10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2021

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

For the transition period from _______ to _______

Commission File Number 001-40421

ARIES I ACQUISITION CORPORATION

(Exact name of registrant as specified in its charter)

Cayman Islands	98-1578649
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

90 N. Church Street, P.O. Box 10315

Grand Cayman, Cayman Islands KY-1003

(Address of principal executive offices and zip code)

(630) 386-5288

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant	RAMMU	The Nasdaq Stock Exchange LLC
Class A ordinary shares, par value $0.0001 per share	RAM	The Nasdaq Stock Exchange LLC
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share	RAMMW	The Nasdaq Stock Exchange LLC

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

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

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

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

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

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

As of November 19, 2021, there were 14,375,000 of the registrant’s Class A ordinary shares, par value $0.0001 per share, and 3,593,750 of the registrant’s Class B ordinary shares, par value $0.0001 per share, issued and outstanding.

ARIES I ACQUISITION CORPORATION

TABLE OF CONTENTS

		Page
PART 1 - FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements
	Condensed Balance Sheet as of September 30, 2021 (Unaudited)	1
	Unaudited Condensed Statements of Operations for the Three Months ended September 30, 2021 and for the Period from January 15, 2021 (inception) Through September 30, 2021	2
	Unaudited Condensed Statements of Changes in Shareholders’ Equity (Deficit) for the Three Months ended September 30, 2021 and for the Period from January 15, 2021 (inception) Through September 30, 2021	3
	Unaudited Condensed Statement of Cash Flows for the Period from January 15, 2021 (inception) Through September 30, 2021	4
	Notes to Unaudited Condensed Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
SIGNATURES		30

ARIES I ACQUISITION CORPORATION

CONDENSED BALANCE SHEET

SEPTEMBER 30, 2021

(UNAUDITED)

ASSETS
Current assets:
Cash	$	817,331
Prepaid expenses		256,242
Total current assets		1,073,573
Investments held in Trust Account		145,190,239
Total assets	$	146,263,812
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	81,470
Total current liabilities		81,470
Warrant liabilities		2,495,500
Deferred underwriting fee payable		6,468,750
Total liabilities		9,045,720
Commitments (Note 7)
Class A ordinary shares subject to possible redemption, 14,375,000 shares at redemption value		143,752,739
Shareholders' Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		—
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; 14,375,000 shares issued; no shares outstanding (excluding 14,375,000 shares subject to possible redemption)		—
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,593,750 issued and outstanding		359
Additional paid-in capital		—
Accumulated deficit		(6,535,006)
Total Shareholders' Deficit		(6,534,647)
Total Liabilities and Shareholders' Deficit	$	146,263,812

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

1

ARIES I ACQUISITION CORPORATION

CONDENSED STATEMENT OF OPERATIONS

(UNAUDITED)

			For the period from
			January 15, 2021
	Three Months Ended		(inception) through
	September 30, 2021		September 30, 2021
Operating and formation costs	$	488,875	$	797,682
Expensed offering costs		—		370,413
Loss from operations		(488,875)		(1,168,095)
Interest income on Trust Account		1,869		2,739
Change in fair value of warrant liabilities		10,706,500		8,189,438
Net income	$	10,219,494		7,024,082
Basic and diluted weighted average shares outstanding, Class A ordinary shares		14,375,000		7,354,651
Basic and diluted net income per share, Class A ordinary shares	$	0.57	$	0.64
Basic and diluted weighted average shares outstanding, Class B ordinary shares		3,593,750		3,593,750
Basic and diluted net income per share, Class B ordinary shares	$	0.57	$	0.64

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

2

ARIES I ACQUISITION CORPORATION

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY (DEFICIT)

(UNAUDITED)

	Ordinary Shares
							Additional				Total
	Class A			Class B			Paid-in		Accumulated		Shareholders'
	Shares	Amount		Shares	Amount		Capital		Deficit		Equity (Deficit)
Balance at January 15, 2021 (inception)	—	$	—	—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor	—		—	3,593,750		359		24,641		—		25,000
Fair value of Founders Shares transferred to Anchor Investors, as restated	—		—	—		—		1,369,500		—		1,369,500
Net loss	—		—	—		—		—		(12,411)		(12,411)
Balance at March 31, 2021	—	$	—	3,593,750	$	359	$	1,394,141	$	(12,411)	$	1,382,089
Excess of cash received over fair value of Private Placement Warrants	—		—	—		—		311,937		—		311,937
Accretion of Class A ordinary shares to redemption amount, as restated	—		—	—		—		(1,706,078)		(13,557,219)		(15,263,297)
Net loss	—		—	—		—		—		(3,183,001)		(3,183,001)
Balance at June 30, 2021, as restated (Note 2)	—	$	—	3,593,750	$	359	$	—	$	(16,752,631)	$	(16,752,272)
Accretion of Class A ordinary shares to redemption amount	—		—	—		—		—		(1,869)		(1,869)
Net income	—		—	—		—		—		10,219,494		10,219,494
Balance at September 30, 2021	—	$	—	3,593,750	$	359	$	—	$	(6,535,006)	$	(6,534,647)

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

3

ARIES I ACQUISITION CORPORATION

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM JANUARY 15, 2021 (INCEPTION) THROUGH SEPTEMBER 30, 2021

(UNAUDITED)

Cash Flows from Operating Activities:
Net income	$	7,024,082
Adjustments to reconcile net income to net cash used in operating activities:
Expensed offering costs		370,414
Interest income on Trust Account		(2,739)
Change in fair value of warrant liabilities		(8,189,438)
Changes in operating assets and liabilities:
Prepaid expenses		(256,242)
Accounts payable and accrued expenses		81,470
Net cash used in operating activities		(972,453)
Cash Flows from Investing Activities:
Cash deposited into Trust Account		(145,187,500)
Net cash used in investing activities		(145,187,500)
Cash Flows from Financing Activities:
Proceeds from promissory note - related party		129,886
Repayment of promissory note - related party		(129,886)
Proceeds from initial public offering, net of underwriter's discount paid		143,031,250
Proceeds from sale of Private Placement Warrants		4,456,250
Payment of offering costs		(510,216)
Net cash provided by financing activities		146,977,284
Net Change in Cash		817,331
Cash - Beginning of Period		—
Cash - End of Period	$	817,331
Supplemental disclosures of non-cash investing and financing activities:
Deferred underwriting fee payable	$	6,468,750
Accretion of Class A ordinary shares subject to redemption to redemption value	$	15,265,166
Fair value of Founders Shares transferred to Anchor Investors	$	1,369,500
Offering costs in exchange for Class B ordinary shares	$	359

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

4

ARIES I ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Aries I Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on January 15, 2021. The Company was formed for the purpose of effecting into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2021, the Company had not commenced any operations. All activity for the period from January 15, 2021 (inception) through September 30, 2021 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

The registration statement for the Initial Public Offering was declared effective on May 18, 2021. On May 21, 2021, the Company consummated the Initial Public Offering of 14,375,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), including 1,875,000 Units that were issued pursuant to the underwrites’ exercise of their over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $143,750,000, which is discussed in Note 4.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,456,250 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Aries Acquisition Partners, Ltd. (the “Sponsor”), generating gross proceeds of $4,456,250, which is described in Note 5.

