QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) | |
(Address of principal executive offices) |
(Zip Code) | |
Title of Each Class |
Trading Symbols |
Name of Each Exchange on Which Registered | ||
Share and one-fourth of one Warrant |
||||
| Large Accelerated Filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
| Emerging growth company | ||||||
| ASSETS |
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| Cash and cash equivalents |
$ | |||
| Prepaid expenses |
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| |
|
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| Total current assets |
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| Cash held in Trust Account |
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| Forward purchase asset |
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| Other assets |
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| |
|
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| Total assets |
$ |
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| |
|
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| LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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| Current liabilities: |
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| Accounts payable |
$ | |||
| Accrued expenses |
||||
| Due to related party |
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| |
|
|||
| Total current liabilities |
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| Deferred underwriting fees payable |
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| Derivative warrant liabilities |
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| |
|
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| Total liabilities |
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| |
|
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| Commitments and Contingencies (Note 7) |
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| Class A ordinary shares subject to possible redemption, |
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| Shareholders’ Deficit |
||||
| Preference shares, $ |
||||
| Class A ordinary shares, $ |
||||
| Class B ordinary shares, $ |
||||
| Class C ordinary shares, $ |
||||
| Additional paid-in capital |
||||
| Accumulated deficit |
( |
) | ||
| |
|
|||
| Total shareholders’ deficit |
( |
) | ||
| |
|
|||
| Total Liabilities and Shareholders’ Deficit |
$ |
|||
| |
|
Three Months Ended September 30, 2021 |
For the period from January 5, 2021 (inception) through September 30, 2021 |
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| Formation and operating costs |
$ | $ | ||||||
| |
|
|
|
|||||
| Loss from operations |
( |
) | ( |
) | ||||
| Other income (expense): |
||||||||
| Allocation of offering costs to warrant liability |
— | ( |
) | |||||
| Gain on change in fair value of warrant liability |
||||||||
| Gain on change in fair value of forward purchase asset |
||||||||
| |
|
|
|
|||||
| Net i ncome |
$ |
$ |
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| |
|
|
|
|||||
| |
|
|
|
|||||
| Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted |
||||||||
| |
|
|
|
|||||
| Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |
$ |
$ |
||||||
| |
|
|
|
|||||
| Weighted average shares outstanding of Class B non-redeemable ordinary shares, basic and diluted |
||||||||
| |
|
|
|
|||||
| Basic and diluted net income per ordinary share, Class B non-redeemable ordinary shares |
$ |
$ |
||||||
| |
|
|
|
|||||
| Weighted average shares outstanding of Class C non-redeemable ordinary shares, basic and diluted |
||||||||
| |
|
|
|
|||||
| Basic and diluted net income per ordinary share, Class C non-redeemable ordinary shares |
$ |
$ |
||||||
| |
|
|
|
|||||
Ordinary Shares |
||||||||||||||||||||||||||||
Class B |
Class C |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Additional Paid- In Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
||||||||||||||||||||||
| Balance as of January |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
| Issuance of Class B and Class C ordinary shares to Sponsor |
||||||||||||||||||||||||||||
| Sale of Class A shares, net of $ |
— | — | — | — | — | — | ||||||||||||||||||||||
| Adjustment to current redemption value of Class A redeemable shares |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
| Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
| Net income |
— | — | — | — | — | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
| Net income |
— | — | — | — | — | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance as of September 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Cash Flows from Operating Activities: |
||||
| Net income |
$ | |||
| Adjustments to reconcile net income to net cash used in operating activities: |
||||
| Change in fair value of warrant liability |
( |
) | ||
| Change in fair value of forward purchase asset |
( |
) | ||
| Offering cost allocated to warrant liability |
||||
| Changes in operating assets and liabilities: |
||||
| Prepaid expenses |
( |
) | ||
| Other assets |
( |
) | ||
| Accounts payable |
||||
| Accrued expenses |
||||
| |
|
|||
| Net cash used in operating activities |
( |
) | ||
| |
|
|||
| Cash Flows from Investing Activities: |
||||
| Investment of cash into Trust Account |
( |
) | ||
| |
|
|||
| Net cash used in investing activities |
( |
) | ||
| |
|
|||
| Cash Flows from Financing Activities: |
||||
| Advances from related party |
||||
| Repayment of note payable and advances from related party |
( |
) | ||
| Proceeds from sale of Class A shares, net |
||||
| Proceeds from sale of Private Placement Warrants |
||||
| |
|
|||
| Net cash provided by financing activities |
||||
| |
|
|||
| Net increase in cash |
||||
| Cash - beginning of period |
||||
| |
|
|||
| Cash - end of period |
$ | |||
| |
|
|||
| Supplemental disclosure of noncash investing and financing activities: |
||||
| Initial classification of forward purchase asset |
$ | |||
| |
|
|||
| Initial classification of derivative warrant liabilities |
$ | |||
| |
|
|||
| Deferred underwriting fees payable |
$ | |||
| |
|
|||
| Issuance of Class B and Class C ordinary shares to Sponsor as settlement of due to related party |
$ | |||
| |
|
|||
| Deferred offering costs included in accrued expenses |
$ | |||
| |
|
|||
| Deferred offering costs paid through promissory note—related party |
$ | |||
| |
|
March 2, 2021 |
||||||||||||
As reported |
Adjustment |
Adjusted |
||||||||||
| Total liabilities |
$ | $ | $ | |||||||||
| Class A ordinary shares subject to possible redemption (temporary equity) |
||||||||||||
| Shareholders’ Equity (Deficit): |
||||||||||||
| Class A ordinary shares |
( |
) | — | |||||||||
| Additional paid-in capital |
( |
) | — | |||||||||
| Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
| Total Shareholders’ Equity (Deficit) |
$ |
$ |
( |
) | $ |
( |
) | |||||
