QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Part I. Financial Information |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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17 |
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20 |
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20 |
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Part II. Other Information |
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21 |
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21 |
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21 |
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21 |
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21 |
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21 |
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22 |
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23 |
September 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash |
$ | $ | — | |||||
Prepaid expenses |
— | |||||||
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Total Current Assets |
— | |||||||
Deferred offering costs |
— | |||||||
Cash held in Trust Account |
— | |||||||
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
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Current l iabilities |
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Accrued offering costs |
$ | $ | ||||||
Accounts payable and other accrued expenses |
— | |||||||
Promissory note – related party |
— | |||||||
Convertible note – related party, net of debt discount |
— | |||||||
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Total current liabilities |
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Warrant liability |
— | |||||||
Deferred underwriting fee payable |
— | |||||||
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Total Liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, |
— | |||||||
Shareholders’ (Deficit) Equity |
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Preference shares, $ |
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Class A ordinary shares, $ |
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Class B ordinary shares, $ |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
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|
|
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Total Shareholders’ (Deficit) Equity |
( |
) |
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|
|
|
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TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
$ |
$ |
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|
|
|
|
(1) | Included at December 31, 2020, are (Note 5). |
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
September 25, 2020 (Inception) Through September 30, 2020 |
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Formation costs and other operating expenses |
$ | $ | $ | |||||||||
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|
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Loss from operations |
( |
) |
( |
) |
( |
) | ||||||
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|
|
|
|
|
|||||||
Other income (expense): |
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Interest expense – amortization of debt discount |
( |
) | ( |
) | — | |||||||
Change in fair value of warrant liability |
— | |||||||||||
Change in fair value of conversion option liability |
— | |||||||||||
Loss from issuance of Private Placement Warrants |
— | ( |
) | — | ||||||||
Transaction costs allocable to warrant liability |
— | ( |
) | — | ||||||||
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|
|
|
|
|
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Other income, net |
— | |||||||||||
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|
|
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|
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Net income |
$ |
$ |
$ |
( |
) | |||||||
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|
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Weighted average shares outstanding of Class A ordinary shares |
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|
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Basic and diluted income per share, Class A ordinary shares |
$ |
$ |
$ | |||||||||
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|
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Weighted average shares outstanding, Class B ordinary shares |
— | |||||||||||
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|
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|
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Basic and diluted net income per share, Class B ordinary shares |
$ |
$ |
$ | |||||||||
|
|
|
|
|
|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ (Deficit) Equity |
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Shares |
Amount |
Shares |
Amount |
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Balance—January 1, 2021 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Sale of |
— | — | — | |||||||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance—March 31, 2021 (unaudited) |
— |
$ |
— |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||
Sale of |
— | — | — | |||||||||||||||||||||||||
Forfeiture of |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
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|
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Balance—June 30, 2021 (unaudited) |
— |
$ |
— |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance—September 30, 2021 (unaudited) |
— |
$ |
— |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance – September 25, 2020 |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Class B Ordinary shares to Sponsor (1) |
— | — | — |
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Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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|
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|
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|
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Balance – September 30, 2020 (unaudited) |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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(1) | Includes an aggregate of up to February 3, 2021 , the Company effected a share dividend and on March 1, 2021 the Company effected a share cancellation , resulting in All share and per-share amounts have been retroactively restated to reflect the share transactions. |
September 30, 2021 |
September 25, 2020 (Inception) Through September 30, 2020 |
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Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ |
$ |
( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Payment of formation costs through issuance of Class B ordinary shares |
— | |||||||
Change in fair value of warrant liability |
( |
) | — | |||||
Change in fair value of conversion option liability |
( |
) | — | |||||
Loss from issuance of Private Placement Warrants |
— | |||||||
Transaction costs allocated to warrant liability |
— | |||||||
Amortization of debt discount |
— | |||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
( |
) | — | |||||
Accounts payable and accrued expenses |
— | |||||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) |
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|
|
|
