Document And Entity Information
Document And Entity Information - USD ($) | 2 Months Ended | ||
Dec. 31, 2020 | Mar. 05, 2021 | Jun. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | Global Partner Acquisition Corp II | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 30,000,000 | ||
Entity Public Float | $ 305,400,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001831979 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
Document Transition Report | false | ||
Entity File Number | 001-39875 | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Interactive Data Current | Yes |
Balance Sheet
Balance Sheet | Dec. 31, 2020USD ($) | |
ASSETS | ||
Current asset – cash | $ 20,000 | |
Deferred offering costs | 205,000 | |
Total assets | 225,000 | |
Current liabilities– | ||
Accrued offering costs | 6,000 | |
Note Payable to Sponsor | 199,000 | |
Total liabilities | 205,000 | |
Commitments and contingencies | ||
Shareholder’s equity: | ||
Preferred shares, $0.0001 par value; 5,000,000 shares authorized, none issued or outstanding | ||
Additional paid-in-capital | 24,000 | |
Accumulated deficit | (5,000) | |
Total shareholder’s equity | 20,000 | |
Total liabilities and shareholder’s equity | 225,000 | |
Class A ordinary shares | ||
Shareholder’s equity: | ||
Common stock value | ||
Class B ordinary shares | ||
Shareholder’s equity: | ||
Common stock value | 1,000 | |
Total shareholder’s equity | $ 1,000 | [1] |
[1] | Share amounts have been retroactively restated to reflect a share capitalization subsequent to December 31, 2020 resulting in there being an aggregate of 7,500,000 Class B ordinary shares issued and outstanding (see Note 4). |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) | Dec. 31, 2020$ / sharesshares | |
Preferred shares,Par value (in Dollars per share) | $ / shares | $ 0.0001 | |
Preferred shares authorized | 5,000,000 | |
Ordinary shares, issued | 0 | |
Ordinary shares, outstanding | 0 | |
Class A ordinary shares | ||
Ordinary share par value (in Dollars per share) | $ / shares | $ 0.0001 | |
Ordinary shares authorized | 500,000,000 | |
Ordinary shares, issued | 0 | |
Ordinary shares, outstanding | 0 | |
Class B ordinary shares | ||
Ordinary share par value (in Dollars per share) | $ / shares | $ 0.0001 | [1] |
Ordinary shares authorized | 50,000,000 | [1] |
Ordinary shares, issued | 7,500,000 | [1] |
Ordinary shares, outstanding | 7,500,000 | [1] |
[1] | Share amounts have been retroactively restated to reflect a share capitalization, subsequent to December 31, 2020, resulting in there being an aggregate of 7,500,000 Class B ordinary shares issued and outstanding (see Note 4) |
Statement of Operations
Statement of Operations | 2 Months Ended | |
Dec. 31, 2020USD ($)$ / sharesshares | ||
Income Statement [Abstract] | ||
Revenues | ||
General and administrative expenses | 5,000 | |
Net loss | $ (5,000) | |
Weighted average ordinary shares outstanding | ||
Basic and diluted (in Shares) | shares | 7,500,000 | [1] |
Net loss per ordinary share: | ||
Basic and diluted (in Dollars per share) | $ / shares | $ 0 | |
[1] | Share amounts have been retroactively restated, to reflect subsequent to December 31, 2020, (a) a share capitalization resulting in there being an aggregate of 7,500,000 Class B ordinary shares issued and outstanding (see Note 4) and (b) the elimination of the forfeitability of 625,000 Class B ordinary shares as a result of the underwriters’ exercise, in full, of their overallotment option. |
Statement of Operations (Parent
Statement of Operations (Parentheticals) - Class B ordinary shares | 2 Months Ended | |
Dec. 31, 2020shares | ||
Class B ordinary shares issued | 7,500,000 | [1] |
Class B ordinary shares outstanding | 7,500,000 | |
Class B ordinary shares underwriters exercise | 625,000 | |
[1] | Share amounts have been retroactively restated to reflect a share capitalization, subsequent to December 31, 2020, resulting in there being an aggregate of 7,500,000 Class B ordinary shares issued and outstanding (see Note 4) |
Statement of Changes in Shareho
Statement of Changes in Shareholder’s Equity - 2 months ended Dec. 31, 2020 - USD ($) | Class B Ordinary shares | Additional Paid-in Capital | Accumulated Deficit | Total | ||
Balance at Nov. 02, 2020 | ||||||
Balance (in Shares) at Nov. 02, 2020 | ||||||
Issuance of Class B ordinary shares to Sponsor at approximately $0.003 per share | $ 1,000 | [1] | 24,000 | 25,000 | ||
Issuance of Class B ordinary shares to Sponsor at approximately $0.003 per share (in Shares) | [1] | 7,500,000 | ||||
Net loss | (5,000) | (5,000) | ||||
Balance at Dec. 31, 2020 | $ 1,000 | [1] | $ 24,000 | $ (5,000) | $ 20,000 | |
Balance (in Shares) at Dec. 31, 2020 | [1] | 7,500,000 | ||||
[1] | Share amounts have been retroactively restated to reflect a share capitalization subsequent to December 31, 2020 resulting in there being an aggregate of 7,500,000 Class B ordinary shares issued and outstanding (see Note 4). |
Statement of Changes in Share_2
Statement of Changes in Shareholder’s Equity (Parentheticals) | Dec. 31, 2020$ / shares |
Class B Ordinary shares | |
Sponsor at approximately | $ 0.003 |
Statement of Cash Flows
Statement of Cash Flows | 2 Months Ended |
Dec. 31, 2020USD ($) | |
Statement of Cash Flows [Abstract] | |
Net loss | $ (5,000) |
Adjustments to reconcile net loss to net cash used in operations: | |