March 31, 2021 |
||||||||||||
As reported |
Adjustment |
Adjusted |
||||||||||
| Class A ordinary shares subject to possible redemption (temporary equity) |
$ | $ | $ | |||||||||
| Shareholders’ Equity (Deficit): |
||||||||||||
| Class A ordinary shares |
( |
) | — | |||||||||
| Additional paid-in capital |
( |
) | — | |||||||||
| Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
| Total Shareholders’ Equity (Deficit) |
$ |
$ |
( |
) | $ |
( |
) | |||||
For the three months ended March 31, 2021 |
||||||||||||
As reported |
Adjustment |
Adjusted |
||||||||||
| Statement of Operations |
||||||||||||
| Net l oss |
$ | ( |
) | $ | — | $ | ( |
) | ||||
| Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
( |
) | ||||||||||
| Basic and diluted net income ( loss) per ordinary share, Class A |
$ | — | $ | ( |
$ | ( |
||||||
| Weighted average shares outstanding of Class B and Class C ordinary shares, basic and diluted |
( |
) |
— | |||||||||
| Basic and diluted net income ( loss) per Class B and Class Cordinary share |
$ | ( |
$ | $ | — | |||||||
| Weighted average shares outstanding of Class B ordinary shares, basic and diluted |
— |
|||||||||||
| Basic and diluted net income (loss) per Class B ordinary share |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||
| Weighted average shares outstanding of Class C ordinary shares, basic and diluted |
— |
|||||||||||
| Basic and diluted net income (loss) per Class C ordinary share |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||
June 30, 2021 |
||||||||||||
As reported |
Adjustment |
Adjusted |
||||||||||
| Total liabilities |
$ | $ | ( |
) | $ | |||||||
| Class A ordinary shares subject to possible redemption (temporary equity) |
||||||||||||
| Shareholders’ Deficit: |
||||||||||||
| Class A ordinary shares |
( |
) | — | |||||||||
| Retained earnings (accumulated deficit) |
( |
) | ( |
) | ||||||||
| Total Shareholders’ Equity (Deficit) |
$ |
$ |
( |
) | $ |
( |
) | |||||
For the three months ended June 30, 2021 |
For the six months ended June 30, 2021 |
|||||||||||||||||||||||
As reported |
Adjustment |
Adjusted |
As reported |
Adjustment |
Adjusted |
|||||||||||||||||||
| Statement of Operations |
||||||||||||||||||||||||
| Net i ncome |
$ | $ | — | $ | $ | $ | — | $ | ||||||||||||||||
| Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
— | ( |
) | |||||||||||||||||||||
| Basic and diluted net income (loss) per ordinary share,Class A |
$ | — | $ | $ | $ | — | $ | $ | ||||||||||||||||
| Weighted average shares outstanding of Class B and Class C ordinary shares, basic and diluted |
( |
) |
— | ( |
) |
— | ||||||||||||||||||
| Basic and diluted net income (loss) per Class B and Class Cordinary share |
$ | $ | ( |
) | $ | — | $ | $ | ( |
) | $ | — | ||||||||||||
| Weighted average shares outstanding of Class B ordinary shares, basic and diluted |
— |
— |
||||||||||||||||||||||
| Basic and diluted net income (loss) per Class B ordinary share |
$ |
— |
$ |
( |
) |
$ |
( |
) |
$ |
— |
$ |
$ |
||||||||||||
| Weighted average shares outstanding of Class C ordinary shares, basic and diluted |
— |
— |
||||||||||||||||||||||
| Basic and diluted net income (loss) per Class C ordinary share |
$ |
— |
$ |
$ |
( |
) |
$ |
— |
$ |
$ |
||||||||||||||
| Gross proceeds from sale of Class A ordinary shares |
$ |
|||
| Less: Allocation to public warrants |
( |
) | ||
| Less: Issuance costs attributable to Class A ordinary shares |
( |
) | ||
| Adjustment of Class A ordinary shares to redemption value |
||||
| |
|
|||
| Class A ordinary shares subject to possible redemption |
$ |
|||
| |
|
| • | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
| • | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
| • | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
For the three months ended September 30, 2021 |
For the period from January 5, 2021 (Inception) through September 30, 2021 |
|||||||
(Unaudited) |
(Unaudited) |
|||||||
| Redeemable Class A Ordinary Shares |
||||||||
| Net earnings allocable to redeemable C lass A ordinary shares |
$ |
$ |
||||||
| |
|
|
|
|||||
| Basic and diluted weighted average shares outstanding, redeemable C ass A ordinary sharesl |
||||||||
| |
|
|
|
|||||
| Basic and diluted net earnings per share, redeemable C lass A ordinary shares |
$ | $ | ||||||
| |
|
|
|
|||||
| Non-Redeemable Class B and Class C Ordinary Shares |
||||||||
| Net earnings allocable to non-redeemable C lass B ordinary shares |
$ | $ | ||||||
| |
|
|
|
|||||
| Basic and diluted weighted average shares outstanding, non-redeemable C lass B ordinary shares |
||||||||
| |
|
|
|
|||||
| Basic and diluted net earnings per share, non-redeemable C lass B ordinary shares |
$ | $ | ||||||
| |
|
|
|
|||||
| Net earnings (loss) attributable to non-redeemable Class C ordinary shares |
$ |
$ |
||||||
| Basic and diluted weighted average shares outstanding, non-redeemable Class C ordinary shares |
||||||||
| |
|
|
|
|||||
| Basic and diluted net earnings (loss) per share, non-redeemable Class C ordinary shares |
$ |
$ |
||||||
| |
|
|
|
|||||
| • | in whole and not in part; |
| • | at a price of $ |
| • | upon a minimum of |
| • | if, and only if, the last reported sale price of the Class A ordinary shares for any three business days before sending the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). |
| • | in whole and not in part; |
| • | at $ |
| • | if, and only if, the Reference Value equals or exceeds $ sub-divisions, share dividends, reorganizations, recapitalizations and the like); and |
| • | if the Reference Value is less than $ sub-divisions, share dividends, reorganization, recapitalizations and the like) the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Assets: |
||||||||||||||||
| Forward Purchase Agreement |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total assets |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities: |
||||||||||||||||
| Public Warrants |
$ | $ | $ | $ | ||||||||||||
| Private Placement Warrants |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total liabilities |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
FPA |
Public Warrant Liability |
Private Placement Warrant Liability |
||||||||||
| Fair value, March 2, 2021 (unaudited) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
| Loss on change in fair value |
( |
) |
( |
) | ||||||||
| |
|
|
|
|
|
|||||||
| Fair value, March 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||
| Gain (loss) on change in fair value |
( |
) |
||||||||||
| Transfer to level 1 |
||||||||||||
| |
|
|
|
|
|
|||||||
| Fair value, June 30, 2021 (unaudited) |
( |
) |
( |
) | ||||||||
| Gain (loss) on change in fair value |
||||||||||||
| |
|
|
|
|
|
|||||||
| Fair value, September 30, 2021 |
$ |
$ |
$ |
( |
) | |||||||
| |
|
|
|
|
|
|||||||
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. |
CONTROLS AND PROCEDURES |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 6. |
