Revision of Previously Issued Financial Statements

3 Months Ended

Mar. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Revision of Previously Issued Financial Statements

Note 2 – Revision of Previously Issued Financial Statements

On April 12, 2021, the Staff of the SEC issued a statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.” In the statement, the SEC Staff, among other things, highlighted potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff statement and in light of evolving views as to certain provisions commonly included in warrants issued by special purpose acquisition companies, the Company re-evaluated the accounting for Public and Private Placement Warrants, collectively (“Warrants”) under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in shareholders’ equity. Since the Warrants meet the definition of a derivative under ASC 815-40, the Company has revised the financial statements to classify the Warrants and Forward Purchase Agreements (“FPA”) that contain warrants as liabilities on the balance sheet at fair value, with subsequent changes in their respective fair values recognized in the statement of operations at each reporting date.

The following summarizes the effect of the Revision on each financial statement line item as of the date of the Company’s consummation of its Initial Public Offering.

As of March 18, 2021	As Reported			Adjustment			As Revised
Balance Sheet
Warrant Liabilities	$	-		$	18,190,000		$	18,190,000
FPA liabilities		-			11,655,000			11,655,000
Total Liabilities		13,677,298			29,845,000			43,522,298
Shares Subject to Redemption		328,727,970			(29,845,000	)		298,882,970
Class A Ordinary shares		163			298			461
Class B Ordinary shares		863			-			863
Additional Paid in Capital		5,026,405			718,902			5,745,307
(Accumulated Deficit)		(27,430	)		(719,200	)		(746,630	)
Total Shareholders’ Equity	$	5,000,001		$	-		$	5,000,001