Quarterly report pursuant to Section 13 or 15(d)

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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


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



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