, 2020, the Company had approximately $0.9 million and $1.4 million in its operating bank account and working capital of approximately $1.1 million and $1.6 million, respectively. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. The Company’s liquidity needs were satisfied prior to the completion of the Initial Public Offering through receipt of $25,000 capital contribution from the Sponsor in exchange for the issuance of the Founder Shares and a commitment from the Sponsor to loan the Company up to $300,000 to cover our expenses in connection with the Initial Public Offering. The net proceeds from (i) the sale of the shares of Class A ordinary shares in our Initial Public Offering, after deducting offering expenses of $0.8 million, underwriting fees of $8.1 million (excluding deferred underwriting commissions of $14.1 million), and (ii) the sale of the Private Placement Shares for a purchase of $10.1 million generated net proceeds of $403.7 million. As of September 30, 2021 and December 31, 2020, the Company had cash and cash equivalents of $0.9 million and $1.4 million outside of the Trust Account, respectively. The Company intends to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete the initial Business Combination. The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating the business prior to the initial Business Combination. However, if the Company’s estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate the business prior to the initial Business Combination. In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial 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. If the Company completes the initial Business Combination, the Company would repay such loaned amounts. In the event that the Company’s initial 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 for such repayment. Up to $1.5 million of such loans may be convertible into private placement shares at a price of $10.00 per share at the option of the lender. The terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the trust account. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined these conditions raise substantial doubt about the Company’s ability to continue as a going concern through the Combination Period, which is the date the Company is required cease all operations except for the purpose of winding up if it has not completed a business combination. These unaudited condensed interim 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. This may make comparison of the Company’s unaudited condensed interim financial statements with another public company, which is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used. 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 an emerging growth 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 an 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 the comparison of the Company’s unaudited condensed interim financial statements with another public company that is neither an emerging growth company nor an emerging growth company that 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 unaudited condensed interim financial statements in conformity with U.S. GAAP requires the Company’s 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 unaudited condensed interim financial statements and the reported amounts of expenses during the reporting period. Amounts could differ 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 had approximately $0.9 million and $1.4 million in cash as of September 30, 2021, and December 31, 2020, respectively. The Company did not have any cash equivalents, outside of the funds held in the Trust Account, as of September 30, 2021, or December 31, 2020. Class A Public Warrants Liability, Forward Purchase Securities Liability, and Class L Ordinary Shares Liability The Company accounts for the Class A Public Warrants, Forward Purchase Securities (as defined in Note 4), and Class L ordinary shares as liability-classified instruments based on an assessment of the applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity (“FASB ASC Topic 480”) and FASB ASC Topic 815, Derivatives and Hedging, (“FASB ASC Topic 815”). The assessment considers whether the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares are freestanding financial instruments pursuant to FASB ASC Topic 480, meet the definition of a liability, and meet all of the requirements for equity classification under FASB ASC Topic 815, including whether the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares are indexed to the Company’s own ordinary shares and whether the holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of issuance of the Class A Public Warrants and Class L ordinary shares, and upon execution of the Forward Purchase Securities Agreement and as of each subsequent quarterly period end date while the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares are outstanding. The Company determined that the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares did not meet all the criteria for equity classification because they did not meet the criteria to be considered indexed to the Company’s stock. Accordingly, the Class A Public Warrants, Forward Purchase Securities, and Class L Ordinary Shares were recorded at their initial fair value on the date of issuance, and are adjusted to fair value at each balance sheet date thereafter. Changes in the estimated fair value of these instruments are recognized as a gain or loss as a component of other income (expense) in the condensed statement of operations. Marketable Securities Held in Trust Account As of September 30, 2021 and December 31, 2020, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. Net Income The Company follows the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as redeemable ordinary shares and non-redeemable ordinary shares. The redeemable ordinary shares include Class A redeemable ordinary shares issued upon the Initial Public Offering. The non-redeemable ordinary shares include Class B non-redeemable ordinary shares and Class A non-redeemable ordinary Private Placement Shares. Income and losses are shared pro rata between the two classes of ordinary shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective period. Class A public warrants were issued on September 15, 2020. At September 30, 2021, no warrants have been exercised. The potential ordinary shares for outstanding warrants to purchase the Company’s ordinary shares were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable and the contingencies have not yet been met. Class L ordinary shares will convert into Class A ordinary shares after the initial Business Combination only to the extent certain triggering events occur prior to the 10 th The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income/(loss) per ordinary share for each class of ordinary shares: For the period Three Months Ended Nine Months Ended from July 7, 2020 (Inception) September 30, 2021 September 30, 2021 through September 30, 2020 Numerator: Allocation of net income (loss) $ 34,668,098 $ 114,919,812 $ (33,199,392) Denominator: Weighted average shares outstanding of Class A redeemable ordinary shares, basic and diluted 40,250,000 40,250,000 7,488,372 Basic and diluted net income (loss) per redeemable ordinary share $ 0.86 $ 2.86 $ (4.43) Numerator: Allocation of net income (loss) $ 4,717,636 $ 15,638,294 $ (17,659,201) Denominator: Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted 5,477,222 5,477,222 3,983,165 Basic and diluted net income (loss) per non-redeemable ordinary share $ 0.86 $ 2.86 $ (4.43) 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 FASB ASC Topic 480. Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that is 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. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021, and December 31, 2020, 40,250,000 Class A ordinary shares subject to possible redemption are presented as temporary equity (for mezzanine), outside of the shareholders’ equity section of the Company’s unaudited condensed balance sheet. The Company’s Class A ordinary shares subject to possible redemption is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or re-measurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). The accretion of carrying value to redemption value was recognized on September 15, 2020, the date the Company consummated its Initial Public Offering. As of December 31, 2020, the Class A ordinary shares reflected on the balance sheet are reconciled in the following table: As of December 31, 2020 Gross proceeds $ 402,500,000 Less: Proceeds allocated to liability instruments (49,879,500) Class A ordinary shares underwriting discounts and offering costs (22,137,501) Plus: Accretion of carrying value to redemption value 72,017,001 Class A ordinary shares subject to possible redemption $ 402,500,000 There were no changes in Class A ordinary shares subject to possible redemption during the three or nine months ended September 30, 2021. 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 of $250,000. As of September 30, 2021, and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of September 30, 2021, and December 31, 2020, the carrying values of cash, accounts payable, accrued expenses, and advances from related party approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of marketable securities held in the Trust Account is comprised of investment in a money market funds selected by the Company. The fair value for trading securities is determined using quoted market prices in active markets. 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 unaudited condensed interim financial statements. The unaudited condensed interim financial statements do not include any adjustments that might result from the outcome of this uncertainty. Offering Costs Offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering in September 2020. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB 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. There were no unrecognized tax benefits as of September 30, 2021, and December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no amounts accrued for interest and penalties as of September 30, 2021, and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed interim 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. Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed interim financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2021 | |
Initial Public Offering. | |
Initial Public Offering | Note 4 — Initial Public Offering On September 15, 2020, pursuant to the Initial Public Offering, the Company sold 40,250,000 Units, including the 5,250,000 Units as a result of the underwriters’ exercise of their over-allotment option, at a price of $10.00 per Unit, generating gross proceeds of $402.5 million. Each Unit consists of one Class A ordinary share, $0.0001 par value per share, and one |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On July 20, 2020, the Sponsor paid $25,000 in consideration for 25,000 ordinary shares (the “Founder Shares”), par value $1.00 per share. Up to 3,261 Founder Shares were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriters. On September 15, 2020, the underwriters exercised the over-allotment option in full; thus these Founder Shares are no longer subject to forfeiture. Class B Ordinary Shares On September 2, 2020, the Company filed an amended and restated memorandum and articles of association. Pursuant to the amendment, the then-outstanding 25,000 ordinary shares (of which 3,261 ordinary shares were subject to forfeiture if the underwriters did not exercise their over-allotment option), were subdivided into 4,472,222 Class B ordinary shares (of which 583,333 Class B ordinary shares were subject to forfeiture if the underwriters did not exercise their over-allotment option) and 12,777,778 Class L ordinary shares (of which 1,666,667 Class L ordinary shares were subject to forfeiture if the underwriters did not exercise their over-allotment option). Upon subdivision, the Sponsor paid approximately $0.0014 per share for the Founder Shares. Unless the context otherwise implies, all share and per-share amounts in this unaudited condensed interim financial statement have been retroactively restated to reflect the stock split. On September 15, 2020, the underwriters exercised the over-allotment option in full; thus, the ordinary shares discussed above are no longer subject to forfeiture. The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell (i) any of their Founder Shares or Private Placement Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) any of their Class L ordinary shares for any reason, other than to specified permitted transferees or a complete liquidation, merger, share exchange, reorganization or other similar transaction following the initial Business Combination that results in all of the Company’s Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property; provided, that any Class A ordinary shares issued upon conversion Class L ordinary shares will not be subject to such restrictions on transfer. Class L Ordinary Shares The Sponsor owns 12,777,778 Class L ordinary shares (up to 1,666,667 Class L ordinary shares of which were subject to forfeiture). On September 15, 2020, the underwriters exercised the over-allotment option