Payment of formation costs through issuance of Class B ordinary shares | 5,000 |
Net cash used in operating activities | |
Cash flows from financing activities: | |
Proceeds from drawdown of Sponsor Note | 150,000 |
Payment of deferred offering costs | (130,000) |
Net cash provided by financing activities | 20,000 |
Net change in cash | 20,000 |
Cash at beginning of period | |
Cash at end of period | 20,000 |
Supplemental disclosure of non-cash financing activities: | |
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares | 20,000 |
Deferred offering costs paid by directly by Sponsor and included in Sponsor Note | 49,000 |
Deferred offering costs in accrued expenses | $ 6,000 |
Description of Organization and
Description of Organization and Business Operations | 2 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Organization and Business Operations | Note 1 – Description of Organization and Business Operations Organization and General: Global Partner Acquisition Corp II (the “Company”) was incorporated in the Cayman Islands as an exempt company on November 3, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the “Securities Act,” as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). At December 31, 2020, the Company had not commenced any operations. All activity for the period from November 3, 2020 (inception) to December 31, 2020 relates to the Company’s formation and the initial public offering (“Public Offering”) described below. The Company will not generate any operating revenues until after completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering. The Company has selected December 31 st Sponsor and Public Offering: The Company’s sponsor is Global Partner Sponsor II LLC, a Delaware limited liability company (the “Sponsor”). The Company intends to finance a Business Combination with the net proceeds from the $300,000,000 Public Offering (including the exercise in full of the underwriters’ overallotment option - Note 3) and a $8,350,000 private placement (Note 4) all of which closed subsequent to December 31, 2020 on January 14, 2021. Upon the closing of the Public Offering and the private placement, $300,000,000 was held in cash in a trust account (the “Trust Account”) subsequent to December 31, 2020 on January 14, 2021 and was The Trust Account: The funds in the Trust Account are to be invested only in U.S. government treasury bills with a maturity of one hundred and eighty five (185) days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940 which invest only in direct U.S. government obligations. Funds will remain in the Trust Account until the earlier of (i) the consummation of its initial Business Combination or (ii) the distribution of the Trust Account as described below. The remaining funds outside the Trust Account may be used to pay for business, legal and accounting due diligence on prospective acquisition targets and continuing general and administrative expenses. The Company’s amended and restated memorandum and articles of associating provides that, other than the withdrawal of interest to pay tax obligations, if any, less up to $100,000 interest to pay dissolution expenses, none of the funds held in trust will be released until the earliest of: (a) the completion of the initial Business Combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 24 months from the closing of the Public Offering or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity, and (c) the redemption of the public shares if the Company is unable to complete the initial Business Combination within 24 months from the closing of the Public Offering, subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of creditors, if any, which could have priority over the claims of our public shareholders. Business Combination: The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a Target Business. As used herein, “Target Business” is one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less any taxes payable on interest earned) at the time of signing a definitive agreement in connection with the Company’s initial Business Combination. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for a Business Combination, will either (i) seek shareholder approval of the Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest but less taxes payable and amounts released for taxes, or (ii) provide shareholders with the opportunity to have their shares redeemed by the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to commencement of the tender offer, including interest but less taxes payable and amounts released to the Company for working capital. The decision as to whether the Company will seek shareholder approval of the Business Combination or will allow shareholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval unless a vote is required by the rules of the Nasdaq Capital Market. If the Company seeks shareholder approval, it will complete its Business Combination only if a majority of the outstanding shares of Class A and Class B ordinary shares voted are voted in favor of the Business Combination. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001 upon consummation of a Business Combination. In such case, the Company would not proceed with the redemption of its public shares and the related Business Combination, and instead may search for an alternate Business Combination. If the Company holds a shareholder vote or there is a tender offer for shares in connection with a Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest but less taxes payable and amounts released to the Company for working capital. As a result, such shares of Class A ordinary shares will be recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with FASB ASC 480, “Distinguishing Liabilities from Equity.” The amount in the Trust Account is initially funded at $10.00 per public Class A ordinary share ($300,000,000 held in the Trust Account divided by 30,000,000 public shares). The Company will have 24 months, until January 14, 2023, from the closing date of the Public Offering to complete its initial Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (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 the public shares of Class A ordinary shares for a per share pro rata portion of the Trust Account, including interest, but less taxes payable and amounts released to the Company for working capital (less up to $100,000 of such net interest to pay dissolution expenses) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its creditors and remaining shareholders, as part of its plan of dissolution and liquidation. The initial shareholders have entered into a letter agreement with us, pursuant to which they have waived their rights to participate in any redemption with respect to their initial shares; however, if the initial shareholders or any of the Company’s officers, directors or affiliates acquire shares of Class A ordinary shares in or after the Public Offering, they will be entitled to a pro rata share of the Trust Account upon the Company’s redemption or liquidation in the event the Company does not complete a Business Combination within 24 months, January 14, 2023, from the closing of the Public offering. 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 price per Unit ( as defined below in Note 3) in the Public Offering. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 2 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Presentation: The financial statements of the Company are presented in U.S. dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In connection with the Company’s assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, as of December 31, 2020, management has determined that the Company’s current liquidity, including access to funds from the Sponsor entity (its sole shareholder, see Note 4), the Sponsor having agreed to make such funds available and having the financial wherewithal to provide such funds, is sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Public Offering or one year from the date of issuance of these financial statements. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when an accounting 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. Net Loss per Ordinary Share: The Company complies with accounting and disclosure requirements of ASC Topic 260, “ Earnings Per Share 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. 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: The fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC 820”), “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Deferred Offering Costs: The Company complies with the requirements of the FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (SAB) Topic 5A—“Expenses of Offering”. Costs incurred in connection with preparation for the Public Offering, together with the underwriters’ discount, were charged to equity upon completion of the Public Offering subsequent to December 31, 2020 on January 14, 2021. Income Taxes: FASB ASC 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 December 31, 2020. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at 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. The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Recent Accounting Pronouncements: 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 financial statements. Subsequent Events: The Company evaluated subsequent events and transactions that occurred after the date of the balance sheet through March 9, 2021, the date that the financial statements were available to be issued and has concluded that all such events that would require adjustment or disclosure in the financial statements have been recognized or disclosed. |
Public Offering
Public Offering | 2 Months Ended |
Dec. 31, 2020 | |
Public Offering [Abstract] | |
Public Offering | Note 3 – Public Offering Subsequent to December 31, 2020, on January 14, 2021, the Company closed on the Public Offering and sale of 30,000,000 units at a price of $10.00 per unit (the “Units”). Each Unit consists of one share of the Company’s Class A ordinary shares, $0.0001 par value, one-sixth of one detachable redeemable warrant (the “Detachable Redeemable Warrants”) and the contingent right to receive, in certain circumstances, in connection with the business combination, one-sixth of one distributable redeemable warrant for each public share that a public shareholder holds and does not redeem in connection with our initial business combination (the “Distributable Redeemable Warrants”). Each whole Redeemable Warrant offered in the Public Offering is exercisable to purchase one share of our Class A ordinary shares. Only whole Redeemable Warrants