0001213900-21-036327.txt : 20210709 0001213900-21-036327.hdr.sgml : 20210709 20210709150950 ACCESSION NUMBER: 0001213900-21-036327 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210709 DATE AS OF CHANGE: 20210709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pontem Corp CENTRAL INDEX KEY: 0001830392 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39882 FILM NUMBER: 211082693 BUSINESS ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-457-9077 MAIL ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 10-Q 1 f10q0321_pontemcorp.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2021

 

OR

 

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

 

For the transition period from _________ to _________

 

PONTEM CORPORATION

(Exact name of registrant as specified in its charter)

 

Cayman Islands   001-39882   98-1562955
(State or other jurisdiction of
incorporation or organization)
  (Commission File Number)   (IRS Employer
Identification No.)

 

1140 Avenue of the Americas, 9th Floor
New York, New York
  10036
(Address Of Principal Executive Offices)   (Zip Code)

 

(212) 457-9077

Registrant’s telephone number, including area code

 

Not Applicable

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

 

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

 

Title of Each Class:   Trading Symbol:   Name of Each Exchange on
Which Registered:
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one warrant   PNTM.U   The New York Stock Exchange
Class A ordinary shares included as part of the units   PNTM   The New York Stock Exchange
Warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of 11.50   PNTM WS   The New York Stock Exchange

 

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

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

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

 

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

 

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

 

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

 

As of July 9, 2021, 69,000,000 Class A ordinary shares, par value $0.0001 per share, and 17,250,000 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding, respectively.

 

 

 

PONTEM CORPORATION

Form 10-Q

For the three months ended March 31, 2021

Table of Contents

 

    Page
PART I. FINANCIAL INFORMATION  
     
Item 1. Condensed Financial Statements 1
     
  Condensed Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020 1
     
  Condensed Statement of Operations for the three months ended March 31, 2021(Unaudited) 2
     
  Condensed Statement of Changes in Shareholders’ Deficit for the three months ended March 31, 2021(Unaudited) 3
     
  Condensed Statement of Cash Flows for the three months ended March 31, 2021(Unaudited) 4
     
  Notes to Unaudited Condensed Financial Statements 5
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 24
     
Item 4. Controls and Procedures 25
   
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 26
     
Item 1A. Risk Factors 26
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 27
     
Item 3. Defaults Upon Senior Securities 27
     
Item 4. Mine Safety Disclosures 27
     
Item 5. Other Information 27
     
Item 6. Exhibits 28

 

i

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Condensed Financial Statements (Unaudited)

 

PONTEM CORPORATION

CONDENSED BALANCE SHEETS

 

   March 31,   December 31, 
   2021   2020 
   (Unaudited)     
Assets        
Current assets:        
Cash  $272,809   $- 
Prepaid expenses   759,816    5,000 
Total current assets   1,032,625    5,000 
Investments held in Trust Account   690,027,522    - 
Derivative assets - forward purchase agreement   421,700    - 
Deferred offering costs associated with initial public offering   -    557,602 
Total Assets  $691,481,847   $562,602 
           
Liabilities and Shareholders’ Deficit          
Current liabilities:          
Accounts payable  $6,264   $- 
Accrued expenses   69,188    13,647 
Accrued offering costs   119,000    350,000 
Due to related party   13,458    - 
Note payable - related party   -    181,468 
Total current liabilities   207,910    545,115 
Deferred legal fees   269,213    49,802 
Deferred underwriting commissions   24,150,000    - 
Derivative warrant liabilities   25,255,330    - 
Total liabilities   49,882,453    594,917 
           
Commitments and Contingencies          
Class A ordinary shares, $0.0001 par value; 750,000,000 shares authorized; 69,000,000 and 0 shares issued and outstanding, subject to possible redemption at $10.00 per share at March 31, 2021 and December 31, 2020, respectively   690,000,000    - 
           
Shareholders’ Deficit:          
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding   -    - 
Class B ordinary shares, $0.0001 par value; 100,000,000 shares authorized; 17,250,000 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively   1,725    1,725 
Additional paid-in capital   -    23,275 
Accumulated deficit   (48,402,331)   (57,315)
Total shareholders’ deficit   (48,400,606)   (32,315)
Total Liabilities and Shareholders’ Deficit  $691,481,847   $562,602 

 

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

 

1

 

 

PONTEM CORPORATION

CONDENSED STATEMENT OF OPERATIONS

For the Three Months Ended March 31, 2021

(Unaudited)

 

General and administrative expenses  $362,772 
General and administrative expenses - related party   45,000 
Loss from operations  $(407,772)
Other income (expense)     
Change in fair value of derivative warrant liabilities   20,876,670 
Gain on the forward purchase agreement   421,700 
Financing costs - derivative warrant liabilities   (1,784,824)
Investment income on Trust Account   27,522 
Net income  $19,133,296 
      
Basic and diluted weighted average shares outstanding of Class A ordinary shares subject to possible redemption   69,000,000 
      
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption  $- 
      
Basic and diluted weighted average shares outstanding of non-redeemable ordinary shares   16,900,000 
      
Basic and diluted net income per ordinary share, non-redeemable ordinary shares  $1.13 

 

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

 

2

 

 

PONTEM CORPORATION

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT

For the Three Months Ended March 31, 2021

(Unaudited)

 

       Additional       Total 
   Class B ordinary shares   Paid-in   Accumulated   Shareholders' 
   Shares   Amount   Capital   Deficit   Deficit 
Balance - December 31, 2020   17,250,000   $1,725   $23,275   $(57,315)  $(32,315)
Excess of cash received over fair value of the private placement warrants   -      -      948,000    -      948,000 
Class A ordinary shares subject to redemption amount   -      -      (971,275)   (67,478,312)   (68,449,587)
Net income   -      -      -      19,133,296    19,133,296 
Balance -  March 31, 2021 (unaudited)   17,250,000   $1,725   $-     $(48,402,331)  $(48,400,606)

 

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

 

3

 

 

PONTEM CORPORATION

CONDENSED STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2021

(Unaudited)

 

Cash Flows from Operating Activities:    
Net income  $19,133,296 
Adjustments to reconcile net income to net cash used in operating activities:     
Change in fair value of derivative warrant liabilities   (20,876,670)
Gain on the forward purchase agreement   (421,700)
Financing costs - derivative warrant liabilities   1,784,824 
Income from investments held in Trust Account   (27,522)
Changes in operating assets and liabilities:     
Prepaid expenses   (754,816)
Accounts payable   6,264 
Accrued expenses   55,541 
Due to related party   13,458 
Net cash used in operating activities   (1,087,325)
      
Cash Flows from Investing Activities:     
Cash deposited in Trust Account   (690,000,000)
Net cash used in investing activities   (690,000,000)
      
Cash Flows from Financing Activities:     
Repayment of note payable to related party   (226,948)
Proceeds received from initial public offering, gross   690,000,000 
Proceeds received from private placement   15,800,000 
Offering costs paid   (14,212,918)
Net cash provided by financing activities   691,360,134 
      
Net change in cash   272,809 
      
Cash - beginning of the period   - 
Cash - end of the period  $272,809 
      
Supplemental disclosure of noncash investing and financing activities:     
Offering costs included in accrued offering costs  $119,000 
Offering costs paid by Sponsor under promissory note  $45,479 
Deferred legal fees  $269,214 
Deferred underwriting commissions  $24,150,000 

 

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

 

4

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Note 1 — Description of Organization and Business Operations

 

Pontem Corporation (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 15, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”).

 

As of March 31, 2021, the Company had not commenced any operations. All activity for the period from October 15, 2020 (inception) through March 31, 2021 relates to the Company’s formation, and since the closing of the initial public offering, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on its investments held in the trust account from the proceeds of its initial public offering (the “Initial Public Offering”).

 

The Company’s sponsor is Pontem LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 12, 2021. On January 15, 2021, the Company consummated its Initial Public Offering of 69,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), which includes 9,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.9 million, of which approximately $24.2 million and approximately $213,000 was for deferred underwriting commissions and deferred legal fees, respectively (Notes 2 and 6).

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 10,533,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant with the Sponsor and HSM-Invest, a Switzerland simple or general non-commercial partnership (“HSM-Invest”), generating gross proceeds of $15.8 million (Notes 5 and 7).

 

Upon the closing of the Initial Public Offering and the Private Placement, $690.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.

 

The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount held in trust) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

 

5

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

The Company will provide its 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 a 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 for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”). In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which were adopted by the Company upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the Sponsor.

 

Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.

 

The Company’s Sponsor, executive officers, directors and director nominees agreed not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.

 

If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or January 15, 2023, (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.

 

In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes payable (less up to $100,000 of interest to pay dissolution expenses).

 

6

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) 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 share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) 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 vendors, service providers (except 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.

 

Liquidity and Capital Resources

 

As of March 31, 2021, the Company had approximately $273,000 in its operating bank account and working capital of approximately $825,000.

 

The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares (as defined in Note 5), a loan of up to approximately $300,000 from the Sponsor pursuant to the Note (as defined in Note 5), of which approximately $181,000 was outstanding as of December 31, 2020 and approximately $227,000 prior to the Initial Public Offering, and the proceeds of $2.0 million from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on January 18, 2021. In addition, 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, provide the Company Working Capital Loans (as defined in Note 5). As of March 31, 2021 and December 31, 2020, there were no amounts outstanding under any Working Capital Loans.

 

On April 30, 2021, the Company entered into a Working Capital Loan Agreement with the Sponsor and HSM-Invest, pursuant to which the Company may borrow up to $1.2 million from the Sponsor and HSM-Invest for ongoing expenses reasonably related to the business of the Company and the consummation of the Business Combination. All unpaid principal under the Working Capital Promissory Note will be due and payable in full on the effective date of the Business Combination. See Note 5 for a description of the agreement and the underlying promissory notes.

 

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

 

7

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Note 2 — Summary of Significant Accounting Policies

 

Basis of presentation

 

The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021.

 

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K January 22, 2021.

 

Emerging growth company

 

As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such 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 unaudited condensed financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

Use of Estimates

 

The preparation of unaudited condensed 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 unaudited condensed 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on the account.

 

8

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Cash and Cash Equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020.

 

Due to Related Party

 

Due to related party consist of amounts due from the Company to QVIDTVM Inc., an entity affiliated with the Sponsor. As of March 31, 2021 and December 31, 2020, the Company recorded approximately $13,000 and $0 on the unaudited condensed balance sheets, respectively.

 

Investments Held in Trust Account

 

The Company’s portfolio of investments is comprised solely of 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 investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment income on Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

 

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:

 

  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.

 

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

 

As of March 31, 2021, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, accrued offering costs, due to related party and note payable to related party approximate their fair values due to the short-term nature of the instruments.

 

Derivative instruments

 

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is re-assessed at the end of each reporting period.

 

9

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

The Company is committed to issue forward purchase units, which are recognized as derivative assets or liabilities depending on the fair value in accordance with ASC 815. Accordingly, the Company recognizes forward purchase agreement instruments as assets or liabilities at fair value and adjusts the instruments to fair value at each reporting period. The assets or liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the units associated with the forward purchase agreement have been estimated utilizing a forward pricing model.

 

The 23,000,000 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the 10,533,333 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants.

 

Offering Costs Associated with the Initial Public Offering

 

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were included in temporary equity along with accretion of the Class A ordinary shares. For the three months ended March 31, 2021, of the total offering costs of the Initial Public Offering, approximately $1.8 million is included in financing cost - derivative warrant liabilities in the unaudited condensed statement 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 ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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, Class A 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 the occurrence of uncertain future events. Accordingly, as of March 31, 2021, 69,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited condensed balance sheets.

 

Immediately upon the closing of the Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit.

 

As March 31, 2021, Class A ordinary shares reflected on the unaudited condensed balance sheet are reconciled in the following table:

 

   As of
March 31,
2021
 
Gross proceeds  $690,000,000 
Less:     
Proceeds allocated to public warrants   (31,280,000)
Class A ordinary shares issuance costs   (37,169,587)
Plus:     
Accretion of carrying value to redemption value   68,449,587 
Class A ordinary shares subject to possible redemption  $690,000,000 

 

Income Taxes

 

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 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. There were no unrecognized tax benefits as of March 31, 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

 

The Company is considered an exempted Cayman Islands company 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 periods presented.

 

10

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Net Income (loss) per Ordinary Shares

 

Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

 

The Company’s unaudited condensed statements of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss from investments held in Trust Account, net of applicable income taxes, if any, by the weighted average number of Class A ordinary shares subject to possible redemption outstanding for the period.

 

Net income (loss) per ordinary share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss from investment attributable to Class A ordinary shares subject to possible redemption, by the weighted average number of non-redeemable ordinary shares outstanding for the period.

 

Non-redeemable ordinary shares include Founder Shares as these shares do not have any redemption features. Non-redeemable ordinary shares participate in the income or loss from investments based on non-redeemable shares’ proportionate interest.

 

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share:

 

    For the
Three Months
Ended
March 31,
2021
 
Class A ordinary shares subject to possible redemption      
Numerator: Earnings allocable to ordinary shares subject to possible redemption      
Income from investments held in Trust Account   $ 27,522  
Less: Company’s portion available to be withdrawn to pay taxes     -  
Net income attributable to Class A ordinary shares subject to possible redemption   $ 27,522  
Denominator: Weighted average Class A ordinary shares subject to possible redemption        
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption     69,000,000  
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption   $ -  
         
Non-redeemable ordinary shares        
Numerator: Net Income minus Net Earnings        
Net income   $ 19,133,296  
Net income allocable to Class A ordinary shares subject to possible redemption     27,522  
Non-redeemable net income   $ 19,105,774  
Denominator: weighted average non-redeemable ordinary shares        
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares     16,900,000  
Basic and diluted net income per ordinary share, non-redeemable ordinary shares   $ 1.13  

 

11

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Recent Issued Accounting Standards

 

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.

 

The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements.

 

Note 3 — Initial Public Offering

 

On January 15, 2021, the Company consummated its Initial Public Offering of 69,000,000 Units, which includes 9,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.9 million, of which approximately $24.2 million and approximately $213,000 was for deferred underwriting commissions and deferred legal fees, respectively.

 

Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).

 

Note 4 — Private Placement

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,533,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor and HSM-Invest, generating gross proceeds of $15.8 million.

 

Each whole Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor, HSM-Invest or their permitted transferees.

 

The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.

 

Note 5 — Related Party Transactions

 

Founder Shares

 

On October 19, 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor (the “Founder Shares”) in exchange for the payment of $25,000 from the Sponsor to cover certain expenses on behalf of the Company. Shares and the associated amounts have been retroactively restated to reflect the shares capitalizations on December 23, 2020, January 8, 2021 and January 15, 2021, resulting in an aggregate of 17,250,000 Class B ordinary shares outstanding. The holders of the Founder Shares agreed to surrender and cancel up to an aggregate of 2,250,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units was not exercised in full by the underwriters, so that the Founder Shares would represent approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On January 15, 2021, the underwriters fully exercised the over-allotment option; thus, these 2,250,000 Founder Shares are no longer subject to forfeiture.

 

The Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) three years after the completion of the initial Business Combination or (ii) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least one year after the initial Business Combination, the Founder Shares will be released from the lockup.

 

12

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Related Party Loans

 

On October 16, 2020, the Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due upon the closing of the Initial Public Offering. The Company borrowed approximately $181,000 through December 31, 2020 and approximately $227,000 prior to the Initial Public Offering under the Note. The Company repaid the Note in full on January 18, 2021.

 

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2021, the Company had no borrowings under the Working Capital Loans.

 

On April 30, 2021, the Company entered a Working Capital Loan Agreement (the “Agreement”) with the Sponsor and HSM-Invest, pursuant to which the Company may borrow up to $1,200,000 from the Sponsor and HSM-Invest for ongoing expenses reasonably related to the business of the Company and the consummation of the Business Combination. On April 30, 2021, pursuant to the Agreement, the Company issued a promissory note (the “Working Capital Promissory Note”) for the principal amount of $600,000 to the Sponsor and HSM-Invest, respectively. The Working Capital Promissory Note does not bear any interest. All unpaid principal under the Working Capital Promissory Note will be due and payable in full on the effective date of the Business Combination (the “Maturity Date”). Pursuant to the terms of the Agreement, the Company is not required to repay the Working Capital Promissory Note if it fails to complete the Business Combination. The Sponsor and HSM-Invest will have the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Working Capital Promissory Note into warrants to purchase the Company’s Class A ordinary shares, par value $0.0001 per share, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company’s initial public offering.

 

Administrative Services Agreement

 

Commencing on the date that the Company’s securities were first listed on NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor $10,000 per month for office space, utilities, secretarial and administrative support services provided to members of the management team. During the three months ended March 31, 2021, the Company incurred $30,000 included in general and administrative expenses to related party in the accompanying unaudited condensed statement of operations.

 

In addition, the Sponsor, officers and directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.

 

Consulting Agreement

 

On October 15, 2020, the Company entered into an agreement to obtain consulting services from an affiliate of its Chief Financial Officer, pursuant to which the Company agreed to pay such affiliate of its Chief Financial Officer $5,000 per month. Consulting expenses resulting from such agreement were included within general and administrative expenses to related party in the accompanying unaudited condensed statement of operations. During the three months ended March 31, 2021, the Company incurred $15,000 in consulting expenses.