in full; thus, the ordinary shares discussed above are no longer subject to forfeiture. The Class L ordinary shares are non-voting and will convert into Class A ordinary shares following the initial Business Combination to the extent certain triggering vesting events occur prior to the 10th anniversary of the initial Business Combination. The Class L ordinary shares vest in four equal tranches upon achieving outsized share performance. If between the one year anniversary and the ten year anniversary of the initial Business Combination the closing price of the Company’s Class A ordinary shares equals or exceeds specified per share trading price targets, subject to adjustment for any 20 trading days within a 30-trading day period (the four vesting price targets equal $20.00 (“First Price Vesting”), $30.00 (“Second Price Vesting”), $40.00 (“Third Price Vesting”), and $50.00 (“Fourth Price Vesting”)), one ● if (and only if) the First Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction and the effective price of the Strategic Transaction is greater than $10.00 per share and less than or equal to $20.00 per share, all of the then outstanding Class L ordinary shares will convert into a number of Class A ordinary shares equal to 3,194,444 multiplied by a fraction, the numerator of which is equal to the effective price of the Strategic Transaction minus $10.00 and the denominator of which is $10.00 (each as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); ● if (and only if) the Second Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction and the effective price of the Strategic Transaction is greater than $20.00 per share and less than or equal to $30.00 per, all of the then outstanding Class L ordinary shares (after giving effect to any First Price Vesting that shall have occurred prior to or in connection with such Strategic Transaction) will convert into a number of Class A ordinary shares equal to 3,194,444 multiplied by a fraction, the numerator of which is equal to the effective price of the Strategic Transaction minus $20.00 and the denominator of which is $10.00 (each as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); ● if (and only if) the Third Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction and the effective price of the Strategic Transaction is greater than $30.00 per share and less than or equal to $40.00 per share, all of the then outstanding Class L ordinary shares (after giving effect to any First Price Vesting or Second Price Vesting that shall have occurred prior to or in connection with such Strategic Transaction) will convert into a number of Class A ordinary shares equal to 3,194,445 multiplied by a fraction, the numerator of which is equal to the effective price of the Strategic Transaction minus $30.00 and the denominator of which is $10.00 (each as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); ● if (and only if) the Fourth Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction and the effective price of the Strategic Transaction is greater than $40.00 per share and less than or equal to $50.00 per share, all of the then outstanding Class L ordinary shares (after giving effect to any First Price Vesting, Second Price Vesting and Third Price Vesting that shall have occurred prior to or in connection with such Strategic Transaction) will convert into a number of Class A ordinary shares equal to 3,194,445 multiplied by a fraction, the numerator of which is equal to the effective price of the Strategic Transaction minus $40.00 and the denominator of which is $10.00 (each as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); and ● if (and only if) the Fourth Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction and the effective price of the Strategic Transaction is greater than $50.00 , all of the then outstanding Class L ordinary shares (after giving effect to any First Price Vesting, Second Price Vesting and Third Price Vesting that shall have occurred prior to or in connection with such Strategic Transaction) will convert into one Class A ordinary share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). For example, if 72 months following the consummation of the initial Business Combination the Company consummates a Strategic Transaction and the effective price of such Strategic Transaction is $43.00 per Class A ordinary share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) and prior to the consummation of such Strategic Transaction the First Price Vesting target shall have been met, but none of the Second Price Vesting, Third Price Vesting or Fourth Price Vesting targets shall have been met, all of the then-remaining outstanding Class L ordinary shares will automatically convert into 7,347,222 Class A ordinary shares, representing 3,194,444 shares associated with the Second Price Vesting, 3,194,445 shares associated with the Third Price Vesting, and 958,333 associated with the Fourth Price Vesting. Together with the 3,194,444 Class L ordinary shares already vested and converted to Class A ordinary shares associated with the First Price Vesting, a total of 10,541,666 Class L ordinary shares will vest and convert into Class A ordinary shares. Class L ordinary shares that are issued and outstanding on the 10th anniversary of the initial Business Combination will be automatically forfeited. The Class L ordinary shares may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder; provided, that any Class A ordinary shares issued upon conversion of any Class L ordinary shares will not be subject to such restrictions on transfer. Private Placement Shares Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased 1,005,000 Class A ordinary shares at a price of $10.00 per share in a private placement for an aggregate purchase price of $10.1 million. The Private Placement Shares are identical to the shares of Class A ordinary shares sold in the Initial Public Offering, subject to certain limited exceptions. The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell (i) any of their Founder Shares or Private Placement Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) any of their Class L ordinary shares for any reason, other than to specified permitted transferees or a complete liquidation, merger, share exchange, reorganization or other similar transaction following the initial Business Combination that results in all of the Company’s Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property; provided, that any Class A ordinary shares issued upon conversion Class L ordinary shares will not be subject to such restrictions on transfer. Forward Purchase Agreement In September 2020, the Company entered into a forward purchase agreement with LEAP Ribbit Opportunity VI, LLC, a Delaware limited liability company (the “Forward Purchase Agreement”). Pursuant to the Forward Purchase Agreement, LEAP Ribbit Opportunity VI, LLC has agreed to purchase 10,000,000 shares of the Company’s Class A ordinary shares (the “Forward Purchase Shares”) and 2,000,000 redeemable warrants to purchase one share of the Company’s Class A ordinary share at $11.50 per share (the “Forward Purchase Warrants” and together with the Forward Purchase Shares, the “Forward Purchase Securities”), for an aggregate purchase price of $100.0 million, or $10.00 for one share of the Company’s Class A ordinary share and one-fifth of one warrant, in a private placement to occur substantially concurrently with the closing of a Business Combination. The warrants to be sold as part of the Forward Purchase Agreement will be identical to the warrants underlying the Units sold in the Initial Public Offering. Promissory Note - Related Party On July 17, 2020, the Sponsor agreed to make available to the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This Note was non-interest bearing and payable on the earlier of the closing of the Initial Public Offering or the date on which the Company determines not to consummate the Initial Public Offering. During August 2020 and September 2020, the Company borrowed $200,000 under the Note. The Company fully repaid the Note in September 2020. Working Capital 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, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into private placement shares at a price of $10.00 per share. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of September 30, 2021, and December 31, 2020, the Company had no borrowings under the Working Capital Loans. Administrative Support Agreement The Company entered into an agreement, commencing on September 10, 2020, through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of $10,000 per month for office space, secretarial, and administrative services. This agreement was waived in writing between the Company and the Sponsor in September 2020, and therefore no administrative fees will be paid to the Sponsor. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Shares, including the Private Placement Shares issuable upon conversion of Working Capital Loans, the Forward Purchase Securities, and the Class A ordinary share issuable upon conversion of the Class L ordinary shares and Forward Purchase Warrants underlying the Forward Purchase Securities, are entitled to registration rights pursuant to a registration rights agreement signed in connection with the Initial Public Offering. These holders will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, these holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the final prospectus relating to the Initial Public Offering to purchase up to 5,250,000 additional Units to cover over-allotments, if any, at $10.00 per Unit, less the underwriting discounts and commissions. The underwriters exercised this option in full on September 15, 2020. The underwriters were paid an underwriting discount of $0.20 per Unit, or $8.1 million, upon the closing of the Initial Public Offering. An additional $0.35 per Unit, or approximately $14.1 million in the aggregate, will be payable to the underwriters for deferred underwriting commissions. The deferred underwriting commissions 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. In November 2020, the underwriter for the Initial Public Offering agreed to reimburse the Company for certain documented offering costs. The Company received approximately $0.8 million pursuant to, and in satisfaction of, this reimbursement agreement in December 2020, which was recorded as a reduction of the issuance cost originally charged to shareholders’ equity. |
Class A Public Warrants Liabili
Class A Public Warrants Liability and Class L Ordinary Shares Liability | 9 Months Ended |
Sep. 30, 2021 | |
Class A Public Warrants Liability and Class L Ordinary Shares Liability | |
Class A Public Warrants Liability and Class L Ordinary Shares Liability | Note 7 — Class A Public Warrants Liability and Class L Ordinary Shares Liability Class A Public Warrants Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the date of completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial 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; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elect, it will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company has failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants have an exercise price of at $11.50 per share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger or consolidation. 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 the 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 board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares, Class L ordinary shares or forward purchase securities held by the Sponsor or such affiliates, as applicable, prior to such issuance), or the “Newly Issued Price,” (y) the aggregate gross proceeds from such issuances represent more than 50% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day after 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 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption; and ● if, and only if, the last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30- trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. In addition, commencing 90 days after the warrants become exercisable, the Company may redeem the warrants: ● in whole and not in part; ● at $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 the Class A ordinary shares (as defined below); ● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted per share subdivisions, share dividends, reorganizations, recapitalizations and the like) on the trading day before the Company sends the notice of redemption to the warrant holders; and ● if, and only if, there is an effective registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. The “fair market value” of the Class A ordinary shares shall mean the volume weighted average price of the Class A ordinary shares as reported during the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. 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. Additionally, in no event will the Company be required to net cash settle any Warrants. If the Company is unable to complete the initial 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. Class L ordinary shares The Company is authorized to issue 15,000,000 Class L ordinary shares with a $0.0001 par value. As of September 30, 2021 and December 31, 2020, there were 12,777,778 Class L ordinary shares issued and outstanding. The Class L ordinary shares are non-voting and will convert into Class A ordinary shares following the initial Business Combination to the extent certain triggering vesting events occur prior to the 10th anniversary of the initial Business Combination as described in Note 4. Any Class L shares that remain outstanding upon the 10th anniversary of the initial Business Combination will be automatically forfeited. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Shareholders' Equity | |