Following the closing of the Initial Public Offering on May 21, 2021, an amount of $146,768,750 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) and were invested only in U.S. government securities with maturities of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury bills, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.

Transaction costs related to the issuances described above amounted to $11,248,466, consisting of $2,875,000 of cash underwriting fees, $6,468,750 of deferred underwriting fees, $1,369,500 of anchor investor offering costs and $535,216 of other costs. The Company was reimbursed $2,156,250 by the underwriters for such transaction costs. In addition, at September 30, 2021, $817,331 of cash was held outside of the Trust Account and is available for working capital purposes.

The Company will provide its holders of the outstanding Public Shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.10 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.

5

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Second Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or other 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) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

Notwithstanding the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.

The Sponsor has agreed to waive (a) redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of an initial Business Combination, (b) redemption rights with respect to any Founder Shares and Public Shares held by it in connection with a shareholder vote to approve an amendment to the Amended and Restated Memorandum and Articles of Association to modify the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company has not consummated an initial Business Combination within 12 months (or up to 18 months if the Company extends the period of time to consummate a business combination) from the closing of the Initial Public Offering or with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity and (c) rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete an initial Business Combination within 12 months from the closing of the Initial Public Offering or during any extension period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete an initial Business Combination 12 months (or up to 18 months if the Company extends the period of time to consummate a business combination) from the closing of the Initial Public Offering. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, 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 (as defined below).

The Company will have until May 21, 2022 (or November 21, 2022 if the company extends the period to the maximum extent possible) to complete a Business Combination (the “Combination Period”). 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 the Public Shares, at a per -share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless 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 in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

6

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

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 a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per Public Share and (ii) the actual amount per public share held in the Trust account as of the date of the liquidation of the Trust account, if less than $10.10 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 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, 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

As of September 30, 2021, the Company had $817,331 of cash held outside of the Trust Account and a working capital of $992,103.

The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the proceeds of $25,000 from the sale of the Founder Shares, and a loan of $300,000 under an unsecured and non-interest bearing promissory note (see Note 6). Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity will be satisfied through the net proceeds from the private placement held outside of the Trust Account and proceeds available to the Company under the Working Capital Loan (as defined in Note 6).

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

Risks and Uncertainties

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

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In accordance with Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of the Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company restated its financial statements as of May 21, 2021 and June 30, 2021 to classify all Class A ordinary shares as temporary equity and any related impact, as the threshold in its charter would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside of permanent equity. The Company also recorded additional offering costs related to the excess of fair value over purchase price for the sale of indirect interests in the Founder Shares by the Sponsor to certain anchor investors in connection with their participation in the Company’s Initial Public Offering that was not previously accounted for (see Note 6).

7

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

The reclassification of amounts from permanent equity to temporary equity resulted in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position, operating expenses, or total operating, investing or financing cash flows. Further, the additional offering costs recorded in relation to the anchor investors also result in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position and investing or financing cash flows. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has restated its earnings per share calculation to allocate income and losses shared pro rata between Class A and Class B shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, Class A and Class B shares share pro rata in the income and losses of the Company.

The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the periods, indicated:

	June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Balance Sheet (unaudited)
Class A ordinary shares subject to possible redemption (in shares)	$	12,199,859	$	2,175,141	$	14,375,000
Class A ordinary shares subject to possible redemption	$	121,998,590	$	21,752,280	$	143,750,870
Class A ordinary shares		218		(218)		—
Additional paid-in capital		8,132,003		(8,132,003)		—
Accumulated deficit		(3,132,572)		(13,620,059)		(16,752,631)
Total shareholders' equity (deficit)		5,000,008		(21,752,280)		(16,752,272)
Condensed Statement of Operations for the Three Months Ended June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, Class A ordinary shares		12,199,859		(5,810,970)		6,388,889
Basic and diluted net loss per share, Class A ordinary shares	$	—	$	(0.32)	$	(0.32)
Basic and diluted weighted average shares outstanding, Class B ordinary shares (1)		5,768,891		(2,175,141)		3,593,750
Basic and diluted net loss per share, Class B ordinary shares	$	(0.54)	$	0.22	$	(0.32)
Condensed Statement of Operations for the period from January 15, 2021 (inception) through June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, Class A ordinary shares		12,199,859		(8,736,004)		3,463,855
Basic and diluted net loss per share, Class A ordinary shares	$	—	$	(0.45)	$	(0.45)
Basic and diluted weighted average shares outstanding, Class B ordinary shares		5,768,891		(2,175,141)		3,593,750
Basic and diluted net loss per share, Class B ordinary shares	$	(0.54)	$	0.09	$	(0.45)
Condensed Statement of Cash Flows for the period from January 15, 2021 (inception) through June 30, 2021 (unaudited)
Cash Flows from Operating Activites:
Net loss	$	(3,132,572)	$	(62,840)	$	(3,195,412)
Adjustments to reconcile net loss to net cash used in operating activities:
Expensed offering costs	$	307,573	$	62,840	$	370,413
Supplemental disclosures of non-cash investing and financing activities:
Class A ordinary shares subject to possible redemption	$	121,998,590	$	(121,998,590)	$	—
Accretion of Class A ordinary shares subject to redemption to redemption value	$	—	$	15,263,297	$	15,263,297
Fair value of Founders Shares transferred to Anchor Investors	$	—	$	1,369,500	$	1,369,500

8

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

	May 21, 2021
	As Previously
	Reported		Adjustments		As Restated
Balance Sheet
Class A ordinary shares subject to possible redemption (in shares)		12,199,859		2,175,141		14,375,000
Class A ordinary shares subject to possible redemption	$	124,810,060	$	18,939,940	$	143,750,000
Class A ordinary shares		202		(202)		—
Additional paid-in capital		5,327,871		(5,327,871)		—
Accumulated deficit		(328,425)		(13,611,867)		(13,940,292)
Total shareholders' equity (deficit)		5,000,007		(18,939,940)		(13,939,933)

	For the period from January 15, 2021 (inception)
	through June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Statements of Operations (unaudited)
Expensed offering costs	$	307,573	$	62,840	$	370,413
Loss from operations		(616,380)		(62,840)		(679,220)
Net loss		(3,132,572)		(62,840)		(3,195,412)

	Three Months Ended June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Statements of Operations (unaudited)
Expensed offering costs	$	307,573	$	62,840	$	370,413
Loss from operations		(603,969)		(62,840)		(666,809)
Net loss		(3,120,161)		(62,840)		(3,183,001)