 

13

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Forward Purchase Agreement

 

On January 12, 2021, the company entered into a forward purchase agreement with QVIDTVM Management LLC providing for the purchase of up to 15,000,000 forward purchase units (the “Forward Purchase Agreement”), with each unit consisting of one Class A ordinary share (the “Forward Purchase Shares”) and one-third of one redeemable warrant to purchase one Class A ordinary share at $11.50 per share (the “Forward Purchase Warrants”), at a purchase price of $10.00 per unit, in a private placement to occur concurrently with the closing of the initial Business Combination. The number of forward purchase units to be purchased by QVIDTVM Management LLC will be subject to the sole discretion of Mr. Alici, who has investment control over the capital committed to such entity, but in no event will be less than 5,000,000 forward purchase units. The obligations under the Forward Purchase Agreement do not depend on whether any Class A ordinary shares held by Public Shareholders are redeemed by the Company. The obligation to purchase the forward purchase units is subject to customary closing conditions, including that the initial Business Combination must be consummated substantially concurrently with, and immediately following, the purchase of forward purchase units. The Forward Purchase Shares and Forward Purchase Warrants will be issued only in connection with the closing of the initial Business Combination. The proceeds from the sale of forward purchase securities 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 Forward Purchase Agreement is accounted for as an asset or liability measured at fair value with changes in fair value reported each period in earnings. The initial value of the Forward Purchase Agreement was insignificant.

 

Note 6 — Commitments and Contingencies

 

Registration and Shareholder Rights

 

The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registered such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

Pursuant to the Forward Purchase Agreement, the Company agreed to use its reasonable best efforts (i) to file within 30 days after the closing of a Business Combination a registration statement with the SEC for a secondary offering of the Forward Purchase Shares and the Forward Purchase Warrants (and underlying Class A ordinary shares), (ii) to cause such registration statement to be declared effective promptly thereafter but in no event later than sixty (60) days after the initial filing, (iii) to maintain the effectiveness of such registration statement until the earliest of (A) the date on which the Sponsor or its assignees cease to hold the securities covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and (iv) after such registration statement is declared effective, cause us to conduct firm commitment underwritten offerings, subject to certain limitations. In addition, the Forward Purchase Agreement provides that these holders will have certain “piggy-back” registration rights to include their securities in other registration statements filed by the Company.

 

Underwriting Agreement

 

The Company granted the underwriters a 45-day option from the date of this prospectus to purchase up to 9,000,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On January 15, 2021, the underwriters fully exercised the over-allotment option.

 

The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. 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.

 

Deferred Legal Fees

 

The Company engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer their fees in excess of $350,000 (“Deferred Legal Fees”). The deferred fee will become payable in the event that the Company completes a Business Combination. As of March 31, 2020 and December 31, 2020, the Company recorded deferred legal fees of approximately $269,000 and $50,000 in connection with such services on the accompanying unaudited condensed balance sheets, respectively.

 

14

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Risks and Uncertainties

 

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Note 7 — Derivative Warrant Liabilities

 

As of March 31, 2021, the Company had 23,000,000 Public Warrants and 10,533,333 Private Warrants outstanding.

 

Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

 

The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities, other than the forward purchase securities, for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

 

15

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon 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 non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

 

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00:

 

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

 

  in whole and not in part;

 

  at a price of $0.01 per warrant;

 

  upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

 

  if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

 

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period.

 

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00:

 

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

 

  in whole and not in part;

 

  at a price of $0.10 per warrant;

 

  upon a minimum of 30 days’ prior written notice of redemption;

 

  if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30 trading-day period ending three trading days before the Company sends the notice of redemption to the warrant holders;

 

  if the closing price of the Class A ordinary shares for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above;

 

  provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares

 

The “fair market value” of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).

 

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 warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

 

16

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Note 8 — Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit

 

Preference Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share. As of March 31, 2021 and December 31, 2020, there were no preference shares issued or outstanding.

 

Class A Ordinary Shares Subject to Possible Redemption — The Company is authorized to issue 750,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of March 31, 2021, there were 69,000,000 Class A ordinary shares outstanding, all of which were subject to possible redemption.

 

Class B Ordinary Shares — The Company is authorized to issue 100,000,000 Class B ordinary shares with a par value of $0.0001 per share. On October 19, 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor. Shares and the associated amounts have been retroactively restated to reflect the shares capitalizations on December 23, 2020, January 8, 2021 and January 15, 2021, resulting in an aggregate of 17,250,000 Class B ordinary shares outstanding. The holders of the Founder Shares agreed to surrender and cancel up to an aggregate of 2,250,000 Class B ordinary shares for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. On January 15, 2021, the underwriters fully exercised the over-allotment option; thus, these 2,250,000 Founder Shares are no longer subject to forfeiture.

 

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders except as required by law.

 

The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of ordinary shares outstanding after such conversion, including 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 the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination, any private placement warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans and the Forward Purchase Shares and Forward Purchase Warrants; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis

 

Note 9 — Fair Value Measurements

 

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value.

 

    Fair Value Measured as of March 31, 2021  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Investments held in Trust Account   $ 690,027,522     $ -     $ -     $ 690,027,522  
Derivative assets - forward purchase agreement   $ -     $ -     $ 421,700     $ 421,700  
Liabilities:                                
Derivative warrant liabilities - Public Warrants   $ 17,250,000     $ -     $ -     $ 17,250,000  
Derivative warrant liabilities - Private Placement Warrants   $ -     $ -     $ 8,005,330     $ 8,005,330  

 

17

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in March 2021, when the Public Warrants were separately listed and traded.

 

Level 1 assets include investments in money market funds that invest solely in U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

 

The Company’s instruments estimated at fair value using Level 3 inputs are its Private Placement Warrants, Public Warrants, and the Forward Purchase Agreement. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Modified Black-Scholes model. The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since March 2021. The fair value of the units associated with the Forward Purchase Agreement have been estimated utilizing forward pricing model.  The Company determined that the initial fair value of the units (including shares and warrants) associated with the Forward Purchase Agreement as of January 15, 2021, was insignificant. 

 

Inherent in a Monte Carlo simulation model, Modified Black-Scholes Model, and a forward pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

 

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

 

   As of
January 15,
2021
   As of
March 31,
2021
 
Warrants:        
Option term (in years)   5.97    5.76 
Volatility   23.00%   13.80%
Risk-free interest rate   0.63%   1.10%
Expected dividends   0.00%   0.00%
Probability of successful initial business combination   88.3%   88.3%
Forward Purchase Agreement:          
Expected term   0.96    0.75 
Risk-free interest rate   0.12%   0.06%

 

18

 

 

PONTEM CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

The change in the fair value of the derivative warrant liabilities measured utilizing Level 3 measurements for the period for the three months ended March 31, 2021 is summarized as follows:

 

Derivative warrant liabilities beginning of the period  $- 
Issuance of Public and Private Warrants - Level 3 measurement   46,132,000 
Transfer of Public Warrants to a Level 1 measurement   (31,280,000)
Change in fair value of derivative warrant liabilities - Level 3 measurement   (6,846,670)
Derivative warrant liabilities at March 31, 2021 - Level 3 measurement  $8,005,330 

 

Note 10 — Revision to Prior Period Financial Statements

 

During the course of preparing the quarterly report on Form 10-Q for the three-month period ended March 31, 2021, the Company identified an error in the application of accounting guidance related to the Company’s warrants and Forward Purchase Agreement in the Company’s previously issued audited balance sheet dated January 15, 2021, filed on Form 8-K on January 22, 2021 (the “Post-IPO Balance Sheet”).

 

On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since their issuance on January 15, 2021, the Company’s warrants have been accounted for as equity within the Company’s previously reported balance sheet. After discussion and evaluation, including with the Company’s independent registered public accounting firm and the Company’s audit committee, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement.

 

The Warrants were reflected as a component of equity in the Post-IPO Balance Sheet as opposed to liabilities on the balance sheet, based on the Company’s application of FASB ASC Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40”). The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC 815-40 to the warrant agreement. The Company reassessed its accounting for Warrants issued on January 15, 2021, and the forward purchase agreement issued on January 12, 2021 in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants and Forward Purchase Agreement should be classified as assets or liabilities and measured at fair value upon issuance, with subsequent changes in fair value reported in the Company’s statement of operations each reporting period.

 

In addition, upon considering the impact of the forward purchase agreement, it was concluded that the redemption value of the Class A ordinary shares subject to redemption should include all the Public Shares. This resulted in a measurement adjustment to the initial carrying value of the Class A ordinary shares subject to redemption with the offset recorded to additional paid-in capital and accumulated deficit.

 

The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported investments held in trust or cash. The Company determined that the initial fair value of the units (including shares and warrants) associated with the Forward Purchase Agreement as of January 15, 2021, was insignificant. The effect of the Revision to the Post-IPO Balance Sheet is as follows:

 

    As of January 15, 2021  
    As
Previously
Reported
   
Adjustment
    As Revised  
       
Balance Sheet                  
Total assets   $ 692,971,800     $ -     $ 692,971,800  
Liabilities and shareholders’ equity                        
Total current liabilities   $ 1,786,633     $ -     $ 1,786,633  
Deferred legal fees     212,549       -       212,549  
Deferred underwriting commissions     24,150,000       -       24,150,000  
Derivative warrant liabilities     -       46,132,000       46,132,000  
Total liabilities     26,149,182       46,132,000       72,281,182  
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption     661,822,610       28,177,390       690,000,000  
Shareholders’ equity                        
Preference shares - $0.0001 par value     -       -       -  
Class A ordinary shares - $0.0001 par value     282       (282     -  
Class B ordinary shares - $0.0001 par value     1,725       -       1,725  
Additional paid-in-capital     5,102,637       (5,102,637 )     -  
Accumulated deficit     (104,636 )     (69,206,471 )     (69,311,107 )
Total shareholders’ equity     5,000,008       (74,309,390 )     (69,309,382
Total liabilities and shareholders’ equity   $ 692,971,800     $ -     $ 692,971,800  

 

Note 11 — Subsequent Events

 

The Company evaluated subsequent events and transactions that occurred up to the date unaudited condensed financial statements were available to be issued. Based upon this review, other than disclosed in Notes 5 and 10, the Company determined that, there have been no events that have occurred that would require adjustments to the disclosures in the unaudited condensed financial statements.

19

 

 

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

 

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

 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings.

 

Overview

 

We are a blank check company incorporated as a Cayman Islands exempted company on October 15, 2020. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). We are an emerging growth company and, as such, we are subject to all of the risks associated with emerging growth companies.

 

Our Sponsor is Pontem LLC, a Delaware limited liability company (“Sponsor”). The registration statement for our initial public offering (the “Initial Public Offering’) became effective on January 12, 2021. On January 15, 2021, we consummated the Initial Public Offering of 69,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), which includes 9,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.9 million, of which approximately $24.2 million and approximately $213,000 was for deferred underwriting commissions and deferred legal fees, respectively.

 

Simultaneously with the closing of the Initial Public Offering, we consummated the private placement (“Private Placement”) of 10,533,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant with our Sponsor and HSM-Invest, a Switzerland simple or general non-commercial partnership (“HSM-Invest”), generating gross proceeds of $15.8 million.

 

Upon the closing of the Initial Public Offering and the Private Placement, $690.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by us, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.

 

If we are unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or January 15, 2023, (the “Combination Period”), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.

 

20

 

 

Liquidity and Capital Resources

 

As of March 31, 2021, we had approximately $273,000 in its operating bank account and working capital of approximately $825,000.

 

Our liquidity needs to date have been satisfied through a contribution of $25,000 from our Sponsor to cover certain expenses in exchange for our issuance of the founder shares, a loan of up to approximately $300,000 from our Sponsor pursuant to a promissory note, of which approximately $181,000 was outstanding as of December 31, 2020 and approximately $227,000 prior to the Initial Public Offering, and the proceeds of $2.0 million from the consummation of the Private Placement not held in the Trust Account. We repaid the promissory note in full on January 18, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor, or certain of our officers and directors may, but are not obligated to, provide us working capital loans. As of March 31, 2021 and December 31, 2020, there were no amounts outstanding under any working capital loans.

 

As more fully described in the Notes to our unaudited condensed financial statements included herein as Item 1, on April 30, 2021, we entered into a Working Capital Loan Agreement with our Sponsor and HSM-Invest, pursuant to which we may borrow up to $1.2 million from our Sponsor and HSM-Invest for ongoing expenses reasonably related to the business of our Company and the consummation of the Business Combination. All unpaid principal under the Working Capital Promissory Note will be due and payable in full on the effective date of the Business Combination.

 

Based on the foregoing, management believes that it will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a business combination or one year from this filing. Over this time period, we will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial business combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the business combination.

 

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that the specific impact is not readily determinable as of the date of the unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Results of Operations

 

Our entire activity since inception up to March 31, 2021 was in preparation for our formation and the Initial Public Offering and after the IPO searching for a target. We will not be generating any operating revenues until the closing and completion of our initial Business Combination.

 

For the three months ended March 31, 2021, we had net income of approximately $19.1 million, which consisted of general and administrative expenses of approximately $363,000, general and administrative expenses to related party of $45,000, financing costs to derivative warrant liabilities of approximately $1.8 million, partially offset by change in fair value of derivative liabilities of approximately $20.9 million, gain on the forward purchase agreement of approximately $422,000 and investment income on the Trust Account of approximately $28,000.

 

Contractual Obligations

 

Registration and Shareholder Rights

 

The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that we registered such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

 

21

 

 

Pursuant to the Forward Purchase Agreement, we agreed to use our reasonable best efforts (i) to file within 30 days after the closing of a Business Combination a registration statement with the SEC for a secondary offering of the Forward Purchase Shares and the Forward Purchase Warrants (and underlying Class A ordinary shares), (ii) to cause such registration statement to be declared effective promptly thereafter but in no event later than sixty (60) days after the initial filing, (iii) to maintain the effectiveness of such registration statement until the earliest of (A) the date on which our Sponsor or our assignees cease to hold the securities covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and (iv) after such registration statement is declared effective, cause us to conduct firm commitment underwritten offerings, subject to certain limitations. In addition, the Forward Purchase Agreement provides that these holders will have certain “piggy-back” registration rights to include their securities in other registration statements filed by us.

 

Underwriting Agreement

 

We granted the underwriters a 45-day option from the date of this prospectus to purchase up to 9,000,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On January 15, 2021, the underwriters fully exercised the over-allotment option.

 

The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that we complete a Business Combination, subject to the terms of the underwriting agreement.

 

Deferred Legal Fees

 

We engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer their fees in excess of $350,000 (“Deferred Legal Fees”). The deferred fee will become payable in the event that we complete a Business Combination. As of March 31, 2021 and December 31, 2020, we recorded deferred legal fees of approximately $269,000 and $50,000 in connection with such services on the accompanying unaudited condensed balance sheets, respectively.

 

Forward Purchase Agreement

 

On January 12, 2021, we entered into a forward purchase agreement with QVIDTVM Management LLC providing for the purchase of up to 15,000,000 forward purchase units (the “Forward Purchase Agreement”), with each unit consisting of one Class A ordinary share (the “Forward Purchase Shares”) and one-third of one redeemable warrant to purchase one Class A ordinary share at $11.50 per share (the “Forward Purchase Warrants”), at a purchase price of $10.00 per unit, in a private placement to occur concurrently with the closing of the initial Business Combination. The number of forward purchase units to be purchased by QVIDTVM Management LLC will be subject to the sole discretion of Mr. Alici, who has investment control over the capital committed to such entity, but in no event will be less than 5,000,000 forward purchase units. The obligations under the Forward Purchase Agreement do not depend on whether any Class A ordinary shares held by Public Shareholders are redeemed by us. The obligation to purchase the forward purchase units is subject to customary closing conditions, including that the initial Business Combination must be consummated substantially concurrently with, and immediately following, the purchase of forward purchase units. The Forward Purchase Shares and Forward Purchase Warrants will be issued only in connection with the closing of the initial Business Combination. The proceeds from the sale of forward purchase securities 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.

 

Critical Accounting Policies

 

Derivative instruments

 

We do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. We evaluate all of our financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is re-assessed at the end of each reporting period.

 

We are committed to issue forward purchase units, which are recognized as derivative assets or liabilities in accordance with ASC 815. Accordingly, we recognize forward purchase agreement instruments as assets or liabilities at fair value and adjust the instruments to fair value at each reporting period. The assets or liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the units associated with the forward purchase agreement have been estimated utilizing a forward pricing model.

 

The 23,000,000 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the 10,533,333 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, we recognize the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants has been estimated using a Modified Black-Scholes model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants.

 

22

 

 

Offering Costs Associated with the Initial Public Offering

 

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were included in temporary equity along with accretion of the Class A ordinary shares. For the three months ended March 31, 2021, of the total offering costs of the Initial Public Offering, approximately $1.8 million is included in financing cost - derivative warrant liabilities in the unaudited condensed statement of operations.

