10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to          

Commission File Number: 001-39507

Ribbit LEAP, Ltd.

(Exact name of registrant as specified in its charter)

Cayman Islands	98-1549449
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

364 University Avenue Palo Alto, CA	94301
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (650) 485-3758

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share and one-fifth of one Warrant to acquire one Class A ordinary share	LEAP.U	The New York Stock Exchange
Class A ordinary shares, par value $0.0001 per share	LEAP	The New York Stock Exchange
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50	LEAP.WS	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     ☒  No     ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes     ☒     No     ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See  definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     ☒     No     ☐

As of  March 29, 2022, there were 40,250,000 units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-fifth of one warrant to acquire one Class A ordinary share, 1,005,000 Class A ordinary shares, par value $0.0001 per share, 4,472,222 Class B ordinary shares, par value $0.0001 per share, and 12,777,778 Class L ordinary shares, par value $0.0001 per share, of the registrant issued and outstanding.

RIBBIT LEAP, LTD.

Quarterly Report on Form 10-Q/A

TABLE OF CONTENTS

		Page No.
	PART I. FINANCIAL INFORMATION
Item 1.	Condensed Interim Financial Statements (Unaudited)	5
	Condensed Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020.	5
	Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2021 and for the period from July 7, 2020 (inception) through September 30, 2020 (Unaudited)	6
	Condensed Statements of Changes in Shareholders’ Deficit for the Three and Nine Months Ended September 30, 2021 and for the period from July 7,2020 (inception) through September 30, 2020 (Unaudited)	7
	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2021 and for the period from July 7, 2020 (inception) through September 30, 2020 (Unaudited)	8
	Notes to Condensed Interim Financial Statements (Unaudited and Restated)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (Restated)	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures (Restated)	35
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors (Restated)	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
SIGNATURES		39

EXPLANATORY NOTE

Ribbit LEAP, Ltd. (the “Company,” “we,” “us” or “our”) is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021 (this “Quarterly Report”) to amend and restate certain terms in its Quarterly Report on Form 10-Q for the quarterly period September 30, 2021, originally filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2021 (the “Original Quarterly Report”).

Background of Restatement

All of the ordinary shares held by the Company’s public shareholders (the “Public Shares”) contain a redemption feature which provides each holder of such shares with the opportunity to have their shares redeemed, and management has no control over which Public Shares will be redeemed. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480-10-S99-3A provides that redemption provisions not solely within the control of the issuer require shares subject to redemption to be classified outside of permanent equity. Furthermore, ASC 480-10-25-6(b) provides guidance stating that in determining if an instrument is mandatorily redeemable, a provision that defers redemption until a specified liquidity level is reached would not affect classification of the instrument. As such, management has identified errors made in the historical financial statements where, at the closing of the Company’s initial public offering (the “Initial Public Offering”), the Company improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Public Shares can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity as of the Initial Public Offering date and all subsequent reporting periods.

As a result, the Company’s management, together with the audit committee of the Company (the “Audit Committee”), determined that the Company’s financial statements and other financial data as of and for the three months ended March 31, 2021, and for the three and six months ended June 30, 2021, should be restated in this Quarterly Report as a result of this error. The three months ended March 31, 2021 and June 30, 2021 will be restated in Note 2 of this Quarterly Report. These restatements result in a change in the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares. Further, there is no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss) but earnings per share was impacted due to a change in presentation relating to the restatements. In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings per share calculation 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. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company.

We are filing this Amendment No. 1 to the Quarterly Report on Form 10-Q/A to amend and restate our previously issued interim financial statements as necessary to reflect the restatements. The following items have been amended to reflect the restatements:

Part I, Item 1. Financial Statements

Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Part I, Item 4. Controls and Procedures

Part II, Item 1A. Risk Factors

The financial information that has been previously filed or otherwise reported for this period is superseded by the information in this Quarterly Report, and the financial statements and related financial information contained in the Original Quarterly Report should no longer be relied upon. On February 16, 2022, the Company filed a Current Report on Form 8-K disclosing the non-reliance on the financial statements included in the Original Quarterly Report.

3

Internal Control Considerations

Subsequent to our filing of Form 10-Q filing for the period ended September 30, 2021, (the “Original Quarterly Report”) as filed with the SEC on November 12, 2021, management has re-evaluated the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting as of September 30, 2021. The Company’s management has concluded that, in light of the errors described above, and the filing of the Original Quarterly Report, a material weakness exists in the Company’s internal control over financial reporting and that the Company’s disclosure controls and procedures were not effective as of the date of the Original Quarterly Report. Management plans to enhance the system of evaluating and implementing the accounting standards that apply to our financial statements, including enhanced training of our personnel and increased communication among our personnel and third-party professionals with whom we consult regarding application of complex financial instruments. For a discussion of management’s consideration of our disclosure controls and procedures, internal controls over financial reporting, and the material weaknesses identified, see Part I, Item 4, “Controls and Procedures” of this Quarterly Report.

