| Schedule of Restatement of financial statements |
The impact of the restatement on the unaudited condensed financial statements for the Affected Quarterly Periods is presented below.
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed balance sheet as of March 31, 2021:
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 (unaudited) |
|
As Reported |
|
Adjustment |
|
As Restated |
Total assets |
|
$ |
415,335,049 |
|
$ |
— |
|
$ |
415,335,049 |
Total liabilities |
|
|
39,536,054 |
|
$ |
— |
|
$ |
39,536,054 |
Class A ordinary shares subject to possible redemption |
|
|
370,798,990 |
|
|
43,201,010 |
|
|
414,000,000 |
Preferred shares |
|
|
— |
|
|
— |
|
|
— |
Class A ordinary shares |
|
|
432 |
|
|
(432) |
|
|
— |
Class B ordinary shares |
|
|
1,035 |
|
|
— |
|
|
1,035 |
Additional paid-in capital |
|
|
9,473,215 |
|
|
(9,473,215) |
|
|
— |
Accumulated deficit |
|
|
(4,474,677) |
|
|
(33,727,363) |
|
|
(38,202,040) |
Total shareholders’ equity (deficit) |
|
$ |
5,000,005 |
|
$ |
(43,201,010) |
|
|
(38,201,005) |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
|
$ |
415,335,049 |
|
$ |
— |
|
$ |
415,335,049 |
Number of Class A ordinary shares subject to redemption |
|
|
37,079,899 |
|
|
4,320,101 |
|
|
41,400,000 |
Number of non-redeemable Class A ordinary shares |
|
|
4,320,101 |
|
|
(4,320,101) |
|
|
— |
The Company’s unaudited condensed statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above.
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited statement of cash flows for the three months ended March 31, 2021:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2021 (unaudited) |
|
|
As Reported |
|
Adjustment |
|
As Restated |
Supplemental Disclosure of Noncash Financing Activities: |
|
|
|
|
|
|
|
|
|
Initial value of Class A ordinary shares subject to possible redemption |
|
$ |
395,556,560 |
|
$ |
(395,556,560) |
|
$ |
— |
Change in value of Class A ordinary shares subject to possible redemption |
|
$ |
(24,757,570) |
|
$ |
24,757,570 |
|
$ |
— |
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed balance sheet as of June 30, 2021:
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 (unaudited) |
|
As Reported |
|
Adjustment |
|
As Restated |
Total assets |
|
$ |
415,000,695 |
|
$ |
— |
|
$ |
415,000,695 |
Total liabilities |
|
$ |
41,879,880 |
|
$ |
— |
|
$ |
41,879,880 |
Class A ordinary shares subject to possible redemption |
|
|
368,120,810 |
|
|
45,879,190 |
|
|
414,000,000 |
Preferred shares |
|
|
— |
|
|
— |
|
|
— |
Class A ordinary shares |
|
|
459 |
|
|
(459) |
|
|
— |
Class B ordinary shares |
|
|
1,035 |
|
|
— |
|
|
1,035 |
Additional paid-in capital |
|
|
12,151,369 |
|
|
(12,151,369) |
|
|
— |
Accumulated deficit |
|
|
(7,152,858) |
|
|
(33,727,362) |
|
|
(40,880,220) |
Total shareholders’ equity (deficit) |
|
$ |
5,000,005 |
|
$ |
(45,879,190) |
|
$ |
(40,879,185) |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
|
$ |
415,000,695 |
|
$ |
— |
|
$ |
415,000,695 |
Number of Class A ordinary shares subject to redemption |
|
|
36,812,081 |
|
|
4,587,919 |
|
|
41,400,000 |
Number of non-redeemable Class A ordinary shares |
|
|
4,587,919 |
|
|
(4,587,919) |
|
|
— |
The Company’s unaudited statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity accounts described above.
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed statement of cash flows for the six months ended June 30, 2021:
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2021 (unaudited) |
|
|
As Reported |
|
Adjustment |
|
As Restated |
Supplemental Disclosure of Noncash Financing Activities: |
|
|
|
|
|
|
|
|
|
Initial value of Class A ordinary shares subject to possible redemption |
|
$ |
374,284,560 |
|
$ |
(374,284,560) |
|
$ |
— |
Change in value of Class A ordinary shares subject to possible redemption |
|
$ |
(6,163,750) |
|
$ |
6,163,750 |
|
$ |
— |
The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods:
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
As Reported |
|
Adjustment |
|
As Restated |
Three Months Ended March 31, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,461,996) |
|
$ |
— |
|
$ |
(4,461,996) |
Weighted average shares outstanding - Class A ordinary shares |
|
|
41,400,000 |
|
|
(17,940,000) |
|
|
23,460,000 |
Basic and diluted earnings per share - Class A ordinary shares |
|
$ |
— |
|
$ |
(0.13) |
|
$ |
(0.13) |
Weighted average shares outstanding - Class B ordinary shares |
|
|
9,765,000 |
|
|
— |
|
|
9,765,000 |
Basic and diluted earnings per share - Class B ordinary shares |
|
$ |
(0.46) |
|
$ |
0.33 |
|
$ |
(0.13) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
As Reported |
|
Adjustment |
|
As Restated |
Three Months Ended June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,678,181) |
|
$ |
— |
|
$ |
(2,678,181) |
Weighted average shares outstanding - Class A ordinary shares |
|
|
41,400,000 |
|
|
— |
|
|
41,400,000 |
Basic and diluted earnings per share - Class A ordinary shares |
|
$ |
— |
|
$ |
(0.05) |
|
$ |
(0.05) |
Weighted average shares outstanding - Class B ordinary shares |
|
|
10,350,000 |
|
|
— |
|
|
10,350,000 |
Basic and diluted earnings per share - Class B ordinary shares |
|
$ |
(0.26) |
|
$ |
0.21 |
|
$ |
(0.05) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
As Reported |
|
Adjustment |
|
As Restated |
Six Months Ended June 30, 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(7,140,177) |
|
$ |
— |
|
$ |
(7,140,177) |
Weighted average shares outstanding - Class A ordinary shares |
|
|
41,400,000 |
|
|
(10,154,717) |
|
|
31,245,283 |
Basic and diluted earnings per share - Class A ordinary shares |
|
$ |
— |
|
$ |
(0.17) |
|
$ |
(0.17) |
Weighted average shares outstanding - Class B ordinary shares |
|
|
10,059,116 |
|
|
(40,248) |
|
|
10,018,868 |
Basic and diluted earnings per share - Class B ordinary shares |
|
$ |
(0.71) |
|
$ |
0.54 |
|
$ |
(0.17) |
|