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Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
( |
) | — | |||||
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|
|
|
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Net cash used in investing activities |
( |
) |
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|
|
|
|
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Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
— | |||||||
Proceeds from sale of Private Placement Warrants |
— | |||||||
Payment of offering costs |
( |
) | — | |||||
Repayment of promissory note – related party |
( |
) | — | |||||
Proceeds from convertible note – related party |
— | |||||||
|
|
|
|
|||||
Net cash provided by financing activities |
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|
|
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Net Change in Cash |
— | |||||||
Cash – Beginning of period |
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|
|
|
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Cash – End of period |
$ |
$ |
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|
|
|
|
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Non-Cash investing and financing activities: |
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Offering costs included in accrued offering costs |
$ | $ | |
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|
|
|
|||||
Offering costs paid through promissory note |
$ | $ |
— | |||||
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|
|
|
|||||
Payment of prepaid expenses through promissory note |
$ | $ |
— | |||||
|
|
|
|
|||||
Initial classification of Class A ordinary shares subject to possible redemption |
$ | $ |
— | |||||
|
|
|
|
|||||
Deferred underwriting fee payable |
$ | $ |
— | |||||
|
|
|
|
|||||
Initial Classification of conversion option |
$ | $ |
— | |||||
|
|
|
|
|||||
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares |
$ |
— | $ | |||||
|
|
|
|
Three Months Ended September 31, 2021 |
Nine Months Ended September 31, 2021 |
September 25, 2020 (inception) Through September 30, 2020 |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Class A Ordinary Shares |
Class B Ordinary Shares |
Class A Ordinary Shares |
Class B Ordinary Shares |
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Basic and diluted net income per ordinary share |
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Numerator: |
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Allocation of net income |
$ |
$ |
$ |
$ |
$ |
— |
$ |
( |
) | |||||||||||||||
Denominator |
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Basic and diluted weighted average shares outstanding |
— |
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|
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Basic and diluted net income per ordinary shares |
$ |
$ |
$ |
$ |
$ |
$ |
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• | Level 1, defined as observable inputs such as quoted prices (unadjusted) 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. |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Level |
September 30, 2021 |
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Liabilities: |
||||||||
Warrant Liability – Private Placement Warrants |
3 | $ | ||||||
Warrant Liability – Conversion Option |
3 |
As of September 30, 2021 |
||||
Stock price |
$ | |||
Strike price |
$ | |||
Volatility |
% | |||
Risk-free rate |
% | |||
Dividend yield |
% |
Warrant Liabilities |
||||
Fair value as of January 1, 2021 |
$ | |||
Initial measurement on March 25, 2021 |
||||
Change in fair value |
( |
) | ||
Measurement of the additional Private Placement warrants issued on May 6, 2021 |
||||
|
|
|||
Fair value as of September 30, 2021 |
$ | |||
|
|
Conversion Option Liability |
||||
Fair value as of January 1, 2021 |
$ | |||
Initial classification of conversion option |
||||
Change in fair value |
( |
) | ||
|
|
|||
Fair Value as of September 30, 2021 |
$ | |||
|
|
* | Filed herewith. |
DRAGONEER GROWTH OPPORTUNITIES CORP. III | ||||||
Date: November 15, 2021 | By: | /s/ Christian Jensen | ||||
Name: | Christian Jensen | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: November 15, 2021 | By: | /s/ Pat Robertson | ||||
Name: | Pat Robertson | |||||
Title: | President | |||||
(Principal Financial Officer and Principal Accounting Officer), Chief Operating Officer and Director |
EXHIBIT 31.1
CERTIFICATION OF PRESIDENT AND CHIEF OPERATING OFFICER
PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Christian Jensen, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of Dragoneer Growth Opportunities Corp. III; |
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 registrants other certifying officer(s) 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 internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and |
b) | (Paragraph omitted pursuant to Exchange Act Rules 13a-14(a) and 15d-15(a); |
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report my 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: November 15, 2021
/s/ Christian Jensen |
Christian Jensen |
Chief Executive Officer |
(Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Pat Robertson, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of Dragoneer Growth Opportunities Corp. III; |
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 registrants other certifying officer(s) 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 internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and |
b) | (Paragraph omitted pursuant to Exchange Act Rules 13a-14(a) and 15d-15(a); |
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report my 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: November 15, 2021
/s/ Pat Robertson |
Pat Robertson |
President |
(Principal Financial Officer and Principal Accounting Officer), Chief Operating Officer and Director |
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 Quarterly Report of Dragoneer Growth Opportunities Corp. III (the Company) on Form 10-Q for the quarterly period ended September 30, 2021, as filed with the Securities and Exchange Commission (the Report), I, Christian Jensen, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of 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. |
Dated: November 15, 2021
/s/ Christian Jensen |
Christian Jensen |
Chief Executive Officer |
(Principal Executive Officer) |
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 Quarterly Report of Dragoneer Growth Opportunities Corp. III (the Company) on Form 10-Q for the quarterly period ended September 30, 2021, as filed with the Securities and Exchange Commission (the Report), I, Pat Robertson, President and Principal Financial and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of 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. |
Dated: November 15, 2021
/s/ Pat Robertson |
Pat Robertson President |
(Principal Financial Officer and Principal Accounting Officer), Chief Operating Officer and Director |
Condensed Balance Sheets (Parenthetical) - $ / shares |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorised | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common Class A | ||
Temporary equity shares outstanding | 43,067,606 | 0 |
Share redemption value | $ 10.00 | $ 10.00 |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorised | 200,000,000 | 200,000,000 |
Common stock shares issued | 0 | 0 |
Common stock shares outstanding | 0 | 0 |