4

PART I – FINANCIAL INFORMATION

Item 1. Condensed Interim Financial Statements (Unaudited)

RIBBIT LEAP, LTD.

CONDENSED BALANCE SHEETS

	September 30, 2021		December 31, 2020
	(Unaudited)
ASSETS
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
LIABILITIES, CLASS A REDEEMABLE SHARES, AND SHAREHOLDERS’ DEFICIT
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		—		—
Class A ordinary shares $0.0001 par value; 600,000,000 shares authorized; 1,005,000 shares issued and outstanding (excluding 40,250,000 shares subject to possible redemption) at September 30, 2021 and December 31, 2020		101		101
Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 4,472,222 shares issued and outstanding at September 30, 2021 and December 31, 2020		447		447
Additional paid-in-capital		—		—
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

The accompanying notes are an integral part of the unaudited condensed interim financial statements.

5

RIBBIT LEAP, LTD.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

					For the period
	Three Months Ended		Nine Months Ended		from July 7, 2020 (Inception)
	September 30, 2021		September 30, 2021		through September 30, 2020
Formation and operating costs	$	187,563	$	662,320	$	84,593
Loss from operations	$	(187,563)	$	(662,320)	$	(84,593)
Other income (expense):
Change in fair value of Class A public warrants liability		7,164,500		23,345,000		(644,000)
Change in fair value of forward purchase securities liability		7,500,000		34,620,000		(1,190,000)
Change in fair value of Class L ordinary shares liability		24,880,000		73,170,000		(48,940,000)
Interest earned on marketable securities held in Trust Account		28,797		85,426		—
Net income (loss)	$	39,385,734	$	130,558,106	$	(50,858,593)
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)
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)

The accompanying notes are an integral part of the unaudited condensed interim financial statements.

6

RIBBIT LEAP, LTD.

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

(Unaudited)

	Ordinary Shares						Additional				Total
	Class A			Class B			Paid-in		Accumulated		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance – January 1, 2021	1,005,000	$	101	4,472,222	$	447	$	—	$	(175,590,899)	$	(175,590,351)
Net income	—		—	—		—		—		53,968,298		53,968,298
Balance – March 31, 2021	1,005,000	$	101	4,472,222	$	447	$	—	$	(121,622,601)	$	(121,622,053)
Net income	—		—	—		—		—		37,204,074		37,204,074
Balance – June 30, 2021	1,005,000	$	101	4,472,222	$	447	$	—	$	(84,418,527)	$	(84,417,979)
Net income	—		—	—		—		—		39,385,734		39,385,734
Balance – September 30, 2021	1,005,000	$	101	4,472,222	$	447	$	—	$	(45,032,793)	$	(45,032,245)

	Ordinary shares						Additional				Total
	Class A			Class B			Paid-in		Accumulated		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance – July 7, 2020 (Inception)	—	$	—	—	$	—	$	—	$	—	$	—
Issuance of ordinary shares to Sponsor in private placement	—		—	4,472,222		447		24,553		—		25,000
Issuance of ordinary shares from private placement with Sponsor	1,005,000		101	—		—		10,049,900		—		10,050,001
Accretion of Class A ordinary shares subject to redemption value	—		—	—		—		(10,074,453)		(62,702,580)		(72,777,033)
Net loss	—		—	—		—		—		(50,858,593)		(50,858,593)
Balance – September 30, 2020	1,005,000	$	101	4,472,222	$	447	$	—	$	(113,561,173)	$	(113,560,625)

The accompanying notes are an integral part of the unaudited condensed interim financial statements.

7

RIBBIT LEAP, LTD.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

			For the period
	For the Nine Months Ended		from July 7, 2020 (Inception)
	September 30, 2021		through September 30, 2020
Cash Flows from Operating Activities:
Net income (loss)	$	130,558,106	$	(50,858,593)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of Class A public warrants liability		(23,345,000)		644,000
Change in fair value of forward purchase securities liability		(34,620,000)		1,190,000
Change in fair value of Class L ordinary shares liability		(73,170,000)		48,940,000
Interest earned on marketable securities held in Trust Account		(85,426)		—
Changes in operating assets and liabilities:
Prepaid expenses		7,222		(242,500)
Other long-term assets		168,403		(229,028)
Accounts payable and accrued expenses		(87,743)		82,505
Net cash used in operating activities		(574,438)		(473,616)
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 from issuance of Class L ordinary shares to Sponsor		—		—
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		(574,438)		791,352
Cash – Beginning of the Period		1,444,127		—
Cash – End of the Period	$	869,689	$	791,352
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

The accompanying notes are an integral part of the unaudited condensed interim financial statements.

8

RIBBIT LEAP, LTD.

NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS
(Unaudited)

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 commenced any operations. All activity for the period from July 7, 2020 (inception) through September 30, 2021, relates to the Company’s formation, the initial public offering (the “Initial Public Offering”) described below, and the Company’s search for a target company for its initial Business Combination. The Company will not generate any operating revenues until after the 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 Initial Public Offering. The Company has selected December 31 as its fiscal year end.

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-fifth of one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment.

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.

9

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 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

10

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.

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.

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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 at March 31, 2021 (excluding 40,250,000 shares subject to possible redemption)		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	$	—

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	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 at June 30, 2021 (excluding 40,250,000 shares subject to possible redemption)		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

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	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.

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

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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

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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

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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 (Loss) Per Ordinary Share

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 anniversary of the initial Business Combination, including specified strategic transactions and other triggering events based on the ordinary shares trading at $20.00 per share and additional ordinary share trading thresholds up to $50.00 per share, subject to adjustment (Note 4). The Company has not considered the effect of the Class L ordinary shares or the exercise of the Forward Purchase Securities in the calculation of diluted loss per share, since the Class L ordinary shares conversion into Class A ordinary shares and the exercise of the Forward Purchase Securities is contingent upon the occurrence of future events and that contingency has not yet been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the period. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

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)

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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;

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● 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.

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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.

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-fifth of one redeemable warrant, each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment. Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 1,005,000 Class A ordinary shares at a purchase price of $10.00 per share, generating gross proceeds of $10.1 million.

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.

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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-fourth of the Class L ordinary shares will automatically convert into Class A ordinary shares on a 1-for-1 basis. For example, if fifteen months following the consummation of the initial Business Combination the closing price of the Class A ordinary shares equals or exceeds $30.00 but does not exceed $40.00 for 20 trading days within a 30-trading day period, both the First Price Vesting and Second Price Vesting target achievements will be met, resulting in a total of 6,388,888 Class L Shares converting into 6,388,888 Class A ordinary shares, representing 3,194,444 associated with the First Price Vesting and 3,194,444 associated with the Second Price Vesting (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). The Class L ordinary shares vest upon the consummation of specified strategic transactions consummated after the one-year anniversary of the initial Business Combination that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property at an effective price of at least $15.00 per Class A ordinary share (a “Qualifying Strategic Transaction”). For example, if nine months following the consummation of the initial Business Combination the Company consummates a Qualifying Strategic Transaction, all of the issued and outstanding Class L ordinary shares will automatically convert into 5,589,324 Class A ordinary shares, such that sum of Class B ordinary shares owned by the Sponsor at the time of the Initial Public Offering and the Class A ordinary shares issued as a result of the conversion of Class L ordinary shares at the time Qualifying Strategic Transaction will equal 20% of the sum of total Class A ordinary shares issued in the Initial Public Offering, the Class B ordinary shares owned by the Sponsor at the time of the Initial Public Offering, and the Class A ordinary shares issued as a result of the conversion of Class L ordinary shares at the time of the Qualifying Strategic Transaction (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). In the event of any Strategic Transaction occurring after the one-year anniversary of the initial Business Combination that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property with an effective price of at least $10.00 per Class A ordinary share, all of the then-outstanding Class L ordinary shares will convert into Class A ordinary shares as follows:

● 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);

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● 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.

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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.

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.

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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;

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● 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.

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, of which 583,333 Class B ordinary shares were subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part. The underwriters exercised this option in full on September 15, 2020; thus, these Class B ordinary shares are no longer subject to forfeiture.

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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.

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

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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

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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

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.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References to the “Company,” “Ribbit LEAP,” “our,” “us,” or “we” refer to Ribbit LEAP, Ltd. The following discussion and analysis of the company’s financial condition and results of operations should be read in conjunction with the unaudited condensed interim financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Amendment No. 1 to the Quarterly Report on Form 10-Q/A includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Amendment No. 1 to the Quarterly Report on Form 10-Q/A. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings.

Overview

We are a blank check company incorporated on July 7, 2020, as a Cayman Islands exempted company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

We have not selected any specific business combination target. We intend to effectuate our initial business combination using cash from the proceeds of our initial public offering and the private placement, our shares, debt or a combination of cash, equity, and debt.

The registration statement for our initial public offering was declared effective on September 10, 2020 (the “Initial Public Offering”). On September 15, 2020, we consummated the initial public offering of 40,250,000 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. Each unit consists of one Class A ordinary share, $0.0001 par value per share, and one-fifth of one redeemable warrant, each whole public warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment.