9

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

The following tables summarize the effect of the restatement on the condensed statement of changes in stockholders’ equity as of the dates, and for the periods, indicated:

	Ordinary Shares
													Total
									Additional				Shareholders'
	Class A				Class B				Paid-in		Accumulated		Equity
	Shares		Amount		Shares		Amount		Capital		Deficit		(Deficit)
As Previously Reported:
Balance at January 15, 2021 (inception)		—	$	—		—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor		—		—		3,593,750		359		24,641		—		25,000
Net loss		—		—		—		—		—		(12,411)		(12,411)
Balance at March 31, 2021		—	$	—		3,593,750	$	359	$	24,641	$	(12,411)	$	12,589
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs		14,375,000		1,438		—		—		130,104,732		—		130,106,170
Class A ordinary shares subject to possible redemption		(12,199,859)		(1,220)		—		—		(121,997,370)		—		(121,998,590)
Net loss		—		—		—		—		—		(3,120,161)		(3,120,161)
Balance at June 30, 2021	$	2,175,141	$	218	$	3,593,750	$	359	$	8,132,003	$	(3,132,572)	$	5,000,008
Adjustments:
Balance at January 15, 2021 (inception)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fair value of Founders Shares transferred to Anchor Investors		—		—		—		—		1,369,500		—		1,369,500
Net loss		—		—		—		—		—		—		—
Balance at March 31, 2021		—	$	—		—	$	—	$	1,369,500	$	—	$	1,369,500
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs		(14,375,000)		(1,438)		—		—		(130,104,732)		—		(130,106,170)
Class A ordinary shares subject to possible redemption		12,199,859		1,220		—		—		121,997,370		—		121,998,590
Excess of cash received over fair value of Private Placement Warrants		—		—		—		—		311,937		—		311,937
Accretion of Class A ordinary shares to redemption amount		—		—		—		—		(1,706,078)		(13,557,219)		(15,263,297)
Net loss		—		—		—		—		—		(62,840)		(62,840)
Balance at June 30, 2021		(2,175,141)	$	(218)		—	$	—	$	(8,132,003)	$	(13,620,059)	$	(21,752,280)
As Restated:
Balance at January 15, 2021 (inception)		—	$	—		—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor		—		—		3,593,750		359		24,641		—		25,000
Fair value of Founders Shares transferred to Anchor Investors		—		—		—		—		1,369,500		—		1,369,500
Net loss		—		—		—		—		—		(12,411)		(12,411)
Balance at March 31, 2021		—	$	—	$	3,593,750	$	359	$	1,394,141	$	(12,411)	$	1,382,089
Excess of cash received over fair value of Private Placement Warrants		—		—		—		—		311,937		—		311,937
Accretion of Class A ordinary shares to redemption amount		—		—		—		—		(1,706,078)		(13,557,219)		(15,263,297)
Net loss		—		—		—		—		—		(3,183,001)		(3,183,001)
Balance at June 30, 2021		—	$	—		3,593,750	$	359	$	—	$	(16,752,631)	$	(16,752,272)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

10

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on May 20, 2021, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on May 24, 2021 and May 28, 2021. The interim results for the period from January 15, 2021 (inception) through September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial 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.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021.

Investments Held in Trust Account

As of September 30, 2021, the assets held in the Trust Account were held in money market funds, which were invested in U.S. Treasury securities.

Class A Ordinary Shares Subject to Possible Redemption

All of the 14,375,000 shares of Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s second

11

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Class A ordinary shares has been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

As of September 30, 2021, the Class A ordinary shares reflected in the condensed balance sheet are reconciled in the following table:

Allocated fair value of proceeds	$	137,209,375
Less:
Issuance costs allocated to Class A ordinary shares		(8,721,802)
Plus:
Accretion of carrying value to redemption value		15,265,166
Class A ordinary shares subject to possible redemption	$	143,752,739

Warrant Liabilities

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The initial fair value of the Public Warrants was estimated using a Modified Monte Carlo simulation approach and the fair value of the Private Placement Warrants was estimated using a Modified Black-Scholes model (see Note 10).

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A - Expenses of Offering. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity. Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately. The Company incurred offering costs amounting to $11,248,466 as a result of the Initial Public Offering (consisting of a $2,875,000 underwriting fee, $6,468,750 of deferred underwriting fees , $1,369,500 of anchor investor offering costs and $535,216 of other offering costs). The Company recorded $10,722,371 of offering costs as a reduction of equity in connection with the shares of Class A ordinary shares included in the Units. The Company immediately expensed $526,095 of offering costs in connection with the Public Warrants and Private Placement Warrants that were classified as liabilities.

The Company was reimbursed $2,156,250 by the underwriters for offering costs associated with the Initial Public Offering. The Company recorded $2,000,569 of the reimbursement as a reduction of offering costs recorded to equity and $155,681 of the reimbursement as a reduction to expense. As such, net offering costs recorded to equity amounted to $8,721,802 and net expensed offering costs amounted to $370,414.

12

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

Income Taxes

The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in an interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statement. Since the Company was incorporated on February 5, 2021, the evaluation was performed for the upcoming 2021 tax year which will be the only period subject to examination.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is 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. Consequently, income taxes are not reflected in the Company’s financial statements.

Net Income Per Ordinary Share

Net income per common share is computed by dividing net income by the weighted-average number of shares of ordinary shares outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other shareholders, Class A and Class B ordinary shares are presented as one class of shares in calculating net income per share. As a result, the calculated net income per share is the same for Class A and Class B shares of ordinary shares. At September 30, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of ordinary shares and then share in the earnings of the Company. As a result, diluted income per share is the same as basic income per share for the periods presented.

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

					For the period from
					January 15, 2021
	Three Months Ended				(inception) through
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income per share:
Numerator:
Net income	$	8,175,595	$	2,043,899	$	4,718,467	$	2,305,615
Denominator:
Basic and diluted weighted average shares outstanding		14,375,000		3,593,750		7,354,651		3,593,750
Basic and diluted net income per share	$	0.57	$	0.57	$	0.64	$	0.64

Concentration of Credit Risk

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

13

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

Fair Value of Financial Instruments

The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.

The carrying amounts reflected in the balance sheet for cash, prepaid expenses, and accounts payable and accrued expenses approximate fair value due to their short-term nature.

Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.

See Note 10 for additional information on assets and liabilities measured at fair value.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

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 financial statements.

NOTE 4. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company sold 14,375,000 Units, which includes 1,875,000 Units that were issued pursuant to the underwriters’ exercise of their over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $143,750,000. Each Unit consisted of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 8).