Common Class B | ||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorised | 20,000,000 | 20,000,000 |
Common stock shares issued | 10,766,902 | 11,500,000 |
Common stock shares outstanding | 10,766,902 | 11,500,000 |
Common Class B | Over-Allotment Option [Member] | ||
Common stock subject to forfeiture | 0 | 1,500,000 |
Condensed Statements Of Operations - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Formation costs and other operating expenses | $ 5,000 | $ 236,475 | $ 672,364 |
Loss from operations | (5,000) | (236,475) | (672,364) |
Other income (expense): | |||
Interest expense – amortization of debt discount | (411,009) | (463,622) | |
Change in fair value of warrant liability | 9,995,945 | 7,786,801 | |
Change in fair value of conversion option liability | 2,827,922 | 2,827,922 | |
Loss from issuance of Private Placement Warrants | (7,767,566) | ||
Transaction costs allocable to warrant liability | (41,191) | ||
Other income, net | 12,412,858 | 2,342,344 | |
Net income | $ (5,000) | $ 12,176,383 | $ 1,669,980 |
Common Class A | |||
Other income (expense): | |||
Weighted average shares outstanding | 10,000,000 | 43,067,606 | 29,304,919 |
Basic and diluted net income per share | $ 0.00 | $ 0.23 | $ 0.04 |
Common Class B | |||
Other income (expense): | |||
Weighted average shares outstanding | 10,000,000 | 10,766,902 | 10,412,947 |
Basic and diluted net income per share | $ 0.00 | $ 0.23 | $ 0.04 |
Condensed Statement Of Changes In Shareholders' (Deficit) Equity - USD ($) |
Total |
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
||
---|---|---|---|---|---|---|---|
Beginning Balance at Sep. 24, 2020 | |||||||
Beginning Balance, Shares at Sep. 24, 2020 | |||||||
Issuance of Class B Ordinary shares to Sponsor, Shares | [1] | 11,500,000 | |||||
Issuance of Class B Ordinary shares to Sponsor | [1] | 25,000 | $ 1,150 | 23,850 | |||
Net income (loss) | (5,000) | (5,000) | |||||
Ending Balance at Sep. 30, 2020 | 20,000 | $ 1,150 | 23,850 | (5,000) | |||
Ending Balance, Shares at Sep. 30, 2020 | 11,500,000 | ||||||
Beginning Balance at Dec. 31, 2020 | 20,000 | $ 1,150 | 23,850 | (5,000) | |||
Beginning Balance, Shares at Dec. 31, 2020 | 11,500,000 | ||||||
Sale of units, net of underwriting discounts and offering expenses | 377,062,295 | $ 4,000 | 377,058,295 | ||||
Sale of units, net of underwriting discounts and offering expenses, Shares | 40,000,000 | ||||||
Accretion of Class A ordinary shares subject to possible redemption | (400,000,000) | $ (4,000) | (377,082,145) | (22,913,855) | |||
Accretion of Class A ordinary shares subject to possible redemption, Shares | (40,000,000) | ||||||
Net income (loss) | (6,551,028) | (6,551,028) | |||||
Ending Balance at Mar. 31, 2021 | (29,468,733) | $ 1,150 | (29,469,883) | ||||
Ending Balance, Shares at Mar. 31, 2021 | 11,500,000 | ||||||
Beginning Balance at Dec. 31, 2020 | 20,000 | $ 1,150 | 23,850 | (5,000) | |||
Beginning Balance, Shares at Dec. 31, 2020 | 11,500,000 | ||||||
Net income (loss) | 1,669,980 | ||||||
Ending Balance at Sep. 30, 2021 | (22,934,908) | $ 1,077 | (22,935,985) | ||||
Ending Balance, Shares at Sep. 30, 2021 | 10,766,902 | ||||||
Beginning Balance at Mar. 31, 2021 | (29,468,733) | $ 1,150 | (29,469,883) | ||||
Beginning Balance, Shares at Mar. 31, 2021 | 11,500,000 | ||||||
Sale of units, net of underwriting discounts and offering expenses | 28,988,878 | $ 307 | 28,988,571 | ||||
Sale of units, net of underwriting discounts and offering expenses, Shares | 3,067,606 | ||||||
Forfeiture of 733,098 Founder Shares | $ (73) | 73 | |||||
Forfeiture of 733,098 Founder Shares, Shares | (733,098) | ||||||
Accretion of Class A ordinary shares subject to possible redemption | (30,676,061) | $ (307) | $ (28,988,571) | (1,687,183) | |||
Accretion of Class A ordinary shares subject to possible redemption, Shares | (3,067,606) | ||||||
Net income (loss) | (3,955,375) | (3,955,375) | |||||
Ending Balance at Jun. 30, 2021 | (35,111,291) | $ 1,077 | (35,112,368) | ||||
Ending Balance, Shares at Jun. 30, 2021 | 10,766,902 | ||||||
Net income (loss) | 12,176,383 | 12,176,383 | |||||
Ending Balance at Sep. 30, 2021 | $ (22,934,908) | $ 1,077 | $ (22,935,985) | ||||
Ending Balance, Shares at Sep. 30, 2021 | 10,766,902 | ||||||
|
Condensed Statement Of Changes In Shareholders' Deficit (Parenthetical) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 01, 2021 |
Sep. 30, 2020 |
Jun. 30, 2021 |
|
Founder Share [Member] | |||
Forfeiture of 733,098 Founder Shares | $ 733,098 | ||
Common Class A | |||
Stock issued during period shares new issues | 3,067,606 | ||
Common Class B | |||
Forfeiture of 733,098 Founder Shares | $ 73 | ||
Common stock shares outstanding | 11,500,000 | ||
Common Class B | Over-Allotment Option | |||
Common shares subject to forfeiture | 1,500,000 |
Condensed Statements Of Cash Flows - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (5,000) | $ 12,176,383 | $ 1,669,980 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Payment of formation costs through issuance of Class B ordinary shares | 5,000 | ||
Change in fair value of warrant liability | (9,995,945) | (7,786,801) | |
Change in fair value of conversion option liability | (2,827,922) | (2,827,922) | |
Loss from issuance of Private Placement Warrants | 7,767,566 | ||
Transaction costs allocated to warrant liability | 41,191 | ||
Amortization of debt discount | 411,009 | 463,622 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses | (905,712) | ||
Accounts payable and accrued expenses | 173,144 | ||
Net cash used in operating activities | 0 | (1,404,932) | |
Cash Flows from Investing Activities: | |||
Investment of cash in Trust Account | (430,676,061) | ||
Net cash used in investing activities | 0 | (430,676,061) | |
Cash Flows from Financing Activities: | |||
Proceeds from sale of Units, net of underwriting discounts paid | 422,062,539 | ||
Proceeds from sale of Private Placement Warrants | 10,613,522 | ||
Payment of offering costs | (96,281) | ||
Repayment of promissory note – related party | (228,836) | ||
Proceeds from convertible note – related party | 3,000,000 | ||
Net cash provided by financing activities | 0 | 435,350,944 | |
Net Change in Cash | 3,269,951 | ||
Cash – Beginning of period | 0 | 0 | |
Cash – End of period | 0 | 3,269,951 | 3,269,951 |
Non-Cash investing and financing activities: | |||
Offering costs included in accrued offering costs | 28,000 | 587,155 | |
Offering costs paid through promissory note | 181,786 | ||
Payment of prepaid expenses through promissory note | 19,600 | ||
Initial classification of Class A ordinary shares subject to possible redemption | 430,676,061 | ||
Deferred underwriting fee payable | $ 15,073,661 | 15,073,661 | |
Initial Classification of conversion option | $ 2,827,922 | ||
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares | $ 20,000 |
Description of Organization and Business Operations |
9 Months Ended |
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Sep. 30, 2021 | |
Text Block [Abstract] | |