EXHIBITS. |
| * | Filed herewith. |
| ** | Furnished. |
| (1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 3, 2021 and incorporated by reference herein. |
AUSTERLITZ ACQUISITION CORPORATION II | ||||||
| Date: November 12, 2021 | /s/ David W. Ducommun | |||||
| Name: | David W. Ducommun | |||||
| Title: | President | |||||
| ( Principal Executive Officer | ||||||
| Date: November 12, 2021 | /s/ Bryan Coy | |||||
| Name: | Bryan Coy | |||||
| Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) | ||||||
Exhibit 31.1
CERTIFICATIONS
I, David W. Ducommun, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Austerlitz Acquisition Corporation II;
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 officer 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 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 officer 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 control over financial reporting.
| Date: November 12, 2021 | ||||||
| /s/ David W. Ducommun | ||||||
| David W. Ducommun | ||||||
| President | ||||||
| (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATIONS
I, Bryan Coy, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Austerlitz Acquisition Corporation II;
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 officer 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 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 officer 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 control over financial reporting.
Date: November 12, 2021
| /s/ Bryan Coy |
| Bryan Coy |
| Chief Financial Officer |
| (Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADDED BY
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Austerlitz Acquisition Corporation II (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, David W. Ducommun, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §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 as of and for the period covered by the Report. |
Date: November 12, 2021
| /s/ David W. Ducommun |
| David W. Ducommun |
| President |
| (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADDED BY
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Austerlitz Acquisition Corporation II (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Bryan Coy, Chief Financial Officer of the Company, certify, pursuant to18 U.S.C. §1350, as added by §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 as of and for the period covered by the Report. |
Date: November 12, 2021
| /s/ Bryan Coy |
| Bryan Coy |
| Chief Financial Officer |
| (Principal Financial and Accounting Officer) |
Statements of Changes In Shareholders' Deficit - USD ($) |
Total |
Common Stock [Member]
Common Class B [Member]
|
Common Stock [Member]
Common Class C [Member]
|
Additional Paid-in Capital [Member] |
Accumulated Deficit [Member] |
|---|---|---|---|---|---|
| Balance at Jan. 04, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | |
| Balance, Shares at Jan. 04, 2021 | 0 | 0 | 0 | ||
| Issuance of Class B and Class C ordinary shares to Sponsor | 25,000 | $ 2,957 | $ 2,957 | $ 19,086 | 0 |
| Issuance of Class B and Class C ordinary shares to Sponsor, Shares | 29,571,428 | 29,571,428 | |||
| Sale of Class A shares, net of issuance costs | 0 | ||||
| Adjustment to current redemption value of Class A redeemable shares | (130,807,770) | $ (19,086) | (130,788,684) | ||
| Net income (loss) | (11,147,221) | (11,147,221) | |||
| Balance at Mar. 31, 2021 | (141,929,991) | $ 2,957 | $ 2,957 | (141,935,905) | |
| Balance, Shares at Mar. 31, 2021 | 29,571,428 | 29,571,428 | 0 | ||
| Balance at Jan. 04, 2021 | 0 | $ 0 | $ 0 | 0 | |
| Balance, Shares at Jan. 04, 2021 | 0 | 0 | 0 | ||
| Net income (loss) | 27,271,303 | ||||
| Balance at Sep. 30, 2021 | (103,511,467) | $ 2,957 | $ 2,957 | $ 0 | (103,517,381) |
| Balance, Shares at Sep. 30, 2021 | 29,571,428 | 29,571,428 | |||
| Balance at Mar. 31, 2021 | (141,929,991) | $ 2,957 | $ 2,957 | (141,935,905) | |
| Balance, Shares at Mar. 31, 2021 | 29,571,428 | 29,571,428 | 0 | ||
| Net income (loss) | 25,124,705 | 25,124,705 | |||
| Balance at Jun. 30, 2021 | (116,805,286) | $ 2,957 | $ 2,957 | (116,811,200) | |
| Balance, Shares at Jun. 30, 2021 | 29,571,428 | 29,571,428 | 0 | ||
| Net income (loss) | 13,293,819 | 13,293,819 | |||
| Balance at Sep. 30, 2021 | $ (103,511,467) | $ 2,957 | $ 2,957 | $ 0 | $ (103,517,381) |
| Balance, Shares at Sep. 30, 2021 | 29,571,428 | 29,571,428 |
Statements of Changes In Shareholders' Deficit (Parenthetical) |
3 Months Ended |
|---|---|
|
Mar. 31, 2021
USD ($)
| |
| Common Class A [Member] | |
| Issuance costs | $ 130,807,770 |
Description of Organization and Business Operations |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description Of Organization And Business Operations | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Austerlitz Acquisition Corporation II (the “Company”) was incorporated as a Cayman Island exempted company on January 5, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”). The Company’s sponsor is Austerlitz Acquisition Sponsor, LP II (the “Sponsor”). As of September 30, 2021, the Company had not yet commenced operations. All activity for the period from January 5, 2021 (inception) through September 30, 2021 relates to the Company’s formation, the initial public offering, which is described below, and efforts to identify a target for a Business Combination. The Company has selected December 31 as its fiscal year end. On March 2, 2021, the Company consummated its initial public offering (the “IPO” or “Initial Public Offering”) of 138,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares” and with respect to the warrants included in the Units sold the “Public Warrants”), including 18,000,000 Units sold pursuant to the full exercise of the underwriters’ option to purchase additional Units to cover over- allotments. The Units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $1,380,000,000, which is described in Note 4. Substantially concurrently with the closing of the IPO, the Company completed a private sale of an aggregate 19,733,333 warrants (the “Private Placement Warrants”, and together with the Public Warrants, the “Warrants”) at a purchase price of $1.50 per Private Placement Warrant (the “Private Placement”) to Cannae Holdings, LLC, generating aggregate gross proceeds to the Company of $29,600,000, which is described in Note 5. Offering costs consist of legal, accounting and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering in March 2021. Offering costs of $3,181,372 were allocated to warrant liabilities and expensed as incurred. Following the closing of the IPO and Private Placement on March 2, 2021, an amount of $1,380,000,000 ($10.00 per Unit) of the proceeds from the IPO were placed in a U.S.