may be exercised. Under the terms of the warrant agreement, the Company has agreed to use its best efforts to file a new registration statement under the Securities Act, following the completion of the Company’s initial Business Combination. No fractional shares will be issued upon exercise of the Redeemable Warrants. If, upon exercise of the Redeemable Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of Class A ordinary shares to be issued to the Redeemable Warrant holder. Each Redeemable Warrant will become exercisable on the later of 30 days after the completion of the Company’s initial Business Combination or 12 months from the closing of the Public Offering and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption or liquidation. However, if the Company does not complete its initial Business Combination on or prior to the 24-month period, January 14, 2023, allotted to complete the Business Combination, the Redeemable Warrants will expire at the end of such period. If the Company is unable to deliver registered Class A ordinary shares to the holder upon exercise of a Redeemable Warrant during the exercise period, there will be no net cash settlement of these Redeemable Warrants and the Redeemable Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described in the warrant agreement. Once the Redeemable Warrants become exercisable, the Company may redeem the outstanding Redeemable 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, only in the event that the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the Redeemable Warrant holders, and that certain other conditions are met. Once the Redeemable Warrants become exercisable, the Company may also redeem the outstanding Redeemable Warrants in whole and not in part at a price of $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption, only in the event that the closing price of the Class A ordinary shares equals or exceeds $10.00 per share on the trading day prior to the date on which the Company sends the notice of redemption, and that certain other conditions are met. If the closing price of the Class A ordinary shares is less than $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders, the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. If issued, the Distributable Redeemable Warrants are identical to the Redeemable Warrants. The Company had granted the underwriters a 45-day option to purchase up to 2,500,000 Units to cover any over-allotments, at the Public Offering price less the underwriting discounts and commissions and such option was exercised in full at the closing of the Public Offering and included in the 30,000,000 Units sold on January 14, 2021. The Company paid an underwriting discount of 2.0% of the per Unit price, $6,000,000, to the underwriters at the closing of the Public Offering and there is a deferred underwriting fee of 3.5%, $10,500,000, of the per Unit price which is payable upon the completion of the Company’s initial business combination. |
Related Party Transactions
Related Party Transactions | 2 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 – Related Party Transactions Founder Shares During 2020, the Sponsor purchased 7,187,500 Class B ordinary shares (the “Founder Shares”) for $25,000 (which amount was paid directly for organizational costs and costs of the Public Offering by the Sponsor on behalf of the Company), or approximately $0.003 per share. In January 2021, the Company effected a share capitalization resulting in there being an aggregate of 7,500,000 Founder Shares issued (with share information herein reflecting such capitalization and resulting increase in shares retroactively). The Founder Shares are substantially identical to the Class A ordinary shares included in the Units sold in the Public Offering except that the Founder Shares automatically convert into shares of Class A ordinary shares at the time of the initial Business Combination, or at any time prior thereto at the option of the holder, and are subject to certain transfer restrictions, as described in more detail below, and the Founder Shares are subject to vesting as follows: 50% upon the completion of a business combination and then 12.5% on each of the attainment of Return to Shareholders (as defined in the agreement) exceeding 20%, 30%, 40% and 50%. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the business combination will be cancelled. The Sponsor agreed to forfeit up to 625,000 Founder Shares to the extent that their over-allotment option was not exercised in full by the underwriters. The underwriters’ exercised their over-allotment option in full in January 2021 and therefore such shares are no longer subject to forfeiture. Further, since this contingency was removed subsequent to December 31, 2020 and before the financial statements were issued, the elimination of the contingency has been retroactively reflected in the Statement of Operations for the period from November 3, 2020 (inception) to December 31, 2020. In addition to the vesting provisions of the Founder Shares discussed in Note 5, the Company’s initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the Company’s initial Business Combination, or (B), subsequent to the Company’s initial Business Combination, if (x) the last sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their shares of ordinary shares for cash, securities or other property . Private Placement Warrants Subsequent to December 31, 2020 in January 2021, the Sponsor purchased from the Company an aggregate of 5,566,667 warrants at a price of $1.50 per warrant (a purchase price of $8,350,000) in a private placement that occurred simultaneously with the completion of the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share. The purchase price of the Private Placement Warrants will be added to the proceeds from the Public Offering, net of expenses of the offering and working capital to be available to the Company, to be held in the Trust Account pending completion of the Company’s initial Business Combination. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination and they will be non-redeemable so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the warrants included in the Units being sold in the Public Offering. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Redeemable Warrants being sold as part of the Units in the Public Offering and have no net cash settlement provisions. If the Company does not complete a Business Combination, then the proceeds from the sale of the Private Placement Warrants will be part of the liquidating distribution to the public shareholders and the Private Placement Warrants issued to the Sponsor will expire worthless. Registration Rights Subsequent to December 31, 2020, in January 2021, the Company’s initial shareholders and the holders of the Private Placement Warrants were granted and are entitled to registration rights pursuant to a registration and shareholder rights agreement. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. There will be no penalties associated with delays in registering the securities under the registration and shareholder rights agreement. Related Party Loans In November 2020, the Sponsor agreed to loan the Company up to an aggregate of $300,000 by drawdowns of not less than $1,000 each against the issuance of an unsecured promissory note (the “Note”) to cover expenses related to the Public Offering. The Note was non-interest bearing and payable on the earlier of March 31, 2021 or the completion of the Public Offering. The Company had drawn down approximately $199,000 under the Note, including approximately $49,000 of costs paid directly by the Sponsor, for costs related the Public Offering. In January 2021, upon closing of the Public Offering, all amounts outstanding under the Note were repaid. Administrative Support Agreement The Company has agreed to pay $25,000 a month to the Sponsor for the services to be provided by one or more investment professionals, creation and maintenance of our website, and miscellaneous additional services. Services commenced on the date the securities were first listed on the Nasdaq Capital Market and will terminate upon the earlier of the consummation by the Company of an initial Business Combination or the liquidation of the Company. |
Shareholder_s Equity
Shareholder’s Equity | 2 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholder’s Equity | Note 5—Shareholder’s Equity Ordinary Shares The authorized ordinary shares of the Company includes 500,000,000 Class A ordinary shares, par value, $0.0001, and 50,000,000 Class B ordinary shares, par value, $0.0001, or 550,000,000 ordinary shares in total. Upon completion of the Public Offering, the Company may (depending on the terms of the Business Combination) be required to increase the authorized number of shares at the same time as its shareholders vote on the Business Combination to the extent the Company seeks shareholder approval in connection with its Business Combination. Holders of the Company’s Class A and Class B ordinary shares vote together as a single class and are entitled to one vote for each share of Class A and Class B ordinary shares. The Founder Shares are subject to vesting as follows: 50% upon the completion of a business combination and then an additional 12.5% on the attainment of each of a series of certain “shareholder return” targets exceeding 20%, 30%, 40% and 50%, as further defined in a letter agreement attached an exhibit to this annual report on Form 10-K. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the business combination will be cancelled. Subsequent to December 31, 2020, in January 2021, the Company effected a share capitalization resulting in there being, as retroactively restated, an aggregate of 7,500,000 Founder Shares issued, and no Class A ordinary shares issued or outstanding as of December 31, 2020. The 625,000 Class B ordinary shares which were subject to forfeiture at December 31, 2020 as described in Note 4, were not forfeited as the underwriters’ exercised their overallotment option in full. Preferred Shares The Company is authorized to issue 5,000,000 preferred shares, par value $0.0001, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2020, there were no preferred shares issued or outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6—Commitments and Contingencies Risks and Uncertainties—COVID-19 See also Notes 3 and 4. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 2 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The financial statements of the Company are presented in U.S. dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In connection with the Company’s assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, as of December 31, 2020, management has determined that the Company’s current liquidity, including access to funds from the Sponsor entity (its sole shareholder, see Note 4), the Sponsor having agreed to make such funds available and having the financial wherewithal to provide such funds, is sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Public Offering or one year from the date of issuance of these financial statements. |