Description of Organization and Business Operations | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Dragoneer Growth Opportunities Corp. III (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on September 25, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering became effective on March 22, 2021. On March 25, 2021, the Company consummated the Initial Public Offering of 40,000,000 Class A ordinary shares (the “Public Shares”), at $10.00 per Public Share, generating gross proceeds of $400,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 10,000,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Dragoneer Growth Opportunities Holdings III (an affiliate of Dragoneer Investment Group, LLC (the “Sponsor”)), generating gross proceeds of $10,000,000, which is described in Note 4. Transaction costs amounted to $24,666,079, consisting of $8,613,522 of underwriting fees, $15,073,661 of deferred underwriting fees and $978,896 of other offering costs. Following the closing of the Initial Public Offering on March 25, 2021, an amount of $400,000,000 ($10.00 per Public Shares) from the net proceeds of the sale of the Public Shares in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), and may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of 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 meeting certain conditions 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 funds in the Trust Account to the Company’s shareholders, as described below. On May 6, 2021, the underwriters partially exercised their over-allotment option, resulting in an additional 3,067,606 Public Shares issued for an aggregate amount of $30,676,060. In connection with the underwriters’ partial exercise of their over-allotment option, the Company also consummated the sale of an additional 613,522 Private Placement Warrants at $1.00 per Private Placement Warrant, generating total gross proceeds of $613,522. A total of $30,676,060 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $430,676,061. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Exchange listing rules require that the Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the value of the Trust Account (as defined below) (excluding any deferred underwriters fees and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (i) in connection with a general 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, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination (initially anticipated to be $10.00 per Public Share), including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the prospectus. The per-share amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote in person or by proxy at a general meeting of the Company. If a shareholder vote is not required 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 Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against an Initial Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, 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% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares. The Company will have until March 25, 2023 (or June 25, 2023 if the Company has executed a letter of intent, agreement in principle or definitive agreement for a Business Combination by March 25, 2023 but has not completed a Business Combination by March 25, 2023) to consummate a Business Combination (the “Combination Period”). However, if the Company has not completed a Business Combination within the Combination Period as may be extended from time to time by the Company as a result of a shareholder vote to amend its Amended and Restated Memorandum and Articles of Association (an “Extension 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 100% of 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 (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders 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 Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, 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. The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period or any Extension Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period or any Extension 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 or any Extension Period, and in such event, such amounts will be included with the other 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 assets remaining available for distribution will be less than the Initial Public Offering price per Share ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.00 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Shares due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, provided that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 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 (other than the Company’s independent registered public accounting firm), prospective target 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. |
Summary of Significant Accounting Policies |
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Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on March 24, 2021. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. 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 Our 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 independent registered public accounting firm 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. 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such 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 comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which 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 the condensed financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly 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 did not have any cash equivalents as of September 30, 2021 and December 31, 2020. Cash Held in Trust Account At September 30, 2021 and December 31, 2020, the assets held in the Trust Account were held in cash Offering Costs Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounted to $24,666,079, of which $24,624,888 were charged against carrying value of Class A ordinary shares subject to redemption and $41,191 was expensed to the condensed statements of operations. 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 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 ordinary shares (including ordinary shares that feature redemption rights that are 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. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ (deficit) equity section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares is affected by charges against additional paid in capital and accumulated deficit. Warrant Liability The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants was estimated using a Modified Black-Scholes Option Pricing model (see Note 10). Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2021 and December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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 considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if warrants were to be exercised or converted or otherwise resulted in issuance of Ordinary Shares that then shared in the earnings of the entity. As the exercise of the warrants are contingent upon the completion of a business combination they have not been included in the calculation of diluted net income (loss) per share. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars,
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 Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s condensed balance sheets, primarily due to their short-term nature, except for the Private Placement Warrants (see Note 10). Fair Value Measurements 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. 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:
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. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “ Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging —815-40)” 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have a significant impact on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
Initial Public Offering |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 40,000,000 Public Shares, at a purchase price of $10.00 per Public Share. The underwriters partially exercised their over-allotment option on May 6, 2021, resulting in the sale of an additional 3,067,606 Public Shares at $10.00 per Public Share. |
Private Placement |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Private Placement [Abstract] | |
Private Placement | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 10,000,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $10,000,000. As a result of the underwriters’ partial exercise of their over-allotment option on May 6, 2021, the Sponsor purchased an additional 613,522 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $613,522. A portion of the proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period or any Extension Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will be worthless. The Company incurred a loss of $0 and $7,767,566 related to the issuance of the Private Placement Warrants for the three and nine months ended September 30, 2021, respectively. |
Related Party Transactions |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In September 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 2,875,000 Class B ordinary shares (the “Founder Shares”). On February 3, 2021, the Company effected a share dividend and on March 1, 2021 the Company effected a share cancellation, resulting in 11,500,000 Founder Shares outstanding at December 31, 2020. All share and per-share amounts have been retroactively restated to reflect the share transactions. The Founder Shares included an aggregate of up to 1,500,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would equal, on an as-converted basis, 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering (assuming the Sponsor does not purchase any Public Shares in the Initial Public Offering). As a result of the underwriters’ partial exercise of their over-allotment option on May 6, 2021, 766,902 Founder Shares are no longer subject to forfeiture and 733,098 Founder Shares were forfeited, resulting in there being 10,766,902 Founder Shares issued and outstanding. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earliest of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Promissory Note — Related Party On September 29, 2020, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of May 31, 2021 and the completion of the Initial Public Offering. The outstanding balance under the Promissory Note of $228,836, was repaid upon the consummation of the Initial Public Offering on March 25, 2021and borrowings on the Promissory Note are no longer available to the Company . Related Party 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”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $3,000,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. 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. On June 18, 2021, the Company entered into a Working Capital Loan Working Capital Loan non-interest bearing and due on the date on which the Company consummates a Business Combination. The outstanding balance under the Working Capital Loan amounted to $3,000,000 as of September 30, 2021 The Company assessed the provisions of the Working Capital Loan 815-15. The derivative component of the obligation is initially valued and classified as a derivative liability with an offset to debt discount. The conversion option was valued using a Black-Scholes Option Pricing Model, which is considered to be Level 3 fair value measurement (see Note 10). The debt discount is being amortized to interest expense as a
non-cash charge over the term of the Working Capital Loan loan unaudited condensed balance sheet. During the three and nine months ended September 30, 2021, the Company recorded $411,009 and $463,622 of interest expense related to the amortization of the debt discount. The balance of the debt discount amounted to $2,364,300 at September 30, 2021. |
Commitments |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | NOTE 6. COMMITMENTS Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic 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 condensed financial statements. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Registration and Shareholder Rights Pursuant to a registration rights agreement entered into on March 22, 2021, the holders of the Founder Shares and Private Placement Warrants, and any warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans and conversion of Founder Shares) are entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. 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 to purchase up to 6,000,000 additional Public Shares to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters partially exercised their over-allotment option on May 6, 2021 resulting in the sale of an additional 3,067,606 Public Shares at a price of $10.00 per Public Share. The underwriters’ remaining over-allotment option expired unexercised on May 6, 2021. The underwriters are entitled to a deferred fee of $0.35 per Public Share, or $15,073,661 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 the Company completes a Business Combination, subject to the terms of the underwriting agreement. Forward Purchase Agreement The Company entered into a forward purchase agreement pursuant to which an affiliate of the Sponsor agreed to purchase an aggregate of up to 5,000,000 forward purchase shares for $10.00 per share, or up to $50,000,000 in the aggregate, in a private placement to close substantially concurrently with the initial Business Combination. The Company will determine in its sole discretion the specific number of forward purchase shares that it sells to the purchaser, if any. The funds from the sale of forward purchase shares may be used as part of the consideration to the sellers in the initial Business Combination, expenses in connection with the initial Business Combination or for working capital in the post transaction company. The obligations under the forward purchase agreement do not depend on whether any public shareholders elect to redeem their shares and provide the Company with a minimum funding level for the initial Business Combination. |
Class A Ordinary Shares Subject To Possible Redemption |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Class A Ordinary Shares Subject To Possible Redemption | NOTE 7. CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION Class A Ordinary Shares The Company determined the Class A ordinary shares subject to redemption to be equal to the redemption value of approximately $10.00 per Public Share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Upon considering the impact of the forward purchase agreement, it was concluded that the redemption value should include all Public Shares resulting in the Class A ordinary shares subject to possible redemption being equal to
$ 430,676,060. This resulted in a measurement adjustment to the carrying value of the Class A ordinary shares subject to redemption with the offset recorded to additional paid-in capital and accumulated deficit. |