-based, non-interest bearing trust account at JP Morgan Chase Bank, N.A. maintained by Continental Stock Transfer & Trust Company, LLC, acting as trustee (the “Trust Account”). Except with respect to interest earned on the funds in the Trust Account, if any, that may be released to the Company to pay its franchise and income taxes and expenses relating to the administration of the trust account, the proceeds from the IPO and the Private Placement held in the Trust Account will not be released until the earliest of (a) the completion of a Business Combination, (b) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of its obligation to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 months from the closing of the IPO or (ii) with respect to any other provisions relating to shareholders’ rights or pre- initial business combination activity, and (c) the redemption of all of the Company’s public shares if it is unable to complete its business combination within 24 months from the closing of the IPO, subject to applicable law. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding any deferred underwriting commissions held in the Trust Account) at the time the Company signs a definitive agreement in connection with a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended. The Company will provide its 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. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including 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. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. If the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable 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. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6), Alignment Shares (as defined in Note 6) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and not to convert any shares in connection with a shareholder vote to approve a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, 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”)), is restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares, Alignment Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment and (iii) to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares and Alignment Shares if the Company fails to consummate a Business Combination. The Company has until 24 months from the closing of the IPO (the “Combination Period”) to consummate a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding 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, if such funds are held in an interest-bearing account (less 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 liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors (the “Board”), liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Alignment Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have 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 the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Going Concern Consideration As of September 30, 2021, the Company had $330,524 in cash and working capital of $414,159. The Company’s liquidity needs through September 30, 2021, were satisfied through a contribution of $25,000 from the Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares, loans from the Sponsor, and the proceeds from the consummation of the Private Placement not held in the Trust Account. 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 (defined below, see Note 6). As of September 30, 2021, there were no amounts outstanding under the Working Capital Loans. Management has determined that the Company has access to funds from the Sponsor, and the Sponsor has the financial wherewithal to fund the Company, that are sufficient to fund its working capital needs until the consummation of a Business Combination or for a minimum of one year from the date of issuance of the financial statements. 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 a Business Combination. Risks and Uncertainties Management continues to evaluate the impact of the
COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Revision of Previously Issued Financial Statements |
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| Prior Period Adjustment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revision of Previously Issued Financial Statements | NOTE 2. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should revise its previously reported financial statements. The Company determined, at the closing of the Company’s Initial Public Offering and shares sold pursuant to the exercise of the underwriters’ overallotment, it had improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per Class A ordinary share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A ordinary shares issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares. The Company will present this revision in a prospective manner in all future filings. Under this approach, the previously issued IPO Balance Sheet and Form 10-Qs will not be amended, but historical amounts presented in the current and future filings will be recast to be consistent with the current presentation. In connection with the change in presentation for the Class A ordinary shares subject to redemption, the Company also revised its earnings (loss) per share calculation to allocate net income (loss) to our Class A, B and C ordinary shares based on each classes’ relative number of shares outstanding compared to the Company’s total shares outstanding. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income (loss) of the Company. There has been no change in the Company’s total assets or operating results. The impact of the revision on the Company’s financial statements is reflected in the following tables:
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Summary of Significant Accounting Policies And Basis of Presentation |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND 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 interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by 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 period presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus filed by the Company with the SEC on March 1, 2021 and the audited balance sheet dated March 2, 2021 included in a current report on Form 8-K filed with the SEC on March 8, 2021. The interim results for the three months ended and for the period from January 5, 2021 (inception) through September 30, 2021 are not necessarily indicative of the results to be expected for the period ending December 31, 2021. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the 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 filed with the SEC, and exemptions from the requirements of holding a nonbinding advisory shareholder 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 and private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.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 480 . Class A Ordinary shares subject to mandatory redemption are classified as a liability and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021, 138,000,000 shares of Class A ordinary shares subject to possible redemption are presented at the current redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. As of September 30, 2021, Class A ordinary shares subject to redemption reflected on the balance sheet are reconciled in the following table:
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 Corporation coverage limit of $250,000. As of September 30, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of September 30, 2021, the carrying values of cash, accrued expenses and accrued offering costs approximate their fair values due to the short-term nature of the instruments. See Note 10 for further discussion of the fair value of the warrant and forward purchase asset (liabilities). Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” The Company has three classes of shares, one for each of its Class A, Class B, and Class C ordinary shares. Income and losses are shared pro rata between the three classes of shares. Net income (loss) per ordinary share is computed by dividing net income or loss by the weighted average number of ordinary shares outstanding for the period. Net income (loss) is allocated to the Company’s Class A, B and C ordinary shares based on the relative shares outstanding for each class of shares compared to the Company’s total shares outstanding. The Company has not considered the effect of the warrants sold in the IPO or the Private Placement Warrants in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti- dilutive. See Note 8 for a description of the rights of holders of each class of the Company’s ordinary shares. The Company’s basic and diluted earnings (loss) per share are calculated as follows:
Income Taxes The Company complies with the accounting and reporting requirements of 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. 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. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options mark-to-market Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
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Initial Public Offering |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Equity [Abstract] | |
| Initial Public Offering | NOTE 4. INITIAL PUBLIC OFFERING Pursuant to the IPO, the Company sold 138,000,000 Units at a purchase price of $10.00 per Unit, including 18,000,000 Units sold pursuant to the full exercise of the underwriters’ option to purchase additional Units to cover over-allotments. Each Unit consists of one Class A ordinary share and
one-fourth 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 9). |
Private Placement |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Equity [Abstract] | |
| Private Placement | NOTE 5. PRIVATE PLACEMENT Simultaneously with the closing of the IPO, the Company completed the Private Placement of an aggregate 19,733,333 Private Placement Warrants to Cannae Holdings, LLC generating aggregate gross proceeds to the Company of $29,600,000. Each Private Placement Warrant is exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 9). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the IPO held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. |
Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares and Alignment Shares On January 4, 2021, the Sponsor paid an aggregate of $25,000 in exchange for the issuance of 19,714,286 shares of Class B ordinary shares (the “Founder Shares”) and 19,714,286 shares of Class C ordinary shares (the “Alignment Shares”). On February 25, 2021, the Sponsor received a share dividend of 9,857,142 Founder Shares and 9,857,142 Alignment Shares, resulting in there being an aggregate of 29,571,428 Founder Shares and 29,571,428 Alignment Shares outstanding. As a result of the underwriters’ election to fully exercise their over-allotment option, 3,857,143 F ounder S hares and 3,857,153 Alignment Shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its (1) Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 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 150 days after the completion of a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, stock exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; and (2) Alignment Shares and any Class A ordinary shares issued upon conversion thereof until the earlier of: (A) their conversion into Class A ordinary shares; and (B) subsequent to a Business Combination, the date on which the Company completes a merger, share exchange, reorganization or other similar transaction that results in both a change in control and all of the Company’s public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Promissory Note—Related Parties On January 5, 2021, the Company issued a promissory note (the “Promissory Note”) to the Sponsor and an affiliate of the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $800,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) September 30, 2021 or (ii) the completion of the IPO. The outstanding balance under the Promissory Note of $388,152 was repaid upon consummation of the IPO. The Company can no longer borrow under the Promissory Note. Related Party Loans 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 $1,500,000 of such Working Capital Loans may be convertible into up to an additional 1,000,000 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. To date, the Company had no borrowings under the Working Capital Loans. Due to Related Party An affiliate of the Sponsor paid certain operating costs on behalf of the Company. These advances are due on demand and non-interest bearing. During the three months ended September 30, 2021 Administrative Services Agreement Commencing on February 25, 2021, the Company has agreed to pay an affiliate of its Sponsor a total of $5,000 per month for office space, utilities, secretarial and administrative support services. For the quarter and period ended September 30, 2021, the Company incurred and accrued $15,000 and $35,000 respectively of administrative services under this arrangement. Upon completion of a Business Combination or the Company’s liquidation, the Company will no longer be obligated to pay these monthly fees. As of September 30, 2021, $35,000 of administrative services fees were unpaid and included in accrued expenses on the balance sheet. |
Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2021 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | NOTE 7. COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Alignment 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 and upon conversion of the Founder Shares and Alignment Shares) are entitled to registration rights pursuant to a registration rights agreement requiring the Company to register such securities for resale (in the case of the Founder Shares and Alignment Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $48,300,000 in the aggregate in connection with the IPO. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Forward Purchase Agreement On February 25, 2021, the Company entered into a forward purchase agreement (the “FPA”) with Cannae Holdings, Inc. Pursuant to the FPA, Cannae Holdings, Inc. agreed to purchase 12,500,000 Class A ordinary shares, plus an aggregate of 3,125,000 redeemable warrants to purchase one Class A ordinary shares at $11.50 per share, for an aggregate purchase price of $125,000,000, or $10.00 for one Class A ordinary share and