Simultaneously with the closing of the Initial Public Offering, we consummated the private placement of 1,005,000 Class A ordinary shares 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 were placed in a trust account, located in the United States, at JP Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee. Except with respect to interest earned on the funds in the trust account that may be released to us to pay our taxes, if any, the proceeds from the Initial Public Offering will not be released from the trust account until the earliest to occur of: (a) the completion of our initial business combination, (b) the redemption of any public shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (i) to modify the substance or timing of its obligation to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of the Initial Public Offering or (ii) with respect to any other provisions relating to shareholders’ rights or pre-initial business combination activity and (c) the redemption of all of our public shares if we have not completed our initial business combination within 24 months from the closing of the Initial Public Offering, or 27 months from the Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the Initial Public Offering, subject to applicable law.

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If we are unable to complete a business combination within 24 months from the closing of the Initial Public Offering, or 27 months from the Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the Initial Public Offering, or September 15, 2022 or December 15, 2022, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The issuance of additional shares in a business combination, including pursuant to the forward purchase agreement:

● may significantly dilute the equity interest of investors in this offering;

● may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded our Class A ordinary shares;

● could cause a change in control if a substantial number of our Class A ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;

● may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us;

● may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants; and

● may not result in adjustment to the exercise price of our warrants.

Similarly, if we issue debt or otherwise incur significant debt, it could result in:

● default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;

● acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

● our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;

● our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;

● our inability to pay dividends on our Class A ordinary shares;

● using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

● limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

● increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and

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● limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

As indicated in the accompanying unaudited condensed interim financial statements, as of September 30, 2021 and December 31, 2020 we had approximately $0.9 million and $1.4 million in cash. Further, we expect to incur significant costs in the pursuit of our initial business combination. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities, those necessary to prepare for our Initial Public Offering and identifying a target company for our initial business combination. We do not expect to generate any operating revenues until after completion of our initial business combination. We generate non-operating income in the form of interest income on cash and cash equivalents held in the trust account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence on prospective business combination candidates.

While we may pursue a business combination target in any business, industry, sector, or geographical location, we are focusing on the biotechnology sector to capitalize on the expertise and capabilities of our management team in order to create long-term shareholder value. In particular, we expect to target businesses in developed countries including, but not limited to, the United States and countries in Europe. We may pursue a transaction in which our shareholders immediately prior to the completion of our initial business combination would collectively own a minority interest in the post-business combination company.

For the three and nine months ended September 30, 2021 we had net income of $39.4 million and $130.6 million, respectively. Net income for the three and nine months ended September 30, 2021 consisted of a decrease in fair value of the Class A public warrants liability of $7.2 million and $23.3 million, a decrease in fair value of the forward purchase securities liability of $7.5 million and $34.6 million, a decrease in fair value of the Class L ordinary shares liability of $24.9 million and $73.2 million, and interest income on marketable securities held in the trust account of $28,797 and $85,426, offset by operating costs of $0.2 million and $0.6 million, respectively.

For the period from July 7, 2020 (inception) through September 30, 2020, we had a net loss of $50.9 million, which consisted of formation and operating costs of $0.1 million, an increase in fair value of the Class A public warrants liability of $0.6 million, an increase in fair value of the forward purchase securities liability of $1.2 million, and an increase in fair value of the Class L ordinary share liability of $48.9 million.

Liquidity and Capital Resources

Our liquidity needs were satisfied prior to the completion of our Initial Public Offering through receipt of a $25,000 capital contribution from our sponsor in exchange for the issuance of the founder shares to our sponsor and a commitment from our sponsor to loan us up to $300,000 to cover our expenses in connection with our 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. Of these net proceeds, $402.5 million was placed within the trust account, which includes the deferred underwriting commissions described above. The proceeds held in the trust account are invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. 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.

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For the nine months ended September 30, 2021, cash used in operating activities was $0.6 million. For the nine months ended September 30, 2021, net income of $130.6 million was affected by a non-cash gain on the change in fair value of the Class A Public Warrants liability of $23.3 million, a non-cash gain on the change in fair value of the Forward Purchase Securities liability of $34.6 million, and a non-cash gain on the change in fair value of the Class L ordinary share liability of $73.2 million, interest earned on marketable securities held in the trust account of $85,426, and net changes in operating assets and liabilities of $87,882.

As of September 30, 2021, we had cash and marketable securities of $402.6 million held in the trust account. We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less taxes paid and deferred underwriting commissions) to complete our initial business combination. We may withdraw interest to pay taxes. During the period, we did not withdraw any of interest earned on the trust account to pay for our franchise taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of September 30, 2021, we had cash of approximately $0.9 million outside of the trust account, respectively. We intend 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 our initial business combination.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business prior to our initial business combination. However, if our 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, we may have insufficient funds available to operate our business prior to our initial business combination. In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our 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 our initial business combination, we do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do 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 our trust account.

We may need to obtain additional financing either to complete our initial business combination, either because the transaction requires more cash than is available from the proceeds held in our trust account, or because we become obligated to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

COVID-19

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus first identified in Wuhan, China (the “COVID-19 Outbreak”) and the risks to the international community as the virus spreads globally. In March 2020, the WHO classified the COVID-19 Outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 Outbreak continues to evolve as of this date. As such, we cannot estimate the full magnitude that the pandemic will have on our business. If the COVID-19 Outbreak continues, it may have a material adverse effect on our operations and financial condition, liquidity, future results of operations, capital resources, going concern considerations, and/or our search for a target company.