Shareholders' Equity | Note 8 — Shareholders’ Equity Class A ordinary shares The Company is authorized to issue 600,000,000 Class A ordinary shares with a $0.0001 par value. As of September 30, 2021, and December 31, 2020, there were 1,005,000 Class A ordinary shares issued and outstanding, excluding 40,250,000 Class A ordinary shares subject to possible redemption. Class B ordinary shares The Company is authorized to issue 10,000,000 Class B ordinary shares with a $0.0001 par value. As of September 30, 2021, and December 31, 2020, there were 4,472,222 Class B ordinary shares issued and outstanding Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders, except as required by law or stock exchange rule; provided that only holders of the Class B ordinary shares shall have the right to vote on the election of the Company’s directors prior to the initial Business Combination. Each Class B ordinary share will convert at the option of the holder into one Class A ordinary share at any time after the initial Business Combination (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations, and the like). Preference shares The Company is authorized to issue 1,000,000 preference shares with a $0.0001 par value, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021, and December 31, 2020, there were no preference shares issued or outstanding. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | Note 9 – Fair Value Measurements The Company follows the guidance in FASB ASC Topic 820, Fair Value Measurement, (“FASB ASC Topic 820”). for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. 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). Level 1 instruments include investments in money market funds and U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with FASB ASC Topic 320 “Investments – Debt and Equity Securities”. Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying unaudited condensed balance sheet and adjusted for the amortization or accretion of premiums or discounts. As of September 30, 2021 and December 31, 2020, assets held in the Trust Account were comprised of $1,789 in cash and $402,669,354 in U.S. Treasury securities, and $389 in cash and $402,585,328 in U.S. Treasury securities, respectively. The unrealized gross holding losses and fair value of held-to-maturity securities as of September 30, 2021 and December 31, 2020 were as follows: Unrealized Amortized Gross Level Held-To-Maturity Cost Holding Gain (Loss) Fair Value September 30, 2021 (unaudited) 1 U.S. Treasury Securities (Mature on 10/14/2021) $ 402,669,354 $ 648 $ 402,670,002 December 31, 2020 1 U.S. Treasury Securities (Mature on 3/18/2021) $ 402,585,328 $ (11,602) $ 402,573,726 The following table presents the Company’s fair value hierarchy for liabilities measured at fair value on a recurring basis as of September 30, 2021: Total Description Level 1 Level 2 Level 3 (Unaudited) Liabilities: Class A public warrants liability $ 10,867,500 $ — $ — $ 10,867,500 Forward purchase securities liability — — 3,950,000 3,950,000 Class L ordinary shares liability — — 17,370,000 17,370,000 Total $ 10,867,500 $ — $ 21,320,000 $ 32,187,500 The following table presents the Company’s fair value hierarchy for liabilities measured at fair value on a recurring basis as of December 31, 2020: Description Level 1 Level 2 Level 3 Total Liabilities: Class A public warrants liability $ 34,212,500 $ — $ — $ 34,212,500 Forward purchase securities liability — — 38,570,000 38,570,000 Class L ordinary shares liability — — 90,540,000 90,540,000 Total $ 34,212,500 $ — $ 129,110,000 $ 163,322,500 Class A Public Warrant Liability The Class A Public Warrants are accounted for as liabilities pursuant to FASB ASC Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC Topic 815-40”) and are measured at fair value as of each reporting period. Changes in the fair value of the Class A Public Warrants are recorded in the condensed statement of operations each period. The Class A Public Warrants were valued using the instrument’s publicly listed trading price (NYSE: LEAP.WS) as of the balance sheet date. Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The estimated fair value of the Class A Public Warrants transferred from a Level 2 measurement to a Level 1 fair value measurement in July 2020, when the Class A Public Warrants were separately listed and traded. Forward Purchase Securities Liability The Forward Purchase Securities were valued using a forward pricing method in an arbitrage free-framework, which is considered to be a Level 3 fair value measurement. Under the net assets method utilized, the aggregate commitment of $100.0 million pursuant to the Forward Purchase Agreement is discounted to present value and compared to the fair value of the ordinary shares and warrants to be issued pursuant to the Forward Purchase Agreement. The fair value of the ordinary shares and warrants to be issued under the Forward Purchase Agreement is based on the public trading price of the Units issued in the Company’s Initial Public Offering. The excess (liability) or deficit (asset) of the fair value of the ordinary shares and warrants to be issued compared to the $100.0 million fixed commitment is the fair value conclusion. The key inputs into the valuation of the Forward Purchase Securities were: As of September 30, 2021 As of Input (Unaudited) December 31, 2020 Risk-free rate 0.07 % 0.11 % Remaining term in years 0.75 1.50 The following table presents a summary of the changes in the fair value of the Forward Purchase Securities liability, a Level 3 liability, measured on a recurring basis, as of December 31, 2020, and September 30, 2021: Forward Purchase Securities Liability Fair value, July 7, 2020 (inception) $ — Initial measurement on September 15, 2020 29,030,000 Change in fair value of forward purchase securities liability 9,540,000 Fair value, December 31, 2020 38,570,000 Change in fair value of forward purchase securities liability (34,620,000) Fair value, September 30, 2021 (unaudited) $ 3,950,000 Class L Ordinary Shares Liability As a result of the Class L ordinary shares issued on September 2, 2020, the Company measured the liability at fair value determined at Level 3. In order to capture the market conditions associated with the Class L ordinary shares liability, the Company applied an approach that incorporated a Monte Carlo simulation, which involved random iterations of future stock-price paths over the contractual life of the Class L ordinary shares. Based on assumptions regarding potential changes in control of the Company, and the probability distribution of outcomes, the payoff to the holder was determined based on the achievement of the various market thresholds within each simulated path. The present value of the payoff in each simulated trial is calculated, and the fair value of the liability is determined by taking the average of all present values. The key inputs into the valuation of the Class L ordinary shares were: As of September 30, 2021 As of Input (Unaudited) December 31, 2020 Risk-free rate 1.55 % 1.01 % Remaining term in years 10.76 11.50 Volatility 17.00 % 30.50 % Underlying share price $ 10.12 $ 12.99 The following table presents a summary of the changes in the fair value of the Class L ordinary shares liability, a Level 3 liability, measured on a recurring basis, as of December 31, 2020, and September 30, 2021: Class L Ordinary Securities Liability Fair value, July 7, 2020 (inception) $ — Initial measurement on September 2, 2020 — Change in fair value of Class L ordinary shares liability 90,540,000 Fair Value, December 31, 2020 90,540,000 Change in fair value of Class L ordinary shares liability (73,170,000) Fair Value, September 30, 2021 (unaudited) $ 17,370,000 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the unaudited condensed interim financial statements were issued. Based upon this review, the Company did not identify any subsequent events, not previously disclosed, that would have required adjustment or disclosure in the unaudited condensed interim financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed interim financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim 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 U.S. GAAP. In the opinion of management, the unaudited condensed interim 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 three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any future interim periods. The accompanying unaudited condensed interim financial statements should be read in conjunction with Amendment No. 2 as filed with the SEC on March 29, 2022, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2020, is derived from the audited financial statements presented in Amendment No. 2. |
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 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. |
Liquidity and Capital Resources | Liquidity and Capital Resources The accompanying unaudited condensed interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of September 30, 2021, and December 31, 2020, the Company had approximately $0.9 million and $1.4 million in its operating bank account and working capital of approximately $1.1 million and $1.6 million, respectively. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. The Company’s liquidity needs were satisfied prior to the completion of the Initial Public Offering through receipt of $25,000 capital contribution from the Sponsor in exchange for the issuance of the Founder Shares and a commitment from the Sponsor to loan the Company up to $300,000 to cover our expenses in connection with the Initial Public Offering. The net proceeds from (i) the sale of the shares of Class A ordinary shares in our Initial Public Offering, after deducting offering expenses of $0.8 million, underwriting fees of $8.1 million (excluding deferred underwriting commissions of $14.1 million), and (ii) the sale of the Private Placement Shares for a purchase of $10.1 million generated net proceeds of $403.7 million. As of September 30, 2021 and December 31, 2020, the Company had cash and cash equivalents of $0.9 million and $1.4 million outside of the Trust Account, respectively. The Company intends to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete the initial Business Combination. The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating the business prior to the initial Business Combination. However, if the Company’s estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate the business prior to the initial Business Combination. In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial 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. If the Company completes the initial Business Combination, the Company would repay such loaned amounts. In the event that the Company’s initial 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 for such repayment. Up to $1.5 million of such loans may be convertible into private placement shares at a price of $10.00 per share at the option of the lender. The terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the trust account. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined these conditions raise substantial doubt about the Company’s ability to continue as a going concern through the Combination Period, which is the date the Company is required cease all operations except for the purpose of winding up if it has not completed a business combination. These unaudited condensed interim 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. This may make comparison of the Company’s unaudited condensed interim financial statements with another public company, which is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used. 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 an emerging growth 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 an 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 the comparison of the Company’s unaudited condensed interim financial statements with another public company that is neither an emerging growth company nor an emerging growth company that 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 unaudited condensed interim financial statements in conformity with U.S. GAAP requires the Company’s 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 unaudited condensed interim financial statements and the reported amounts of expenses during the reporting period. Amounts could differ 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 had approximately $0.9 million and $1.4 million in cash as of September 30, 2021, and December 31, 2020, respectively. The Company did not have any cash equivalents, outside of the funds held in the Trust Account, as of September 30, 2021, or December 31, 2020. |