Shareholders' (Deficit) Equity |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Equity [Abstract] | |
Shareholders' (Deficit) Equity | NOTE 8. SHAREHOLDERS’ (DEFICIT) EQUITY Preference Shares — Class B Ordinary Shares 1 , there were10,766,902 and Class B ordinary issued and , of which 0 and were , respectively, Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders, except as required by law. Prior to the Business Combination, only holders of the Founder Shares will have the right to vote on the appointment of directors. Holders of the Public Shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of a Business Combination, holders of a majority of the Founder Shares may remove a member of the board of directors for any reason. In a vote to continue the company in a jurisdiction outside the Cayman Islands, only holders of the Founder Shares will have the right to vote. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an
as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any forward purchase shares and any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team, including upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. |
Warrant Liability |
9 Months Ended |
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Sep. 30, 2021 | |
Warrant Liability [Abstract] | |
Warrant Liability | NOTE 9. WARRANT LIABILITY As of September 30, 2021, there are 10,613,522 Private Placement Warrants outstanding. As of December 31, 2020 there were no warrants outstanding. Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment, at any time commencing 30 days after the completion of a Business Combination. The warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Private Placement Warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Private Placement Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Private Placement Warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a Private Placement Warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Private Placement Warrants. The Company has agreed that as soon as practicable, but in no event later than twenty business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Private Placement 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 a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the Private Placement Warrants expire or are redeemed, as specified in the warrant agreement. The exercise price and number of Class A ordinary shares issuable upon exercise of the Private Placement Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Private Placement Warrants will not be adjusted for issuances of Class A ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Private Placement Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Private Placement Warrants will not receive any of such funds with respect to their Private Placement Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Private Placement Warrants. Accordingly, the Private Placement Warrants may expire worthless. The Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be
non-redeemable, so long as they are held by the initial purchasers or their permitted transferees. |
Fair Value Measurements |
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Fair Value Measurements | NOTE 10. FAIR VALUE MEASUREMENTS 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). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
There were no assets or liabilities measured on a recurring basis at December 31, 2020. The Private Placement Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented in the accompanying unaudited condensed unaudited condensed statements of operations. The Private Placement Warrants were valued using a Modified Black Scholes Option Pricing Model, which is considered to be a Level 3 fair value measurement. The Modified Black Scholes Option Pricing model’s primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of the ordinary shares. The expected volatility as of the Initial Public Offering date was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. The following table provides quantitative information regarding Level 3 fair value measurements:
The following table presents the changes in the fair value of Level 3 warrant liabilities:
There were no transfers to/from Levels 1, 2, or 3 for the three and nine months ended September 30, 2021. Conversion Option Liability The liability for the conversion option was valued using a Black-Scholes Option Pricing Model, which is considered to be a Level 3 fair value measurement. The Black Scholes model’s primary unobservable input utilized in determining the fair value of the conversion option is the expected volatility of the ordinary shares. The following table presents the changes in the fair value of the conversion option liability:
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements. |
Summary of Significant Accounting Policies (Policies) |
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Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on March 24, 2021. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. |
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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 Our 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 independent registered public accounting firm 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. 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to
non-emerging growth companies but any such 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 comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
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Use of Estimates | Use of Estimates The preparation of the condensed financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. |
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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 did not have any cash equivalents as of September 30, 2021 and December 31, 2020. |
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Offering Costs | Offering Costs Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounted to $24,666,079, of which $24,624,888 were charged against carrying value of Class A ordinary shares subject to redemption and $41,191 was expensed to the condensed statements of operations. |
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Cash Held in Trust Account | Cash Held in Trust Account At September 30, 2021 and December 31, 2020, the assets held in the Trust Account were held in
cash |
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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 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 ordinary shares (including ordinary shares that feature redemption rights that are 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. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ (deficit) equity section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares is affected by charges against additional paid in capital and accumulated deficit. |
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Warrant Liability | Warrant Liability The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional
paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants was estimated using a Modified Black-Scholes Option Pricing model (see Note 10). |