one-fourth of one warrant, in a private placement to occur concurrently with the closing of a Business Combination. The warrants to be sold as part of the FPA will be identical to the Public Warrants. |
Shareholders' Equity |
9 Months Ended |
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Sep. 30, 2021 | |
| Equity [Abstract] | |
| Shareholders' Equity | NOTE 8. SHAREHOLDERS’ DEFICIT Preference Shares The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share. The Company’s Board is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Board is able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. As of September 30, 2021, there were no preference shares issued or outstanding. Class A Ordinary Shares The Company is authorized to issue 800,000,000 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 September 30, 2021, there were no shares issued and outstanding, excluding 138,000,000 Class A ordinary shares subject to possible redemption. Class B Ordinary Shares The Company is authorized to issue 80,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. As of September 30, 2021, there were 29,571,428 Class B ordinary shares issued and outstanding. The Class B ordinary shares will automatically convert into Class A ordinary shares on the business day following the completion of a Business Combination, on a one-for-one Class C Ordinary Shares The Company is authorized to issue 80,000,000 shares of Class C ordinary shares with a par value of $0.0001 per share. Holders of the Class C ordinary shares are entitled to one vote for each share. As of September 30, 2021, there were 29,571,428 Class C ordinary shares issued and outstanding. The Class C ordinary shares will automatically convert into Class A ordinary shares at the earlier of (i) a time after the completion of a Business Combination in which the last reported sale price of Class A ordinary shares for any 20 trading days within a
30-trading day period equals or exceeds $15.25 if occurring before the third anniversary of a Business Combination, $23.00 if occurring before the sixth anniversary of a Business Combination or $35.00 if occurring before the ninth anniversary of a Business Combination, and (ii) subsequent to the completion of the Business Combination, the date on which the Company completes a merger, share exchange, reorganization or other similar transaction that results in both a change of control and all of its public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property, in each case, on a one-for-one |
Warrants |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||
| Warrants | NOTE 9. WARRANTS As of September 30, 2021, there were 34,500,000 Public Warrants outstanding. Each whole Warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial business combination, provided that an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the Warrants and a current prospectus relating to them is available (or we permit holders to exercise their Warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the Company’s Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the U nits, no cash will be paid in lieu of fractional warrants and only whole warrants will trade. Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00:
If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. However, the Company will not redeem the warrants unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is 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:
The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. 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 Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s Board, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares and Alignment Shares held by the Sponsor 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 a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public 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 $10.00 and $18.00 per share redemption trigger prices described above 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 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively. As of September 30, 2021, there were 19,733,333 Private Placement Warrants outstanding. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that (x) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees and (z) the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will be entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial purchasers 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. |
Fair Value Measurements |
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| Fair Value Measurements | NOTE 10. FAIR VALUE MEASUREMENTS Warrant Liabilities and Forward Purchase Agreement Asset The Warrants are accounted for as a liability and the FPA is accounted for as an asset pursuant to ASC 815-40 and measured at fair value as of each reporting period. Changes in the fair value of the Warrants and FPA are recorded in the statement of operations each period. The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2021:
The asset for the FPA was valued using the time-discounted spread of the fixed purchase price of the Company’s units pursuant to the FPA over the public trading price of the Company’s Units and is considered to be a Level 2 fair value measurement. The valuation is then adjusted to reduce the value of the FPA for the probability of consummation of the Business Combination. The model utilizes key inputs including the probability of consummation of a Business Combination, risk free interest rates based on US treasury rates and the expected time to consummation of a Business Combination based on the probability of consummation. The primary unobservable input utilized in determining the fair value of the FPA is the probability of consummation of the Business Combination. The probability assigned to the consummation of a Business Combination was 90% which was determined based upon a hybrid approach of both observed success rates of business combinations for special purpose acquisition companies and the Sponsors’ track record for consummating similar transactions. On April 23, 2021, the Public Warrants surpassed the 52-day threshold waiting period to be publicly traded in accordance with the Prospectus filed March 1, 2021. Once publicly traded, the observable input qualifies the liability for treatment as a Level 1 liability. As such, as of September 30, 2021, the Company classified the Public Warrants as Level 1. The Private Placement Warrants were valued using a Black Scholes Model which utilizes Level 3 fair value inputs. The valuation uses a Black Scholes Option Pricing Model. The model utilizes key inputs including the exercise strike price, implied volatility of the underlying securities, risk free interest rates based on US treasury rates, and expiration date of the warrants based on the contractual warrant terms. The primary unobservable input utilized in determining the fair value of the Private Placement Warrants as of September 30, 2021 is the implied volatility of the underlying security. The implied volatility used in calculating the fair value of the Private Placement Warrants was 16.1% and was determined using a call lattice model. The following table presents a summary of the changes in the fair value of the Company’s assets (liabilities) measured using level 3 fair value inputs:
Gain on change in fair value of warrant liability on the unaudited condensed statement of operations for the period ended September 30, 2021 also includes a loss of $5,722,666 recognized on the excess of the fair value of the Private Placement Warrants as of March 2, 2021 over the cash received. |
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Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | NOTE 11. SUBSEQUENT EVENTS In accordance with ASC Topic 855,
Subsequent Events |
Summary of Significant Accounting Policies And Basis of Presentation (Policies) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by 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 period presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final prospectus filed by the Company with the SEC on March 1, 2021 and the audited balance sheet dated March 2, 2021 included in a current report on Form 8-K filed with the SEC on March 8, 2021. The interim results for the three months ended and for the period from January 5, 2021 (inception) through September 30, 2021 are not necessarily indicative of the results to be expected for the period ending December 31, 2021. |
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| Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the 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 filed with the SEC, and exemptions from the requirements of holding a nonbinding advisory shareholder 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 and private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
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| Use of Estimates | Use of Estimates The preparation of the 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 expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Two of the more significant accounting estimates included in these financial statements are the determination of the fair values of the liabilities for the Warrants and FPA (as defined in Note 7). Such estimates may be subject to change as more current information becomes available; and, accordingly, the actual results could differ significantly from those estimates. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2021. |
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| Warrant Liability and Forward Purchase Asset | Warrant Liability and Forward Purchase Asset The Company accounts for the Warrants and FPA as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the Warrants and FPA and the applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity Derivatives and Hedging paid-in capital at the time of issuance. For issued or modified instruments that do not meet all the criteria for equity classification, such instruments are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of liability-classified instruments are recognized as a non-cash gain or loss on the unaudited condensed statements of operations. The Company accounts for the Warrants and FPA in accordance with ASC
815-40 under which the Warrants and FPA do not meet the criteria for equity classification and must be recorded as an asset or liability. The Warrant liability and FPA asset are included in Warrant liability and Forward purchase agreement, respectively, on the condensed balance sheet as of September 30, 2021. See Note 9 for further discussion of the pertinent terms of the Warrants and Note 10 for further discussion of the methodology used to determine the fair value of the Company’s Warrants liability and FPA asset. |
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| Offering Costs | Offering Costs Offering costs consisted of legal, accounting and other expenses incurred that were directly related to the Initial Public Offering were allocated to the separable financial instruments issued in the Initial Public Offering on a relative fair value basis compared to the total proceeds received. Offering costs associated with warrant liabilities were expensed as incurred in the condensed unaudited statements of operations. Offering costs associated with the Class A ordinary shares issued were charged to shareholders’ deficit upon the completion of the Initial Public Offering. |
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| Cash Held in Trust Account | Cash Held in Trust Account As of September 30, 2021, the assets held in the Trust Account were held in cash. |
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| Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 . Class A Ordinary shares subject to mandatory redemption are classified as a liability and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021, 138,000,000 shares of Class A ordinary shares subject to possible redemption are presented at the current redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. As of September 30, 2021, Class A ordinary shares subject to redemption reflected on the balance sheet are reconciled in the following table:
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| 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 Corporation coverage limit of $250,000. As of September 30, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
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| Financial Instruments | Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of September 30, 2021, the carrying values of cash, accrued expenses and accrued offering costs approximate their fair values due to the
short-term nature of the instruments. See Note 10 for further discussion of the fair value of the warrant and forward purchase asset (liabilities). |