Emerging Growth Company | Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when an accounting 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. |
Net Loss per Ordinary Share | Net Loss per Ordinary Share: The Company complies with accounting and disclosure requirements of ASC Topic 260, “ Earnings Per Share |
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. 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: The fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC 820”), “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Deferred Offering Costs | Deferred Offering Costs: The Company complies with the requirements of the FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (SAB) Topic 5A—“Expenses of Offering”. Costs incurred in connection with preparation for the Public Offering, together with the underwriters’ discount, were charged to equity upon completion of the Public Offering subsequent to December 31, 2020 on January 14, 2021. |
Income Taxes | Income Taxes: FASB ASC 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 December 31, 2020. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at 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. The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: 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 financial statements. |
Subsequent Events | Subsequent Events: The Company evaluated subsequent events and transactions that occurred after the date of the balance sheet through March 9, 2021, the date that the financial statements were available to be issued and has concluded that all such events that would require adjustment or disclosure in the financial statements have been recognized or disclosed. |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | Jan. 14, 2021 | Dec. 31, 2020 |
Description of Organization and Business Operations (Details) [Line Items] | ||
Interest dissolution expenses | $ 100,000 | |
Shares redeem percentage | 100.00% | |
Taxes payable on interest earned percentage | 80.00% | |
Net tangible assets | $ 5,000,001 | |
Trust account description | The amount in the Trust Account is initially funded at $10.00 per public Class A ordinary share ($300,000,000 held in the Trust Account divided by 30,000,000 public shares). | |
Description of business combination | The Company will have 24 months, until January 14, 2023, from the closing date of the Public Offering to complete its initial Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (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 the public shares of Class A ordinary shares for a per share pro rata portion of the Trust Account, including interest, but less taxes payable and amounts released to the Company for working capital (less up to $100,000 of such net interest to pay dissolution expenses) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its creditors and remaining shareholders, as part of its plan of dissolution and liquidation. The initial shareholders have entered into a letter agreement with us, pursuant to which they have waived their rights to participate in any redemption with respect to their initial shares; however, if the initial shareholders or any of the Company’s officers, directors or affiliates acquire shares of Class A ordinary shares in or after the Public Offering, they will be entitled to a pro rata share of the Trust Account upon the Company’s redemption or liquidation in the event the Company does not complete a Business Combination within 24 months, January 14, 2023, from the closing of the Public offering. | |
Pay dissolution expenses | $ 100,000 | |
Subsequent Event [Member] | ||
Description of Organization and Business Operations (Details) [Line Items] | ||
Offering cost | $ 300,000,000 | |
Private placement | $ 8,350,000 | |
debt Instrument maturity date description | Upon the closing of the Public Offering and the private placement, $300,000,000 was held in cash in a trust account (the “Trust Account”) subsequent to December 31, 2020 on January 14, 2021 and was subsequently invested in U.S. government treasury bills maturing on April 15, 2021. | |
Trust account | $ 300,000,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 2 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Federal depository insurance coverage | $ 250,000 |
Public Offering (Details)
Public Offering (Details) - USD ($) | Jan. 14, 2021 | Jan. 30, 2021 | Dec. 31, 2020 |
Public Offering (Details) [Line Items] | |||
Underwriting discount percentage | 2.00% | ||
Underwriting unit price (in Dollars) | $ 6,000,000 | ||
Deferred underwriting percentage | 3.50% | ||
Deferred underwriting fees (in Dollars) | $ 10,500,000 | ||
Subsequent Event [Member] | |||
Public Offering (Details) [Line Items] | |||
Number of units issued in transaction (in Shares) | 30,000,000 | ||
Share purchase price | $ 10 | ||
Warrant price | 0.01 | ||