 

Class A Ordinary Shares Subject to Possible Redemption

 

We account for our Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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 our control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. Our Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021, 69,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of our unaudited condense balance sheets.

 

We recognize changes in redemption value immediately as they occur and adjust the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit.

 

Net Income (loss) per Ordinary Shares

 

Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

 

Our unaudited condensed statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss from investments held in Trust Account, net of applicable income taxes, by the weighted average number of Class A ordinary shares subject to possible redemption outstanding for the period.

 

Net income (loss) per ordinary share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss from investment attributable to Class A ordinary shares subject to possible redemption, by the weighted average number of non-redeemable ordinary shares outstanding for the period.

 

Non-redeemable ordinary shares include Founder Shares as these shares do not have any redemption features. Non-redeemable ordinary shares participate in the income or loss from investments based on non-redeemable shares’ proportionate interest.

 

23

 

 

Recent Issued Accounting Standards

 

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. We adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact our financial position, results of operations or cash flows.

 

Our management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements.

 

Off-Balance Sheet Arrangements

 

As of March 31, 2021, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

 

JOBS Act

 

The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and under the JOBS Act are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, the unaudited condensed financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

 

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

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item. As of March 31, 2021, we were not subject to any market or interest rate risk. The net proceeds of the Initial Public Offering, including amounts in the Trust Account, will be invested in U.S. government securities with a maturity of 185 days or less or in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

 

We have not engaged in any hedging activities since our inception and we do not expect to engage in any hedging activities with respect to the market risk to which we are exposed.

 

24

 

 

Item 4. Controls and Procedures

 

On April 12, 2021, the staff at the Securities and Exchange Commission (the “SEC”) issued a statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) (the “SEC Statement”). In the SEC Statement, the SEC staff noted that certain provisions in the typical SPAC warrant agreement may require that the warrants be classified as a liability measured at fair value, with changes in fair value reported each period in earnings, as compared to the historical treatment of the warrants as equity, which has been the practice of most SPACs, including us. We had previously classified our private placement warrants, public warrants, and forward purchase agreement as equity (for a full description of our private placement warrants and public warrants, refer to the registration statement on Amendment No.2 to Form S-1 (File No. 333-251756), filed in connection with the Company’s initial public offering, declared effective by the SEC on January 12, 2021).

 

After considering the SEC Statement, we concluded that there were misstatements in the January 15, 2021 audited closing balance sheet we filed with the SEC on Form 8-K on January 22, 2021. Based on the guidance in Accounting Standards Codification (“ASC”) 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, we concluded that provisions in the warrant agreement preclude the warrants from being accounted for as components of equity. As the warrants meet the definition of a derivative as contemplated in ASC 815, the warrants should have been recorded as derivative liabilities on the balance sheet and measured at fair value at inception and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the statement of operations in the period of change. Further, ASC 815 requires that upfront costs and fees related to items for which the fair value option is elected (our warrant liabilities) should have been recognized as expense as incurred.

 

We have corrected the accounting for the warrants in this Quarterly Report on Form 10-Q. The effect of the restatement on specific line items in our January 15, 2021 audited closing date balance sheet can be found in footnote 10 of the Notes to unaudited condensed Financial Statements.

 

Evaluation of Disclosure Controls and Procedures

 

In connection with the revision of our January 15, 2021 audited closing balance sheet, our management reassessed the effectiveness of our disclosure controls and procedures as of March 31, 2021. As a result of that reassessment and in light of the SEC Statement, our management determined that our disclosure controls and procedures as of March 31, 2021 were not effective and a material weakness existed solely as a result of its classification of the warrants as components of equity instead of as derivative liabilities. Due solely to the events that led to our statement, management has made changes in internal controls related to the accounting for warrants issued in connection with our initial public offering. In light of the material weakness that we identified, we performed additional analysis as deemed necessary to ensure that our unaudited condensed financial statements for the three months ended March 31, 2021, were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the unaudited condensed financial statements included in this Quarterly Report on Form 10-Q present fairly in all material respects our financial position, results of operations and cash flows for the period presented.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. In light of the restatement of the previously filed financial statements, we plan to enhance our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our financial statements. Our plans at this time include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

 

25

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

Item 1A. Risk Factors

 

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Form 10-K filed with the SEC on March 31, 2021, except for the below risk factors. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

 

The securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per share.

 

The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. While short-term U.S. government treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event that we are unable to complete our initial business combination or make certain amendments to our amended and restated memorandum and articles of association, our public shareholders are entitled to receive their pro-rata share of the proceeds held in the trust account, plus any interest income, net of income taxes paid or payable (less, in the case we are unable to complete our initial business combination, $100,000 of interest to pay dissolution expenses). Negative interest rates could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per share.

 

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

 

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

 

As described elsewhere in this Quarterly Report on Form 10-Q, we identified a material weakness in our internal control over financial reporting related to the accounting for the warrants we issued in connection with our initial public offering. As a result of this material weakness, our management concluded that our internal control over financial reporting was not effective as of March 31, 2021 with respect to financial reporting relating to the warrants.

 

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

 

26

 

 

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

 

Our warrants are accounted for as liabilities and the changes in value of our warrants could have a material effect on our financial results.

 

On April 12, 2021, the staff of the SEC issued the Statement, which focused on certain settlement terms and provisions related to certain tender offers following a business combination, which terms are similar to those contained in the warrant agreement governing our warrants. As a result of the SEC Statement, we reevaluated the accounting treatment of our 23,000,000 public warrants and 10,533,333 private placement warrants, and determined to classify the warrants as derivative liabilities measured at fair value, with changes in fair value each period reported in earnings.

 

As a result, included on our consolidated balance sheet as of March 31, 2021 contained elsewhere in this Quarterly Report are derivative liabilities related to embedded features contained within our warrants. Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”), provides for the remeasurement of the fair value of such derivatives at each balance sheet date, with a resulting non-cash gain or loss related to the change in the fair value being recognized in earnings in the statement of operations. As a result of the recurring fair value measurement, our consolidated financial statements and results of operations may fluctuate quarterly, based on factors, which are outside of our control. Due to the recurring fair value measurement, we expect that we will recognize non-cash gains or losses on our warrants each reporting period and that the amount of such gains or losses could be material.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

Simultaneously with the closing of the Initial Public Offering, we consummated the private placement (“Private Placement”) of 10,533,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant with our Sponsor and HSM-Invest, a Switzerland simple or general non-commercial partnership (“HSM-Invest”), generating gross proceeds of $15.8 million.

 

In connection with the Initial Public Offering, our sponsor had agreed to loan us an aggregate of up to $300,000 pursuant to the Note. This loan is non-interest bearing and payable on the consummation of the Initial Public Offering. As of March 31, 2021, the loan balance was $0.

 

Of the gross proceeds received from the Initial Public Offering and the full exercise of the option to purchase additional Shares, $690,000,000 was placed in the Trust Account. The net proceeds of the Initial Public Offering and certain proceeds from the Private Placement are invested in U.S. government treasury bills with a maturity of 180 days or less and in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.

 

We paid a total of approximately $13.8 million in underwriting discounts and commissions related to the Initial Public Offering. In addition, the underwriters agreed to defer $24.2 million in underwriting discounts and commissions.

 

Item 3. Defaults upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

27

 

 

Item 6. Exhibits.

  

Exhibit

Number

  Description
31.1*   Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*   Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*   Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*   Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

* These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

28

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: July 9, 2021 PONTEM CORPORATION
     
  By: /s/ Hubertus Muehlhaeuser
  Name: Hubertus Muehlhaeuser
  Title: Chief Executive Officer

 

 

29

 

 

EX-31.1 2 f10q0321ex31-1_pontem.htm CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION

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

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

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Hubertus Muehlhaeuser, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 of Pontem Corporation;

 

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

 

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

 

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

 

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

 

  b. [Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313];

 

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

 

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

 

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

 

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

 

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

 

Date: July 9, 2021 By: /s/ Hubertus Muehlhaeuser
    Hubertus Muehlhaeuser
    Chief Executive Officer
    (Principal Executive Officer)

 

EX-31.2 3 f10q0321ex31-2_pontem.htm CERTIFICATION

EXHIBIT 31.2

 

CERTIFICATION

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

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

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Nina Murphy, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 of Pontem Corporation;

 

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

 

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

 

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

 

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

 

  b. [Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313];

 

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

 

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

 

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

 

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

 

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

 

Date: July 9, 2021 By: /s/ Nina Murphy
    Nina Murphy
    Chief Financial Officer
    (Principal Financial and Accounting Officer)
EX-32.1 4 f10q0321ex32-1_pontem.htm CERTIFICATION

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 Pontem Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Hubertus Muehlhaeuser, Chief Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

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

 

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

 

Date: July 9, 2021

 

  /s/ Hubertus Muehlhaeuser
  Name: Hubertus Muehlhaeuser
  Title: Chief Executive Officer
    (Principal Executive Officer)

 

 

EX-32.2 5 f10q0321ex32-2_pontem.htm CERTIFICATION

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 Pontem Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Nina Murphy, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

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

 

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

 

Date: July 9, 2021

 

  /s/ Nina Murphy
  Name: Nina Murphy
  Title: Chief Financial Officer
   

(Principal Financial and Accounting Officer)

 