14

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

NOTE 5. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 4,456,250 warrants at a price of $1.00 per Private Placement Warrant (for an aggregate purchase price of $4,456,250). Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

NOTE 6. RELATED PARTY TRANSACTIONS

Founder Shares

On January 26, 2021, the Sponsor paid an aggregate of $25,000 to cover certain expenses on behalf of the Company in exchange for the issuance of 5,031,250 Class B ordinary shares (the “Founder Shares”). In April 2021, the Sponsor forfeited for no consideration 1,437,500 Founder Shares. The remaining outstanding Founder Shares included an aggregate of up to 468,750 Class B ordinary shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Sponsor would own, on an as-converted basis,  20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the Sponsor did not purchase any Public Shares in the Initial Public Offering). The over-allotment option was exercised in full on May 21, 2021; thus, these shares are no longer subject to forfeiture.

The Sponsor has agreed that, subject to certain limited exceptions, the Founder Shares will not be transferred, assigned, sold or released from escrow until the earlier of  (i) one year after the completion of a initial Business Combination and (ii) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction after an initial Business Combination 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. Notwithstanding the foregoing, if  (1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30- trading day period commencing at least 150 days after an initial Business Combination or (2) the Company consummates a transaction after an initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the lock-up.

A total of eleven anchor investors purchased Units in the Initial Public Offering at the offering price of $10.00 per Unit. Pursuant to such Units, the anchor investors have not been granted any shareholder or other rights in addition to those afforded to the Company’s other public shareholders.

Each anchor investor has entered into a separate subscription agreement (the “Subscription Agreements”) with the Sponsor pursuant to which each anchor investor agreed to purchase a specified amount of shares of the Sponsor (the “Sponsor Shares”).

The Company estimated the fair value of the Sponsor Shares purchased by the anchor investors to be $1,369,500 or $2.49 per share. The excess of the fair value of the Sponsor Shares sold over the purchase price was determined to be an offering cost in accordance with Staff Accounting Bulletin Topic 5A. Accordingly, the offering cost were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to derivative warrant liabilities were expensed immediately in the statement of operations. Offering costs allocated to the Public Shares were charged to shareholder’s equity upon the completion of the Initial Public Offering.

Promissory Note — Related Party

On January 20, 2021, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate of $300,000 to cover expenses related to the Initial Public Offering. The Promissory Note was non-interest bearing and was payable on the earlier of December 31, 2021 or the consummation of the Initial Public Offering. The outstanding balance under the Promissory Note of $129,886 was repaid on June 7, 2021.

15

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the initial shareholders or an affiliate of the initial shareholders or certain of the Company’s directors and officers 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 will repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from Trust Account would be used for such repayment. 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. Up to $1,500,000 of such loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants.

Forward Purchase Agreement

On May 18, 2021, the Company entered into a forward purchase agreement with Terra Carta Partners, LLC (“Terra Carta Partners”), which is affiliated with the Sponsor, pursuant to which Terra Carta Partners has agreed to purchase up to $50,000,000 of forward purchase shares (the “forward purchase shares”). Each forward purchase share will consist of one Class A ordinary share and will be sold at a purchase price of $10.00 per share in a private placement concurrently with the closing of the initial Business Combination. The obligations of Terra Carta Partners under the forward purchase agreement do not depend on whether any Class A ordinary shares held by public shareholders are redeemed by the Company and the amount of forward purchase shares sold pursuant to the forward purchase agreement will be subject to Terra Carta Partners’ sole discretion. The forward purchase shares will generally be identical to the Class A ordinary shares included in the Units being sold in this offering, except that they will be entitled to certain registration rights, as described in Note 7.

NOTE 7. COMMITMENTS

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants issued upon conversion of the Working Capital Loans) will have registration rights to require the Company to register a sale of any of the Company’s securities held by them pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of these securities 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 completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a  45 -day option to purchase up to 1,875,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters exercised the over-allotment option in full on May 21, 2021.

The underwriters were paid a cash underwriting discount of $0.20 per Unit, or $2,875,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, $0.45 per unit, or  $6,468,750 in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

16

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

NOTE 8. WARRANTS

Public Warrants may only be exercised for a whole number of Class A ordinary shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of  (a) 30 days after the completion of a Business Combination or (b) one year from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described below with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

The Company has agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of an initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of an initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, the Company will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, the Company may call the warrants for cash:

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

● if, and only if, the closing price of the ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by us, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

17

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once warrants become exercisable, the Company may redeem the outstanding warrants:

● in whole and not in part;

● at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares;

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

● if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, 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.

The value of the Company’s Class A ordinary shares shall mean the volume-weighted average price of the Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. The Company will provide its warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).

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 an initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder 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 an initial Business Combination on the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates an initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants included in the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of an initial Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. 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.

18

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

At September 30, 2021, there were 7,187,500 Public Warrants and 4,456,250 Private Placement Warrants outstanding. The Company accounts for the Public Warrants and Private Placement Warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability.

The accounting treatment of derivative financial instruments require that the Company record the warrants as derivative liabilities at fair value upon the closing of the Initial Public Offering. The Public Warrants were allocated a portion of the proceeds from the issuance of the Units equal to their fair value. The warrant liabilities are subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liabilities will be adjusted to current fair value, with the change in fair value recognized in the Company’s statement of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification.

NOTE 9. SHAREHOLDER’S EQUITY

Preference shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2021, there were no preference shares issued or outstanding.

Class A ordinary shares — The Company is authorized to issue 479,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At September 30, 2021, there were 14,375,000 Class A ordinary shares issued and no shares outstanding, excluding 14,375,000 Class A ordinary shares subject to possible redemption.

Class B ordinary shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. At September 30, 2021, there were 3,593,750 Class B ordinary shares issued and outstanding.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law. However, only holders of Class B ordinary shares will have the right to vote on the appointment of directors prior to or in connection with the completion of an initial Business Combination, meaning that holders of Class A ordinary shares will not have the right to appoint any directors until after the completion of an initial Business Combination.

The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of an initial Business Combination on a one-for-one basis, subject to adjustment for share splits, share dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity- linked securities are issued or deemed issued in connection with an initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any private placement warrants issued to the Sponsor, officers or directors upon conversion of working capital loans, provided that such conversion of Class B ordinary shares will never occur on a less than one-for-one basis.

19

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

NOTE 10. FAIR VALUE MEASUREMENT

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of September 30, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	Amount at
Description	Fair Value		Level 1		Level 2		Level 3
September 30, 2021
Assets
U.S. Treasury Securities	$	145,190,239	$	145,190,239	$	—	$	—
Liabilities
Warrant liability - Public Warrants	$	—	$	—	$	—	$	—
Warrant liability - Private Placement Warrants	$	2,495,500	$	—	$	—	$	2,495,500

The Company utilizes a Modified Monte Carlo simulation model to value the Public Warrants and a Modified Black-Scholes method to value the Private Placement Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liabilities are determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero.

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting periods. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement as of September 30, 2021 after the Public Warrants were separately listed and traded.