Class A Public Warrants Liability, Forward Purchase Securities Liability, and Class L Ordinary Shares Liability | Class A Public Warrants Liability, Forward Purchase Securities Liability, and Class L Ordinary Shares Liability The Company accounts for the Class A Public Warrants, Forward Purchase Securities (as defined in Note 4), and Class L ordinary shares as liability-classified instruments based on an assessment of the applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity (“FASB ASC Topic 480”) and FASB ASC Topic 815, Derivatives and Hedging, (“FASB ASC Topic 815”). The assessment considers whether the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares are freestanding financial instruments pursuant to FASB ASC Topic 480, meet the definition of a liability, and meet all of the requirements for equity classification under FASB ASC Topic 815, including whether the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares are indexed to the Company’s own ordinary shares and whether the holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of issuance of the Class A Public Warrants and Class L ordinary shares, and upon execution of the Forward Purchase Securities Agreement and as of each subsequent quarterly period end date while the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares are outstanding. The Company determined that the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares did not meet all the criteria for equity classification because they did not meet the criteria to be considered indexed to the Company’s stock. Accordingly, the Class A Public Warrants, Forward Purchase Securities, and Class L Ordinary Shares were recorded at their initial fair value on the date of issuance, and are adjusted to fair value at each balance sheet date thereafter. Changes in the estimated fair value of these instruments are recognized as a gain or loss as a component of other income (expense) in the condensed statement of operations. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account As of September 30, 2021 and December 31, 2020, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. |
Net Income (Loss) Per Ordinary Share | Net Income The Company follows the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as redeemable ordinary shares and non-redeemable ordinary shares. The redeemable ordinary shares include Class A redeemable ordinary shares issued upon the Initial Public Offering. The non-redeemable ordinary shares include Class B non-redeemable ordinary shares and Class A non-redeemable ordinary Private Placement Shares. Income and losses are shared pro rata between the two classes of ordinary shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares outstanding for the respective period. Class A public warrants were issued on September 15, 2020. At September 30, 2021, no warrants have been exercised. The potential ordinary shares for outstanding warrants to purchase the Company’s ordinary shares were excluded from diluted earnings per share for the three and nine months ended September 30, 2021 because the warrants are contingently exercisable and the contingencies have not yet been met. Class L ordinary shares will convert into Class A ordinary shares after the initial Business Combination only to the extent certain triggering events occur prior to the 10 th The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income/(loss) per ordinary share for each class of ordinary shares: For the period Three Months Ended Nine Months Ended from July 7, 2020 (Inception) September 30, 2021 September 30, 2021 through September 30, 2020 Numerator: Allocation of net income (loss) $ 34,668,098 $ 114,919,812 $ (33,199,392) Denominator: Weighted average shares outstanding of Class A redeemable ordinary shares, basic and diluted 40,250,000 40,250,000 7,488,372 Basic and diluted net income (loss) per redeemable ordinary share $ 0.86 $ 2.86 $ (4.43) Numerator: Allocation of net income (loss) $ 4,717,636 $ 15,638,294 $ (17,659,201) Denominator: Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted 5,477,222 5,477,222 3,983,165 Basic and diluted net income (loss) per non-redeemable ordinary share $ 0.86 $ 2.86 $ (4.43) |
Class A Ordinary Shares 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 FASB ASC Topic 480. Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that is 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. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021, and December 31, 2020, 40,250,000 Class A ordinary shares subject to possible redemption are presented as temporary equity (for mezzanine), outside of the shareholders’ equity section of the Company’s unaudited condensed balance sheet. The Company’s Class A ordinary shares subject to possible redemption is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or re-measurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). The accretion of carrying value to redemption value was recognized on September 15, 2020, the date the Company consummated its Initial Public Offering. As of December 31, 2020, the Class A ordinary shares reflected on the balance sheet are reconciled in the following table: As of December 31, 2020 Gross proceeds $ 402,500,000 Less: Proceeds allocated to liability instruments (49,879,500) Class A ordinary shares underwriting discounts and offering costs (22,137,501) Plus: Accretion of carrying value to redemption value 72,017,001 Class A ordinary shares subject to possible redemption $ 402,500,000 There were no changes in Class A ordinary shares subject to possible redemption during the three or nine months ended September 30, 2021. |
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 of $250,000. As of September 30, 2021, and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Financial Instruments | Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of September 30, 2021, and December 31, 2020, the carrying values of cash, accounts payable, accrued expenses, and advances from related party approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of marketable securities held in the Trust Account is comprised of investment in a money market funds selected by the Company. The fair value for trading securities is determined using quoted market prices in active markets. |
Risks and Uncertainties | 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 unaudited condensed interim financial statements. The unaudited condensed interim financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Offering Costs | Offering Costs Offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering in September 2020. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB 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. There were no unrecognized tax benefits as of September 30, 2021, and December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no amounts accrued for interest and penalties as of September 30, 2021, and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed interim 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed interim financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restatement of Previously Issued Financial Statements | |
Schedule of prior year revision impact on consolidated financial statements | As of March 31, 2021 As Previously Reported Adjustment As Restated Balance Sheet Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value at March 31, 2021 $ 275,877,946 $ 126,622,054 $ 402,500,000 Shareholders’ equity (deficit) Class A ordinary shares $0.0001 par value; 600,000,000 shares authorized; 1,005,000 issued and outstanding 1,367 (1,266) 101 Class B ordinary shares, par value; 10,000,000 shares authorized; 4,472,222 issued and outstanding 447 — 447 Additional paid-in-capital 64,678,240 (64,678,240) — Accumulated deficit (59,680,053) (61,942,548) (121,622,601) Total shareholders’ equity (deficit) $ 5,000,001 $ (126,622,054) $ (121,622,053) For the Three Months Ended March 31, 2021 As Previously Reported Adjustment As Restated Statement of Operations Net income $ 53,968,298 $ — $ 53,968,298 Weighted average shares outstanding of redeemable ordinary shares, basic and diluted 40,250,000 — 40,250,000 Basic and diluted net income per redeemable ordinary share $ — $ 1.18 $ 1.18 Weighted average shares outstanding of non-redeemable ordinary shares, basic 5,477,222 (5,477,222) — Basic net income per non-redeemable ordinary share $ 9.84 $ (9.84) $ — Weighted average shares outstanding of non-redeemable ordinary shares, dilutive 6,657,468 (6,657,468) — Dilutive net income per non-redeemable ordinary share $ 6.59 $ (6.59) $ — Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted — 5,477,222 5,477,222 Basic and diluted net income per non-redeemable ordinary share $ — $ 1.18 $ 1.18 For the Three Months Ended March 31, 2021 As Previously Reported Adjustment As Restated Statement of Cash Flows Supplemental schedule of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to possible redemption $ 53,968,298 $ 53,968,298 $ — As of June 30, 2021 As Previously Reported Adjustment As Restated Balance Sheet Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value at June 30, 2021 $ 313,082,020 $ 89,417,980 $ 402,500,000 Shareholders’ equity (deficit) Class A ordinary shares $0.0001 par value; 600,000,000 shares authorized; 1,005,000 issued and outstanding 995 (894) 101 Class B ordinary shares, par value; 10,000,000 shares authorized; 4,472,222 issued and outstanding 447 — 447 Additional paid-in-capital 27,474,538 (27,474,538) — Accumulated deficit (22,475,979) (61,942,548) (84,418,527) Total shareholders’ equity (deficit) $ 5,000,001 $ (89,417,980) $ (84,417,979) For the Three Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Statement of Operations Net income $ 37,204,074 $ — $ 37,204,074 Weighted average shares outstanding of redeemable ordinary shares, basic and diluted 40,250,000 — 40,250,000 Basic and diluted net income per redeemable ordinary share $ — $ 0.81 $ 0.81 Weighted average shares outstanding of non-redeemable ordinary shares, basic 5,477,222 (5,477,222) — Basic net income per non-redeemable ordinary share $ 6.79 $ (6.79) $ — Weighted average shares outstanding of non-redeemable ordinary shares, dilutive 5,477,222 (5,477,222) — Dilutive net income per non-redeemable ordinary share $ 5.67 $ (5.67) $ — Weighted average shares outstanding of non-redeemable ordinary shares, basic and dilutive — 5,477,222 5,477,222 Basic and diluted net income per non-redeemable ordinary share $ — $ 0.81 $ 0.81 For the Six Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Statement of Operations Net income $ 91,172,372 $ — $ 91,172,372 Weighted average shares outstanding of redeemable ordinary shares, basic and diluted 40,250,000 — 40,250,000 Basic and diluted net income per redeemable ordinary share $ — $ 1.99 $ 1.99 Weighted average shares outstanding of non-redeemable ordinary shares, basic 5,477,222 (5,477,222) — Basic net income per non-redeemable ordinary share $ 16.64 $ (16.64) $ — Weighted average shares outstanding of non-redeemable ordinary shares, dilutive 5,885,766 (5,885,766) — Dilutive net income per non-redeemable ordinary share $ 12.73 $ (12.73) $ — Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted — 5,477,222 5,477,222 Basic and diluted net income per non-redeemable ordinary share $ — $ 1.99 $ 1.99 For the Six Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Statement of Cash Flows Supplemental schedule of non-cash investing and financing activities: Change in value of Class A ordinary shares subject to possible redemption $ 91,172,372 $ (91,172,372) $ — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Schedule of reconciliation of basic and diluted net income (loss) per share | For the period Three Months Ended Nine Months Ended from July 7, 2020 (Inception) September 30, 2021 September 30, 2021 through September 30, 2020 Numerator: Allocation of net income (loss) $ 34,668,098 $ 114,919,812 $ (33,199,392) Denominator: Weighted average shares outstanding of Class A redeemable ordinary shares, basic and diluted 40,250,000 40,250,000 7,488,372 Basic and diluted net income (loss) per redeemable ordinary share $ 0.86 $ 2.86 $ (4.43) Numerator: Allocation of net income (loss) $ 4,717,636 $ 15,638,294 $ (17,659,201) Denominator: Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted 5,477,222 5,477,222 3,983,165 Basic and diluted net income (loss) per non-redeemable ordinary share $ 0.86 $ 2.86 $ (4.43) |
Schedule of Class A ordinary shares subject to possible redemption | The accretion of carrying value to redemption value was recognized on September 15, 2020, the date the Company consummated its Initial Public Offering. As of December 31, 2020, the Class A ordinary shares reflected on the balance sheet are reconciled in the following table: As of December 31, 2020 Gross proceeds $ 402,500,000 Less: Proceeds allocated to liability instruments (49,879,500) Class A ordinary shares underwriting discounts and offering costs (22,137,501) Plus: Accretion of carrying value to redemption value 72,017,001 Class A ordinary shares subject to possible redemption $ 402,500,000 There were no changes in Class A ordinary shares subject to possible redemption during the three or nine months ended September 30, 2021. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of gross holding gains and fair value of held-to-maturity securities | Unrealized Amortized Gross Level Held-To-Maturity Cost Holding Gain (Loss) Fair Value September 30, 2021 (unaudited) 1 U.S. Treasury Securities (Mature on 10/14/2021) $ 402,669,354 $ 648 $ 402,670,002 December 31, 2020 1 U.S. Treasury Securities (Mature on 3/18/2021) $ 402,585,328 $ (11,602) $ 402,573,726 |