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-32315 691481847 562602 362772 45000 -407772 20876670 421700 1784824 27522 19133296 69000000 16900000 1.13 17250000 1725 23275 -57315 948000 948000 -971275 -67478312 -68449587 19133296 19133296 17250000 1725 -48402331 -20876670 1784824 27522 754816 6264 55541 13458 -1087325 690000000 -690000000 -226948 690000000 15800000 14212918 691360134 272809 119000 45479 269214 24150000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Note 1 &#x2014; Description of Organization and Business Operations</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pontem Corporation (the &#x201c;Company&#x201d;) is a blank check company incorporated as a Cayman Islands exempted company on October 15, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (&#x201c;Business Combination&#x201d;).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, the Company had not commenced any operations. All activity for the period from October 15, 2020 (inception) through March 31, 2021 relates to the Company&#x2019;s formation, and since the closing of the initial public offering, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on its investments held in the trust account from the proceeds of its initial public offering (the &#x201c;Initial Public Offering&#x201d;).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s sponsor is Pontem LLC, a Delaware limited liability company (the &#x201c;Sponsor&#x201d;). The registration statement for the Company&#x2019;s Initial Public Offering was declared effective on January 12, 2021. On January 15, 2021, the Company consummated its Initial Public Offering of 69,000,000 units (the &#x201c;Units&#x201d; and, with respect to the Class A ordinary shares included in the Units being offered, the &#x201c;Public Shares&#x201d;), which includes 9,000,000 additional Units to cover over-allotments (the &#x201c;Over-Allotment Units&#x201d;), at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.9 million, of which approximately $24.2 million and approximately $213,000 was for deferred underwriting commissions and deferred legal fees, respectively (Notes 2 and 6).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (&#x201c;Private Placement&#x201d;) of 10,533,333 warrants (each, a &#x201c;Private Placement Warrant&#x201d; and collectively, the &#x201c;Private Placement Warrants&#x201d;), at a price of $1.50 per Private Placement Warrant with the Sponsor and HSM-Invest, a Switzerland simple or general non-commercial partnership (&#x201c;HSM-Invest&#x201d;), generating gross proceeds of $15.8 million (Notes 5 and 7).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the closing of the Initial Public Offering and the Private Placement, $690.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (&#x201c;Trust Account&#x201d;) with Continental Stock Transfer &amp; Trust Company acting as trustee and invested in United States &#x201c;government securities&#x201d; within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company&#x2019;s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount held in trust) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will provide its holders of the Public Shares (the &#x201c;Public Shareholders&#x201d;) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a 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 for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board&#x2019;s (&#x201c;FASB&#x201d;) Accounting Standards Codification (&#x201c;ASC&#x201d;) Topic 480 &#x201c;Distinguishing Liabilities from Equity&#x201d; (&#x201c;ASC 480&#x201d;). In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which were adopted by the Company upon the consummation of the Initial Public Offering (the &#x201c;Amended and Restated Memorandum and Articles of Association&#x201d;), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the &#x201c;SEC&#x201d;), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this Initial Public Offering (the &#x201c;Initial Shareholders&#x201d;) agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the Sponsor.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the Company&#x2019;s Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &#x201c;group&#x201d; (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the &#x201c;Exchange Act&#x201d;)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s Sponsor, executive officers, directors and director nominees agreed not to propose an amendment to the Company&#x2019;s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company&#x2019;s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or January 15, 2023, (the &#x201c;Combination Period&#x201d;), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders&#x2019; rights as shareholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company&#x2019;s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the redemption of 100% of the Company&#x2019;s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company&#x2019;s taxes payable (less up to $100,000 of interest to pay dissolution expenses).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company&#x2019;s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) 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 share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company&#x2019;s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;). 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 vendors, service providers (except the Company&#x2019;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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Liquidity and Capital Resources</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, the Company had approximately $273,000 in its operating bank account and working capital of approximately $825,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s liquidity needs to date have been satisfied through a contribution of $25,000 from Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares (as defined in Note 5), a loan of up to approximately $300,000 from the Sponsor pursuant to the Note (as defined in Note 5), of which approximately $181,000 was outstanding as of December 31, 2020 and approximately $227,000 prior to the Initial Public Offering, and the proceeds of $2.0 million from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on January 18, 2021. In addition, 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&#x2019;s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). As of March 31, 2021 and December 31, 2020, there were no amounts outstanding under any Working Capital Loans.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 30, 2021, the Company entered into a Working Capital Loan Agreement with the Sponsor and HSM-Invest, pursuant to which the Company may borrow up to $1.2 million from the Sponsor and HSM-Invest for ongoing expenses reasonably related to the business of the Company and the consummation of the Business Combination. All unpaid principal under the Working Capital Promissory Note will be due and payable in full on the effective date of the Business Combination. See Note 5 for a description of the agreement and the underlying promissory notes.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company&#x2019;s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</p><br/> 69000000 9000000 10.00 690000000 38900000 24200000 213000 10533333 1.50 15800000 690000000 10.00 0.80 0.50 10.00 5000001 0.15 1.00 100000 1.00 100000 In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) 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 share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company&#x2019;s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;). 273000 825000 25000 300000 181000 227000 2000000 1200000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Note 2 &#x2014; Summary of Significant Accounting Policies</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of presentation</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (&#x201c;GAAP&#x201d;) for financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (&#x201c;SEC&#x201d;). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K January 22, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Emerging growth company</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such 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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">This may make comparison of the Company&#x2019;s unaudited condensed financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The preparation of unaudited condensed financial statements in conformity with GAAP requires the Company&#x2019;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on the account.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Due to Related Party</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Due to related party consist of amounts due from the Company to QVIDTVM Inc., an entity affiliated with the Sponsor. As of March 31, 2021 and December 31, 2020, the Company recorded approximately $13,000 and $0 on the unaudited condensed balance sheets, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investments Held in Trust Account</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s portfolio of investments is comprised solely of 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 investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company&#x2019;s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment income on Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair Value Measurements</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 24px">&#xa0;</td> <td style="vertical-align: top; width: 24px; font-size: 10pt">&#x25cf;</td> <td style="vertical-align: top; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 24px">&#xa0;</td> <td style="vertical-align: top; width: 24px; font-size: 10pt">&#x25cf;</td> <td style="vertical-align: top; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">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</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 24px">&#xa0;</td> <td style="vertical-align: top; width: 24px; font-size: 10pt">&#x25cf;</td> <td style="vertical-align: top; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">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.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, accrued offering costs, due to related party and note payable to related party approximate their fair values due to the short-term nature of the instruments.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Derivative instruments</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, &#x201c;Derivatives and Hedging&#x201d; (&#x201c;ASC 815&#x201d;). The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is re-assessed at the end of each reporting period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is committed to issue forward purchase units, which are recognized as derivative assets or liabilities depending on the fair value in accordance with ASC 815. Accordingly, the Company recognizes forward purchase agreement instruments as assets or liabilities at fair value and adjusts the instruments to fair value at each reporting period. The assets or liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the units associated with the forward purchase agreement have been estimated utilizing a forward pricing model.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The 23,000,000 warrants issued in connection with the Initial Public Offering (the &#x201c;Public Warrants&#x201d;) and the 10,533,333 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Offering Costs Associated with the Initial Public Offering</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were included in temporary equity along with accretion of the Class A ordinary shares. For the three months ended March 31, 2021, of the total offering costs of the Initial Public Offering, approximately $1.8 million is included in financing cost - derivative warrant liabilities in the unaudited condensed statement of operations.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Class&#xa0;A Ordinary Shares Subject to Possible Redemption</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 &#x201c;Distinguishing Liabilities from Equity.&#x201d; Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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&#x2019;s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders&#x2019; equity. The Company&#x2019;s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company&#x2019;s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021, 69,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders&#x2019; equity section of the Company&#x2019;s unaudited condensed balance sheets.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>Immediately upon the closing of the Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>As March 31, 2021, Class A ordinary shares reflected on the unaudited condensed balance sheet are reconciled in the following table:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/> March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Gross proceeds</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">690,000,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Less:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left">Proceeds allocated to public warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(31,280,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-align: left">Class A ordinary shares issuance costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(37,169,587</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Plus:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; padding-bottom: 1.5pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">68,449,587</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">690,000,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Income Taxes</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, &#x201c;Income Taxes,&#x201d; 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. There were no unrecognized tax benefits as of March 31, 2021. The Company&#x2019;s management determined that the Cayman Islands is the Company&#x2019;s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is considered an exempted Cayman Islands company 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&#x2019;s tax provision was zero for the periods presented.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Net Income (loss) per Ordinary Shares</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. <font>Accretion associated with the redeemable shares of Class&#xa0;A common stock is excluded from earnings per share as the redemption value approximates fair value.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s unaudited condensed statements of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss from investments held in Trust Account, net of applicable income taxes, if any, by the weighted average number of Class A ordinary shares subject to possible redemption outstanding for the period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income (loss) per ordinary share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss from investment attributable to Class A ordinary shares subject to possible redemption, by the weighted average number of non-redeemable ordinary shares outstanding for the period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; ">Non-redeemable ordinary shares include Founder Shares as these shares do not have any redemption features. 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text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator: Earnings allocable to ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income from investments held in Trust Account</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,522</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Company&#x2019;s portion available to be withdrawn to pay taxes</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 27pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income attributable to Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27,522</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator: Weighted average Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double">&#xa0;</td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>69,000,000</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-redeemable ordinary shares</i></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator: Net Income minus Net Earnings</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,133,296</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income allocable to Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,522</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 27pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-redeemable net income</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19,105,774</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator: weighted average non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16,900,000</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income per ordinary share, non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.13</b></font></td> <td>&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Recent Issued Accounting Standards</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2020, the FASB issued Accounting Standards Update (&#x201c;ASU&#x201d;) No. 2020-06, <i>Debt&#x2014;Debt with Conversion and Other Options (</i>Subtopic 470-20<i>) and Derivatives and Hedging&#x2014;Contracts in Entity&#x2019;s Own Equity (</i>Subtopic 815-40<i>): Accounting for Convertible Instruments and Contracts in an Entity&#x2019;s Own Equity</i> (&#x201c;ASU 2020-06&#x201d;), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company&#x2019;s financial position, results of operations or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company&#x2019;s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements.</p><br/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of presentation</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (&#x201c;GAAP&#x201d;) for financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (&#x201c;SEC&#x201d;). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K January 22, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Emerging growth company</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such 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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">This may make comparison of the Company&#x2019;s unaudited condensed financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The preparation of unaudited condensed financial statements in conformity with GAAP requires the Company&#x2019;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on the account.</p> 250000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Due to Related Party</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Due to related party consist of amounts due from the Company to QVIDTVM Inc., an entity affiliated with the Sponsor. As of March 31, 2021 and December 31, 2020, the Company recorded approximately $13,000 and $0 on the unaudited condensed balance sheets, respectively.</p> 13000 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investments Held in Trust Account</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s portfolio of investments is comprised solely of 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 investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company&#x2019;s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment income on Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair Value Measurements</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 24px">&#xa0;</td> <td style="vertical-align: top; width: 24px; font-size: 10pt">&#x25cf;</td> <td style="vertical-align: top; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 24px">&#xa0;</td> <td style="vertical-align: top; width: 24px; font-size: 10pt">&#x25cf;</td> <td style="vertical-align: top; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">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</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 24px">&#xa0;</td> <td style="vertical-align: top; width: 24px; font-size: 10pt">&#x25cf;</td> <td style="vertical-align: top; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">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.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, accrued offering costs, due to related party and note payable to related party approximate their fair values due to the short-term nature of the instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Derivative instruments</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, &#x201c;Derivatives and Hedging&#x201d; (&#x201c;ASC 815&#x201d;). The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is re-assessed at the end of each reporting period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is committed to issue forward purchase units, which are recognized as derivative assets or liabilities depending on the fair value in accordance with ASC 815. Accordingly, the Company recognizes forward purchase agreement instruments as assets or liabilities at fair value and adjusts the instruments to fair value at each reporting period. The assets or liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the units associated with the forward purchase agreement have been estimated utilizing a forward pricing model.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The 23,000,000 warrants issued in connection with the Initial Public Offering (the &#x201c;Public Warrants&#x201d;) and the 10,533,333 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants.</p> 23000000 10533333 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Offering Costs Associated with the Initial Public Offering</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were included in temporary equity along with accretion of the Class A ordinary shares. For the three months ended March 31, 2021, of the total offering costs of the Initial Public Offering, approximately $1.8 million is included in financing cost - derivative warrant liabilities in the unaudited condensed statement of operations.</p> 1800000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Class&#xa0;A Ordinary Shares Subject to Possible Redemption</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 &#x201c;Distinguishing Liabilities from Equity.&#x201d; Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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&#x2019;s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders&#x2019; equity. The Company&#x2019;s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company&#x2019;s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021, 69,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders&#x2019; equity section of the Company&#x2019;s unaudited condensed balance sheets.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>Immediately upon the closing of the Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>As March 31, 2021, Class A ordinary shares reflected on the unaudited condensed balance sheet are reconciled in the following table:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/> March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Gross proceeds</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">690,000,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Less:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left">Proceeds allocated to public warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(31,280,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-align: left">Class A ordinary shares issuance costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(37,169,587</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Plus:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; padding-bottom: 1.5pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">68,449,587</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">690,000,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 69000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Income Taxes</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, &#x201c;Income Taxes,&#x201d; 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. There were no unrecognized tax benefits as of March 31, 2021. The Company&#x2019;s management determined that the Cayman Islands is the Company&#x2019;s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is considered an exempted Cayman Islands company 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&#x2019;s tax provision was zero for the periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Net Income (loss) per Ordinary Shares</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. <font>Accretion associated with the redeemable shares of Class&#xa0;A common stock is excluded from earnings per share as the redemption value approximates fair value.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s unaudited condensed statements of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss from investments held in Trust Account, net of applicable income taxes, if any, by the weighted average number of Class A ordinary shares subject to possible redemption outstanding for the period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income (loss) per ordinary share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss from investment attributable to Class A ordinary shares subject to possible redemption, by the weighted average number of non-redeemable ordinary shares outstanding for the period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; ">Non-redeemable ordinary shares include Founder Shares as these shares do not have any redemption features. 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text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator: Earnings allocable to ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income from investments held in Trust Account</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,522</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Company&#x2019;s portion available to be withdrawn to pay taxes</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 27pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income attributable to Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27,522</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator: Weighted average Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double">&#xa0;</td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>69,000,000</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-redeemable ordinary shares</i></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator: Net Income minus Net Earnings</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,133,296</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income allocable to Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,522</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 27pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-redeemable net income</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19,105,774</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator: weighted average non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16,900,000</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income per ordinary share, non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.13</b></font></td> <td>&#xa0;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Recent Issued Accounting Standards</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2020, the FASB issued Accounting Standards Update (&#x201c;ASU&#x201d;) No. 2020-06, <i>Debt&#x2014;Debt with Conversion and Other Options (</i>Subtopic 470-20<i>) and Derivatives and Hedging&#x2014;Contracts in Entity&#x2019;s Own Equity (</i>Subtopic 815-40<i>): Accounting for Convertible Instruments and Contracts in an Entity&#x2019;s Own Equity</i> (&#x201c;ASU 2020-06&#x201d;), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company&#x2019;s financial position, results of operations or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company&#x2019;s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/> March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Gross proceeds</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">690,000,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Less:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left">Proceeds allocated to public warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(31,280,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-align: left">Class A ordinary shares issuance costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(37,169,587</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Plus:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; padding-bottom: 1.5pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">68,449,587</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">690,000,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 690000000 31280000 -37169587 68449587 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the <br/> Three Months <br/> Ended <br/> March 31, <br/> 2021</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Class A ordinary shares subject to possible redemption</i></font></td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator: Earnings allocable to ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income from investments held in Trust Account</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,522</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Company&#x2019;s portion available to be withdrawn to pay taxes</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 27pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income attributable to Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27,522</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator: Weighted average Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double">&#xa0;</td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>69,000,000</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-redeemable ordinary shares</i></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator: Net Income minus Net Earnings</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,133,296</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income allocable to Class A ordinary shares subject to possible redemption</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,522</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 27pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-redeemable net income</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19,105,774</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator: weighted average non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16,900,000</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income per ordinary share, non-redeemable ordinary shares</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.13</b></font></td> <td>&#xa0;</td></tr> </table> 27522 27522 69000000 27522 19105774 16900000 1.13 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Note 3 &#x2014; Initial Public Offering</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">On January 15, 2021, the Company consummated its Initial Public Offering of 69,000,000 Units, which includes 9,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.9 million, of which approximately $24.2 million and approximately $213,000 was for deferred underwriting commissions and deferred legal fees, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (&#x201c;Public Warrant&#x201d;). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).</p><br/> 69000000 9000000 10.00 38900000 Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (&#x201c;Public Warrant&#x201d;). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8). <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Note 4 &#x2014; Private Placement</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,533,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor and HSM-Invest, generating gross proceeds of $15.8 million.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Each whole Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor, HSM-Invest or their permitted transferees.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Sponsor and the Company&#x2019;s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.</p><br/> 10533333 1.50 15800000 11.50 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Note 5 &#x2014; Related Party Transactions</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Founder Shares</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 19, 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor (the &#x201c;Founder Shares&#x201d;) in exchange for the payment of $25,000 from the Sponsor to cover certain expenses on behalf of the Company. Shares and the associated amounts have been retroactively restated to reflect the shares capitalizations on December 23, 2020, January 8, 2021 and January 15, 2021, resulting in an aggregate of 17,250,000 Class B ordinary shares outstanding. The holders of the Founder Shares agreed to surrender and cancel up to an aggregate of 2,250,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units was not exercised in full by the underwriters, so that the Founder Shares would represent approximately 20% of the Company&#x2019;s issued and outstanding shares after the Initial Public Offering. On January 15, 2021, the underwriters fully exercised the over-allotment option; thus, these 2,250,000 Founder Shares are no longer subject to forfeiture.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) three years after the completion of the initial Business Combination or (ii) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least one year after the initial Business Combination, the Founder Shares will be released from the lockup.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Related Party Loans</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 16, 2020, the Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the &#x201c;Note&#x201d;). The Note was non-interest bearing, unsecured and due upon the closing of the Initial Public Offering. The Company borrowed approximately $181,000 through December 31, 2020 and approximately $227,000 prior to the Initial Public Offering under the Note. The Company repaid the Note in full on January 18, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company&#x2019;s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (&#x201c;Working Capital Loans&#x201d;). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender&#x2019;s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2021, the Company had no borrowings under the Working Capital Loans.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 30, 2021, the Company entered a Working Capital Loan Agreement (the &#x201c;Agreement&#x201d;) with the Sponsor and HSM-Invest, pursuant to which the Company may borrow up to $1,200,000 from the Sponsor and HSM-Invest for ongoing expenses reasonably related to the business of the Company and the consummation of the Business Combination. On April 30, 2021, pursuant to the Agreement, the Company issued a promissory note (the &#x201c;Working Capital Promissory Note&#x201d;) for the principal amount of $600,000 to the Sponsor and HSM-Invest, respectively. The Working Capital Promissory Note does not bear any interest. All unpaid principal under the Working Capital Promissory Note will be due and payable in full on the effective date of the Business Combination (the &#x201c;Maturity Date&#x201d;). Pursuant to the terms of the Agreement, the Company is not required to repay the Working Capital Promissory Note if it fails to complete the Business Combination. The Sponsor and HSM-Invest will have the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Working Capital Promissory Note into warrants to purchase the Company&#x2019;s Class A ordinary shares, par value $0.0001 per share, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company&#x2019;s initial public offering.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Administrative Services Agreement</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commencing on the date that the Company&#x2019;s securities were first listed on NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor $10,000 per month for office space, utilities, secretarial and administrative support services provided to members of the management team. During the three months ended March 31, 2021, the Company incurred $30,000 included in general and administrative expenses to related party in the accompanying unaudited condensed statement of operations.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Sponsor, officers and directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company&#x2019;s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company&#x2019;s audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consulting Agreement</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2020, the Company entered into an agreement to obtain consulting services from an affiliate of its Chief Financial Officer, pursuant to which the Company agreed to pay such affiliate of its Chief Financial Officer $5,000 per month. Consulting expenses resulting from such agreement were included within general and administrative expenses to related party in the accompanying unaudited condensed statement of operations. During the three months ended March 31, 2021, the Company incurred $15,000 in consulting expenses.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Forward Purchase Agreement</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 12, 2021, the company entered into a forward purchase agreement with QVIDTVM Management LLC providing for the purchase of up to 15,000,000 forward purchase units (the &#x201c;Forward Purchase Agreement&#x201d;), with each unit consisting of one Class A ordinary share (the &#x201c;Forward Purchase Shares&#x201d;) and one-third of one redeemable warrant to purchase one Class A ordinary share at $11.50 per share (the &#x201c;Forward Purchase Warrants&#x201d;), at a purchase price of $10.00 per unit, in a private placement to occur concurrently with the closing of the initial Business Combination. The number of forward purchase units to be purchased by QVIDTVM Management LLC will be subject to the sole discretion of Mr. Alici, who has investment control over the capital committed to such entity, but in no event will be less than 5,000,000 forward purchase units. The obligations under the Forward Purchase Agreement do not depend on whether any Class A ordinary shares held by Public Shareholders are redeemed by the Company. The obligation to purchase the forward purchase units is subject to customary closing conditions, including that the initial Business Combination must be consummated substantially concurrently with, and immediately following, the purchase of forward purchase units. The Forward Purchase Shares and Forward Purchase Warrants will be issued only in connection with the closing of the initial Business Combination. The proceeds from the sale of forward purchase securities 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 Forward Purchase Agreement is accounted for as an asset or liability measured at fair value with changes in fair value reported each period in earnings. The initial value of the Forward Purchase Agreement was insignificant.