The following table provides the significant inputs to the Modified Monte Carlo simulation for the fair value of the Public Warrants:

	At May 21, 2021
	(Initial
	Measurement)
Stock price	$	10.00
Exercise price	$	11.50
Expected term (in years)		5.08
Volatility		14.6	%
Risk-free rate		0.9	%
Fair value of warrants	$	0.91

20

ARIES I ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

The following table provides the significant inputs to the Modified Black-Scholes method for the fair value of the Private Placement Warrants:

	At May 21, 2021
	(Initial
	Measurement)			At September 30, 2021
Stock price	$	10.00		$	9.98
Exercise price	$	11.50		$	11.50
Dividend yield		—	%		—	%
Expected term (in years)		5.08			5.08
Volatility		14.6	%		10.3	%
Risk-free rate		0.9	%		1.0	%
Fair value of warrants	$	0.93		$	0.56

The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

					Warrant
	Private Placement		Public		Liabilities
Fair value at January 15, 2021 (inception)	$	—	$	—	$	—
Initial measurement at May 21, 2021		4,144,313		6,540,625		10,684,938
Change in fair value		(1,648,813)		(6,540,625)		(8,189,438)
Fair value at September 30, 2021	$	2,495,500	$	—	$	2,495,500

The Company recognized gains in connection with changes in the fair value of warrant liabilities of $10,706,500 and $8,189,438 within change in fair value of warrant liabilities in the condensed statement of operations during the three months ended September 30, 2021 and for the period from January 15, 2021 (inception) through September 30, 2021, respectively.

NOTE 11. SUBSEQUENT EVENTS

On November 15, 2021, the Company received a commitment from the Sponsor. The commitment provides for loans from the Sponsor to fund the Company’s working capital requirements. The Company may receive loans up to an aggregate of $600,000. The commitment will continue until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation.

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

21

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Aries I Acquisition Corporation References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Aries Acquisition Partners, Ltd. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its Initial Public Offering (as defined below) filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated on January 15, 2021 as a Cayman Island exempted company and formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this Quarterly Report as our “initial business combination”. We intend to effectuate our initial business combination using cash from the proceeds of our initial public offering (the “Initial Public Offering”) and the private placement of the Private Placement Warrants (as defined below), the proceeds of the sale of our shares in connection with our initial business combination (pursuant to forward purchase agreements or backstop agreements we may enter into following the consummation of the Initial Public Offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.

Results of Operations

We have neither engaged in any operations nor generated any operating revenues to date. Our only activities for the period from January 15, 2021 (inception) through September 30, 2021 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and, after the Initial Public Offering, identifying a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and cash equivalents held after the Initial Public Offering. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2021, we had net income of $10,219,494, which resulted from a gain on the change in fair value of warrant liabilities of $10,706,500 and interest income on the Trust Account of $1,869, offset in part by operating and formation costs of $488,875.

For the period from January 15, 2021 (inception) through September 30, 2021, we had net income of $7,024,082, which resulted from a gain on the change in fair value of warrant liabilities of $8,189,438 and interest income on the Trust Account of $2,739, offset in part by operating and formation costs of $797,682, and expensed offering costs of $370,413.

22

Liquidity and Capital Resources

On May 21, 2021, the Company consummated the Initial Public Offering of 14,375,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), including 1,875,000 Units that were issued pursuant to the underwrites' exercise of their over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $143,750,000. Simultaneously with the closing of the Initial Public Offering, we completed the private sale of 4,456,250 warrants to Aries Acquisition Partners, Ltd. at a purchase price of $1.00 per warrant (the "Private Placement Warrants"), generating gross proceeds of $4,456,250. A total of $146,768,750 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”).

For the period from January 15, 2021 (inception) through September 30, 2021, net cash used in operating activities was $972,453, which was due to non-cash adjustments to net income related to interest income on investments held in the Trust Account of $2,739, changes in working capital of $174,772 and the change in fair value of warrant liabilities added back to net income of $8,189,438, partially offset by our net income of $7,024,082 and expensed offering costs added back to net income of $370,413.

For the period from January 15, 2021 (inception) through September 30, 2021, net cash used in investing activities of $145,187,500 was the result of the amount of net proceeds from the Initial Public Offering and the private placement sale of warrants being deposited to the Trust Account.

Net cash provided by financing activities for the period from January 15, 2021 (inception) through September 30, 2021 of $146,977,284 was comprised of $143,031,250 in proceeds from the issuance of Units in the Initial Public Offering net of underwriter's discount paid, $4,456,250 in proceeds from the issuance of warrants in a private placement, and proceeds from the issuance of a promissory note to our Sponsor of $129,886, offset in part by the payment of offering costs of $510,216 associated with the Initial Public Offering and repayment of the outstanding balance on the promissory note to our Sponsor of $129,886.

As of September 30, 2021, we had cash of $817,331 in our operating bank account. We intend to use the funds held outside the trust account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a business combination.

We do not believe we will need to raise additional funds following the Initial Public Offering in order to meet the expenditures required for operating our business prior to our initial business combination. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our business combination or because we become obligated to redeem a significant number of our public shares upon completion of our business combination, in which case we may issue additional securities or incur debt in connection with such business combination. In addition, we intend to target businesses larger than we could acquire with the net proceeds of our Initial Public Offering and the sale of the private placement warrants, and may as a result be required to seek additional financing to complete such proposed initial business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of September 30, 2021.

23

Contractual Obligations

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants) will have registration rights to require the Company to register a sale of any of its securities held by them pursuant to a registration rights agreement. 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. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriters Agreement

The Company granted the underwriters a 45-day option to purchase up to 1,875,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters exercised the over-allotment option in full on May 21, 2021.

The underwriters were paid a cash underwriting fee of $0.20 per Unit, or $2,875,000 in the aggregate. In addition, $0.45 per unit, or $6,468,750 in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Critical Accounting Policies

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

Warrant Liabilities

We account for the Private Placement Warrants and the redeemable warrants (the “Public Warrants”) that were included in units issued by the Company in its Initial Public Offering (collectively, the "Warrants") in accordance with Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (“ASC 815”), under which the Warrants do not meet the criteria for equity classification and must be recorded as liabilities. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are measured at fair value at inception and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the statement of operations in the period of change.

Ordinary Shares Subject to Possible Redemption

All of the 14,375,000 shares of Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such shares of Class A ordinary shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with our business combination and in connection with certain amendments to the Company’s second amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Class A ordinary shares have been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

24

Net Income Per Ordinary Share

Net income per common share is computed by dividing net income by the weighted-average number of shares of ordinary shares outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other shareholders, Class A and Class B ordinary shares are presented as one class of shares in calculating net income per share. As a result, the calculated net income per share is the same for Class A and Class B shares of ordinary shares. The Company has not considered the effect of the Warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 11,643,750 shares in the calculation of diluted income 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.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

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

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As of September 30, 2021, we were not subject to any market or interest rate risk.