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Income Taxes | Income Taxes The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which 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. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2021 and December 31, 2020, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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 considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. 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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Net Income per Ordinary Share | Net Income per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if warrants were to be exercised or converted or otherwise resulted in issuance of Ordinary Shares that then shared in the earnings of the entity. As the exercise of the warrants are contingent upon the completion of a business combination they have not been included in the calculation of diluted net income (loss) per share. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars,
|
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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 Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the Company’s condensed balance sheets, primarily due to their short-term nature, except for the Private Placement Warrants (see Note 10). |
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Fair Value Measurements | Fair Value Measurements 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. 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:
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. |
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Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. |
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Recent Accounting Standards | Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “ Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging —815-40)” 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have a significant impact on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Earning Per Share Basic And Diluted | The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars,
|
Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Company's Liabilities Measured At Fair Value On A Recurring Basis | The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
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Summary Of Quantitative Information Of Fair Value Measurement | The following table provides quantitative information regarding Level 3 fair value measurements:
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Summary Of Changes In The Fair Value Of Level 3 Warrant Liabilities | The following table presents the changes in the fair value of Level 3 warrant liabilities:
|
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Summary Of Changes In The Fair Value Of The Conversion Option Liability | The following table presents the changes in the fair value of the conversion option liability:
|
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
May 06, 2021 |
Mar. 25, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2021 |
|
Initial public offering per units | $ 10.00 | ||||
Proceeds from issuance initial public offering | $ 400,000,000 | ||||
Proceeds from sales of private placement warrants | $ 10,000,000 | ||||
Proceeds from Issuance of private placement | 10,000,000 | ||||
Business acquisition transaction costs | 24,666,079 | ||||
Payment of stock issuance costs | 8,613,522 | ||||
Other offering costs | 978,896 | ||||
Maturity of investments days | 185 days | ||||
Deferred underwriting fee | 15,073,661 | ||||
Business combinations and acquisitions tangible assets | $ 5,000,001 | ||||
Percentage of initial public offering shares | 15.00% | ||||
Percentage of initial public offering shares redemption | 100.00% | ||||
Payment of dissolution expenses | $ 100,000 | ||||
Proceeds from issuance of warrants | 10,613,522 | ||||
Investment of cash in Trust Account | $ 30,676,060 | 430,676,061 | |||
Cash held in Trust Account | $ 430,676,061 | $ 430,676,061 | |||
Business Acquisition [Member] | |||||
Business acquisition percentage of voting interests acquired | 50.00% | ||||
Over-Allotment Option | |||||
Stock issued during period shares new issues | 3,067,606 | ||||
Sale of stock, price per share | $ 10.00 | $ 10.00 | |||
Private Placement | |||||
Sale of stock, price per share | $ 1.00 | ||||
Private Placement Warrants | |||||
Number of warrants issued | 613,522 | 10,000,000 | |||
Warrants Issue Price | $ 1.00 | $ 1.00 | |||
Proceeds from issuance of warrants | $ 613,522 | $ 10,000,000 | |||
Common Class A | |||||
Stock issued during period shares new issues | 3,067,606 | 40,000,000 | |||
Common Class A | IPO | |||||
Stock issued during period shares new issues | 40,000,000 | 40,000,000 | |||
Proceeds from issuance initial public offering | $ 400,000,000 | ||||
Sale of stock, price per share | $ 10.00 | $ 10.00 |
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Accounting Policies [Line Items] | ||
Offering costs | $ 24,624,888 | |
Unrecognized tax benefits | 0 | $ 0 |
Accrued for interest and penalties | 0 | $ 0 |
Cash, FDIC Insured Amount | 250,000 | |
Other Expense | ||
Accounting Policies [Line Items] | ||
Offering costs allocated to warrant liabilities | $ 41,191 |
Summary of Significant Accounting Policies - Summary Of Earnings Per Share Basic And Diluted (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Common Class A | |||
Numerator: | |||
Allocation of net income | $ 9,741,106 | $ 1,232,157 | |
Denominator: | |||
Basic and diluted weighted average shares outstanding | 10,000,000 | 43,067,606 | 29,304,919 |
Basic and diluted net income per ordinary shares | $ 0.00 | $ 0.23 | $ 0.04 |
Common Class B | |||
Numerator: | |||
Allocation of net income | $ (5,000) | $ 2,435,277 | $ 437,823 |
Denominator: | |||
Basic and diluted weighted average shares outstanding | 10,000,000 | 10,766,902 | 10,412,947 |
Basic and diluted net income per ordinary shares | $ 0.00 | $ 0.23 | $ 0.04 |
Initial Public Offering - Additional Information (Detail) - $ / shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
May 06, 2021 |
Mar. 25, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2021 |
|
Common Class A | |||||
Stock issued during period shares new issues | 3,067,606 | 40,000,000 | |||
IPO | Common Class A | |||||
Sale of stock, price per share | $ 10.00 | $ 10.00 | |||
Stock issued during period shares new issues | 40,000,000 | 40,000,000 | |||
Over-Allotment Option | |||||
Sale of stock, price per share | $ 10.00 | $ 10.00 | |||
Stock issued during period shares new issues | 3,067,606 |
Private Placement - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
May 06, 2021 |
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Proceeds from issuance of warrants | $ 10,613,522 | ||
Loss from issuance of private placement warrants | $ 7,767,566 | ||
Private Placement Warrants | |||
Number of warrants issued | 613,522 | 10,000,000 | |
Warrants issue price | $ 1.00 | $ 1.00 | $ 1.00 |
Proceeds from issuance of warrants | $ 613,522 | $ 10,000,000 | |
Loss from issuance of private placement warrants | $ 0 | $ (7,767,566) |
Related Party Transactions - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
May 06, 2021 |
Mar. 25, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Sep. 30, 2021 |
Jun. 18, 2021 |
Feb. 03, 2021 |
Dec. 31, 2020 |
Sep. 29, 2020 |
|
Payments of Stock Issuance Costs | $ 8,613,522 | |||||||||