</p><br/> 14375000 25000 17250000 2250000 0.20 2250000 (i) three years after the completion of the initial Business Combination or (ii) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least one year after the initial Business Combination, the Founder Shares will be released from the lockup. 300000 181000 227000 2021-01-18 1500000 1.50 1200000 600000 each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company&#x2019;s initial public offering. 0.0001 1.50 10000 30000 the Company agreed to pay such affiliate of its Chief Financial Officer $5,000 per month. Consulting expenses resulting from such agreement were included within general and administrative expenses to related party in the accompanying unaudited condensed statement of operations. During the three months ended March 31, 2021, the Company incurred $15,000 in consulting expenses. the company entered into a forward purchase agreement with QVIDTVM Management LLC providing for the purchase of up to 15,000,000 forward purchase units (the &#x201c;Forward Purchase Agreement&#x201d;), with each unit consisting of one Class A ordinary share (the &#x201c;Forward Purchase Shares&#x201d;) and one-third of one redeemable warrant to purchase one Class A ordinary share at $11.50 per share (the &#x201c;Forward Purchase Warrants&#x201d;), at a purchase price of $10.00 per unit, in a private placement to occur concurrently with the closing of the initial Business Combination. The number of forward purchase units to be purchased by QVIDTVM Management LLC will be subject to the sole discretion of Mr. Alici, who has investment control over the capital committed to such entity, but in no event will be less than 5,000,000 forward purchase units. The obligations under the Forward Purchase Agreement do not depend on whether any Class A ordinary shares held by Public Shareholders are redeemed by the Company. The obligation to purchase the forward purchase units is subject to customary closing conditions, including that the initial Business Combination must be consummated substantially concurrently with, and immediately following, the purchase of forward purchase units. The Forward Purchase Shares and Forward Purchase Warrants will be issued only in connection with the closing of the initial Business Combination. The proceeds from the sale of forward purchase securities 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. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Note 6 &#x2014; Commitments and Contingencies</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Registration and Shareholder Rights</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registered such securities. In addition, the holders have certain &#x201c;piggy-back&#x201d; registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Forward Purchase Agreement, the Company agreed to use its reasonable best efforts (i) to file within 30 days after the closing of a Business Combination a registration statement with the SEC for a secondary offering of the Forward Purchase Shares and the Forward Purchase Warrants (and underlying Class A ordinary shares), (ii) to cause such registration statement to be declared effective promptly thereafter but in no event later than sixty (60) days after the initial filing, (iii) to maintain the effectiveness of such registration statement until the earliest of (A) the date on which the Sponsor or its assignees cease to hold the securities covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and (iv) after such registration statement is declared effective, cause us to conduct firm commitment underwritten offerings, subject to certain limitations. In addition, the Forward Purchase Agreement provides that these holders will have certain &#x201c;piggy-back&#x201d; registration rights to include their securities in other registration statements filed by the Company.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Underwriting Agreement</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company granted the underwriters a 45-day option from the date of this prospectus to purchase up to 9,000,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On January 15, 2021, the underwriters fully exercised the over-allotment option.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. 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.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Legal Fees</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer their fees in excess of $350,000 (&#x201c;Deferred Legal Fees&#x201d;). The deferred fee will become payable in the event that the Company completes a Business Combination. As of March 31, 2020 and December 31, 2020, the Company recorded deferred legal fees of approximately $269,000 and $50,000 in connection with such services on the accompanying unaudited condensed balance sheets, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks and Uncertainties</i></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company&#x2019;s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><br/> 9000000 The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The Company engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer their fees in excess of $350,000 (&#x201c;Deferred Legal Fees&#x201d;). 50000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7&#xa0;&#x2014; Derivative Warrant Liabilities</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, the Company had 23,000,000 Public Warrants and 10,533,333 Private Warrants outstanding.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a &#x201c;cashless basis&#x201d; in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a &#x201c;covered security&#x201d; under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a &#x201c;cashless basis&#x201d; and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities, other than the forward purchase securities, for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates, as applicable, prior to such issuance) (the &#x201c;Newly Issued Price&#x201d;), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the &#x201c;Market Value&#x201d;) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described under &#x201c;Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00&#x201d; and &#x201c;Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00&#x201d; will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described under &#x201c;Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00&#x201d; will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon 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 non-redeemable so long as they are held by the initial purchasers or such purchasers&#x2019; permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00:</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">in whole and not in part;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">at a price of $0.01 per warrant;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify; font-size: 10pt"><font style="font-size: 10pt">upon a minimum of 30 days&#x2019; prior written notice of redemption to each warrant holder; and</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify; font-size: 10pt"><font style="font-size: 10pt">if, and only if, the last reported sale price (the &#x201c;closing price&#x201d;) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00:</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">in whole and not in part;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">at a price of $0.10 per warrant;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">upon a minimum of 30 days&#x2019; prior written notice of redemption;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify; font-size: 10pt"><font style="font-size: 10pt">if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30 trading-day period ending three trading days before the Company sends the notice of redemption to the warrant holders;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify; font-size: 10pt"><font style="font-size: 10pt">if the closing price of the Class A ordinary shares for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above;</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px">&#xa0;</td> <td style="text-align: justify; width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#x25cf;</font></td> <td style="text-align: justify; font-size: 10pt"><font style="font-size: 10pt">provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the &#x201c;fair market value&#x201d; of Class A ordinary shares</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &#x201c;fair market value&#x201d; of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company&#x2019;s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.</p><br/> 23000000 10533333 P5Y (x) the Company issues additional Class A ordinary shares or equity-linked securities, other than the forward purchase securities, for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates, as applicable, prior to such issuance) (the &#x201c;Newly Issued Price&#x201d;), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the &#x201c;Market Value&#x201d;) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described under &#x201c;Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00&#x201d; and &#x201c;Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00&#x201d; will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described under &#x201c;Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00&#x201d; will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): &#x25cf; in whole and not in part; &#x25cf; at a price of $0.01 per warrant; &#x25cf; upon a minimum of 30 days&#x2019; prior written notice of redemption to each warrant holder; and &#x25cf; if, and only if, the last reported sale price (the &#x201c;closing price&#x201d;) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the private placement warrants): &#x25cf; in whole and not in part; &#x25cf; at a price of $0.10 per warrant; &#x25cf; upon a minimum of 30 days&#x2019; prior written notice of redemption; &#x25cf; if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30 trading-day period ending three trading days before the Company sends the notice of redemption to the warrant holders; &#x25cf; if the closing price of the Class A ordinary shares for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; &#x25cf; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the &#x201c;fair market value&#x201d; of Class A ordinary shares 0.361 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Note 8 &#x2014; Class A Ordinary Shares Subject to Possible Redemption and Shareholders&#x2019; Deficit</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Preference Shares</i></b> &#x2014; The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share. As of March 31, 2021 and December 31, 2020, there were no preference shares issued or outstanding.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Class A Ordinary Shares Subject to Possible Redemption</i></b> &#x2014; The Company is authorized to issue 750,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company&#x2019;s Class A ordinary shares are entitled to one vote for each share. As of March 31, 2021, there were 69,000,000 Class A ordinary shares outstanding, all of which were subject to possible redemption.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Class B Ordinary Shares</i></b> &#x2014; The Company is authorized to issue 100,000,000 Class B ordinary shares with a par value of $0.0001 per share. On October 19, 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor. Shares and the associated amounts have been retroactively restated to reflect the shares capitalizations on December 23, 2020, January 8, 2021 and January 15, 2021, resulting in an aggregate of 17,250,000 Class B ordinary shares outstanding. The holders of the Founder Shares agreed to surrender and cancel up to an aggregate of 2,250,000 Class B ordinary shares for no consideration to the extent that the underwriters&#x2019; over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company&#x2019;s issued and outstanding ordinary shares after the Initial Public Offering. On January 15, 2021, the underwriters fully exercised the over-allotment option; thus, these 2,250,000 Founder Shares are no longer subject to forfeiture.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders except as required by law.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of ordinary shares outstanding after such conversion, including 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 the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination, any private placement warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans and the Forward Purchase Shares and Forward Purchase Warrants; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis</p><br/> 14375000 17250000 2250000 0.20 2250000 0.20 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 9 &#x2014; Fair Value Measurements</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents information about the Company&#x2019;s financial assets and liabilities that are measured at fair value.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measured as of March 31, 2021</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets:</b></font></td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments held in Trust Account</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">690,027,522</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">690,027,522</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative assets - forward purchase agreement</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421,700</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421,700</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liabilities:</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative warrant liabilities - Public Warrants</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,250,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,250,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative warrant liabilities - Private Placement Warrants</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,005,330</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,005,330</font></td> <td>&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in March 2021, when the Public Warrants were separately listed and traded.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level&#xa0;1 assets include investments in money market funds that invest solely in U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#x2019;s instruments estimated at fair value using Level 3 inputs are its Private Placement Warrants, Public Warrants, and the Forward Purchase Agreement. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Modified Black-Scholes model. The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since March 2021.&#xa0;The fair value of the units associated with the Forward Purchase Agreement have been estimated utilizing forward pricing model. &#xa0;The Company determined that the initial fair value of the units (including shares and warrants) associated with the Forward Purchase Agreement as of January 15, 2021, was insignificant.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inherent in a Monte Carlo simulation model, Modified Black-Scholes Model, and a forward pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company&#x2019;s traded warrants and from historical volatility of select peer company&#x2019;s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of <br/> January 15, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of <br/> March 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td><b>Warrants:</b></td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">&#xa0;</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">&#xa0;</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Option term (in years)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">5.97</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">5.76</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">23.00</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">13.80</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.63</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1.10</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected dividends</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Probability of successful initial business combination</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">88.3</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">88.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><b>Forward Purchase Agreement:</b></td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.96</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.75</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.12</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The change in the fair value of the derivative warrant liabilities measured utilizing Level 3 measurements for the period for the three months ended March 31, 2021 is summarized as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Derivative warrant liabilities beginning of the period</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left; text-indent: 0pt; padding-left: 10pt">Issuance of Public and Private Warrants - Level 3 measurement</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">46,132,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 10pt">Transfer of Public Warrants to a Level 1 measurement</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(31,280,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 10pt">Change in fair value of derivative warrant liabilities - Level 3 measurement</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,846,670</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Derivative warrant liabilities at March 31, 2021 - Level 3 measurement</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,005,330</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measured as of March 31, 2021</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets:</b></font></td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments held in Trust Account</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">690,027,522</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">690,027,522</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative assets - forward purchase agreement</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421,700</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421,700</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liabilities:</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative warrant liabilities - Public Warrants</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,250,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,250,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative warrant liabilities - Private Placement Warrants</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,005,330</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,005,330</font></td> <td>&#xa0;</td></tr> </table> 690027522 421700 17250000 17250000 8005330 8005330 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of <br/> January 15, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of <br/> March 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td><b>Warrants:</b></td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">&#xa0;</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">&#xa0;</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Option term (in years)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">5.97</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">5.76</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Volatility</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">23.00</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">13.80</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.63</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1.10</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected dividends</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Probability of successful initial business combination</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">88.3</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">88.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><b>Forward Purchase Agreement:</b></td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.96</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.75</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.12</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr> </table> P5Y354D P5Y277D 0.2300 0.1380 0.0063 0.0110 0.0000 0.0000 0.883 0.883 P350D P9M 0.0012 0.0006 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Derivative warrant liabilities beginning of the period</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left; text-indent: 0pt; padding-left: 10pt">Issuance of Public and Private Warrants - Level 3 measurement</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">46,132,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 10pt">Transfer of Public Warrants to a Level 1 measurement</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(31,280,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 10pt">Change in fair value of derivative warrant liabilities - Level 3 measurement</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,846,670</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Derivative warrant liabilities at March 31, 2021 - Level 3 measurement</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,005,330</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 46132000 -31280000 -6846670 8005330 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 10 &#x2014; Revision to Prior Period Financial Statements</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the course of preparing the quarterly report on Form 10-Q for the three-month period ended March 31, 2021, the Company identified an error in the application of accounting guidance related to the Company&#x2019;s warrants and Forward Purchase Agreement in the Company&#x2019;s previously issued audited balance sheet dated January 15, 2021, filed on Form 8-K on January 22, 2021 (the &#x201c;Post-IPO Balance Sheet&#x201d;).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 12, 2021, the staff of the Securities and Exchange Commission (the &#x201c;SEC Staff&#x201d;) issued a public statement entitled &#x201c;Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (&#x201c;SPACs&#x201d;)&#x201d; (the &#x201c;SEC Staff Statement&#x201d;). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC&#x2019;s balance sheet as opposed to equity. Since their issuance on January 15, 2021, the Company&#x2019;s warrants have been accounted for as equity within the Company&#x2019;s previously reported balance sheet. After discussion and evaluation, including with the Company&#x2019;s independent registered public accounting firm and the Company&#x2019;s audit committee, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Warrants were reflected as a component of equity in the Post-IPO Balance Sheet as opposed to liabilities on the balance sheet, based on the Company&#x2019;s application of FASB ASC Topic 815-40, <i>Derivatives and Hedging, Contracts in Entity&#x2019;s Own Equity</i> (&#x201c;ASC 815-40&#x201d;). The views expressed in the SEC Staff Statement were not consistent with the Company&#x2019;s historical interpretation of the specific provisions within its warrant agreement and the Company&#x2019;s application of ASC 815-40 to the warrant agreement. The Company reassessed its accounting for Warrants issued on January 15, 2021, and the forward purchase agreement issued on January 12, 2021 in light of the SEC Staff&#x2019;s published views. Based on this reassessment, management determined that the Warrants and Forward Purchase Agreement should be classified as assets or liabilities and measured at fair value upon issuance, with subsequent changes in fair value reported in the Company&#x2019;s statement of operations each reporting period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, upon considering the impact of the forward purchase agreement, it was concluded that the redemption value of the Class A ordinary shares subject to redemption should include all the Public Shares. This resulted in a measurement adjustment to the initial carrying value of the Class A ordinary shares subject to redemption with the offset recorded to additional paid-in capital and accumulated deficit.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#x2019;s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company&#x2019;s previously reported investments held in trust or cash. The Company determined that the initial fair value of the units (including shares and warrants) associated with the Forward Purchase Agreement as of January 15, 2021, was insignificant. The effect of the Revision to the Post-IPO Balance Sheet is as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of January 15, 2021</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As <br/> Previously <br/> Reported</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/> Adjustment</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As Revised</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td colspan="10">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance Sheet</b></font></td> <td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total assets</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%; border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">692,971,800</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%; border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%; border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 9%; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">692,971,800</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities and shareholders&#x2019; equity</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total current liabilities</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,786,633</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,786,633</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred legal fees</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">212,549</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">212,549</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred underwriting commissions</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,150,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,150,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative warrant liabilities</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,132,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,132,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,149,182</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,132,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,281,182</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A ordinary shares, $0.0001 par value; shares subject to possible redemption</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">661,822,610</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,177,390</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">690,000,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#x2019; equity</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preference shares - $0.0001 par value</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A ordinary shares - $0.0001 par value</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">282</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(282</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#xa0;</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B ordinary shares - $0.0001 par value</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,725</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,725</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in-capital</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,102,637</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,102,637</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated deficit</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(104,636</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,206,471</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,311,107</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total shareholders&#x2019; equity</font></td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,008</font></td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(74,309,390</font></td> <td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,309,382</font></td> <td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#xa0;</font></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities and shareholders&#x2019; equity</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">692,971,800</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">692,971,800</font></td> <td>&#xa0;</td></tr> </table><br/> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of January 15, 2021</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As <br/> Previously <br/> Reported</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/> Adjustment</b></font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As Revised</b></font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#xa0;</td> <td>&#xa0;</td> <td colspan="10">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance Sheet</b></font></td> <td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; 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font-size: 10pt">$</font></td> <td style="width: 9%; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">692,971,800</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities and shareholders&#x2019; equity</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total current liabilities</font></td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,786,633</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,786,633</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred legal fees</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">212,549</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">212,549</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred underwriting commissions</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,150,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,150,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative warrant liabilities</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,132,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,132,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,149,182</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,132,000</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,281,182</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A ordinary shares, $0.0001 par value; shares subject to possible redemption</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">661,822,610</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,177,390</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">690,000,000</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#x2019; equity</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preference shares - $0.0001 par value</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A ordinary shares - $0.0001 par value</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">282</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(282</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#xa0;</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B ordinary shares - $0.0001 par value</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,725</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,725</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; 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text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(104,636</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,206,471</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td>&#xa0;</td> <td style="border-bottom: black 1.5pt solid">&#xa0;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,311,107</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total shareholders&#x2019; equity</font></td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,008</font></td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(74,309,390</font></td> <td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,309,382</font></td> <td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#xa0;</font></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities and shareholders&#x2019; equity</font></td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">692,971,800</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">692,971,800</font></td> <td>&#xa0;</td></tr> </table> 692971800 692971800 1786633 1786633 212549 212549 24150000 24150000 46132000 46132000 26149182 46132000 72281182 661822610 28177390 690000000 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 282 282 1725 1725 0.0001 0.0001 0.0001 5102637 -5102637 -104636 -69206471 -69311107 5000008 -74309390 -69309382 692971800 692971800 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 11 &#x2014; Subsequent Events</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluated subsequent events and transactions that occurred up to the date unaudited condensed financial statements were available to be issued. 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Document And Entity Information - shares
3 Months Ended
Mar. 31, 2021
Jul. 09, 2021
Document Information Line Items    
Entity Registrant Name Pontem Corp  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001830392  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Shell Company true  
Entity Ex Transition Period false  
Document Transition Report false  
Entity File Number 001-39882  
Entity Incorporation, State or Country Code E9  
Entity Interactive Data Current Yes  
Class A Ordinary Shares    
Document Information Line Items    
Entity Common Stock, Shares Outstanding   69,000,000
Class B Ordinary Shares    
Document Information Line Items    
Entity Common Stock, Shares Outstanding   17,250,000
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Condensed Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 272,809
Prepaid expenses 759,816 5,000
Total current assets 1,032,625 5,000
Investments held in Trust Account 690,027,522
Derivative assets - forward purchase agreement 421,700
Deferred offering costs associated with initial public offering   557,602
Total Assets 691,481,847 562,602
Current liabilities:    
Accounts payable 6,264
Accrued expenses 69,188 13,647
Accrued offering costs 119,000 350,000
Due to related party 13,458
Note payable - related party 181,468
Total current liabilities 207,910 545,115
Deferred legal fees 269,213 49,802
Deferred underwriting commissions 24,150,000
Derivative warrant liabilities 25,255,330
Total liabilities 49,882,453 594,917
Commitments and Contingencies  
Class A ordinary shares, $0.0001 par value; 750,000,000 shares authorized; 69,000,000 and 0 shares issued and outstanding, subject to possible redemption at $10.00 per share at March 31, 2021 and December 31, 2020, respectively 690,000,000
Shareholders’ Deficit:    
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
Class B ordinary shares, $0.0001 par value; 100,000,000 shares authorized; 17,250,000 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 1,725 1,725
Additional paid-in capital 23,275
Accumulated deficit (48,402,331) (57,315)
Total shareholders’ deficit (48,400,606) (32,315)
Total Liabilities and Shareholders’ Deficit $ 691,481,847 $ 562,602
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Condensed Balance Sheets (Parentheticals) - $ / shares
Mar. 31, 2021
Dec. 31, 2020
Preference shares, par value (in Dollars per share) $ 0.0001 $ 0.0001
Preference shares, shares authorized 5,000,000 5,000,000
Preference shares, shares issued
Preference shares, shares outstanding
Class A Ordinary Shares    
Ordinary shares, par value (in Dollars per share) $ 0.0001 $ 0.0001
Ordinary shares, shares authorized 750,000,000 750,000,000
Ordinary shares, shares issued 69,000,000 0
Ordinary shares, shares outstanding 69,000,000 0
Shares subject to possible redemption per share (in Dollars per share) (in Dollars per share) $ 10.00 $ 10.00
Class B Ordinary Shares    
Ordinary shares, par value (in Dollars per share) $ 0.0001 $ 0.0001
Ordinary shares, shares authorized 100,000,000 100,000,000
Ordinary shares, shares issued 17,250,000 17,250,000
Ordinary shares, shares outstanding 17,250,000 17,250,000
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Condensed Statement of Operations (Unaudited)
3 Months Ended
Mar. 31, 2021
USD ($)
$ / shares
shares
Income Statement [Abstract]  
General and administrative expenses $ 362,772
General and administrative expenses - related party 45,000
Loss from operations (407,772)
Other income (expense)  
Change in fair value of derivative warrant liabilities 20,876,670
Gain on the forward purchase agreement 421,700
Financing costs - derivative warrant liabilities (1,784,824)
Investment income on Trust Account 27,522
Net income $ 19,133,296
Basic and diluted weighted average shares outstanding of Class A ordinary shares subject to possible redemption (in Shares) | shares 69,000,000
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption (in Dollars per share) | $ / shares
Basic and diluted weighted average shares outstanding of non-redeemable ordinary shares (in Shares) | shares 16,900,000
Basic and diluted net income per ordinary share, non-redeemable ordinary shares (in Dollars per share) | $ / shares $ 1.13
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Condensed Statement of Changes in Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2021 - USD ($)
Class B
Ordinary Shares
Additional Paid-in Capital
Accumulated Deficit
Total
Balance at Dec. 31, 2020 $ 1,725 $ 23,275 $ (57,315) $ (32,315)
Balance (in Shares) at Dec. 31, 2020 17,250,000      
Excess of cash received over fair value of the private placement warrants   948,000 948,000
Class A ordinary shares subject to redemption amount   $ (971,275) (67,478,312) (68,449,587)
Net income   19,133,296 19,133,296
Balance at Mar. 31, 2021 $ 1,725   $ (48,402,331) $ (48,400,606)
Balance (in Shares) at Mar. 31, 2021 17,250,000      
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Condensed Statement of Cash Flows (Unaudited)
3 Months Ended
Mar. 31, 2021
USD ($)
Statement of Cash Flows [Abstract]  
Net income $ 19,133,296
Change in fair value of derivative warrant liabilities (20,876,670)
Gain on the forward purchase agreement (421,700)
Financing costs - derivative warrant liabilities 1,784,824
Income from investments held in Trust Account (27,522)
Prepaid expenses (754,816)
Accounts payable 6,264
Accrued expenses 55,541
Due to related party 13,458
Net cash used in operating activities (1,087,325)
Cash deposited in Trust Account (690,000,000)
Net cash used in investing activities (690,000,000)
Repayment of note payable to related party (226,948)
Proceeds received from initial public offering, gross 690,000,000
Proceeds received from private placement 15,800,000
Offering costs paid (14,212,918)
Net cash provided by financing activities 691,360,134
Net change in cash 272,809
Cash - beginning of the period
Cash - end of the period 272,809
Supplemental disclosure of noncash investing and financing activities:  
Offering costs included in accrued offering costs 119,000
Offering costs paid by Sponsor under promissory note 45,479
Deferred legal fees 269,214
Deferred underwriting commissions $ 24,150,000
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Description of Organization and Business Operations
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Description of Organization and Business Operations