warrant redemption price | $ 0.10 | ||
Purchase of additional units (in Shares) | 7,500,000 | ||
Public Offering [Member] | Subsequent Event [Member] | |||
Public Offering (Details) [Line Items] | |||
Number of units issued in transaction (in Shares) | 30,000,000 | ||
Over-Allotment Option [Member] | Subsequent Event [Member] | |||
Public Offering (Details) [Line Items] | |||
Purchase of additional units (in Shares) | 2,500,000 | ||
Class A ordinary shares | |||
Public Offering (Details) [Line Items] | |||
Share purchase price | $ 12 | ||
Ordinary share par value | $ 0.0001 | ||
Public warrants,description | If the closing price of the Class A ordinary shares is less than $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders, the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. | ||
Class A ordinary shares | Subsequent Event [Member] | |||
Public Offering (Details) [Line Items] | |||
Share purchase price | $ 10 | ||
Class A ordinary shares | Public Offering [Member] | Subsequent Event [Member] | |||
Public Offering (Details) [Line Items] | |||
Share purchase price | 18 | ||
Ordinary share par value | $ 0.0001 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jan. 14, 2021 | Jan. 31, 2021 | Nov. 30, 2020 | Nov. 30, 2020 | Dec. 31, 2020 | |
Related Party Transactions (Details) [Line Items] | ||||||
Aggregate loan amount | $ 300,000 | |||||
Issuance of unsecured promissory note | 1,000 | |||||
Notes payable | $ 199,000 | $ 199,000 | ||||
Sponsor Fees | $ 49,000 | |||||
Sponsor fees | $ 25,000 | |||||
Subsequent Event [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Aggregate purchase price (in Shares) | 7,500,000 | |||||
Sale of sock per share (in Dollars per share) | $ 10 | |||||
Founder share vesting description | the Founder Shares are subject to vesting as follows: 50% upon the completion of a business combination and then 12.5% on each of the attainment of Return to Shareholders (as defined in the agreement) exceeding 20%, 30%, 40% and 50%. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the business combination will be cancelled. | |||||
Purchase price | $ 8,350,000 | |||||
Founder Shares [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Related party cost | $ 25,000 | |||||
Sale of sock per share (in Dollars per share) | $ 0.003 | |||||
Over-Allotment Option [Member] | Founder Shares [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Shares subject to forfeiture (in Shares) | 625,000 | |||||
Private Placement Warrants [Member] | Subsequent Event [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of stock (in Shares) | 5,566,667 | |||||
Share price per share (in Dollars per share) | $ 1.50 | |||||
Purchase price | $ 8,350,000 | |||||
Class B Ordinary Shares [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Aggregate purchase price (in Shares) | [1] | 7,500,000 | ||||
Class B Ordinary Shares [Member] | Founder Shares [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Aggregate purchase price (in Shares) | 7,187,500 | |||||
Class A Ordinary Shares [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of sock per share (in Dollars per share) | $ 12 | |||||
Class A Ordinary Shares [Member] | Subsequent Event [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of sock per share (in Dollars per share) | $ 10 | |||||
Class A Ordinary Shares [Member] | Private Placement Warrants [Member] | Subsequent Event [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Share Price (in Dollars per share) | $ 11.50 | |||||
[1] | Share amounts have been retroactively restated to reflect a share capitalization subsequent to December 31, 2020 resulting in there being an aggregate of 7,500,000 Class B ordinary shares issued and outstanding (see Note 4). |
Shareholder_s Equity (Details)
Shareholder’s Equity (Details) - $ / shares | 1 Months Ended | 2 Months Ended | |
Jan. 30, 2021 | Dec. 31, 2020 | ||
Shareholder’s Equity (Details) [Line Items] | |||
Common stock | 550,000,000 | ||
Business combination, Description | The Founder Shares are subject to vesting as follows: 50% upon the completion of a business combination and then an additional 12.5% on the attainment of each of a series of certain “shareholder return” targets exceeding 20%, 30%, 40% and 50%, as further defined in a letter agreement attached an exhibit to this annual report on Form 10-K. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the business combination will be cancelled. | ||
Preferred stock, shares authorized | 5,000,000 | ||
preferred stock ,par value (in Dollars per share) | $ 0.0001 | ||
Subsequent Event [Member] | |||
Shareholder’s Equity (Details) [Line Items] | |||
Aggregate shares issued | 7,500,000 | ||
Class B ordinary shares | |||
Shareholder’s Equity (Details) [Line Items] | |||
common stock, shares authoried | 500,000,000 | ||
common stock shares, par value (in Dollars per share) | $ 0.0001 | ||
Common stock subject to forfeiture | 625,000 | ||
Class B ordinary shares | |||
Shareholder’s Equity (Details) [Line Items] | |||
common stock, shares authoried | [1] | 50,000,000 | |
common stock shares, par value (in Dollars per share) | [1] | $ 0.0001 | |
[1] | Share amounts have been retroactively restated to reflect a share capitalization, subsequent to December 31, 2020, resulting in there being an aggregate of 7,500,000 Class B ordinary shares issued and outstanding (see Note 4) |