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We are actively monitoring the impact of the global pandemic on our financial condition, liquidity, operations, industry, and workforce. Given the daily evolution of the COVID-19 Outbreak and the global responses, we are not able to estimate the effects of the COVID-19 Outbreak on our results of operations, financial condition, liquidity, capital resources, and/or our search for a target company. The impacts of the current COVID-19 pandemic are broad reaching and the impacts to us is to date unknown.

Off-Balance Sheet Financing Arrangements

As of September 30, 2021 and December 31, 2020, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

As of September 30, 2021 and December 31, 2020, we do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than the underwriters are entitled to a deferred fee of $14.1 million in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the trust account solely in the event that we complete a business combination, subject to the terms of the underwriting agreement.

In September 2020, we entered into a forward purchase agreement that will provide for the purchase by an affiliate of our sponsor of an aggregate of 10,000,000 Class A ordinary shares and 2,000,000 redeemable warrants, for an aggregate purchase price of $100,000,000, or $10.00 per one Class A ordinary share and one-fifth of one redeemable warrant, in a private placement to close substantially concurrently with the closing of our initial business combination. The obligations under the forward purchase agreement will not depend on whether any Class A ordinary shares are redeemed by our public shareholders. The Class A ordinary shares and redeemable warrants issuable pursuant to the forward purchase agreement will be identical to the Class A ordinary shares and redeemable warrants included in the units in the Initial Public Offering, respectively, except that the affiliate of our sponsor will have certain registration rights, as described herein.

Critical Accounting Policies

The preparation of unaudited condensed interim financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed interim financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:

Ordinary Shares Subject to Possible Redemption

We account for our Class A ordinary shares subject to possible redemption in accordance with the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. Our Class A ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, the Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of our unaudited condensed balance sheet.

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Class A Public Warrants Liability, Forward Purchase Security Liability, and Class L Ordinary Shares Liability

We account for the Class A Public Warrants, Forward Purchase Securities, and Class L ordinary shares in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging,” (“FASB ASC Topic 815”). under which the Class A public warrants, forward purchase securities, and Class L ordinary shares do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we classify the Class A public warrants, forward purchase securities, and Class L ordinary shares as liabilities at their fair value and adjust the Class A public warrants, forward purchase securities, and Class L ordinary shares to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our condensed statement of operations. The fair value of the Class A public warrants has been estimated using the quoted market price.

Net Income (Loss) Per Ordinary Share (Restated)

We follow the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” We have two classes of ordinary 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. The calculation of diluted net income (loss) does not consider the effect of the public warrants underlying the Units sold in the Initial Public Offering, Forward Purchase Securities, or Class L ordinary shares in the calculation of diluted income (loss) per share, because these instruments are contingently exercisable, and the contingencies have not yet been met. 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. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited condensed interim financial statements.

JOBS Act

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”). The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. As an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our unaudited condensed interim financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an “emerging growth company,” whichever is earlier.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

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Item 4. Controls and Procedures. (Restated)

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer (who serves as our principal executive officer) and Chief Operating Officer (who serves as our principal financial and accounting officer), to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As of September 30, 2021, as required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Operating Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon their evaluation, our Chief Executive Officer and Chief Operating Officer concluded that, during the period covered by this report, our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective due to the material weakness in our internal control over financial reporting described in “Management’s Report on Internal Control over Financial Reporting” included in our Amendment No. 1 to the Annual Report on Form 10-K/A as filed with the SEC on May 17, 2021 and our Amendment No. 2 to the Annual Report on Form 10-K/A as filed with the SEC on March 29, 2022. In light of this material weakness, we performed additional analysis as deemed necessary to ensure that our unaudited condensed interim financial statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the unaudited condensed interim financial statements included in this Amendment No. 1 Quarterly Report on Form 10-Q/A present fairly in all material respects our financial position, results of operations and cash flows for the period presented.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2021 covered by this Amendment No. 1 to the Quarterly Report on Form 10-Q/A that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Management is in the process of implementing remediation steps to address the material weakness that led to the restatement of our audited financial statements described in the Amendment No. 1 to the Annual Report on Form 10-K/A as filed with the SEC on May 17, 2021, and our audited financial statements described in the Amendment No. 2 to the Annual Report on Form 10-K/A as filed with the SEC on March 29, 2022 and to improve our internal control over financial reporting. Specifically, we are expanding and improving our review process for complex securities and related accounting standards. We plan to further improve this process by enhancing access to accounting literature, identification of third-party professionals with whom to consult regarding complex accounting applications and consideration of additional staff with the requisite experience and training to supplement existing accounting professionals. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS. (RESTATED)

Factors that could cause our actual results to differ materially from those in this Amendment No. 1 to the Quarterly Report on Form 10-Q/A include the risk factors described in our final prospectus for our Initial Public Offering filed with the SEC. You should review the risk factors below for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in this report. If any of the following risks actually occur, our business, financial condition and results of operations could be adversely affected.