ITEM 4.    CONTROLS AND PROCEDURES.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of September 30, 2021, due to the restatement of our May 21, 2021 balance sheet and unaudited financial statements as of and for the period ended June 30, 2021 related to the accounting for complex financial instruments, as described in Note 2 to the accompanying unaudited financial statements, which combined constitutes a material weakness in our internal control over financial reporting.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management concluded that a deficiency in internal control over financial reporting existed relating to the accounting treatment for complex financial instruments and that the failure to properly account for such instruments constituted a material weakness as defined in the SEC regulations. This material weakness resulted in the restatement of the Company’s audited financial statement as of May 21, 2021 and unaudited financial statements as of and for the period ended June 30, 2021 (the “Prior Reports”).

25

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2021 covered by this Quarterly Report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting other than as described herein. In connection with the preparation of this Quarterly report, and as a result of recent SEC guidance, management has identified a material weakness in internal controls related to the accounting for complex financial instruments, as described in Note 2 to the accompanying unaudited financial statements. Although we have processes to identify and appropriately apply applicable accounting requirements, in light of this material weakness, the material weakness identified in our Prior Reports and the resulting restatements, we plan to enhance our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our financial statements. Our plans at this time include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

26

PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

We have identified a material weakness in our internal control over financial reporting as of September 30, 2021. If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.

After consultation with our independent registered public accounting firm, our management and our audit committee concluded that we had a material weakness in our internal controls over financial reporting as of September 30, 2021.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected and corrected on a timely basis.

Effective internal controls are necessary for us to provide reliable financial reports and prevent fraud. We continue to evaluate steps to remediate the material weakness. These remediation measures may be time consuming and costly and there is no assurance that these initiatives will ultimately have the intended effects.

If we identify any new material weaknesses in the future, any such newly identified material weakness could limit our ability to prevent or detect a misstatement of our accounts or disclosures that could result in a material misstatement of our annual or interim financial statements. In such case, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting and our stock price may decline as a result. We cannot assure you that the measures we have taken to date, or any measures we may take in the future, will be sufficient to avoid potential future material weaknesses.

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

On May 21, 2021, we consummated the initial public offering (the "IPO") of 14,375,000 Units, including 1,875,000 Units that were issued pursuant to the underwrites' exercise of their over-allotment option in full. The Units sold in the IPO and exercise of the over-allotment option were sold at an offering price of $10.00 per Unit, generating gross proceeds of $143,750,000. The securities in the offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-252775). The Securities and Exchange Commission declared the registration statement effective on May 18, 2021.

Substantially concurrently with the closing of the IPO, the Company completed the private sale of 4,456,250 warrants (the “Private Placement Warrants”) to the Company’s sponsor, Aries Acquisition Partners, Ltd., at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $4,456,250. The issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

The Private Placement Warrants are identical to the warrants sold as part of the Units in the IPO, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

Of the gross proceeds received from the IPO including the over-allotment option and the Private Placement Warrants, $146,768,750 was placed in the Trust Account.

Transaction costs related to the IPO amounted to $11,248,466, consisting of $2,875,000 of cash underwriting fees, $6,468,750 of deferred underwriting fees, of $1,369,500 for the excess fair value of founder shares attributable to the anchor investors and $535,216 of other costs. The Company was reimbursed $2,156,250 by the underwriters for such transaction costs.

27

For a description of the use of the proceeds generated in our IPO, see Part I, Item 2 of this Form 10-Q.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.    OTHER INFORMATION

None.

28

ITEM 6.    EXHIBITS

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Exhibit No.	Description
31.1*	Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	Inline XBRL Instance Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

* Filed herewith.

** Furnished.

29

SIGNATURES

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

	Aries I Acquisition Corporation
Date: November 19, 2021	By:	/s/ Randy Brinkley
		Randy Brinkley
		Chief Executive Officer

	Aries I Acquisition Corporation
Date: November 19, 2021	By:	/s/ Nathan Smith
		Nathan Smith
		Chief Financial Officer

30

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Randy Brinkley, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Aries I Acquisition Corporation;

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

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

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

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

b) (Paragraph omitted pursuant to 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 my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the 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(s) 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 19, 2021
	By:	/s/ Randy Brinkley
		Randy Brinkley
		Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nathan Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Aries I Acquisition Corporation;

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

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

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

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

b) (Paragraph omitted pursuant to 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 my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the 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(s) 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 19, 2021
	By:	/s/ Nathan Smith
		Nathan Smith
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aries I Acquisition Corporation (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, Randy Brinkley, Chief 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:

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

2. To my knowledge, 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 19, 2021
	By:	/s/ Randy Brinkley
		Randy Brinkley
		Chief Executive Officer
		(Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aries I Acquisition Corporation (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, Nathan Smith, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

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

2. To my knowledge, 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 19, 2021
	By:	/s/ Nathan Smith
		Nathan Smith
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 19, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-40421
Entity Registrant Name	ARIES I ACQUISITION CORPORATION
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1578649
Entity Address, Address Line One	90 N. Church Street
Entity Address, Address Line Two	P.O. Box 10315
Entity Address, City or Town	Grand Cayman
Entity Address, Country	KY
Entity Address, Postal Zip Code	1003
City Area Code	630
Local Phone Number	386-5288
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Central Index Key	0001841867
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Transition Report	true
Units, each consisting of Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant
Document Information [Line Items]
Title of 12(b) Security	Units, each consisting of Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant
Trading Symbol	RAMMU
Security Exchange Name	NASDAQ
Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value $0.0001 per share
Trading Symbol	RAM
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		14,375,000
Redeemable Warrants Exercisable For Class Common Stock
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share
Trading Symbol	RAMMW
Security Exchange Name	NASDAQ
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,593,750

XML

CONDENSED BALANCE SHEET	Sep. 30, 2021 USD ($)
Current assets:
Cash	$ 817,331
Prepaid expenses	256,242
Total current assets	1,073,573
Investments held in Trust Account	145,190,239
Total assets	146,263,812
Current liabilities:
Accounts payable and accrued expenses	81,470
Total current liabilities	81,470
Warrant liabilities	2,495,500
Deferred underwriting fee payable	6,468,750
Total liabilities	9,045,720
Commitments (Note 7)
Class A ordinary shares subject to possible redemption, 14,375,000 shares at redemption value	143,752,739
Shareholders' Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Accumulated deficit	(6,535,006)
Total Shareholders' Deficit	(6,534,647)
Total Liabilities and Shareholders' Deficit	146,263,812
Class B ordinary shares
Shareholders' Deficit
Common stock	$ 359

XML

CONDENSED BALANCE SHEET (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021	May 21, 2021
Preferred stock, par value, (per share)	$ 0.0001
Preferred stock, shares authorized	1,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Class A ordinary shares subject to possible redemption		14,375,000
Class A ordinary shares
Common shares, par value, (per share)	$ 0.0001
Common shares, shares authorized	479,000,000
Common shares, shares issued	14,375,000
Common shares, shares outstanding	0
Class A ordinary shares subject to possible redemption			14,375,000
Class A Common Stock Subject to Redemption
Class A ordinary shares subject to possible redemption	14,375,000
Class B ordinary shares
Common shares, par value, (per share)	$ 0.0001
Common shares, shares authorized	20,000,000
Common shares, shares issued	3,593,750
Common shares, shares outstanding	3,593,750