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s fair value hierarchy for liabilities measured at fair value on a recurring basis as of September 30, 2021: Total Description Level 1 Level 2 Level 3 (Unaudited) Liabilities: Class A public warrants liability $ 10,867,500 $ — $ — $ 10,867,500 Forward purchase securities liability — — 3,950,000 3,950,000 Class L ordinary shares liability — — 17,370,000 17,370,000 Total $ 10,867,500 $ — $ 21,320,000 $ 32,187,500 The following table presents the Company’s fair value hierarchy for liabilities measured at fair value on a recurring basis as of December 31, 2020: Description Level 1 Level 2 Level 3 Total Liabilities: Class A public warrants liability $ 34,212,500 $ — $ — $ 34,212,500 Forward purchase securities liability — — 38,570,000 38,570,000 Class L ordinary shares liability — — 90,540,000 90,540,000 Total $ 34,212,500 $ — $ 129,110,000 $ 163,322,500 |
Forward purchase securities liability | |
Schedule of key inputs used in the valuation | As of September 30, 2021 As of Input (Unaudited) December 31, 2020 Risk-free rate 0.07 % 0.11 % Remaining term in years 0.75 1.50 |
Summary of changes in fair value | The following table presents a summary of the changes in the fair value of the Forward Purchase Securities liability, a Level 3 liability, measured on a recurring basis, as of December 31, 2020, and September 30, 2021: Forward Purchase Securities Liability Fair value, July 7, 2020 (inception) $ — Initial measurement on September 15, 2020 29,030,000 Change in fair value of forward purchase securities liability 9,540,000 Fair value, December 31, 2020 38,570,000 Change in fair value of forward purchase securities liability (34,620,000) Fair value, September 30, 2021 (unaudited) $ 3,950,000 |
Class L ordinary shares liability | |
Schedule of key inputs used in the valuation | As of September 30, 2021 As of Input (Unaudited) December 31, 2020 Risk-free rate 1.55 % 1.01 % Remaining term in years 10.76 11.50 Volatility 17.00 % 30.50 % Underlying share price $ 10.12 $ 12.99 |
Summary of changes in fair value | The following table presents a summary of the changes in the fair value of the Class L ordinary shares liability, a Level 3 liability, measured on a recurring basis, as of December 31, 2020, and September 30, 2021: Class L Ordinary Securities Liability Fair value, July 7, 2020 (inception) $ — Initial measurement on September 2, 2020 — Change in fair value of Class L ordinary shares liability 90,540,000 Fair Value, December 31, 2020 90,540,000 Change in fair value of Class L ordinary shares liability (73,170,000) Fair Value, September 30, 2021 (unaudited) $ 17,370,000 |
Organization and Business Ope_2
Organization and Business Operations (Details)q | Sep. 15, 2020USD ($)item$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares |
Description of Organization and Business Operations | |||
Revenues | $ 0 | $ 0 | |
Offering costs | $ 22,900,000 | ||
Deferred costs attributable to underwriting commissions | $ 14,100,000 | ||
Number of warrants included in each unit | item | 0.2 | ||
Warrant exercise price, per share | $ / shares | $ 11.50 | ||
Proceeds received from private placement | $ 10,050,000 | ||
Threshold minimum aggregate fair market value as a percentage of the assets held in the Trust Account | 80.00% | ||
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination | 50.00% | ||
Minimum net tangible assets upon consummation of the Business Combination | $ 5,000,001 | ||
Threshold percentage of Public Shares subject to redemption without the Company's prior written consent | 15.00% | ||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100.00% | ||
Threshold business days for redemption of public shares | 10 days | ||
Maximum net interest to pay dissolution expenses | $ 100,000 | ||
Amount per unit sold in Proposed Public Offering to be held in Trust Account | $ / shares | $ 10 | ||
Initial Public Offering and Private Placement | |||
Description of Organization and Business Operations | |||
Gross proceeds from issuance of units | $ 402,500,000 | ||
Aggregate net proceeds from sale of stock | $ 402,500,000 | ||
Initial Public Offering | |||
Description of Organization and Business Operations | |||
Number of units issued | shares | 40,250,000 | ||
Unit price per share | $ / shares | $ 10 | ||
Unit Price | $ / shares | $ 10 | ||
Over-allotment | |||
Description of Organization and Business Operations | |||
Number of units issued | shares | 5,250,000 | 5,250,000 | |
Private Placement | |||
Description of Organization and Business Operations | |||
Proceeds received from private placement | $ 10,100,000 | ||
Class A ordinary shares | |||
Description of Organization and Business Operations | |||
Number of Class A ordinary shares included in each unit | 1 | ||
Ordinary shares, par value | $ / shares | $ 0.0001 | ||
Class A ordinary shares | Initial Public Offering and Private Placement | |||
Description of Organization and Business Operations | |||
Aggregate net proceeds from sale of stock | $ 403,700,000 | ||
Class A ordinary shares | Initial Public Offering | |||
Description of Organization and Business Operations | |||
Deferred costs attributable to underwriting commissions | $ 14,100,000 | ||
Class A ordinary shares | Private Placement | |||
Description of Organization and Business Operations | |||
Number of ordinary shares issued in private placement with Sponsor | shares | 1,005,000 | ||
Proceeds received from private placement | $ 10,100,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Balance Sheet (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 15, 2020 | Jul. 06, 2020 |
Balance Sheet | |||||||
Total assets | $ 403,793,610 | $ 404,458,247 | |||||
Liabilities, class A redeemable shares, and shareholders' equity (deficit) | |||||||
Total current liabilities | 50,855 | 138,598 | |||||
Class A public warrants liability | 10,867,500 | 34,212,500 | |||||
Forward purchase securities liability | 3,950,000 | 38,570,000 | |||||
Class L ordinary shares liability | 17,370,000 | 90,540,000 | |||||
Deferred underwriting commissions | 14,087,500 | 14,087,500 | |||||
Total Liabilities | 46,325,855 | 177,548,598 | |||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | 402,500,000 | $ 402,500,000 | 402,500,000 | ||||
Shareholders' equity deficit | |||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | |||||||
Accumulated deficit | (45,032,793) | (84,418,527) | $ (121,622,601) | (175,590,899) | |||
Total Shareholders' Deficit | (45,032,245) | (84,417,979) | (121,622,053) | (175,590,351) | $ (113,560,625) | $ 0 | |
TOTAL LIABILITIES, CLASS A REDEEMABLE SHARES, AND SHAREHOLDERS' DEFICIT | $ 403,793,610 | $ 404,458,247 | |||||
Parenthetical disclosures | |||||||
Preferred shares, par value | $ 0.0001 | $ 0.0001 | |||||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 | |||||
Preferred Stock, Shares Issued | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
As Previously Reported | |||||||
Liabilities, class A redeemable shares, and shareholders' equity (deficit) | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | 313,082,020 | ||||||
Shareholders' equity deficit | |||||||
Additional paid-in-capital | 27,474,538 | 64,678,240 | |||||
Accumulated deficit | (22,475,979) | (59,680,053) | |||||
Total Shareholders' Deficit | 5,000,001 | 5,000,001 | |||||
Adjustment | |||||||
Liabilities, class A redeemable shares, and shareholders' equity (deficit) | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | 89,417,980 | ||||||
Shareholders' equity deficit | |||||||
Additional paid-in-capital | (27,474,538) | (64,678,240) | |||||
Accumulated deficit | (61,942,548) | (61,942,548) | |||||
Total Shareholders' Deficit | (89,417,980) | (126,622,054) | |||||
Class A ordinary shares | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 101 | 101 | $ 101 | ||||
Parenthetical disclosures | |||||||
Shares subject to possible redemption, shares | 40,250,000 | 40,250,000 | |||||
Ordinary shares, par value | $ 0.0001 | ||||||
Class A ordinary shares | As Previously Reported | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | 995 | ||||||
Class A ordinary shares | Adjustment | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | (894) | ||||||
Class B ordinary shares | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 447 | $ 447 | $ 447 | $ 447 | |||
Parenthetical disclosures | |||||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | |||||
Ordinary shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||
Ordinary shares, shares issued | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | |||
Ordinary shares, shares outstanding | 4,472,222 | 4,472,222 | 4,472,222 | ||||
Class B ordinary shares | As Previously Reported | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 447 | $ 447 | |||||
Class A ordinary shares subject to possible redemption | |||||||
Liabilities, class A redeemable shares, and shareholders' equity (deficit) | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | $ 402,500,000 | ||||||
Parenthetical disclosures | |||||||
Shares subject to possible redemption, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Shares subject to possible redemption, shares | 40,250,000 | 40,250,000 | 40,250,000 | 40,250,000 | |||
Shares subject to possible redemption, redemption value per share | $ 10 | $ 10 | $ 10 | $ 10 | |||
Class A ordinary shares subject to possible redemption | As Previously Reported | |||||||
Liabilities, class A redeemable shares, and shareholders' equity (deficit) | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | $ 275,877,946 | ||||||
Class A ordinary shares subject to possible redemption | Adjustment | |||||||
Liabilities, class A redeemable shares, and shareholders' equity (deficit) | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | 126,622,054 | ||||||
Class A ordinary shares not subject to possible redemption | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 101 | ||||||
Parenthetical disclosures | |||||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Ordinary shares, shares authorized | 600,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | |||
Ordinary shares, shares issued | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | |||
Ordinary shares, shares outstanding | 1,005,000 | 1,005,000 | 1,005,000 | ||||
Class A ordinary shares not subject to possible redemption | As Previously Reported | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 1,367 | ||||||
Class A ordinary shares not subject to possible redemption | Adjustment | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ (1,266) | ||||||
Class L ordinary shares | |||||||
Parenthetical disclosures | |||||||
Ordinary shares, par value | $ 0.0001 | ||||||
Ordinary shares, shares authorized | 15,000,000 | ||||||
Ordinary shares, shares issued | 12,777,778 | 12,777,778 | |||||
Ordinary shares, shares outstanding | 12,777,778 | 12,777,778 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Statement of Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | |
Statement of Operations | ||||||
Loss from operations | $ (187,563) | $ (84,593) | $ (662,320) | |||
Other income (expense): | ||||||
Change in fair value of Class A public warrants liability | 7,164,500 | (644,000) | 23,345,000 | |||
Change in fair value of forward purchase securities liability | 7,500,000 | (1,190,000) | 34,620,000 | |||
Change in fair value of Class L ordinary shares liability | 24,880,000 | (48,940,000) | 73,170,000 | |||
Net Income (loss) | $ 39,385,734 | $ 37,204,074 | $ 53,968,298 | $ (50,858,593) | $ 91,172,372 | $ 130,558,106 |
Weighted average shares outstanding of redeemable ordinary shares | 40,250,000 | 40,250,000 | 40,250,000 | |||
Basic and diluted net income per redeemable ordinary share | $ 0.81 | $ 1.18 | $ 1.99 | |||
Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted | 5,477,222 | 5,477,222 | 5,477,222 | |||
Basic and diluted net income per non-redeemable ordinary share | $ 0.86 | $ 0.81 | $ 1.18 | $ (4.43) | $ 1.99 | $ 2.86 |
As Previously Reported | ||||||
Other income (expense): | ||||||
Net Income (loss) | $ 37,204,074 | $ 53,968,298 | $ 91,172,372 | |||
Weighted average shares outstanding of redeemable ordinary shares | 40,250,000 | 40,250,000 | 40,250,000 | |||
Weighted average shares outstanding of non-redeemable ordinary shares, basic | 5,477,222 | 5,477,222 | 5,477,222 | |||
Weighted average shares outstanding of non-redeemable ordinary shares, dilutive | 5,477,222 | 6,657,468 | 5,885,766 | |||
Basic net income (loss) per non-redeemable ordinary share | $ 6.79 | $ 9.84 | $ 16.64 | |||
Dilutive net income per non-redeemable ordinary share | $ 5.67 | $ 6.59 | $ 12.73 | |||
Adjustment | ||||||
Other income (expense): | ||||||
Weighted average shares outstanding of non-redeemable ordinary shares, basic | (5,477,222) | (5,477,222) | (5,477,222) | |||
Weighted average shares outstanding of non-redeemable ordinary shares, dilutive | (5,477,222) | (6,657,468) | (5,885,766) | |||
Basic and diluted net income per redeemable ordinary share | $ 0.81 | $ 1.18 | $ 1.99 | |||
Basic net income (loss) per non-redeemable ordinary share | $ (6.79) | $ (9.84) | $ (16.64) | |||
Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted | 5,477,222 | 5,477,222 | 5,477,222 | |||
Basic and diluted net income per non-redeemable ordinary share | $ 0.81 | $ 1.18 | $ 1.99 | |||
Dilutive net income per non-redeemable ordinary share | $ (5.67) | $ (6.59) | $ (12.73) |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements - Statement of Cash Flows (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | |
Statement of Cash Flows | ||||||
Net income (loss) | $ 39,385,734 | $ 37,204,074 | $ 53,968,298 | $ (50,858,593) | $ 91,172,372 | $ 130,558,106 |
Net cash used in operating activities | (473,616) | (574,438) | ||||
Net cash used in investing activities | (402,500,000) | |||||
Net cash provided by financing activities | 403,764,968 | |||||
Net Change in Cash | $ 791,352 | $ (574,438) | ||||
As Previously Reported | ||||||
Statement of Cash Flows | ||||||
Net income (loss) | $ 37,204,074 | 53,968,298 | 91,172,372 | |||
Supplemental schedule of non-cash investing and financing activities: | ||||||
Change in value of Class A ordinary shares subject to possible redemption | 53,968,298 | 91,172,372 | ||||
Adjustment | ||||||
Supplemental schedule of non-cash investing and financing activities: | ||||||
Change in value of Class A ordinary shares subject to possible redemption | $ 53,968,298 | $ (91,172,372) |
Restatement of Previously Iss_6
Restatement of Previously Issued Financial Statements (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Restatement of Previously Issued Financial Statements | |
Reclassification of permanent equity into temporary equity | $ 5,000,001 |
Minimum stockholders' equity | 5,000,001 |
Minimum net tangible assets | 5,000,001 |
Net interest to pay dissolution expenses | $ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |||||
Cash equivalents | $ 0.9 | $ 1.4 | |||
Weighted average shares outstanding of redeemable ordinary shares | 40,250,000 | 40,250,000 | 40,250,000 | ||
Class A ordinary shares | |||||
Summary of Significant Accounting Policies | |||||
Shares subject to possible redemption, shares | 40,250,000 | 40,250,000 | |||
Class L ordinary shares | Founder Shares | First Price Vesting | |||||
Summary of Significant Accounting Policies | |||||
Vesting price (in dollars per share) | $ 20 | ||||
Class L ordinary shares | Founder Shares | Fourth Price Vesting | |||||
Summary of Significant Accounting Policies | |||||
Vesting price (in dollars per share) | $ 50 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Prior Year Revision, Balance Sheet (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 15, 2020 | Jul. 06, 2020 |
Balance Sheet | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | $ 402,500,000 | $ 402,500,000 | $ 402,500,000 | ||||
Shareholders' equity deficit | |||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | |||||||
Accumulated deficit | (45,032,793) | (84,418,527) | $ (121,622,601) | (175,590,899) | |||
Total shareholders' equity (deficit) | (45,032,245) | (84,417,979) | (121,622,053) | (175,590,351) | $ (113,560,625) | $ 0 | |
Total Liabilities, Class A Redeemable Shares, and Shareholders' Equity (Deficit) | $ 403,793,610 | $ 404,458,247 | |||||
Parenthetical disclosures | |||||||
Preferred shares, par value | $ 0.0001 | $ 0.0001 | |||||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 | |||||
Preferred shares, shares issued | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Class A ordinary shares | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 101 | $ 101 | $ 101 | ||||
Parenthetical disclosures | |||||||
Temporary equity, shares outstanding | 40,250,000 | 40,250,000 | |||||
Ordinary shares, par value | $ 0.0001 | ||||||
Class A ordinary shares subject to possible redemption | |||||||
Balance Sheet | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | $ 402,500,000 | ||||||
Parenthetical disclosures | |||||||
Temporary equity, par value (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Temporary equity, shares outstanding | 40,250,000 | 40,250,000 | 40,250,000 | 40,250,000 | |||
Temporary equity, redemption value (per share) | $ 10 | $ 10 | $ 10 | $ 10 | |||
Class A ordinary shares not subject to possible redemption | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 101 | ||||||
Parenthetical disclosures | |||||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Ordinary shares, shares authorized | 600,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | |||
Ordinary shares, shares issued | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | |||
Ordinary shares, shares outstanding | 1,005,000 | 1,005,000 | 1,005,000 | ||||
Class B ordinary shares | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 447 | $ 447 | $ 447 | $ 447 | |||
Parenthetical disclosures | |||||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | |||||
Ordinary shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||
Ordinary shares, shares issued | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | |||
Ordinary shares, shares outstanding | 4,472,222 | 4,472,222 | 4,472,222 | ||||
Class L ordinary shares | |||||||
Parenthetical disclosures | |||||||
Ordinary shares, par value | $ 0.0001 | ||||||
Ordinary shares, shares authorized | 15,000,000 | ||||||
Ordinary shares, shares issued | 12,777,778 | 12,777,778 | |||||
Ordinary shares, shares outstanding | 12,777,778 | 12,777,778 | |||||
As Previously Reported | |||||||
Balance Sheet | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | $ 313,082,020 | ||||||
Shareholders' equity deficit | |||||||
Additional paid-in-capital | 27,474,538 | $ 64,678,240 | |||||
Accumulated deficit | (22,475,979) | (59,680,053) | |||||
Total shareholders' equity (deficit) | 5,000,001 | 5,000,001 | |||||
As Previously Reported | Class A ordinary shares | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | 995 | ||||||
As Previously Reported | Class A ordinary shares subject to possible redemption | |||||||
Balance Sheet | |||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 40,250,000 at $10.00 per share redemption value | 275,877,946 | ||||||
As Previously Reported | Class A ordinary shares not subject to possible redemption | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | 1,367 | ||||||
As Previously Reported | Class B ordinary shares | |||||||
Shareholders' equity deficit | |||||||
Ordinary shares | $ 447 | $ 447 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Prior Year Revision, Other disclosures (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Jul. 06, 2020 | |
Statement of Changes in Shareholders' Equity (Deficit) | ||||||||
Shareholders' equity (deficit) | $ (45,032,245) | $ (84,417,979) | $ (121,622,053) | $ (113,560,625) | $ (84,417,979) | $ (45,032,245) | $ (175,590,351) | $ 0 |
Class A ordinary shares subject to possible redemption | ||||||||
Summary of Significant Accounting Policies | ||||||||
Weighted average shares outstanding of Class A redeemable ordinary shares, basic | 40,250,000 | 7,488,372 | 40,250,000 | |||||
Weighted average shares outstanding of Class A redeemable ordinary shares, diluted | 40,250,000 | 40,250,000 | 40,250,000 | |||||
Basic net income (loss) per redeemable ordinary share | $ 0.86 | $ (4.43) | $ 2.86 | |||||
Diluted net income (loss) per redeemable ordinary share | $ 0.86 | $ (2.75) | $ 2.86 | |||||
Class A ordinary shares not subject to possible redemption | ||||||||
Summary of Significant Accounting Policies | ||||||||
Weighted average shares outstanding of non-redeemable ordinary shares, basic | 5,477,222 | 3,983,165 | 5,477,222 | |||||
Weighted average shares outstanding of non-redeemable ordinary shares, dilutive | 5,477,222 | 4,659,199 | 5,477,222 | |||||
Basic net income (loss) per non-redeemable ordinary share | $ 0.86 | $ (4.43) | $ 2.86 | |||||
Ordinary Shares | Class A ordinary shares | ||||||||
Statement of Changes in Shareholders' Equity (Deficit) | ||||||||
Shares outstanding | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | 0 |
Shareholders' equity (deficit) | $ 101 | $ 101 | $ 101 | $ 101 | $ 101 | $ 101 | $ 101 | $ 0 |
Ordinary Shares | Class B ordinary shares | ||||||||
Statement of Changes in Shareholders' Equity (Deficit) | ||||||||
Shares outstanding | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | 0 |
Shareholders' equity (deficit) | $ 447 | $ 447 | $ 447 | $ 447 | $ 447 | $ 447 | $ 447 | $ 0 |
Additional paid-in capital | ||||||||
Statement of Changes in Shareholders' Equity (Deficit) | ||||||||
Shareholders' equity (deficit) | 0 | |||||||
Accumulated Deficit | ||||||||
Statement of Changes in Shareholders' Equity (Deficit) | ||||||||
Shareholders' equity (deficit) | $ (45,032,793) | $ (84,418,527) | $ (121,622,601) | $ (113,561,173) | $ (84,418,527) | $ (45,032,793) | $ (175,590,899) | $ 0 |
As Previously Reported | ||||||||
Summary of Significant Accounting Policies | ||||||||
Weighted average shares outstanding of non-redeemable ordinary shares, basic | 5,477,222 | 5,477,222 | 5,477,222 | |||||
Weighted average shares outstanding of non-redeemable ordinary shares, dilutive | 5,477,222 | 6,657,468 | 5,885,766 | |||||
Basic net income (loss) per non-redeemable ordinary share | $ 6.79 | $ 9.84 | $ 16.64 | |||||
Dilutive income (loss) per non-redeemable ordinary share | $ 5.67 | $ 6.59 | $ 12.73 | |||||
Statement of Changes in Shareholders' Equity (Deficit) | ||||||||
Shareholders' equity (deficit) | $ 5,000,001 | $ 5,000,001 | $ 5,000,001 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Liquidity and Capital Resources (Details) - USD ($) | Sep. 15, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Summary of Significant Accounting Policies | ||||
Cash | $ 900,000 | $ 1,400,000 | ||
Working capital | 1,100,000 | $ 1,600,000 | ||
Deferred costs attributable to underwriting commissions | $ 14,100,000 | |||
Proceeds received from private placement | $ 10,050,000 | |||
Initial Public Offering and Private Placement | ||||
Summary of Significant Accounting Policies | ||||
Aggregate net proceeds from sale of stock | 402,500,000 | |||
Private Placement | ||||
Summary of Significant Accounting Policies | ||||
Proceeds received from private placement | 10,100,000 | |||
Class A ordinary shares | Initial Public Offering and Private Placement | ||||
Summary of Significant Accounting Policies | ||||
Aggregate net proceeds from sale of stock | 403,700,000 | |||
Class A ordinary shares | Initial Public Offering | ||||
Summary of Significant Accounting Policies | ||||
Offering expenses | 800,000 | |||
Underwriting fees | 8,100,000 | |||
Deferred costs attributable to underwriting commissions | 14,100,000 | |||
Class A ordinary shares | Private Placement | ||||
Summary of Significant Accounting Policies | ||||
Proceeds received from private placement | $ 10,100,000 | |||
Working Capital Loans | ||||
Summary of Significant Accounting Policies | ||||
Maximum loans convertible into private placement shares | $ 1,500,000 | |||
Conversion price (in dollars per share) | $ 10 | |||
Sponsor | ||||
Summary of Significant Accounting Policies | ||||
Capital contribution from the Sponsor | $ 25,000 | |||
Maximum borrowing capacity | $ 300,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Net Income (Loss) Per Ordinary Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 15, 2020 | |
Summary of Significant Accounting Policies | |||||
Warrant exercise price, per share | $ 11.50 | ||||
Number of warrants exercised | 0 | ||||
Threshold price per share for conversion of shares | $ 20 | $ 20 | |||
Maximum threshold price per share for additional stock | $ 50 | $ 50 | |||
Class A ordinary shares subject to possible redemption | |||||
Numerator: | |||||
Allocation of net income (loss) | $ 34,668,098 | $ (33,199,392) | $ 114,919,812 | ||
Denominator: | |||||
Weighted average shares outstanding of Class A redeemable ordinary shares, basic | 40,250,000 | 7,488,372 | 40,250,000 | ||
Weighted average shares outstanding of Class A redeemable ordinary shares, diluted | 40,250,000 | 40,250,000 | 40,250,000 | ||
Basic net income (loss) per redeemable ordinary share | $ 0.86 | $ (4.43) | $ 2.86 | ||
Diluted net income (loss) per redeemable ordinary share | $ 0.86 | $ (2.75) | $ 2.86 | ||
Class A ordinary shares not subject to possible redemption | |||||
Numerator: | |||||
Allocation of net income (loss) | $ 4,717,636 | $ (17,659,201) | $ 15,638,294 | ||
Denominator: | |||||
Weighted average shares outstanding of non-redeemable ordinary shares, basic | 5,477,222 | 3,983,165 | 5,477,222 | ||
Weighted average shares outstanding of non-redeemable ordinary shares, dilutive | 5,477,222 | 4,659,199 | 5,477,222 | ||
Basic net income (loss) per non-redeemable ordinary share | $ 0.86 | $ (4.43) | $ 2.86 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Class A Ordinary Shares Subject to Possible Redemption (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Class A ordinary shares subject to possible redemption reflected on the condensed balance sheet | ||||
Gross proceeds | $ 402,500,000 | |||
Less: | ||||
Proceeds allocated to liability instruments | (49,879,500) | |||
Class A ordinary shares underwriting discounts and offering costs | (22,137,501) | |||
Plus: | ||||
Accretion of carrying value to redemption value | 72,017,001 | |||
Class A ordinary shares subject to possible redemption | $ 402,500,000 | $ 402,500,000 | $ 402,500,000 | |
Class A ordinary shares subject to possible redemption | ||||