We have identified a material weakness in our internal control over financial reporting. This material weakness could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our management is likewise required, on a quarterly basis, to evaluate the effectiveness of our internal controls and to disclose any changes and material weaknesses identified through such evaluation of those internal controls. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

As described elsewhere in this Amendment No. 1 to the Quarterly Report on Form 10-Q/A, we identified a material weakness in our internal control over financial reporting related to the accounting for certain complex financial instruments related to the improper classification of our common stock subject to possible redemption at the closing of our Initial Public Offering and the restatement of our earnings per share calculation. As a result of this material weakness, our management concluded that our internal control over financial reporting was not effective as of September 30, 2021. This material weakness resulted in a material misstatement of the initial carrying value of the ordinary shares subject to possible redemption and the restatement of our earnings per share calculation for the affected periods.

To respond to this material weakness, we have devoted, and plan to continue to devote, significant effort and resources to the remediation and improvement of our internal control over financial reporting. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex accounting standards that apply to our financial statements. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects. For a discussion of management’s consideration of the material weakness we identified, see Note 2 to the accompanying condensed financial statements, as well as Part I, Item 4: Controls and Procedures included in this Amendment No. 1 to the Quarterly Report on Form 10-Q/A.

Any failure to maintain such internal control could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis. If our financial statements are not accurate, investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis, we could be subject to sanctions or investigations by the stock exchange on which our common stock is listed, the SEC or other regulatory authorities. In either case, there could result a material adverse effect on our business. Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our stock.

We can give no assurance that the measures we have taken and plan to take in the future will remediate the material weakness identified or that any additional material weaknesses will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. In addition, even if we are successful in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of our financial statements.

36

We may face litigation and other risks as a result of the material weakness in our internal control over financial reporting.

After consultation with management and our audit committee, we concluded that there was a material weakness in our internal controls over financial reporting. As a result of such material weakness and other matters raised or that may in the future be raised by the SEC, we face potential for litigation or other disputes which may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from the restatement and material weaknesses in our internal control over financial reporting and the preparation of our financial statements. As of the date of this Amendment No. 1 to the Quarterly Report on Form 10-Q/A, we have no knowledge of any such litigation or dispute. Any such litigation or dispute, whether successful or not, could have a material adverse effect on our business, results of operations and financial condition or our ability to complete a business combination.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. Other Information.

None.

37

ITEM 6. Exhibits.

Exhibit Number	Description
31.1	Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d- 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Operating Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Operating Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

38

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		RIBBIT LEAP, LTD.
Date: March 29, 2022	By:	/s/ Meyer Malka
		Meyer Malka
		Chief Executive Officer and Chairman
		(Principal Executive Officer)
Date: March 29, 2022	By:	/s/ Cynthia McAdam
		Cynthia McAdam
		Chief Operating Officer
		(Principal Financial Officer)

39

EX-31.1

EXHIBIT 31.1

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Meyer Malka, certify that:

1. I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2021 of Ribbit LEAP, Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. (Paragraph omitted pursuant to SEC release Nos. 33-8238/34-47986 and 33-8392/34-49313);

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: March 29, 2022	By:	/s/ Meyer Malka
		Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Cynthia McAdam, certify that:

1.I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2021 of Ribbit LEAP, Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15I and 15d-15(e)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. (Paragraph omitted pursuant to SEC release Nos. 33-8238/34-47986 and 33-8392/34-49313);

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: March 29, 2022	By:	/s/ Cynthia McAdam
		Chief Operating Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Amendment No. 1 to the Quarterly Report of Ribbit LEAP, Ltd. (the “Company”) on Form 10-Q/A for the quarter ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Meyer Malka, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 29, 2022	/s/ Meyer Malka
	Name:	Meyer Malka
	Title:	Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Amendment No. 1 to the Quarterly Report of Ribbit LEAP, Ltd. (the “Company”) on Form 10-Q/A for the quarter ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Cynthia McAdam, Chief Operating Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

29
Date: March 29, 2022	/s/ Cynthia McAdam
	Name:	Cynthia McAdam
	Title:	Chief Operating Officer

XML

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

XML

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

XML

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)	$ 10.00	$ 10.00	$ 10.00	$ 10.00
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

XML

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

XML

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Ordinary Shares Class A ordinary shares	Ordinary Shares Class 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

XML

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

XML

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 commenced any operations. All activity for the period from July 7, 2020 (inception) through September 30, 2021, relates to the Company’s formation, the initial public offering (the “Initial Public Offering”) described below, and the Company’s search for a target company for its initial Business Combination. The Company will not generate any operating revenues until after the 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 Initial Public Offering. The Company has selected December 31 as its fiscal year end.