Note 1 — Description of Organization and Business Operations


Pontem Corporation (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 15, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”).


As of March 31, 2021, the Company had not commenced any operations. All activity for the period from October 15, 2020 (inception) through March 31, 2021 relates to the Company’s formation, and since the closing of the initial public offering, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on its investments held in the trust account from the proceeds of its initial public offering (the “Initial Public Offering”).


The Company’s sponsor is Pontem LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 12, 2021. On January 15, 2021, the Company consummated its Initial Public Offering of 69,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), which includes 9,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.9 million, of which approximately $24.2 million and approximately $213,000 was for deferred underwriting commissions and deferred legal fees, respectively (Notes 2 and 6).


Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 10,533,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant with the Sponsor and HSM-Invest, a Switzerland simple or general non-commercial partnership (“HSM-Invest”), generating gross proceeds of $15.8 million (Notes 5 and 7).


Upon the closing of the Initial Public Offering and the Private Placement, $690.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.


The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount held in trust) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.


The Company will provide its 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 a 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 for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”). In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which were adopted by the Company upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the Sponsor.


Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.


The Company’s Sponsor, executive officers, directors and director nominees agreed not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.


If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or January 15, 2023, (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.


In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes payable (less up to $100,000 of interest to pay dissolution expenses).


The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) 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 share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) 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 vendors, service providers (except 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.


Liquidity and Capital Resources


As of March 31, 2021, the Company had approximately $273,000 in its operating bank account and working capital of approximately $825,000.


The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares (as defined in Note 5), a loan of up to approximately $300,000 from the Sponsor pursuant to the Note (as defined in Note 5), of which approximately $181,000 was outstanding as of December 31, 2020 and approximately $227,000 prior to the Initial Public Offering, and the proceeds of $2.0 million from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on January 18, 2021. In addition, 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, provide the Company Working Capital Loans (as defined in Note 5). As of March 31, 2021 and December 31, 2020, there were no amounts outstanding under any Working Capital Loans.


On April 30, 2021, the Company entered into a Working Capital Loan Agreement with the Sponsor and HSM-Invest, pursuant to which the Company may borrow up to $1.2 million from the Sponsor and HSM-Invest for ongoing expenses reasonably related to the business of the Company and the consummation of the Business Combination. All unpaid principal under the Working Capital Promissory Note will be due and payable in full on the effective date of the Business Combination. See Note 5 for a description of the agreement and the underlying promissory notes.


Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.


XML 19 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies


Basis of presentation


The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021.


The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K January 22, 2021.


Emerging growth company


As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such 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 unaudited condensed financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.


Use of Estimates


The preparation of unaudited condensed 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 unaudited condensed 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.


Concentration of Credit Risk


Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on the account.


Cash and Cash Equivalents


The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020.


Due to Related Party


Due to related party consist of amounts due from the Company to QVIDTVM Inc., an entity affiliated with the Sponsor. As of March 31, 2021 and December 31, 2020, the Company recorded approximately $13,000 and $0 on the unaudited condensed balance sheets, respectively.


Investments Held in Trust Account


The Company’s portfolio of investments is comprised solely of 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 investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment income on Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.


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:


  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.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.


As of March 31, 2021, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, accrued offering costs, due to related party and note payable to related party approximate their fair values due to the short-term nature of the instruments.


Derivative instruments


The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is re-assessed at the end of each reporting period.


The Company is committed to issue forward purchase units, which are recognized as derivative assets or liabilities depending on the fair value in accordance with ASC 815. Accordingly, the Company recognizes forward purchase agreement instruments as assets or liabilities at fair value and adjusts the instruments to fair value at each reporting period. The assets or liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the units associated with the forward purchase agreement have been estimated utilizing a forward pricing model.


The 23,000,000 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the 10,533,333 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants.


Offering Costs Associated with the Initial Public Offering


Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were included in temporary equity along with accretion of the Class A ordinary shares. For the three months ended March 31, 2021, of the total offering costs of the Initial Public Offering, approximately $1.8 million is included in financing cost - derivative warrant liabilities in the unaudited condensed statement 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 ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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, Class A 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 the occurrence of uncertain future events. Accordingly, as of March 31, 2021, 69,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited condensed balance sheets.


Immediately upon the closing of the Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit.


As March 31, 2021, Class A ordinary shares reflected on the unaudited condensed balance sheet are reconciled in the following table:


   As of
March 31,
2021
 
Gross proceeds  $690,000,000 
Less:     
Proceeds allocated to public warrants   (31,280,000)
Class A ordinary shares issuance costs   (37,169,587)
Plus:     
Accretion of carrying value to redemption value   68,449,587 
Class A ordinary shares subject to possible redemption  $690,000,000 

Income Taxes


The Company follows the asset and liability method of accounting for income taxes under FASB ASC 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. There were no unrecognized tax benefits as of March 31, 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.


The Company is considered an exempted Cayman Islands company 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 periods presented.


Net Income (loss) per Ordinary Shares


Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.


The Company’s unaudited condensed statements of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss from investments held in Trust Account, net of applicable income taxes, if any, by the weighted average number of Class A ordinary shares subject to possible redemption outstanding for the period.


Net income (loss) per ordinary share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss from investment attributable to Class A ordinary shares subject to possible redemption, by the weighted average number of non-redeemable ordinary shares outstanding for the period.


Non-redeemable ordinary shares include Founder Shares as these shares do not have any redemption features. Non-redeemable ordinary shares participate in the income or loss from investments based on non-redeemable shares’ proportionate interest.


The following table reflects the calculation of basic and diluted net income (loss) per ordinary share:


    For the
Three Months
Ended
March 31,
2021
 
Class A ordinary shares subject to possible redemption      
Numerator: Earnings allocable to ordinary shares subject to possible redemption      
Income from investments held in Trust Account   $ 27,522  
Less: Company’s portion available to be withdrawn to pay taxes     -  
Net income attributable to Class A ordinary shares subject to possible redemption   $ 27,522  
Denominator: Weighted average Class A ordinary shares subject to possible redemption        
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption     69,000,000  
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption   $ -  
         
Non-redeemable ordinary shares        
Numerator: Net Income minus Net Earnings        
Net income   $ 19,133,296  
Net income allocable to Class A ordinary shares subject to possible redemption     27,522  
Non-redeemable net income   $ 19,105,774  
Denominator: weighted average non-redeemable ordinary shares        
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares     16,900,000  
Basic and diluted net income per ordinary share, non-redeemable ordinary shares   $ 1.13  

Recent Issued Accounting Standards


In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.


The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements.


XML 20 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Initial Public Offering
3 Months Ended
Mar. 31, 2021
Initial Public Offering [Abstract]  
Initial Public Offering

Note 3 — Initial Public Offering


On January 15, 2021, the Company consummated its Initial Public Offering of 69,000,000 Units, which includes 9,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.9 million, of which approximately $24.2 million and approximately $213,000 was for deferred underwriting commissions and deferred legal fees, respectively.


Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).


XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Private Placement
3 Months Ended
Mar. 31, 2021
Private Placement [Abstract]  
Private Placement

Note 4 — Private Placement


Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,533,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor and HSM-Invest, generating gross proceeds of $15.8 million.


Each whole Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor, HSM-Invest or their permitted transferees.


The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.


XML 22 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Related Party Transactions
3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 — Related Party Transactions


Founder Shares


On October 19, 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor (the “Founder Shares”) in exchange for the payment of $25,000 from the Sponsor to cover certain expenses on behalf of the Company. Shares and the associated amounts have been retroactively restated to reflect the shares capitalizations on December 23, 2020, January 8, 2021 and January 15, 2021, resulting in an aggregate of 17,250,000 Class B ordinary shares outstanding. The holders of the Founder Shares agreed to surrender and cancel up to an aggregate of 2,250,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional units was not exercised in full by the underwriters, so that the Founder Shares would represent approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On January 15, 2021, the underwriters fully exercised the over-allotment option; thus, these 2,250,000 Founder Shares are no longer subject to forfeiture.


The Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) three years after the completion of the initial Business Combination or (ii) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least one year after the initial Business Combination, the Founder Shares will be released from the lockup.


Related Party Loans


On October 16, 2020, the Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due upon the closing of the Initial Public Offering. The Company borrowed approximately $181,000 through December 31, 2020 and approximately $227,000 prior to the Initial Public Offering under the Note. The Company repaid the Note in full on January 18, 2021.


In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2021, the Company had no borrowings under the Working Capital Loans.


On April 30, 2021, the Company entered a Working Capital Loan Agreement (the “Agreement”) with the Sponsor and HSM-Invest, pursuant to which the Company may borrow up to $1,200,000 from the Sponsor and HSM-Invest for ongoing expenses reasonably related to the business of the Company and the consummation of the Business Combination. On April 30, 2021, pursuant to the Agreement, the Company issued a promissory note (the “Working Capital Promissory Note”) for the principal amount of $600,000 to the Sponsor and HSM-Invest, respectively. The Working Capital Promissory Note does not bear any interest. All unpaid principal under the Working Capital Promissory Note will be due and payable in full on the effective date of the Business Combination (the “Maturity Date”). Pursuant to the terms of the Agreement, the Company is not required to repay the Working Capital Promissory Note if it fails to complete the Business Combination. The Sponsor and HSM-Invest will have the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Working Capital Promissory Note into warrants to purchase the Company’s Class A ordinary shares, par value $0.0001 per share, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company’s initial public offering.


Administrative Services Agreement


Commencing on the date that the Company’s securities were first listed on NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor $10,000 per month for office space, utilities, secretarial and administrative support services provided to members of the management team. During the three months ended March 31, 2021, the Company incurred $30,000 included in general and administrative expenses to related party in the accompanying unaudited condensed statement of operations.


In addition, the Sponsor, officers and directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.


Consulting Agreement


On October 15, 2020, the Company entered into an agreement to obtain consulting services from an affiliate of its Chief Financial Officer, pursuant to which the Company agreed to pay such affiliate of its Chief Financial Officer $5,000 per month. Consulting expenses resulting from such agreement were included within general and administrative expenses to related party in the accompanying unaudited condensed statement of operations. During the three months ended March 31, 2021, the Company incurred $15,000 in consulting expenses.


Forward Purchase Agreement


On January 12, 2021, the company entered into a forward purchase agreement with QVIDTVM Management LLC providing for the purchase of up to 15,000,000 forward purchase units (the “Forward Purchase Agreement”), with each unit consisting of one Class A ordinary share (the “Forward Purchase Shares”) and one-third of one redeemable warrant to purchase one Class A ordinary share at $11.50 per share (the “Forward Purchase Warrants”), at a purchase price of $10.00 per unit, in a private placement to occur concurrently with the closing of the initial Business Combination. The number of forward purchase units to be purchased by QVIDTVM Management LLC will be subject to the sole discretion of Mr. Alici, who has investment control over the capital committed to such entity, but in no event will be less than 5,000,000 forward purchase units. The obligations under the Forward Purchase Agreement do not depend on whether any Class A ordinary shares held by Public Shareholders are redeemed by the Company. The obligation to purchase the forward purchase units is subject to customary closing conditions, including that the initial Business Combination must be consummated substantially concurrently with, and immediately following, the purchase of forward purchase units. The Forward Purchase Shares and Forward Purchase Warrants will be issued only in connection with the closing of the initial Business Combination. The proceeds from the sale of forward purchase securities 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 Forward Purchase Agreement is accounted for as an asset or liability measured at fair value with changes in fair value reported each period in earnings. The initial value of the Forward Purchase Agreement was insignificant.


XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Commitments and Contingencies
3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 6 — Commitments and Contingencies


Registration and Shareholder Rights


The holders of the Founder Shares, Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registered such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.


Pursuant to the Forward Purchase Agreement, the Company agreed to use its reasonable best efforts (i) to file within 30 days after the closing of a Business Combination a registration statement with the SEC for a secondary offering of the Forward Purchase Shares and the Forward Purchase Warrants (and underlying Class A ordinary shares), (ii) to cause such registration statement to be declared effective promptly thereafter but in no event later than sixty (60) days after the initial filing, (iii) to maintain the effectiveness of such registration statement until the earliest of (A) the date on which the Sponsor or its assignees cease to hold the securities covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and (iv) after such registration statement is declared effective, cause us to conduct firm commitment underwritten offerings, subject to certain limitations. In addition, the Forward Purchase Agreement provides that these holders will have certain “piggy-back” registration rights to include their securities in other registration statements filed by the Company.


Underwriting Agreement


The Company granted the underwriters a 45-day option from the date of this prospectus to purchase up to 9,000,000 additional Units at the Initial Public Offering price less the underwriting discounts and commissions. On January 15, 2021, the underwriters fully exercised the over-allotment option.


The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. 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.


Deferred Legal Fees


The Company engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer their fees in excess of $350,000 (“Deferred Legal Fees”). The deferred fee will become payable in the event that the Company completes a Business Combination. As of March 31, 2020 and December 31, 2020, the Company recorded deferred legal fees of approximately $269,000 and $50,000 in connection with such services on the accompanying unaudited condensed balance sheets, respectively.


Risks and Uncertainties


Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.


XML 24 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Derivative Warrant Liabilities
3 Months Ended
Mar. 31, 2021
Derivative Warrant Liabilities [Abstract]  
Derivative Warrant Liabilities

Note 7 — Derivative Warrant Liabilities


As of March 31, 2021, the Company had 23,000,000 Public Warrants and 10,533,333 Private Warrants outstanding.


Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.


The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities, other than the forward purchase securities, for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.


The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon 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 non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.


Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00:


Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):


  in whole and not in part;

  at a price of $0.01 per warrant;

  upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

  if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period.


Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00:


Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):


  in whole and not in part;

  at a price of $0.10 per warrant;

  upon a minimum of 30 days’ prior written notice of redemption;

  if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30 trading-day period ending three trading days before the Company sends the notice of redemption to the warrant holders;

  if the closing price of the Class A ordinary shares for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above;

  provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares

The “fair market value” of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).


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 warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.


XML 25 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit

Note 8 — Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit


Preference Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share. As of March 31, 2021 and December 31, 2020, there were no preference shares issued or outstanding.