Summary of Significant Accounting Policies | ||||
Temporary equity, shares outstanding | 40,250,000 | 40,250,000 | 40,250,000 | 40,250,000 |
Plus: | ||||
Class A ordinary shares subject to possible redemption | $ 402,500,000 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Summary of Significant Accounting Policies | ||
Unrecognized Tax Benefits | $ 0 | $ 0 |
Income tax, accrued interest and penalties | $ 0 | $ 0 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Prior Year Revision, Summary (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies | ||||||
Loss from operations | $ (187,563) | $ (84,593) | $ (662,320) | |||
Net income (loss) | $ 39,385,734 | $ 37,204,074 | $ 53,968,298 | (50,858,593) | $ 91,172,372 | 130,558,106 |
Net Change in Cash | $ 791,352 | $ (574,438) |
Initial Public Offering (Detail
Initial Public Offering (Details) | Sep. 15, 2020USD ($)itemshares | Sep. 30, 2020USD ($) | Sep. 30, 2021shares | Sep. 15, 2020$ / shares | Sep. 15, 2020shares | Sep. 15, 2020USD ($) |
Initial Public Offering | ||||||
Number of warrants included in each unit | item | 0.2 | |||||
Number of Class A shares called by each warrant | shares | 1 | |||||
Warrant exercise price, per share | $ / shares | $ 11.50 | |||||
Issuance of ordinary shares from private placement with Sponsor | $ | $ 10,050,001 | |||||
Class A ordinary shares | ||||||
Initial Public Offering | ||||||
Number of Class A ordinary shares included in each unit | 1 | 1 | ||||
Ordinary shares, par value | $ / shares | 0.0001 | |||||
Initial Public Offering and Private Placement | ||||||
Initial Public Offering | ||||||
Gross proceeds from issuance of units | $ | $ 402,500,000 | |||||
Initial Public Offering | ||||||
Initial Public Offering | ||||||
Number of units issued | shares | 40,250,000 | |||||
Unit price per share | $ / shares | 10 | |||||
Over-allotment | ||||||
Initial Public Offering | ||||||
Number of units issued | shares | 5,250,000 | 5,250,000 | ||||
Private Placement | Class A ordinary shares | ||||||
Initial Public Offering | ||||||
Issuance of ordinary shares from private placement with Sponsor (in shares) | shares | 1,005,000 | |||||
Shares issued, price per share | $ / shares | $ 10 | |||||
Issuance of ordinary shares from private placement with Sponsor | $ | $ 10,100,000 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) - USD ($) | Jul. 20, 2020 | Sep. 30, 2021 | Sep. 02, 2020 |
Sponsor | |||
Related Party Transactions | |||
Value of Founder shares issued | $ 25,000 | ||
Founder Shares | |||
Related Party Transactions | |||
Shares subject to forfeiture | 3,261 | ||
Founder Shares | Sponsor | |||
Related Party Transactions | |||
Par value of per share | $ 0.0014 | ||
Founder Shares | Sponsor | Ordinary Shares | |||
Related Party Transactions | |||
Value of Founder shares issued | $ 25,000 | ||
Number of Founder shares issued | 25,000 | ||
Par value of per share | $ 1 | ||
Founder Shares | Sponsor | Ordinary Shares | Maximum | |||
Related Party Transactions | |||
Shares subject to forfeiture | 3,261 |
Related Party Transactions - Cl
Related Party Transactions - Class B Ordinary Shares (Details) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 02, 2020 |
Class B ordinary shares | |||||
Related Party Transactions | |||||
Ordinary shares, shares outstanding | 4,472,222 | 4,472,222 | 4,472,222 | ||
Class L ordinary shares | |||||
Related Party Transactions | |||||
Ordinary shares, shares outstanding | 12,777,778 | 12,777,778 | |||
Founder Shares | |||||
Related Party Transactions | |||||
Ordinary shares, shares outstanding | 25,000 | ||||
Shares subject to forfeiture | 3,261 | ||||
Founder Shares | Class B ordinary shares | |||||
Related Party Transactions | |||||
Ordinary shares, shares outstanding | 4,472,222 | ||||
Shares subject to forfeiture | 583,333 | ||||
Founder Shares | Class L ordinary shares | |||||
Related Party Transactions | |||||
Ordinary shares, shares outstanding | 12,777,778 | ||||
Shares subject to forfeiture | 1,666,667 | ||||
Sponsor | Class L ordinary shares | |||||
Related Party Transactions | |||||
Shares subject to forfeiture | 1,666,667 | ||||
Sponsor | Founder Shares | |||||
Related Party Transactions | |||||
Par value of per share | $ 0.0014 |
Related Party Transactions - _2
Related Party Transactions - Class L Ordinary Shares (Details) | Sep. 15, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2021item$ / sharesshares | Sep. 02, 2020shares |
Related Party Transactions | ||||
Percentage of sum of Class A ordinary shares issued in offering, Class B ordinary share owned by sponsor at the time of offering and Class A ordinary share issued upon conversion | 20.00% | |||
Issuance of ordinary shares from private placement with Sponsor | $ | $ 10,050,001 | |||
Threshold period for not to transfer, assign or sell any of their shares after the completion of the initial business combination | 1 year | |||
Number of Class A shares called by each warrant | shares | 1 | |||
Warrants exercise price | $ 11.50 | |||
If (and only if) the First Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | ||||
Related Party Transactions | ||||
Shares considered for determination of shares issued upon conversion | shares | 3,194,444 | |||
Dividing share price considered for determination of shares issued upon conversion | $ 10 | |||
If (and only if) the Second Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | ||||
Related Party Transactions | ||||
Shares considered for determination of shares issued upon conversion | shares | 3,194,444 | |||
Dividing share price considered for determination of shares issued upon conversion | $ 10 | |||
If (and only if) the Third Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | ||||
Related Party Transactions | ||||
Shares considered for determination of shares issued upon conversion | shares | 3,194,445 | |||
Dividing share price considered for determination of shares issued upon conversion | $ 10 | |||
If (and only if) the Fourth Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | ||||
Related Party Transactions | ||||
Shares considered for determination of shares issued upon conversion | shares | 3,194,445 | |||
Dividing share price considered for determination of shares issued upon conversion | $ 10 | |||
Forward Purchase Agreement | ||||
Related Party Transactions | ||||
Number of Forward Purchase Warrants | shares | 2,000,000 | |||
Number of Class A shares called by each warrant | shares | 1 | |||
Warrants exercise price | $ 11.50 | |||
Price per unit to be received for each unit sold | $ 10 | |||
Class A ordinary shares | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 6,388,888 | |||
Aggregate proceeds to be received from Forward Purchase Agreement | $ | $ 100,000,000 | |||
Class A ordinary shares | Minimum | ||||
Related Party Transactions | ||||
Share price | $ 30 | |||
Class A ordinary shares | Maximum | ||||
Related Party Transactions | ||||
Share price | $ 40 | |||
Class A ordinary shares | Qualifying Strategic Transaction, At effective price of at least $15.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 5,589,324 | |||
Minimum effective share price (in dollars per share) | $ 15 | |||
Class A ordinary shares | Qualifying Strategic Transaction, At effective price of at least $10.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Minimum effective share price (in dollars per share) | 10 | |||
Class A ordinary shares | If (and only if) the First Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Minimum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | 10 | |||
Class A ordinary shares | If (and only if) the First Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Maximum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | 20 | |||
Class A ordinary shares | If (and only if) the Second Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Minimum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | 20 | |||
Class A ordinary shares | If (and only if) the Second Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Maximum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | 30 | |||
Class A ordinary shares | If (and only if) the Third Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Minimum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | 30 | |||
Class A ordinary shares | If (and only if) the Third Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Maximum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | 40 | |||
Class A ordinary shares | If (and only if) the Fourth Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Minimum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | 40 | |||
Class A ordinary shares | If (and only if) the Fourth Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction | Maximum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | $ 50 | |||
Class A ordinary shares | If (and only if) the Fourth Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction, and the effective price of the Strategic Transaction is greater than $50.00 | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 1 | |||
Class A ordinary shares | If (and only if) the Fourth Price Vesting shall not have occurred prior to or in connection with such Strategic Transaction, and the effective price of the Strategic Transaction is greater than $50.00 | Minimum | ||||
Related Party Transactions | ||||
Effective share price (in dollars per share) | $ 50 | |||
Class A ordinary shares | Qualifying Strategic Transaction, At effective price of $43.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 7,347,222 | |||
Effective share price (in dollars per share) | $ 43 | |||
Class A ordinary shares | Forward Purchase Agreement | ||||
Related Party Transactions | ||||
Number of Forward Purchase Shares | shares | 10,000,000 | |||
Class A ordinary shares | First Price Vesting | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 3,194,444 | |||
Class A ordinary shares | First Price Vesting | Qualifying Strategic Transaction, At effective price of $43.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 3,194,444 | |||
Class A ordinary shares | Second Price Vesting | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 3,194,444 | |||
Class A ordinary shares | Second Price Vesting | Qualifying Strategic Transaction, At effective price of $43.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 3,194,444 | |||
Class A ordinary shares | Third Price Vesting | Qualifying Strategic Transaction, At effective price of $43.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 3,194,445 | |||
Class A ordinary shares | Fourth Price Vesting | Qualifying Strategic Transaction, At effective price of $43.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Shares issued upon conversion | shares | 958,333 | |||
Private Placement | Class A ordinary shares | ||||
Related Party Transactions | ||||
Issuance of ordinary shares from private placement with Sponsor (in shares) | shares | 1,005,000 | |||
Shares issued, price per share | $ 10 | |||
Issuance of ordinary shares from private placement with Sponsor | $ | $ 10,100,000 | |||
Sponsor | Class L ordinary shares | ||||
Related Party Transactions | ||||
Aggregate number of shares owned | shares | 12,777,778 | |||
Shares subject to forfeiture | shares | 1,666,667 | |||
Founder Shares | ||||
Related Party Transactions | ||||
Shares subject to forfeiture | shares | 3,261 | |||
Founder Shares | Class L ordinary shares | ||||
Related Party Transactions | ||||
Shares subject to forfeiture | shares | 1,666,667 | |||
Number of equal tranches in which the ordinary shares vest | item | 4 | |||
Threshold trading days for conversion of stock | item | 20 | |||
Threshold consecutive trading days for conversion of stock | item | 30 | |||
Number of vesting price targets | item | 4 | |||
Conversion of stock (as a percent) | 25.00% | |||
Conversion ratio | 1 | |||
Period following consummation of initial business combination | 15 months | |||
Shares converted | shares | 6,388,888 | |||
Founder Shares | Class L ordinary shares | Qualifying Strategic Transaction, At effective price of at least $15.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Period following consummation of initial business combination | 9 months | |||
Founder Shares | Class L ordinary shares | Qualifying Strategic Transaction, At effective price of $43.00 per Class A ordinary share | ||||
Related Party Transactions | ||||
Period following consummation of initial business combination | 72 months | |||
Shares converted | shares | 10,541,666 | |||
Founder Shares | Class L ordinary shares | First Price Vesting | ||||
Related Party Transactions | ||||
Vesting price (in dollars per share) | $ 20 | |||
Founder Shares | Class L ordinary shares | Second Price Vesting | ||||
Related Party Transactions | ||||
Vesting price (in dollars per share) | 30 | |||
Founder Shares | Class L ordinary shares | Third Price Vesting | ||||
Related Party Transactions | ||||
Vesting price (in dollars per share) | 40 | |||
Founder Shares | Class L ordinary shares | Fourth Price Vesting | ||||
Related Party Transactions | ||||
Vesting price (in dollars per share) | $ 50 | |||
Founder Shares | Private Placement | Class A ordinary shares | ||||
Related Party Transactions | ||||
Issuance of ordinary shares from private placement with Sponsor (in shares) | shares | 1,005,000 | |||
Shares issued, price per share | $ 10 | |||
Issuance of ordinary shares from private placement with Sponsor | $ | $ 10,100,000 |