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-fifth of one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment.

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 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

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.

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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 at March 31, 2021 (excluding 40,250,000 shares subject to possible redemption)		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 at June 30, 2021 (excluding 40,250,000 shares subject to possible redemption)		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.

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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 (Loss) Per Ordinary Share

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 anniversary of the initial Business Combination, including specified strategic transactions and other triggering events based on the ordinary shares trading at $20.00 per share and additional ordinary share trading thresholds up to $50.00 per share, subject to adjustment (Note 4). The Company has not considered the effect of the Class L ordinary shares or the exercise of the Forward Purchase Securities in the calculation of diluted loss per share, since the Class L ordinary shares conversion into Class A ordinary shares and the exercise of the Forward Purchase Securities is contingent upon the occurrence of future events and that contingency has not yet been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the period. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

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.

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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-fifth of one redeemable warrant, each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment. Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 1,005,000 Class A ordinary shares at a purchase price of $10.00 per share, generating gross proceeds of $10.1 million.

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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-fourth of the Class L ordinary shares will automatically convert into Class A ordinary shares on a 1-for-1 basis. For example, if fifteen months following the consummation of the initial Business Combination the closing price of the Class A ordinary shares equals or exceeds $30.00 but does not exceed $40.00 for 20 trading days within a 30-trading day period, both the First Price Vesting and Second Price Vesting target achievements will be met, resulting in a total of 6,388,888 Class L Shares converting into 6,388,888 Class A ordinary shares, representing 3,194,444 associated with the First Price Vesting and 3,194,444 associated with the Second Price Vesting (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). The Class L ordinary shares vest upon the consummation of specified strategic transactions consummated after the one-year anniversary of the initial Business Combination that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property at an effective price of at least $15.00 per Class A ordinary share (a “Qualifying Strategic Transaction”). For example, if nine months following the consummation of the initial Business Combination the Company consummates a Qualifying Strategic Transaction, all of the issued and outstanding Class L ordinary shares will automatically convert into 5,589,324 Class A ordinary shares, such that sum of Class B ordinary shares owned by the Sponsor at the time of the Initial Public Offering and the Class A ordinary shares issued as a result of the conversion of Class L ordinary shares at the time Qualifying Strategic Transaction will equal 20% of the sum of total Class A ordinary shares issued in the Initial Public Offering, the Class B ordinary shares owned by the Sponsor at the time of the Initial Public Offering, and the Class A ordinary shares issued as a result of the conversion of Class L ordinary shares at the time of the Qualifying Strategic Transaction (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). In the event of any Strategic Transaction occurring after the one-year anniversary of the initial Business Combination that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property with an effective price of at least $10.00 per Class A ordinary share, all of the then-outstanding Class L ordinary shares will convert into Class A ordinary shares as follows:

● 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.

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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.

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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.

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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, of which 583,333 Class B ordinary shares were subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part. The underwriters exercised this option in full on September 15, 2020; thus, these Class B ordinary shares are no longer subject to forfeiture.

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.

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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

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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.

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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 (Loss) Per Ordinary Share

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 anniversary of the initial Business Combination, including specified strategic transactions and other triggering events based on the ordinary shares trading at $20.00 per share and additional ordinary share trading thresholds up to $50.00 per share, subject to adjustment (Note 4). The Company has not considered the effect of the Class L ordinary shares or the exercise of the Forward Purchase Securities in the calculation of diluted loss per share, since the Class L ordinary shares conversion into Class A ordinary shares and the exercise of the Forward Purchase Securities is contingent upon the occurrence of future events and that contingency has not yet been met. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the period. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

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.

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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 at March 31, 2021 (excluding 40,250,000 shares subject to possible redemption)		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 at June 30, 2021 (excluding 40,250,000 shares subject to possible redemption)		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)	$	—

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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.

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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

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Organization and Business Operations (Details)q		3 Months Ended	9 Months Ended
	Sep. 15, 2020 USD ($) item $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares
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			$ 10.00
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	$ 10.00
Unit Price | $ / shares			$ 10.00
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

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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	$ 10.00	$ 10.00	$ 10.00	$ 10.00
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

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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)

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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)

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Restatement of Previously Issued Financial Statements (Details)	9 Months Ended
	Sep. 30, 2021 USD ($)
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

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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)				$ 20.00
Class L ordinary shares | Founder Shares | Fourth Price Vesting
Summary of Significant Accounting Policies
Vesting price (in dollars per share)				$ 50.00

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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)	$ 10.00	$ 10.00	$ 10.00	$ 10.00
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

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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