Class A Ordinary Shares Subject to Possible Redemption — The Company is authorized to issue 750,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of March 31, 2021, there were 69,000,000 Class A ordinary shares outstanding, all of which were subject to possible redemption.


Class B Ordinary Shares — The Company is authorized to issue 100,000,000 Class B ordinary shares with a par value of $0.0001 per share. On October 19, 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor. Shares and the associated amounts have been retroactively restated to reflect the shares capitalizations on December 23, 2020, January 8, 2021 and January 15, 2021, resulting in an aggregate of 17,250,000 Class B ordinary shares outstanding. The holders of the Founder Shares agreed to surrender and cancel up to an aggregate of 2,250,000 Class B ordinary shares for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. On January 15, 2021, the underwriters fully exercised the over-allotment option; thus, these 2,250,000 Founder Shares are no longer subject to forfeiture.


Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders except as required by law.


The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of ordinary shares outstanding after such conversion, including 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 the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination, any private placement warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans and the Forward Purchase Shares and Forward Purchase Warrants; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis


XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 9 — Fair Value Measurements


The following table presents information about the Company’s financial assets and liabilities that are measured at fair value.


    Fair Value Measured as of March 31, 2021  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Investments held in Trust Account   $ 690,027,522     $ -     $ -     $ 690,027,522  
Derivative assets - forward purchase agreement   $ -     $ -     $ 421,700     $ 421,700  
Liabilities:                                
Derivative warrant liabilities - Public Warrants   $ 17,250,000     $ -     $ -     $ 17,250,000  
Derivative warrant liabilities - Private Placement Warrants   $ -     $ -     $ 8,005,330     $ 8,005,330  

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in March 2021, when the Public Warrants were separately listed and traded.


Level 1 assets include investments in money market funds that invest solely in U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.


The Company’s instruments estimated at fair value using Level 3 inputs are its Private Placement Warrants, Public Warrants, and the Forward Purchase Agreement. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Modified Black-Scholes model. The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since March 2021. The fair value of the units associated with the Forward Purchase Agreement have been estimated utilizing forward pricing model.  The Company determined that the initial fair value of the units (including shares and warrants) associated with the Forward Purchase Agreement as of January 15, 2021, was insignificant. 


Inherent in a Monte Carlo simulation model, Modified Black-Scholes Model, and a forward pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.


The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:


   As of
January 15,
2021
   As of
March 31,
2021
 
Warrants:        
Option term (in years)   5.97    5.76 
Volatility   23.00%   13.80%
Risk-free interest rate   0.63%   1.10%
Expected dividends   0.00%   0.00%
Probability of successful initial business combination   88.3%   88.3%
Forward Purchase Agreement:          
Expected term   0.96    0.75 
Risk-free interest rate   0.12%   0.06%

The change in the fair value of the derivative warrant liabilities measured utilizing Level 3 measurements for the period for the three months ended March 31, 2021 is summarized as follows:


Derivative warrant liabilities beginning of the period  $- 
Issuance of Public and Private Warrants - Level 3 measurement   46,132,000 
Transfer of Public Warrants to a Level 1 measurement   (31,280,000)
Change in fair value of derivative warrant liabilities - Level 3 measurement   (6,846,670)
Derivative warrant liabilities at March 31, 2021 - Level 3 measurement  $8,005,330 

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Revision to Prior Period Financial Statements
3 Months Ended
Mar. 31, 2021
Revision To Prior Period Financial Statements [Abstract]  
Revision to Prior Period Financial Statements

Note 10 — Revision to Prior Period Financial Statements


During the course of preparing the quarterly report on Form 10-Q for the three-month period ended March 31, 2021, the Company identified an error in the application of accounting guidance related to the Company’s warrants and Forward Purchase Agreement in the Company’s previously issued audited balance sheet dated January 15, 2021, filed on Form 8-K on January 22, 2021 (the “Post-IPO Balance Sheet”).


On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since their issuance on January 15, 2021, the Company’s warrants have been accounted for as equity within the Company’s previously reported balance sheet. After discussion and evaluation, including with the Company’s independent registered public accounting firm and the Company’s audit committee, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement.


The Warrants were reflected as a component of equity in the Post-IPO Balance Sheet as opposed to liabilities on the balance sheet, based on the Company’s application of FASB ASC Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40”). The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC 815-40 to the warrant agreement. The Company reassessed its accounting for Warrants issued on January 15, 2021, and the forward purchase agreement issued on January 12, 2021 in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants and Forward Purchase Agreement should be classified as assets or liabilities and measured at fair value upon issuance, with subsequent changes in fair value reported in the Company’s statement of operations each reporting period.


In addition, upon considering the impact of the forward purchase agreement, it was concluded that the redemption value of the Class A ordinary shares subject to redemption should include all the Public Shares. This resulted in a measurement adjustment to the initial carrying value of the Class A ordinary shares subject to redemption with the offset recorded to additional paid-in capital and accumulated deficit.


The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported investments held in trust or cash. The Company determined that the initial fair value of the units (including shares and warrants) associated with the Forward Purchase Agreement as of January 15, 2021, was insignificant. The effect of the Revision to the Post-IPO Balance Sheet is as follows:


    As of January 15, 2021  
    As
Previously
Reported
   
Adjustment
    As Revised  
       
Balance Sheet                  
Total assets   $ 692,971,800     $ -     $ 692,971,800  
Liabilities and shareholders’ equity                        
Total current liabilities   $ 1,786,633     $ -     $ 1,786,633  
Deferred legal fees     212,549       -       212,549  
Deferred underwriting commissions     24,150,000       -       24,150,000  
Derivative warrant liabilities     -       46,132,000       46,132,000  
Total liabilities     26,149,182       46,132,000       72,281,182  
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption     661,822,610       28,177,390       690,000,000  
Shareholders’ equity                        
Preference shares - $0.0001 par value     -       -       -  
Class A ordinary shares - $0.0001 par value     282       (282     -  
Class B ordinary shares - $0.0001 par value     1,725       -       1,725  
Additional paid-in-capital     5,102,637       (5,102,637 )     -  
Accumulated deficit     (104,636 )     (69,206,471 )     (69,311,107 )
Total shareholders’ equity     5,000,008       (74,309,390 )     (69,309,382
Total liabilities and shareholders’ equity   $ 692,971,800     $ -     $ 692,971,800  

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 11 — Subsequent Events


The Company evaluated subsequent events and transactions that occurred up to the date unaudited condensed financial statements were available to be issued. Based upon this review, other than disclosed in Notes 5 and 10, the Company determined that, there have been no events that have occurred that would require adjustments to the disclosures in the unaudited condensed financial statements.


XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Accounting Policies, by Policy (Policies)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation


The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021.


The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K January 22, 2021.

Emerging growth company

Emerging growth company


As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such 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 unaudited condensed financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of estimates

Use of Estimates


The preparation of unaudited condensed 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 unaudited condensed 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Concentration of Credit Risk

Concentration of Credit Risk


Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on the account.

Cash and Cash Equivalents

Cash and Cash Equivalents


The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020.

Due to Related Party

Due to Related Party


Due to related party consist of amounts due from the Company to QVIDTVM Inc., an entity affiliated with the Sponsor. As of March 31, 2021 and December 31, 2020, the Company recorded approximately $13,000 and $0 on the unaudited condensed balance sheets, respectively.

Investments Held in Trust Account

Investments Held in Trust Account


The Company’s portfolio of investments is comprised solely of 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 investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment income on Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Fair Value of financial instruments

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:


  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.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.


As of March 31, 2021, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, accrued offering costs, due to related party and note payable to related party approximate their fair values due to the short-term nature of the instruments.

Derivative instruments

Derivative instruments


The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is re-assessed at the end of each reporting period.


The Company is committed to issue forward purchase units, which are recognized as derivative assets or liabilities depending on the fair value in accordance with ASC 815. Accordingly, the Company recognizes forward purchase agreement instruments as assets or liabilities at fair value and adjusts the instruments to fair value at each reporting period. The assets or liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the units associated with the forward purchase agreement have been estimated utilizing a forward pricing model.


The 23,000,000 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the 10,533,333 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants.

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering


Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were included in temporary equity along with accretion of the Class A ordinary shares. For the three months ended March 31, 2021, of the total offering costs of the Initial Public Offering, approximately $1.8 million is included in financing cost - derivative warrant liabilities in the unaudited condensed statement of operations.

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 ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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, Class A 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 the occurrence of uncertain future events. Accordingly, as of March 31, 2021, 69,000,000 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited condensed balance sheets.


Immediately upon the closing of the Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares of Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit.


As March 31, 2021, Class A ordinary shares reflected on the unaudited condensed balance sheet are reconciled in the following table:


   As of
March 31,
2021
 
Gross proceeds  $690,000,000 
Less:     
Proceeds allocated to public warrants   (31,280,000)
Class A ordinary shares issuance costs   (37,169,587)
Plus:     
Accretion of carrying value to redemption value   68,449,587 
Class A ordinary shares subject to possible redemption  $690,000,000 
Income taxes

Income Taxes


The Company follows the asset and liability method of accounting for income taxes under FASB ASC 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. There were no unrecognized tax benefits as of March 31, 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.


The Company is considered an exempted Cayman Islands company 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 periods presented.

Net Income (loss) per Ordinary Shares

Net Income (loss) per Ordinary Shares


Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.


The Company’s unaudited condensed statements of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss from investments held in Trust Account, net of applicable income taxes, if any, by the weighted average number of Class A ordinary shares subject to possible redemption outstanding for the period.


Net income (loss) per ordinary share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss from investment attributable to Class A ordinary shares subject to possible redemption, by the weighted average number of non-redeemable ordinary shares outstanding for the period.


Non-redeemable ordinary shares include Founder Shares as these shares do not have any redemption features. Non-redeemable ordinary shares participate in the income or loss from investments based on non-redeemable shares’ proportionate interest.


The following table reflects the calculation of basic and diluted net income (loss) per ordinary share:


    For the
Three Months
Ended
March 31,
2021
 
Class A ordinary shares subject to possible redemption      
Numerator: Earnings allocable to ordinary shares subject to possible redemption      
Income from investments held in Trust Account   $ 27,522  
Less: Company’s portion available to be withdrawn to pay taxes     -  
Net income attributable to Class A ordinary shares subject to possible redemption   $ 27,522  
Denominator: Weighted average Class A ordinary shares subject to possible redemption        
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption     69,000,000  
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption   $ -  
         
Non-redeemable ordinary shares        
Numerator: Net Income minus Net Earnings        
Net income   $ 19,133,296  
Net income allocable to Class A ordinary shares subject to possible redemption     27,522  
Non-redeemable net income   $ 19,105,774  
Denominator: weighted average non-redeemable ordinary shares        
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares     16,900,000  
Basic and diluted net income per ordinary share, non-redeemable ordinary shares   $ 1.13  
Recent Issued Accounting Standards

Recent Issued Accounting Standards


In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.


The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of condensed balance sheet
   As of
March 31,
2021
 
Gross proceeds  $690,000,000 
Less:     
Proceeds allocated to public warrants   (31,280,000)
Class A ordinary shares issuance costs   (37,169,587)
Plus:     
Accretion of carrying value to redemption value   68,449,587 
Class A ordinary shares subject to possible redemption  $690,000,000 
Schedule of basic and diluted net income (loss) per ordinary share
    For the
Three Months
Ended
March 31,
2021
 
Class A ordinary shares subject to possible redemption      
Numerator: Earnings allocable to ordinary shares subject to possible redemption      
Income from investments held in Trust Account   $ 27,522  
Less: Company’s portion available to be withdrawn to pay taxes     -  
Net income attributable to Class A ordinary shares subject to possible redemption   $ 27,522  
Denominator: Weighted average Class A ordinary shares subject to possible redemption        
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption     69,000,000  
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption   $ -  
         
Non-redeemable ordinary shares        
Numerator: Net Income minus Net Earnings        
Net income   $ 19,133,296  
Net income allocable to Class A ordinary shares subject to possible redemption     27,522  
Non-redeemable net income   $ 19,105,774  
Denominator: weighted average non-redeemable ordinary shares        
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares     16,900,000  
Basic and diluted net income per ordinary share, non-redeemable ordinary shares   $ 1.13  
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value financial assets and liabilities
    Fair Value Measured as of March 31, 2021  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Investments held in Trust Account   $ 690,027,522     $ -     $ -     $ 690,027,522  
Derivative assets - forward purchase agreement   $ -     $ -     $ 421,700     $ 421,700  
Liabilities:                                
Derivative warrant liabilities - Public Warrants   $ 17,250,000     $ -     $ -     $ 17,250,000  
Derivative warrant liabilities - Private Placement Warrants   $ -     $ -     $ 8,005,330     $ 8,005,330  
Schedule of Level 3 instruments
   As of
January 15,
2021
   As of
March 31,
2021
 
Warrants:        
Option term (in years)   5.97    5.76 
Volatility   23.00%   13.80%
Risk-free interest rate   0.63%   1.10%
Expected dividends   0.00%   0.00%
Probability of successful initial business combination   88.3%   88.3%
Forward Purchase Agreement:          
Expected term   0.96    0.75 
Risk-free interest rate   0.12%   0.06%
Schedule of changes in the fair value of the derivative warrant liabilities
Derivative warrant liabilities beginning of the period  $- 
Issuance of Public and Private Warrants - Level 3 measurement   46,132,000 
Transfer of Public Warrants to a Level 1 measurement   (31,280,000)
Change in fair value of derivative warrant liabilities - Level 3 measurement   (6,846,670)
Derivative warrant liabilities at March 31, 2021 - Level 3 measurement  $8,005,330 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Revision to Prior Period Financial Statements (Tables)
3 Months Ended
Mar. 31, 2021
Revision To Prior Period Financial Statements [Abstract]  
Schedule of effect of the revisions to the Post-IPO Balance Sheet
    As of January 15, 2021  
    As
Previously
Reported
   