Related Party Transactions - _3
Related Party Transactions - Forward Purchase Agreement (Details) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 15, 2020USD ($) | Sep. 15, 2020$ / shares | Sep. 15, 2020item | Sep. 15, 2020shares |
Related Party Transaction [Line Items] | |||||
Number of Class A shares called by each warrant | 1 | ||||
Warrants exercise price | $ / shares | $ 11.50 | ||||
Forward Purchase Agreement | |||||
Related Party Transaction [Line Items] | |||||
Number of Forward Purchase Warrants | 2,000,000 | ||||
Number of Class A shares called by each warrant | 1 | ||||
Warrants exercise price | $ / shares | $ 11.50 | ||||
Price per unit to be received for each unit sold | $ / shares | $ 10 | ||||
Class A ordinary shares | |||||
Related Party Transaction [Line Items] | |||||
Number of Class A ordinary shares included in each unit | 1 | 1 | |||
Aggregate proceeds to be received from Forward Purchase Agreement | $ | $ 100,000,000 | ||||
Class A ordinary shares | Forward Purchase Agreement | |||||
Related Party Transaction [Line Items] | |||||
Number of Forward Purchase Shares | 10,000,000 |
Related Party Transactions - Sp
Related Party Transactions - Sponsor Loan (Details) - Sponsor Loan - USD ($) | Sep. 30, 2020 | Aug. 31, 2020 | Jul. 17, 2020 |
Related Party Transactions | |||
Maximum borrowing capacity of related party promissory note | $ 300,000 | ||
Outstanding balance of related party note | $ 200,000 | $ 200,000 |
Related Party Transactions - Wo
Related Party Transactions - Working Capital Loans (Details) - Working Capital Loans - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions | ||
Maximum loans convertible into private placement shares | $ 1,500,000 | |
Conversion price (in dollars per share) | $ 10 | |
Borrowings outstanding | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Administrative Support Agreement (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Administrative Support Agreement | |
Related Party Transactions | |
Expenses per month | $ 10,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2020 | Sep. 15, 2020 | Sep. 30, 2021 | Sep. 30, 2021 |
Commitments and Contingencies | ||||
Number of days option provided | 45 days | |||
Interest earned on marketable securities held in Trust Account | $ 28,797 | $ 85,426 | ||
Proceeds from refund of underwriting discount | $ 14,100,000 | $ 14,100,000 | ||
Amount received in satisfaction of reimbursement agreement | $ 800,000 | |||
Over-allotment | ||||
Commitments and Contingencies | ||||
Number of units issued | 5,250,000 | 5,250,000 | ||
Share price | $ 10 | $ 10 | ||
Underwriting discount per unit | $ 0.20 | |||
Underwriting discount paid | $ 8,100,000 | |||
Deferred fee per unit | $ 0.35 | $ 0.35 |
Class A Public Warrants Liabi_2
Class A Public Warrants Liability and Class L Ordinary Shares Liability (Details) | 9 Months Ended | ||
Sep. 30, 2021item$ / sharesshares | Dec. 31, 2020shares | Sep. 15, 2020$ / shares | |
Class of Warrant or Right [Line Items] | |||
Warrants exercise price | $ 11.50 | ||
Class L ordinary shares | |||
Class of Warrant or Right [Line Items] | |||
Ordinary shares, shares authorized | shares | 15,000,000 | ||
Ordinary shares, par value | $ 0.0001 | ||
Ordinary shares, shares issued | shares | 12,777,778 | 12,777,778 | |
Warrants | |||
Class of Warrant or Right [Line Items] | |||
Public Warrants exercisable term after the completion of a business combination | 30 days | ||
Public Warrants exercisable term from the closing of the initial public offering | 12 months | ||
Threshold period for filling registration statement after business combination | 20 days | ||
Threshold period for registration statement to be effective after which warrants can be exercised on a cashless basis | 60 days | ||
Warrants exercise price | $ 11.50 | ||
Warrants and Rights Outstanding, Term | 5 years | ||
Threshold issue price for capital raising purposes in connection with the closing of a Business Combination | $ 9.20 | ||
Percentage of gross proceeds on total equity proceeds | 50.00% | ||
Threshold trading days for calculating market value | item | 20 | ||
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115.00% | ||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Adjustment two of redemption price of stock based on market value and newly issued price (as a percent) | 180.00% | ||
Number of trading days on which fair market value of shares is reported | item | 10 | ||
Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||
Class of Warrant or Right [Line Items] | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Redemption price per public warrant (in dollars per share) | $ 0.01 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Threshold trading days for redemption of public warrants | item | 20 | ||
Threshold consecutive trading days for redemption of public warrants | item | 30 | ||
Threshold number of business days before sending notice of redemption to warrant holders | item | 3 | ||
Redemption period | 90 days | ||
Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 | |||
Class of Warrant or Right [Line Items] | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | ||
Redemption price per public warrant (in dollars per share) | $ 0.10 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days |
Class A Public Warrants Liabi_3
Class A Public Warrants Liability and Class L Ordinary Shares Liability (Details) | 9 Months Ended | ||
Sep. 30, 2021item$ / sharesshares | Dec. 31, 2020shares | Sep. 15, 2020$ / shares | |
Class of Warrant or Right [Line Items] | |||
Warrants exercise price | $ 11.50 | ||
Class L ordinary shares | |||
Class of Warrant or Right [Line Items] | |||
Ordinary shares, shares authorized | shares | 15,000,000 | ||
Ordinary shares, par value | $ 0.0001 | ||
Ordinary shares, shares issued | shares | 12,777,778 | 12,777,778 | |
Ordinary shares, shares outstanding | shares | 12,777,778 | 12,777,778 | |
Warrants | |||
Class of Warrant or Right [Line Items] | |||
Public Warrants exercisable term after the completion of a business combination | 30 days | ||
Public Warrants exercisable term from the closing of the initial public offering | 12 months | ||
Warrants exercise price | $ 11.50 | ||
Warrants and Rights Outstanding, Term | 5 years | ||
Threshold period for filling registration statement after business combination | 20 days | ||
Threshold period for registration statement to be effective after which warrants can be exercised on a cashless basis | 60 days | ||
Number of trading days on which fair market value of shares is reported | item | 10 | ||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Threshold issue price for capital raising purposes in connection with the closing of a Business Combination | $ 9.20 | ||
Percentage of gross proceeds on total equity proceeds | 50.00% | ||
Threshold trading days for calculating market value | item | 20 | ||
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115.00% | ||
Adjustment two of redemption price of stock based on market value and newly issued price (as a percent) | 180.00% | ||
Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||
Class of Warrant or Right [Line Items] | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Redemption price per public warrant (in dollars per share) | $ 0.01 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Threshold trading days for redemption of public warrants | item | 20 | ||
Threshold consecutive trading days for redemption of public warrants | item | 30 | ||
Threshold number of business days before sending notice of redemption to warrant holders | item | 3 | ||
Redemption period | 90 days | ||
Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 | |||
Class of Warrant or Right [Line Items] | |||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 10 | ||
Redemption price per public warrant (in dollars per share) | $ 0.10 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days |
Shareholders' Equity - Ordinary
Shareholders' Equity - Ordinary Shares (Details) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 15, 2020 |
Class A ordinary shares | |||||
Stockholders' Equity | |||||
Common shares, par value (in dollars per share) | $ 0.0001 | ||||
Temporary equity, shares outstanding | 40,250,000 | 40,250,000 | |||
Class A ordinary shares subject to possible redemption | |||||
Stockholders' Equity | |||||
Temporary equity, shares outstanding | 40,250,000 | 40,250,000 | 40,250,000 | 40,250,000 | |
Class A ordinary shares not subject to possible redemption | |||||
Stockholders' Equity | |||||
Common shares, shares authorized (in shares) | 600,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | |
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common shares, shares issued (in shares | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | |
Common shares, shares outstanding (in shares) | 1,005,000 | 1,005,000 | 1,005,000 | ||
Class B ordinary shares | |||||
Stockholders' Equity | |||||
Common shares, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |||
Common shares, shares issued (in shares | 4,472,222 | 4,472,222 | 4,472,222 | 4,472,222 | |
Common shares, shares outstanding (in shares) | 4,472,222 | 4,472,222 | 4,472,222 | ||
Ordinary shares subject to forfeiture (in shares) | 583,333 | 583,333 |
Shareholders' Equity - Preferen
Shareholders' Equity - Preference shares (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Shareholders' Equity | ||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
Fair Value Measurements - Gross
Fair Value Measurements - Gross holding losses and fair value of held-to-maturity securities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurements | ||
Assets Held-in-trust, Noncurrent | $ 402,671,143 | $ 402,585,717 |
Cash. | ||
Fair Value Measurements | ||
Assets Held-in-trust, Noncurrent | 1,789 | 389 |
U.S. Treasury Securities | ||
Fair Value Measurements | ||
Assets Held-in-trust, Noncurrent | 402,669,354 | 402,585,328 |
Level 1 | U.S. Treasury Securities | ||
Fair Value Measurements | ||
Amortized Cost | 402,669,354 | 402,585,328 |
Unrealized Gross Holding Gain (Loss) | 648 | (11,602) |
Fair Value | $ 402,670,002 | $ 402,573,726 |
Fair Value Measurements - Hiera
Fair Value Measurements - Hierarchy (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurements | ||
Liabilities | $ 32,187,500 | $ 163,322,500 |
Class A public warrants liability | ||
Fair Value Measurements | ||
Liabilities | 10,867,500 | 34,212,500 |
Forward purchase securities liability | ||
Fair Value Measurements | ||
Liabilities | 3,950,000 | 38,570,000 |
Class L ordinary shares liability | ||
Fair Value Measurements | ||
Liabilities | 17,370,000 | 90,540,000 |
Level 1 | ||
Fair Value Measurements | ||
Liabilities | 10,867,500 | 34,212,500 |
Level 1 | Class A public warrants liability | ||
Fair Value Measurements | ||
Liabilities | 10,867,500 | 34,212,500 |
Level 3 | ||
Fair Value Measurements | ||
Liabilities | 21,320,000 | 129,110,000 |
Level 3 | Forward purchase securities liability | ||
Fair Value Measurements | ||
Liabilities | 3,950,000 | 38,570,000 |
Level 3 | Class L ordinary shares liability | ||
Fair Value Measurements | ||
Liabilities | $ 17,370,000 | $ 90,540,000 |
Fair Value Measurements - Forwa
Fair Value Measurements - Forward Purchase Securities Liability (Details) - Level 3 - Forward purchase securities liability | 6 Months Ended | 9 Months Ended |
Dec. 31, 2020USD ($)item | Sep. 30, 2021USD ($)item | |
Fair Value Measurements | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | $ 100,000,000 | |
Summary of the changes in fair value, measured on a recurring basis | ||
Fair value, beginning balance | $ 0 | 38,570,000 |
Initial measurement on September 15, 2020 | 29,030,000 | |
Change in fair value | 9,540,000 | (34,620,000) |
Fair value, ending balance | $ 38,570,000 | $ 3,950,000 |
Risk-free rate | ||
Summary of the changes in fair value, measured on a recurring basis | ||
Equity Securities, FV-NI, Measurement Input | item | 0.11 | 0.07 |
Remaining term in years | ||
Summary of the changes in fair value, measured on a recurring basis | ||
Equity Securities, FV-NI, Measurement Input | item | 1.50 | 0.75 |
Fair Value Measurements - Class
Fair Value Measurements - Class L Ordinary Shares Liability (Details) - Level 3 - Class L ordinary shares liability | 6 Months Ended | 9 Months Ended |
Dec. 31, 2020USD ($)Yitem | Sep. 30, 2021USD ($)itemY | |
Summary of the changes in fair value, measured on a recurring basis | ||
Fair value, beginning balance | $ 0 | $ 90,540,000 |
Initial measurement on September 2, 2020 | 0 | |
Change in fair value | 90,540,000 | (73,170,000) |
Fair value, ending balance | $ 90,540,000 | $ 17,370,000 |
Risk-free rate | ||
Summary of the changes in fair value, measured on a recurring basis | ||
Equity Securities, FV-NI, Measurement Input | item | 0.0101 | 0.0155 |
Remaining term in years | ||
Summary of the changes in fair value, measured on a recurring basis | ||
Equity Securities, FV-NI, Measurement Input | Y | 11.50 | 10.76 |
Volatility | ||
Summary of the changes in fair value, measured on a recurring basis | ||
Equity Securities, FV-NI, Measurement Input | item | 0.3050 | 0.1700 |
Underlying share price | ||
Summary of the changes in fair value, measured on a recurring basis | ||
Equity Securities, FV-NI, Measurement Input | item | 12.99 | 10.12 |