Repayments of Related Party Debt | 228,836 | |||||||||
Proceeds from convertible note – related party | $ 3,000,000 | |||||||||
Founder Shares | ||||||||||
Payments of Stock Issuance Costs | $ 25,000 | |||||||||
Stock issued during period subject to forfeiture | 1,500,000 | 1,500,000 | ||||||||
Percent of stock convertible | 20.00% | 20.00% | ||||||||
Stock price threshold limit | $ 12.00 | |||||||||
Common stock shares outstanding | 10,766,902 | 11,500,000 | ||||||||
Common stock subject to forfeited | 733,098 | |||||||||
Common stock shares issued | 10,766,902 | |||||||||
Promissory Note | ||||||||||
Repayments of Related Party Debt | $ 228,836 | |||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |||||||||
Warrant issue price | $ 1.00 | $ 1.00 | ||||||||
Notes payable related parties | $ 0 | |||||||||
Working Capital Loans | ||||||||||
Convertible Debt | $ 3,000,000 | $ 3,000,000 | ||||||||
Working Capital Loans | Sponsor | ||||||||||
Due to related party | 3,000,000 | 3,000,000 | $ 3,000,000 | |||||||
Debt instrument, face amount | 2,827,923 | 2,827,923 | ||||||||
Interest expense, debt | 411,009 | 463,622 | ||||||||
Proceeds from convertible note – related party | 3,000,000 | |||||||||
Debt instrument, unamortized discount | $ 2,364,300 | $ 2,364,300 | ||||||||
Common Class B | ||||||||||
Common stock shares outstanding | 10,766,902 | 10,766,902 | 11,500,000 | |||||||
Common stock subject to forfeited | 733,098 | |||||||||
Common stock shares issued | 10,766,902 | 10,766,902 | 11,500,000 | |||||||
Common Class B | Founder Shares | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 2,875,000 |
Commitments - Additional Information (Detail) - USD ($) |
9 Months Ended | |
---|---|---|
May 06, 2021 |
Sep. 30, 2021 |
|
Other Commitments [Line Items] | ||
Deferred underwriting fee payable per share | $ 0.35 | |
Deferred underwriting fee payable non current | $ 15,073,661 | |
Underwriting Agreement | ||
Other Commitments [Line Items] | ||
Overallotment option vesting period | 45 days | |
Stock issued during period shares new issues | 6,000,000 | |
Forward Contracts | ||
Other Commitments [Line Items] | ||
Stock repurchased during period, shares | 5,000,000 | |
Purchase price per share | $ 10.00 | |
Payments for repurchase of private placement | $ 50,000,000 | |
Over-Allotment Option [Member] | ||
Other Commitments [Line Items] | ||
Sale of stock, price per share | $ 10.00 | $ 10.00 |
Stock issued during period shares new issues | 3,067,606 |
Class A Ordinary Shares Subject To Possible Redemption - Additional Information (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Minimum [Member] | ||
Class of Stock [Line Items] | ||
Minimum net worth required for compliance | $ 5,000,001 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common stock shares issued | 0 | 0 |
Common stock shares outstanding | 0 | 0 |
Temporary Equity, Redemption Price Per Share | $ 10.00 | |
Temporary equity carrying amount attributable to parent | $ 430,676,060 | |
Common stock shares description of voting rights | one vote | |
Common Class A [Member] | Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock shares issued | 43,067,606 | 0 |
Common stock shares outstanding | 43,067,606 | 0 |
Shareholders' (Deficit) Equity - Additional Information (Detail) - $ / shares |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
May 06, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | |||
Preferred stock shares authorised | 1,000,000 | 1,000,000 | |
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Preferred stock shares issued | 0 | 0 | |
Preferred stock shares outstanding | 0 | 0 | |
Common Class A | |||
Class of Stock [Line Items] | |||
Common stock shares authorised | 200,000,000 | 200,000,000 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 0 | 0 | |
Common stock shares outstanding | 0 | 0 | |
Common stock shares description of voting rights | one vote | ||
Common Class A | Founder Shares | |||
Class of Stock [Line Items] | |||
Percentage of common stock outstanding | 20.00% | ||
Common Class B | |||
Class of Stock [Line Items] | |||
Common stock shares authorised | 20,000,000 | 20,000,000 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 10,766,902 | 11,500,000 | |
Common stock shares outstanding | 10,766,902 | 11,500,000 | |
Common stock shares description of voting rights | one vote | ||
Common stock subject to forfeiture | 733,098 | ||
Percentage of ordinary shares after forfeiture equal to common stock issued and outstanding ordinary shares after the IPO. | 20.00% | ||
Common Class B | Over-Allotment Option | |||
Class of Stock [Line Items] | |||
Common stock subject to forfeiture | 0 | 1,500,000 |
Warrant Liability - Additional Information (Detail) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Warrants or rights term | 5 years | |
Class of warrant or right, outstanding | 0 | |
Private Placement Warrants | ||
Class of warrant or right, outstanding | 10,613,522 | |
Common Class A | Private Placement Warrants | ||
Share price | $ 11.50 | |
Period within which warrants exercise after the completion of a business combination | 30 days |
Fair Value Measurements - Summary Of Company's Liabilities Measured At Fair Value On A Recurring Basis (Detail) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring |
Sep. 30, 2021
USD ($)
|
---|---|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Warrant Liability – Private Placement Warrants | $ 10,594,288 |
Warrant Liability – Conversion Option | $ 0 |
Fair Value Measurements - Summary Of Quantitative Information Of Fair Value Measurement (Detail) - Fair Value, Inputs, Level 3 |
Sep. 30, 2021
$ / shares
|
---|---|
Stock price | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants and rights outstanding, measurement input | 9.80 |
Strike price | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants and rights outstanding, measurement input | 11.50 |
Volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants and rights outstanding, measurement input | 16.0 |
Risk-free rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants and rights outstanding, measurement input | 1.15 |
Dividend yield | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrants and rights outstanding, measurement input | 0.0 |
Fair Value Measurements - Summary Of Changes In The Fair Value Of Level 3 Warrant Liabilities (Detail) - USD ($) |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Change in fair value | $ (9,995,945) | $ (7,786,801) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value as of January 1, 2021 | ||
Initial measurement on March 25, 2021 | 17,252,208 | |
Change in fair value | (7,786,801) | |
Measurement of the additional Private Placement warrants issued on May 6, 2021 | 1,128,881 | |
Fair value as of September 30, 2021 | $ 10,594,288 | $ 10,594,288 |
Fair Value Measurements - Summary Of Changes In The Fair Value Of The Conversion Option Liability (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Fair Value Disclosures [Abstract] | |
Fair value as of January 1, 2021 | |
Initial Classification of conversion option | 2,827,922 |
Change in fair value | (2,827,922) |
Fair Value as of September 30, 2021 |
Fair Value Measurements - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
No assets or liabilities | $ 0 | ||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | $ 0 | $ 0 |
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