XML

CONDENSED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Operating and formation costs	$ 488,875	$ 797,682
Expensed offering costs		370,413
Loss from operations	(488,875)	(1,168,095)
Interest income on Trust Account	1,869	2,739
Change in fair value of warrant liabilities	10,706,500	8,189,438
Net income	10,219,494	7,024,082
Class A ordinary shares
Net income	$ 8,175,595	$ 4,718,467
Basic, Weighted Average Number of Shares Outstanding	14,375,000	7,354,651
Diluted, Weighted Average Number of Shares Outstanding	14,375,000	7,354,651
Basic net income per share of ordinary share	$ 0.57	$ 0.64
Diluted net income per share of ordinary share	$ 0.57	$ 0.64
Class B ordinary shares
Net income	$ 2,043,899	$ 2,305,615
Basic, Weighted Average Number of Shares Outstanding	3,593,750	3,593,750
Diluted, Weighted Average Number of Shares Outstanding	3,593,750	3,593,750
Basic net income per share of ordinary share	$ 0.57	$ 0.64
Diluted net income per share of ordinary share	$ 0.57	$ 0.64

XML

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) - USD ($)	Class A ordinary shares Common Stock	Class A ordinary shares	Class B ordinary shares Common Stock	Class B ordinary shares	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at the beginning at Jan. 14, 2021	$ 0		$ 0		$ 0	$ 0	$ 0
Balance at the beginning (in shares) at Jan. 14, 2021	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class B ordinary shares to Sponsor			$ 359		24,641		25,000
Issuance of Class B ordinary shares to Sponsor (in shares)			3,593,750
Fair value of Founders Shares transferred to Anchor					1,369,500		1,369,500
Net income (loss)						(12,411)	(12,411)
Balance at the end at Mar. 31, 2021			$ 359		1,394,141	(12,411)	1,382,089
Balance at the end (in shares) at Mar. 31, 2021			3,593,750
Balance at the beginning at Jan. 14, 2021	$ 0		$ 0		0	0	0
Balance at the beginning (in shares) at Jan. 14, 2021	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							(3,195,412)
Balance at the end at Jun. 30, 2021			$ 359			(16,752,631)	(16,752,272)
Balance at the end (in shares) at Jun. 30, 2021			3,593,750
Balance at the beginning at Jan. 14, 2021	$ 0		$ 0		0	0	0
Balance at the beginning (in shares) at Jan. 14, 2021	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ 4,718,467		$ 2,305,615			7,024,082
Balance at the end at Sep. 30, 2021			$ 359			(6,535,006)	(6,534,647)
Balance at the end (in shares) at Sep. 30, 2021			3,593,750
Balance at the beginning at Mar. 31, 2021			$ 359		1,394,141	(12,411)	1,382,089
Balance at the beginning (in shares) at Mar. 31, 2021			3,593,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Excess of cash received over fair value of Private Placement					311,937		311,937
Accretion of Class A ordinary shares to redemption amount					$ (1,706,078)	(13,557,219)	(15,263,297)
Net income (loss)						(3,183,001)	(3,183,001)
Balance at the end at Jun. 30, 2021			$ 359			(16,752,631)	(16,752,272)
Balance at the end (in shares) at Jun. 30, 2021			3,593,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Class A ordinary shares to redemption amount						(1,869)	(1,869)
Net income (loss)		$ 8,175,595		$ 2,043,899		10,219,494	10,219,494
Balance at the end at Sep. 30, 2021			$ 359			$ (6,535,006)	$ (6,534,647)
Balance at the end (in shares) at Sep. 30, 2021			3,593,750

XML

CONDENSED STATEMENT OF CASH FLOWS	9 Months Ended
	Sep. 30, 2021 USD ($)
Cash Flows from Operating Activities:
Net income	$ 7,024,082
Adjustments to reconcile net income to net cash used in operating activities:
Expensed offering costs	370,414
Interest income on Trust Account	(2,739)
Change in fair value of warrant liabilities	(8,189,438)
Changes in operating assets and liabilities:
Prepaid expenses	(256,242)
Accounts payable and accrued expenses	81,470
Net cash used in operating activities	(972,453)
Cash Flows from Investing Activities:
Cash deposited into Trust Account	(145,187,500)
Net cash used in investing activities	(145,187,500)
Cash Flows from Financing Activities:
Proceeds from promissory note - related party	129,886
Repayment of promissory note - related party	(129,886)
Proceeds from initial public offering, net of underwriter's discount paid	143,031,250
Proceeds from sale of Private Placement Warrants	4,456,250
Payment of offering costs	(510,216)
Net cash provided by financing activities	146,977,284
Net Change in Cash	817,331
Cash - Beginning of Period	0
Cash - End of Period	817,331
Supplemental disclosures of non-cash investing and financing activities:
Deferred underwriting fee payable	6,468,750
Accretion of Class A ordinary shares subject to redemption to redemption value	15,265,166
Fair value of Founders Shares transferred to Anchor Investors	1,369,500
Offering costs in exchange for Class B ordinary shares	$ 359

XML

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

9 Months Ended

Sep. 30, 2021

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Aries I Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on January 15, 2021. The Company was formed for the purpose of effecting into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2021, the Company had not commenced any operations. All activity for the period from January 15, 2021 (inception) through September 30, 2021 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

The registration statement for the Initial Public Offering was declared effective on May 18, 2021. On May 21, 2021, the Company consummated the Initial Public Offering of 14,375,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), including 1,875,000 Units that were issued pursuant to the underwrites’ exercise of their over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $143,750,000, which is discussed in Note 4.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,456,250 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Aries Acquisition Partners, Ltd. (the “Sponsor”), generating gross proceeds of $4,456,250, which is described in Note 5.

Following the closing of the Initial Public Offering on May 21, 2021, an amount of $146,768,750 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) and were invested only in U.S. government securities with maturities of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury bills, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.

Transaction costs related to the issuances described above amounted to $11,248,466, consisting of $2,875,000 of cash underwriting fees, $6,468,750 of deferred underwriting fees, $1,369,500 of anchor investor offering costs and $535,216 of other costs. The Company was reimbursed $2,156,250 by the underwriters for such transaction costs. In addition, at September 30, 2021, $817,331 of cash was held outside of the Trust Account and is available for working capital purposes.

The Company will provide its holders of the outstanding Public Shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.10 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.

The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Second Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or other 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) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

Notwithstanding the above, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.

