Registration of securities issued in business combination transactions

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

v3.21.1
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
5 Months Ended
Dec. 31, 2020
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS  
Summarizes the effect of the correction on each financial statement line item

 

 

 

 

 

 

 

 

 

 

 

 

As

 

 

 

 

 

 

 

 

Previously

 

 

 

 

As

 

    

Reported

    

Adjustments

    

Revised

Balance sheet as of October 27, 2020 (audited)

 

 

  

 

 

  

 

 

  

Warrant Liabilities

 

$

 —

 

$

17,600,000

 

$

17,600,000

Total Liabilities

 

 

9,979,556

 

 

17,600,000

 

 

27,579,556

Ordinary Shares Subject to Possible Redemption

 

 

189,953,340

 

 

(17,600,000)

 

 

172,353,340

Class A Ordinary Shares

 

 

100

 

 

176

 

 

276

Additional Paid-in Capital

 

 

5,045,914

 

 

1,129,643

 

 

6,175,557

Accumulated Deficit

 

 

(46,579)

 

 

(1,129,643)

 

 

(1,176,398)

 

 

 

 

 

 

 

 

 

 

 

 

 

As

 

 

 

 

 

 

 

 

Previously

 

 

 

 

As

 

    

Reported

    

Adjustments

    

Restated

Balance sheet as of December 31, 2020 (audited)

 

 

  

 

 

  

 

 

  

Warrant Liabilities

 

$

 —

 

$

24,945,850

 

$

24,945,850

Total Liabilities

 

 

7,539,900

 

 

24,945,850

 

 

32,485,750

Ordinary Shares Subject to Possible Redemption

 

 

204,477,211

 

 

(24,945,841)

 

 

179,531,370

Class A Ordinary Shares

 

 

108

 

 

249

 

 

357

Additional Paid-in Capital

 

 

5,238,322

 

 

7,381,477

 

 

12,619,799

Accumulated Deficit

 

 

(238,958)

 

 

(7,381,735)

 

 

(7,620,693)

Shareholders’ Equity

 

 

5,000,010

 

 

(9)

 

 

5,000,001

 

 

 

  

 

 

  

 

 

  

Statement of Operations for the period from August 20, 2020 (inception) to December 31, 2020 (audited)

 

 

  

 

 

  

 

 

  

Change in fair value of warrant liabilities

 

$

 —

 

$

(6,207,183)

 

$

(6,207,183)

Transaction Costs — warrant liabilities

 

 

 —

 

 

(720,885)

 

 

(720,885)

Compensation expense – Private Warrants

 

 

 —

 

 

(453,667)

 

 

(453,667)

Formation and operating costs

 

 

(264,690)

 

 

(1,174,552)

 

 

(1,439,242)

Net loss

 

 

(238,958)

 

 

(7,381,735)

 

 

(7,620,693)

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

 

 

20,172,634

 

 

(1,851,093)

 

 

18,321,541

Weighted average shares outstanding, basic and diluted Basic and diluted weighted average shares outstanding Non-redeemable common stock

 

 

5,744,947

 

 

1,019,670

 

 

6,764,617

Basic and diluted net loss per non-redeemable common share

 

 

(0.05)

 

 

(1.08)

 

 

(1.13)

 

 

 

 

 

 

 

 

 

 

As

 

 

 

 

 

 

Previously

 

 

 

As

 

    

Reported

    

Adjustments

    

Restated

Statement of Cash Flows for the period from August 20, 2020 (inception) through December 31, 2020 (audited)

 

  

 

  

 

  

Net loss

 

(238,958)

 

(7,381,735)

 

(7,620,693)

Change in fair value of warrant liabilities

 

 —

 

6,207,183

 

6,207,183

Allocation of IPO costs to warrant liabilities

 

 —

 

720,885

 

720,885

Compensation expense – Private Warrants

 

 —

 

453,667

 

453,667

Initial classification of Class A Ordinary Shares subject to possible redemption

 

204,669,590

 

(18,738,660)

 

185,930,930

Change in value of Class A Ordinary Shares subject to possible redemption

 

(192,379)

 

(6,207,181)

 

(6,399,560)

Initial classification of warrant liabilities

 

 —

 

18,738,667

 

18,738,667