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| Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” The Company has three classes of shares, one for each of its Class A, Class B, and Class C ordinary shares. Income and losses are shared pro rata between the three classes of shares. Net income (loss) per ordinary share is computed by dividing net income or loss by the weighted average number of ordinary shares outstanding for the period. Net income (loss) is allocated to the Company’s Class A, B and C ordinary shares based on the relative shares outstanding for each class of shares compared to the Company’s total shares outstanding. The Company has not considered the effect of the warrants sold in the IPO or the Private Placement Warrants in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti- dilutive. See Note 8 for a description of the rights of holders of each class of the Company’s ordinary shares. The Company’s basic and diluted earnings (loss) per share are calculated as follows:
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| Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of 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. 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. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options mark-to-market Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
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Revision of Previously Issued Financial Statements (Tables) |
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| Prior Period Adjustment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restatement and Error Corrections in Financial Statement | The impact of the revision on the Company’s financial statements is reflected in the following tables:
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Summary of Significant Accounting Policies And Basis of Presentation (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Earnings Per Share Basic And Diluted | The Company’s basic and diluted earnings (loss) per share are calculated as follows:
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| Summary of Class A Common Stock Subject To Redemption | As of September 30, 2021, Class A ordinary shares subject to redemption reflected on the balance sheet are reconciled in the following table:
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Fair Value Measurements (Tables) |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of The Fair Value Hierarchy For Liabilities | The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2021:
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| Summary of The Changes In The Fair Value Of The Warrants | The following table presents a summary of the changes in the fair value of the Company’s assets (liabilities) measured using level 3 fair value inputs:
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Revision of Previously Issued Financial Statements - Additional Information (Detail) |
Sep. 30, 2021
USD ($)
$ / shares
|
|---|---|
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
| Minimum net worth to consummate business combination | $ 5,000,001 |
| Temporary equity redemption value per share | $ / shares | $ 10.00 |
| Total assets | $ 1,382,572,431 |
| Adjustment [Member] | |
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
| Total assets | $ 0 |
Summary of Significant Accounting Policies And Basis of Presentation - Additional Information (Detail) |
Sep. 30, 2021
USD ($)
shares
|
|---|---|
| Summary of Significant Accounting Policies [Line Items] | |
| Cash equivalents | $ 0 |
| Federal depository insurance coverage | $ 250,000 |
| Common Class A [Member] | |
| Summary of Significant Accounting Policies [Line Items] | |
| Ordinary shares subject to possible redemption | shares | 138,000,000 |
Summary of Significant Accounting Policies And Basis of Presentation - Summary of Class A Common Stock Subject To Redemption (Detail) |
9 Months Ended |
|---|---|
|
Sep. 30, 2021
USD ($)
| |
| Temporary Equity [Line Items] | |
| Less: Allocation to public warrants | $ (29,600,000) |
| Class A common stock subject to possible redemption | 1,380,000,000 |
| Class A redeemable ordinary shares [Member] | |
| Temporary Equity [Line Items] | |
| Gross proceeds from sale of Class A ordinary shares | 1,380,000,000 |
| Less: Allocation to public warrants | (57,270,000) |
| Less: Issuance costs attributable to Class A ordinary shares | (73,537,770) |
| Adjustment of Class A ordinary shares to redemption value | 130,807,770 |
| Class A common stock subject to possible redemption | $ 1,380,000,000 |
Initial Public Offering - Additional Information (Detail) |
Mar. 02, 2021
$ / shares
shares
|
|---|---|
| IPO [Member] | |
| Class of Stock [Line Items] | |
| Stock issued during period shares new issues | shares | 138,000,000 |
| Units issued in initial public offering, price per unit | $ / shares | $ 10.00 |
| Units issued, description of each unit | one Class A ordinary share and one-fourth of one redeemable warrant |
| Warrants, exercise price per share | $ / shares | $ 11.50 |
| Over-Allotment Option [Member] | |
| Class of Stock [Line Items] | |
| Stock issued during period shares new issues | shares | 18,000,000 |
Private Placement - Additional Information (Detail) - USD ($) |
9 Months Ended | |
|---|---|---|
Mar. 02, 2021 |
Sep. 30, 2021 |
|
| Private Placement [Line Items] | ||
| Proceeds from Issuance of Warrants | $ 29,600,000 | |
| Private Placement [Member] | ||
| Private Placement [Line Items] | ||
| Class of warrants or rights warrants issued during the period shares | 19,733,333 | |
| Proceeds from Issuance of Warrants | $ 29,600,000 | |
| Number of Class A ordinary share issuable on exercise of each warrant | 1 | |
| Warrants, Redemption Price Per Share | $ 11.50 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Feb. 25, 2021 |
Mar. 31, 2021 |
Sep. 30, 2021 |
|
| Commitments And Contingencies [Line Items] | |||
| Deferred underwriting fee payable per unit | $ 0.35 | ||
| Deferred underwriting fees payable | $ 48,300,000 | ||
| Stock issued, aggregate purchase price | $ 0 | ||
| Cannae Holdings Inc [Member] | |||
| Commitments And Contingencies [Line Items] | |||
| Number of shares agreed to purchase | 12,500,000 | ||
| Number of warrants issued | 3,125,000 | ||
| Number of Class A ordinary share issuable on exercise of each warrant | 1 | ||
| Warrants, exercise price per share | $ 11.50 | ||
| Stock issued, aggregate purchase price | $ 125,000,000 | ||
| Shares issued, price per share | $ 10.00 | ||
| Units issued, description of each unit | one Class A ordinary share and one-fourth of one warrant |
Fair Value Measurements - Additional Information (Detail) |
3 Months Ended | 9 Months Ended |
|---|---|---|
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Adjustment to fair value of warrants | $ (11,241,334) | $ (29,530,334) |
| Private Placement Warrants [Member] | Measurement Input Implied Volatility [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Warrants and rights outstanding, measurement input | 16.1 | 16.1 |
| Private Warrants [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Adjustment to fair value of warrants | $ 5,722,666 | |
| Level 3 [Member] | Private Placement Warrants [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Probability of consummation of business combination | 90.00% | 90.00% |