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Summary of Significant Accounting Policies - Liquidity and Capital Resources (Details) - USD ($)		3 Months Ended	9 Months Ended
	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)			$ 10.00
Sponsor
Summary of Significant Accounting Policies
Capital contribution from the Sponsor			$ 25,000
Maximum borrowing capacity			$ 300,000

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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	$ 20.00		$ 20.00
Maximum threshold price per share for additional stock	$ 50.00		$ 50.00
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

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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

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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

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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)

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Initial Public Offering (Details)		3 Months Ended	9 Months Ended
	Sep. 15, 2020 USD ($) item shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 shares	Sep. 15, 2020 $ / shares	Sep. 15, 2020 shares	Sep. 15, 2020 USD ($)
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				10.00
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				$ 10.00
Issuance of ordinary shares from private placement with Sponsor | $	$ 10,100,000

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Related Party Transactions - Founder Shares (Details) - USD ($)		9 Months Ended
	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	$ 1.00
Founder Shares | Sponsor | Ordinary Shares | Maximum
Related Party Transactions
Shares subject to forfeiture	3,261

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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

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Related Party Transactions - Class L Ordinary Shares (Details)		3 Months Ended	9 Months Ended
	Sep. 15, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2021 item $ / shares shares	Sep. 02, 2020 shares
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			$ 10.00
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			$ 10.00
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			$ 10.00
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			$ 10.00
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		$ 10.00
Class A ordinary shares
Related Party Transactions
Shares issued upon conversion | shares			6,388,888
Aggregate proceeds to be received from Forward Purchase Agreement | $		$ 100,000,000.0
Class A ordinary shares | Minimum
Related Party Transactions
Share price			$ 30.00
Class A ordinary shares | Maximum
Related Party Transactions
Share price			$ 40.00
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)			$ 15.00
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)			10.00
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)			10.00
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)			20.00
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)			20.00
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)			30.00
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)			30.00
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)			40.00
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)			40.00
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)			$ 50.00
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)			$ 50.00
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)			$ 43.00
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	$ 10.00
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)			$ 20.00
Founder Shares | Class L ordinary shares | Second Price Vesting
Related Party Transactions
Vesting price (in dollars per share)			30.00
Founder Shares | Class L ordinary shares | Third Price Vesting
Related Party Transactions
Vesting price (in dollars per share)			40.00
Founder Shares | Class L ordinary shares | Fourth Price Vesting
Related Party Transactions
Vesting price (in dollars per share)			$ 50.00
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	$ 10.00
Issuance of ordinary shares from private placement with Sponsor | $	$ 10,100,000

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Related Party Transactions - Forward Purchase Agreement (Details)	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 15, 2020 USD ($)	Sep. 15, 2020 $ / shares	Sep. 15, 2020 item	Sep. 15, 2020 shares
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	$ 10.00
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 | $	$ 100,000,000.0
Class A ordinary shares | Forward Purchase Agreement
Related Party Transaction [Line Items]
Number of Forward Purchase Shares	10,000,000

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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

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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)	$ 10.00
Borrowings outstanding	$ 0	$ 0

XML

Related Party Transactions - Administrative Support Agreement (Details)	9 Months Ended
	Sep. 30, 2021 USD ($)
Administrative Support Agreement
Related Party Transactions
Expenses per month	$ 10,000

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Commitments and Contingencies (Details) - USD ($)			3 Months Ended	9 Months Ended
	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			$ 10.00	$ 10.00
Underwriting discount per unit				$ 0.20
Underwriting discount paid				$ 8,100,000
Deferred fee per unit			$ 0.35	$ 0.35

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Class A Public Warrants Liability and Class L Ordinary Shares Liability (Details)	9 Months Ended
	Sep. 30, 2021 item $ / shares shares	Dec. 31, 2020 shares	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)	$ 18.00
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)	$ 18.00
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)	$ 10.00
Redemption price per public warrant (in dollars per share)	$ 0.10
Minimum threshold written notice period for redemption of public warrants	30 days

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Class A Public Warrants Liability and Class L Ordinary Shares Liability (Details)	9 Months Ended
	Sep. 30, 2021 item $ / shares shares	Dec. 31, 2020 shares	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)	$ 18.00
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)	$ 18.00
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)	$ 10.00
Redemption price per public warrant (in dollars per share)	$ 0.10
Minimum threshold written notice period for redemption of public warrants	30 days

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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

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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

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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

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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

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Fair Value Measurements - Forward Purchase Securities Liability (Details) - Level 3 - Forward purchase securities liability	6 Months Ended	9 Months Ended
	Dec. 31, 2020 USD ($) item	Sep. 30, 2021 USD ($) item
Fair Value Measurements
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares		$ 100,000,000.0
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

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Fair Value Measurements - Class L Ordinary Shares Liability (Details) - Level 3 - Class L ordinary shares liability	6 Months Ended	9 Months Ended
	Dec. 31, 2020 USD ($) Y item	Sep. 30, 2021 USD ($) item Y
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