Adjustment
    As Revised  
       
Balance Sheet                  
Total assets   $ 692,971,800     $ -     $ 692,971,800  
Liabilities and shareholders’ equity                        
Total current liabilities   $ 1,786,633     $ -     $ 1,786,633  
Deferred legal fees     212,549       -       212,549  
Deferred underwriting commissions     24,150,000       -       24,150,000  
Derivative warrant liabilities     -       46,132,000       46,132,000  
Total liabilities     26,149,182       46,132,000       72,281,182  
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption     661,822,610       28,177,390       690,000,000  
Shareholders’ equity                        
Preference shares - $0.0001 par value     -       -       -  
Class A ordinary shares - $0.0001 par value     282       (282     -  
Class B ordinary shares - $0.0001 par value     1,725       -       1,725  
Additional paid-in-capital     5,102,637       (5,102,637 )     -  
Accumulated deficit     (104,636 )     (69,206,471 )     (69,311,107 )
Total shareholders’ equity     5,000,008       (74,309,390 )     (69,309,382
Total liabilities and shareholders’ equity   $ 692,971,800     $ -     $ 692,971,800  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Description of Organization and Business Operations (Details) - USD ($)
3 Months Ended
Jan. 15, 2021
Mar. 31, 2021
Dec. 31, 2020
Apr. 30, 2021
Description of Organization and Business Operations (Details) [Line Items]        
Offering costs $ 38,900,000      
Deferred underwriting commissions 24,200,000 $ 24,150,000    
Deferred legal fees $ 213,000 $ 269,214 $ 50,000  
Trust account price per share (in Dollars per share)   $ 10.00    
Business combination tangible assets net   $ 5,000,001    
Public shares aggregate percentage   15.00%    
Obligation to redeem public shares percentage   100.00%    
Dissolution expenses   $ 100,000    
Outstanding public shares redemption percentage   100.00%    
Trust account related dissolution expenses   $ 100,000    
Trust account related, description   In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) 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 share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) 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”).    
Operating bank account   $ 273,000    
Working capital deficiency   825,000    
Contribution from sponsor to cover expenses   25,000    
Sponsor loan   $ 300,000    
Sponsor loan outstanding     181,000  
Proceeds amount     $ 2,000,000  
Borrowing amount       $ 1,200,000
Initial Public Offering [Member]        
Description of Organization and Business Operations (Details) [Line Items]        
Shares issued (in Shares) 69,000,000      
Price per share (in Dollars per share) $ 10.00 $ 10.00    
Gross proceeds $ 690,000,000      
Net proceeds   $ 690,000,000    
Aggregate fair market value   80.00%    
Sponsor loan outstanding   $ 227,000    
Initial Public Offering [Member] | Business Acquisition [Member]        
Description of Organization and Business Operations (Details) [Line Items]        
Outstanding voting securities percentage   50.00%    
Over-Allotment Option [Member]        
Description of Organization and Business Operations (Details) [Line Items]        
Shares issued (in Shares) 9,000,000      
Private Placement [Member]        
Description of Organization and Business Operations (Details) [Line Items]        
Shares issued (in Shares) 10,533,333      
Price per share (in Dollars per share) $ 1.50      
Gross proceeds $ 15,800,000      
Offering costs $ 38,900,000      
Class A Ordinary Shares [Member] | Initial Public Offering [Member]        
Description of Organization and Business Operations (Details) [Line Items]        
Shares issued (in Shares) 69,000,000      
Price per share (in Dollars per share) $ 10.00      
Class A Ordinary Shares [Member] | Over-Allotment Option [Member]        
Description of Organization and Business Operations (Details) [Line Items]        
Shares issued (in Shares) 9,000,000      
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Details) - USD ($)
3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Summary of Significant Accounting Policies (Details) [Line Items]    
Federal depository insurance coverage $ 250,000  
Due to related party $ 13,000 $ 0
Warrant issued (in Shares) 23,000,000  
Shares subject to possible redemption (in Shares) 69,000,000  
Private Placement Warrants [Member]    
Summary of Significant Accounting Policies (Details) [Line Items]    
Derivative liabilities $ 10,533,333  
IPO [Member]    
Summary of Significant Accounting Policies (Details) [Line Items]    
Deferred offering costs $ 1,800,000  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Details) - Schedule of condensed balance sheet - USD ($)
3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Schedule of condensed balance sheet [Abstract]    
Gross proceeds $ 690,000,000  
Less:    
Proceeds allocated to public warrants (31,280,000)  
Class A ordinary shares issuance costs (37,169,587)  
Plus:    
Accretion of carrying value to redemption value 68,449,587  
Class A ordinary shares subject to possible redemption $ 690,000,000
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income (loss) per ordinary share
3 Months Ended
Mar. 31, 2021
USD ($)
$ / shares
shares
Schedule of basic and diluted net income (loss) per ordinary share [Abstract]  
Income from investments held in Trust Account $ 27,522
Less: Company’s portion available to be withdrawn to pay taxes
Net income attributable to Class A ordinary shares subject to possible redemption $ 27,522
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares) | shares 69,000,000
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption (in Dollars per share) | $ / shares
Net income $ 19,133,296
Net income allocable to Class A ordinary shares subject to possible redemption 27,522
Non-redeemable net income $ 19,105,774
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares (in Shares) | shares 16,900,000
Basic and diluted net income per ordinary share, non-redeemable ordinary shares (in Dollars per share) | $ / shares $ 1.13
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Initial Public Offering (Details) - USD ($)
3 Months Ended
Jan. 15, 2021
Mar. 31, 2021
Dec. 31, 2020
Initial Public Offering (Details) [Line Items]      
Offering costs $ 38,900,000    
Deferred underwriting commissions 24,200,000 $ 24,150,000  
Deferred legal fees $ 213,000 $ 269,214 $ 50,000
IPO [Member]      
Initial Public Offering (Details) [Line Items]      
Shares issued (in Shares) 69,000,000    
Price per share (in Dollars per share) $ 10.00 $ 10.00  
Gross proceeds $ 690,000,000    
Over-Allotment Option [Member]      
Initial Public Offering (Details) [Line Items]      
Shares issued (in Shares) 9,000,000    
Class A Ordinary Shares [Member]      
Initial Public Offering (Details) [Line Items]      
Public warrant, description   Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).  
Class A Ordinary Shares [Member] | IPO [Member]      
Initial Public Offering (Details) [Line Items]      
Shares issued (in Shares) 69,000,000    
Price per share (in Dollars per share) $ 10.00    
Class A Ordinary Shares [Member] | Over-Allotment Option [Member]      
Initial Public Offering (Details) [Line Items]      
Shares issued (in Shares) 9,000,000    
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.21.2
Private Placement (Details)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2021
USD ($)
$ / shares
shares
Over-Allotment Option [Member]  
Private Placement (Details) [Line Items]  
Purchase of warrants (in Shares) | shares 10,533,333
Private Placement [Member]  
Private Placement (Details) [Line Items]  
Price per warrant $ 1.50
Aggregate purchase price (in Dollars) | $ $ 15.8
Class A Ordinary Shares [Member]  
Private Placement (Details) [Line Items]  
Price per warrant $ 11.50
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Related Party Transactions (Details) - USD ($)
1 Months Ended 3 Months Ended
Jan. 15, 2021
Oct. 19, 2020
Apr. 30, 2021
Oct. 19, 2020
Oct. 16, 2020
Mar. 31, 2021
Dec. 31, 2020
Related Party Transactions (Details) [Line Items]              
Promissory note amount         $ 300,000    
Borrowing amount             $ 181,000
Debt Instrument, Repurchase Date         Jan. 18, 2021    
Working capital loans         $ 1,500,000    
General and administrative expenses           $ 30,000  
Description of consulting agreement           the Company agreed to pay such affiliate of its Chief Financial Officer $5,000 per month. Consulting expenses resulting from such agreement were included within general and administrative expenses to related party in the accompanying unaudited condensed statement of operations. During the three months ended March 31, 2021, the Company incurred $15,000 in consulting expenses.  
Forward purchase agreement, description           the company entered into a forward purchase agreement with QVIDTVM Management LLC providing for the purchase of up to 15,000,000 forward purchase units (the “Forward Purchase Agreement”), with each unit consisting of one Class A ordinary share (the “Forward Purchase Shares”) and one-third of one redeemable warrant to purchase one Class A ordinary share at $11.50 per share (the “Forward Purchase Warrants”), at a purchase price of $10.00 per unit, in a private placement to occur concurrently with the closing of the initial Business Combination. The number of forward purchase units to be purchased by QVIDTVM Management LLC will be subject to the sole discretion of Mr. Alici, who has investment control over the capital committed to such entity, but in no event will be less than 5,000,000 forward purchase units. The obligations under the Forward Purchase Agreement do not depend on whether any Class A ordinary shares held by Public Shareholders are redeemed by the Company. The obligation to purchase the forward purchase units is subject to customary closing conditions, including that the initial Business Combination must be consummated substantially concurrently with, and immediately following, the purchase of forward purchase units. The Forward Purchase Shares and Forward Purchase Warrants will be issued only in connection with the closing of the initial Business Combination. The proceeds from the sale of forward purchase securities 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.  
Subsequent Event [Member]              
Related Party Transactions (Details) [Line Items]              
Amount from sponsor     $ 1,200,000        
Principal amount     $ 600,000        
Description of initial public offering     each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company’s initial public offering.        
Conversion price per share (in Dollars per share)     $ 1.50        
Founder Shares [Member]              
Related Party Transactions (Details) [Line Items]              
Forfeited shares (in Shares) 2,250,000            
Founder Shares [Member] | Business Acquisition [Member]              
Related Party Transactions (Details) [Line Items]              
Description of founder shares           (i) three years after the completion of the initial Business Combination or (ii) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least one year after the initial Business Combination, the Founder Shares will be released from the lockup.  
Sponsor [Member]              
Related Party Transactions (Details) [Line Items]              
Payment for office space           $ 10,000  
Initial Public Offering [Member]              
Related Party Transactions (Details) [Line Items]              
Number of shares issued (in Shares) 69,000,000            
Public offering amount         $ 227,000    
Price per unit (in Dollars per share) $ 10.00         $ 10.00  
Class B Ordinary Shares [Member]              
Related Party Transactions (Details) [Line Items]              
Price per share (in Dollars per share)           0.0001 $ 0.0001
Class B Ordinary Shares [Member] | Founder Shares [Member]              
Related Party Transactions (Details) [Line Items]              
Number of shares issued (in Shares)       14,375,000      
Aggregate purchase price       $ 25,000      
Shares outstanding (in Shares)   17,250,000   17,250,000      
Forfeited shares (in Shares)   2,250,000          
Percentage of Issued and Outstanding Shares (in Shares)   0.20          
Class A Ordinary Shares [Member]              
Related Party Transactions (Details) [Line Items]              
Price per share (in Dollars per share)           $ 0.0001 $ 0.0001
Class A Ordinary Shares [Member] | Subsequent Event [Member]              
Related Party Transactions (Details) [Line Items]              
Price per share (in Dollars per share)     $ 0.0001        
Class A Ordinary Shares [Member] | Initial Public Offering [Member]              
Related Party Transactions (Details) [Line Items]              
Number of shares issued (in Shares) 69,000,000            
Price per unit (in Dollars per share) $ 10.00            
Warrant [Member]              
Related Party Transactions (Details) [Line Items]              
Price per unit (in Dollars per share)         $ 1.50    
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.21.2
Commitments and Contingencies (Details) - USD ($)
3 Months Ended
Jan. 15, 2021
Mar. 31, 2021
Dec. 31, 2020
Commitments and Contingencies (Details) [Line Items]      
Underwriting agreement, description   The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate will be payable to the underwriters for deferred underwriting commissions.  
Deferred legal fees, description   The Company engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer their fees in excess of $350,000 (“Deferred Legal Fees”).  
Deferred legal fees $ 213,000 $ 269,214 $ 50,000
Proposed Public Offering [Member]      
Commitments and Contingencies (Details) [Line Items]      
Number of additional units granted to undrewriters   9,000,000  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.2
Derivative Warrant Liabilities (Details)
3 Months Ended
Mar. 31, 2021
shares
Derivative Warrant Liabilities (Details) [Line Items]  
Warrant expiration term 5 years
Redemption of warrants, description Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the private placement warrants): ● in whole and not in part; ● at a price of $0.10 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption; ● if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any 20 trading days within the 30 trading-day period ending three trading days before the Company sends the notice of redemption to the warrant holders; ● if the closing price of the Class A ordinary shares for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; ● provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares
Redemption feature share 0.361
Business Acquisition [Member]  
Derivative Warrant Liabilities (Details) [Line Items]  
Business combination, description (x) the Company issues additional Class A ordinary shares or equity-linked securities, other than the forward purchase securities, for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 10 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.
Public Warrants [Member]  
Derivative Warrant Liabilities (Details) [Line Items]  
Number of share 23,000,000
Private Warrants [Member]  
Derivative Warrant Liabilities (Details) [Line Items]  
Number of share 10,533,333
Class A Ordinary Share [Member]  
Derivative Warrant Liabilities (Details) [Line Items]  
Redemption of warrants, description Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.21.2
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit (Details) - $ / shares
3 Months Ended
Jan. 15, 2021
Mar. 31, 2021
Dec. 31, 2020
Oct. 19, 2020
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit (Details) [Line Items]        
Preferred stock, shares authorized   5,000,000 5,000,000  
Preferred stock, par value per share (in Dollars per share)   $ 0.0001 $ 0.0001  
Class A Ordinary Shares [Member]        
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit (Details) [Line Items]        
Common stock, shares authorized   750,000,000 750,000,000  
Common stock, par value (in Dollars per share)   $ 0.0001 $ 0.0001  
Common stock, shares issued   69,000,000 0  
Common stock, shares oustanding   69,000,000 0  
Common Class B [Member]        
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit (Details) [Line Items]        
Common stock, shares authorized   100,000,000 100,000,000  
Common stock, par value (in Dollars per share)   $ 0.0001 $ 0.0001  
Common stock, shares issued   17,250,000 17,250,000  
Common stock, shares oustanding   17,250,000 17,250,000  
Aggregate Number of Shares Surrender and Cancel   2,250,000    
Initial shareholders collectively own percentage   20.00%    
Founder shares   20.00%    
Common Class B [Member] | Sponsor [Member]        
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit (Details) [Line Items]        
Common stock, shares oustanding     17,250,000  
Common Class B [Member] | Founder Shares [Member]        
Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit (Details) [Line Items]        
Common stock, shares issued       14,375,000
Aggregate Number of Shares Surrender and Cancel 2,250,000      
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Details) - Schedule of fair value financial assets and liabilities - USD ($)
3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Assets:    
Investments held in Trust Account $ 690,027,522
Derivative assets - forward purchase agreement 421,700
Liabilities:    
Derivative warrant liabilities - Public Warrants 17,250,000  
Derivative warrant liabilities - Private Placement Warrants 8,005,330  
Level 1 [Member]    
Assets:    
Investments held in Trust Account 690,027,522  
Derivative assets - forward purchase agreement  
Liabilities:    
Derivative warrant liabilities - Public Warrants 17,250,000  
Derivative warrant liabilities - Private Placement Warrants  
Level 2 [Member]    
Assets:    
Investments held in Trust Account  
Derivative assets - forward purchase agreement  
Liabilities:    
Derivative warrant liabilities - Public Warrants  
Derivative warrant liabilities - Private Placement Warrants  
Level 3 [Member]    
Assets:    
Investments held in Trust Account  
Derivative assets - forward purchase agreement 421,700  
Liabilities:    
Derivative warrant liabilities - Public Warrants  
Derivative warrant liabilities - Private Placement Warrants $ 8,005,330  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Details) - Schedule of Level 3 instruments
2 Months Ended
Mar. 31, 2021
Jan. 15, 2021
Warrants:    
Option term (in years) 5 years 277 days 5 years 354 days
Volatility 13.80% 23.00%
Risk-free interest rate 1.10% 0.63%
Expected dividends 0.00% 0.00%
Probability of successful initial business combination 88.30% 88.30%
Forward Purchase Agreement:    
Expected term 9 months 350 days
Risk-free interest rate 0.06% 0.12%
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Details) - Schedule of changes in the fair value of the derivative warrant liabilities
3 Months Ended
Mar. 31, 2021
USD ($)
Schedule of changes in the fair value of the derivative warrant liabilities [Abstract]  
Derivative warrant liabilities beginning of the period
Issuance of Public and Private Warrants - Level 3 measurement 46,132,000
Transfer of Public Warrants to a Level 1 measurement (31,280,000)
Change in fair value of derivative warrant liabilities - Level 3 measurement (6,846,670)
Derivative warrant liabilities at March 31, 2021 - Level 3 measurement $ 8,005,330
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.21.2
Revision to Prior Period Financial Statements (Details) - Schedule of effect of the revisions to the Post-IPO Balance Sheet
Jan. 15, 2021
USD ($)
As Previously Reported [Member]  
Balance Sheet  
Total assets $ 692,971,800
Total current liabilities 1,786,633
Deferred legal fees 212,549
Deferred underwriting commissions 24,150,000
Total liabilities 26,149,182
Class A ordinary shares - $0.0001 par value 661,822,610
Shareholders’ equity  
Preference shares - $0.0001 par value
Class A ordinary shares - $0.0001 par value 282
Class A ordinary shares - $0.0001 par value (282)
Class B ordinary shares - $0.0001 par value 1,725
Additional paid-in-capital 5,102,637
Accumulated deficit (104,636)
Total shareholders’ equity 5,000,008
Total liabilities and shareholders’ equity 692,971,800
Revised Adjustment [Member]  
Balance Sheet  
Total assets
Total current liabilities
Deferred legal fees
Deferred underwriting commissions
Derivative warrant liabilities 46,132,000
Total liabilities 46,132,000
Class A ordinary shares - $0.0001 par value 28,177,390
Shareholders’ equity  
Preference shares - $0.0001 par value
Class A ordinary shares - $0.0001 par value 282
Class A ordinary shares - $0.0001 par value (282)
Class B ordinary shares - $0.0001 par value
Additional paid-in-capital (5,102,637)
Accumulated deficit (69,206,471)
Total shareholders’ equity (74,309,390)
Total liabilities and shareholders’ equity
As Revised [Member]  
Balance Sheet  
Total assets 692,971,800
Total current liabilities 1,786,633
Deferred legal fees 212,549
Deferred underwriting commissions 24,150,000
Derivative warrant liabilities 46,132,000
Total liabilities 72,281,182
Class A ordinary shares - $0.0001 par value 690,000,000
Shareholders’ equity  
Preference shares - $0.0001 par value
Class B ordinary shares - $0.0001 par value 1,725
Accumulated deficit (69,311,107)
Total shareholders’ equity (69,309,382)
Total liabilities and shareholders’ equity $ 692,971,800
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.21.2
Revision to Prior Period Financial Statements (Details) - Schedule of effect of the revisions to the Post-IPO Balance Sheet (Parentheticals)
Jan. 15, 2021
$ / shares
As Previously Reported [Member]  
Condensed Balance Sheet Statements, Captions [Line Items]  
Preferred stock, par value $ 0.0001
As Previously Reported [Member] | Class A Ordinary Shares  
Condensed Balance Sheet Statements, Captions [Line Items]  
Common stock, par value 0.0001
As Previously Reported [Member] | Class B Ordinary Shares  
Condensed Balance Sheet Statements, Captions [Line Items]  
Common stock, par value 0.0001
Revised Adjustment [Member]  
Condensed Balance Sheet Statements, Captions [Line Items]  
Preferred stock, par value 0.0001
Revised Adjustment [Member] | Class A Ordinary Shares  
Condensed Balance Sheet Statements, Captions [Line Items]  
Common stock, par value 0.0001
Revised Adjustment [Member] | Class B Ordinary Shares  
Condensed Balance Sheet Statements, Captions [Line Items]  
Common stock, par value 0.0001
As Revised [Member]  
Condensed Balance Sheet Statements, Captions [Line Items]  
Preferred stock, par value 0.0001
As Revised [Member] | Class A Ordinary Shares  
Condensed Balance Sheet Statements, Captions [Line Items]  
Common stock, par value 0.0001
As Revised [Member] | Class B Ordinary Shares  
Condensed Balance Sheet Statements, Captions [Line Items]  
Common stock, par value $ 0.0001
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