The Sponsor has agreed to waive (a) redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of an initial Business Combination, (b) redemption rights with respect to any Founder Shares and Public Shares held by it in connection with a shareholder vote to approve an amendment to the Amended and Restated Memorandum and Articles of Association to modify the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company has not consummated an initial Business Combination within 12 months (or up to 18 months if the Company extends the period of time to consummate a business combination) from the closing of the Initial Public Offering or with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity and (c) rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete an initial Business Combination within 12 months from the closing of the Initial Public Offering or during any extension period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete an initial Business Combination 12 months (or up to 18 months if the Company extends the period of time to consummate a business combination) from the closing of the Initial Public Offering. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, 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 (as defined below).

The Company will have until May 21, 2022 (or November 21, 2022 if the company extends the period to the maximum extent possible) to complete a Business Combination (the “Combination Period”). 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 the Public Shares, at a per -share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless 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 in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per 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 a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per Public Share and (ii) the actual amount per public share held in the Trust account as of the date of the liquidation of the Trust account, if less than $10.10 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 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, 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

As of September 30, 2021, the Company had $817,331 of cash held outside of the Trust Account and a working capital of $992,103.

The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the proceeds of $25,000 from the sale of the Founder Shares, and a loan of $300,000 under an unsecured and non-interest bearing promissory note (see Note 6). Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity will be satisfied through the net proceeds from the private placement held outside of the Trust Account and proceeds available to the Company under the Working Capital Loan (as defined in Note 6).

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

Risks and Uncertainties

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

XML

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2021

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In accordance with Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of the Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company restated its financial statements as of May 21, 2021 and June 30, 2021 to classify all Class A ordinary shares as temporary equity and any related impact, as the threshold in its charter would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside of permanent equity. The Company also recorded additional offering costs related to the excess of fair value over purchase price for the sale of indirect interests in the Founder Shares by the Sponsor to certain anchor investors in connection with their participation in the Company’s Initial Public Offering that was not previously accounted for (see Note 6).

The reclassification of amounts from permanent equity to temporary equity resulted in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position, operating expenses, or total operating, investing or financing cash flows. Further, the additional offering costs recorded in relation to the anchor investors also result in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position and investing or financing cash flows. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has restated its earnings per share calculation to allocate income and losses shared pro rata between Class A and Class B shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, Class A and Class B shares share pro rata in the income and losses of the Company.

The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the periods, indicated:

	June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Balance Sheet (unaudited)
Class A ordinary shares subject to possible redemption (in shares)	$	12,199,859	$	2,175,141	$	14,375,000
Class A ordinary shares subject to possible redemption	$	121,998,590	$	21,752,280	$	143,750,870
Class A ordinary shares		218		(218)		—
Additional paid-in capital		8,132,003		(8,132,003)		—
Accumulated deficit		(3,132,572)		(13,620,059)		(16,752,631)
Total shareholders' equity (deficit)		5,000,008		(21,752,280)		(16,752,272)
Condensed Statement of Operations for the Three Months Ended June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, Class A ordinary shares		12,199,859		(5,810,970)		6,388,889
Basic and diluted net loss per share, Class A ordinary shares	$	—	$	(0.32)	$	(0.32)
Basic and diluted weighted average shares outstanding, Class B ordinary shares (1)		5,768,891		(2,175,141)		3,593,750
Basic and diluted net loss per share, Class B ordinary shares	$	(0.54)	$	0.22	$	(0.32)
Condensed Statement of Operations for the period from January 15, 2021 (inception) through June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, Class A ordinary shares		12,199,859		(8,736,004)		3,463,855
Basic and diluted net loss per share, Class A ordinary shares	$	—	$	(0.45)	$	(0.45)
Basic and diluted weighted average shares outstanding, Class B ordinary shares		5,768,891		(2,175,141)		3,593,750
Basic and diluted net loss per share, Class B ordinary shares	$	(0.54)	$	0.09	$	(0.45)
Condensed Statement of Cash Flows for the period from January 15, 2021 (inception) through June 30, 2021 (unaudited)
Cash Flows from Operating Activites:
Net loss	$	(3,132,572)	$	(62,840)	$	(3,195,412)
Adjustments to reconcile net loss to net cash used in operating activities:
Expensed offering costs	$	307,573	$	62,840	$	370,413
Supplemental disclosures of non-cash investing and financing activities:
Class A ordinary shares subject to possible redemption	$	121,998,590	$	(121,998,590)	$	—
Accretion of Class A ordinary shares subject to redemption to redemption value	$	—	$	15,263,297	$	15,263,297
Fair value of Founders Shares transferred to Anchor Investors	$	—	$	1,369,500	$	1,369,500

	May 21, 2021
	As Previously
	Reported		Adjustments		As Restated
Balance Sheet
Class A ordinary shares subject to possible redemption (in shares)		12,199,859		2,175,141		14,375,000
Class A ordinary shares subject to possible redemption	$	124,810,060	$	18,939,940	$	143,750,000
Class A ordinary shares		202		(202)		—
Additional paid-in capital		5,327,871		(5,327,871)		—
Accumulated deficit		(328,425)		(13,611,867)		(13,940,292)
Total shareholders' equity (deficit)		5,000,007		(18,939,940)		(13,939,933)

	For the period from January 15, 2021 (inception)
	through June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Statements of Operations (unaudited)
Expensed offering costs	$	307,573	$	62,840	$	370,413
Loss from operations		(616,380)		(62,840)		(679,220)
Net loss		(3,132,572)		(62,840)		(3,195,412)

	Three Months Ended June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Statements of Operations (unaudited)
Expensed offering costs	$	307,573	$	62,840	$	370,413
Loss from operations		(603,969)		(62,840)		(666,809)
Net loss		(3,120,161)		(62,840)		(3,183,001)

The following tables summarize the effect of the restatement on the condensed statement of changes in stockholders’ equity as of the dates, and for the periods, indicated:

	Ordinary Shares
													Total
									Additional				Shareholders'
	Class A				Class B				Paid-in		Accumulated		Equity
	Shares		Amount		Shares		Amount		Capital		Deficit		(Deficit)
As Previously Reported:
Balance at January 15, 2021 (inception)		—	$	—		—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor		—		—		3,593,750		359		24,641		—		25,000
Net loss		—		—		—		—		—		(12,411)		(12,411)
Balance at March 31, 2021		—	$	—		3,593,750	$	359	$	24,641	$	(12,411)	$	12,589
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs		14,375,000		1,438		—		—		130,104,732		—		130,106,170
Class A ordinary shares subject to possible redemption		(12,199,859)		(1,220)		—		—		(121,997,370)		—		(121,998,590)
Net loss		—		—		—		—		—		(3,120,161)		(3,120,161)
Balance at June 30, 2021	$	2,175,141	$	218	$	3,593,750	$	359	$	8,132,003	$	(3,132,572)	$	5,000,008
Adjustments:
Balance at January 15, 2021 (inception)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fair value of Founders Shares transferred to Anchor Investors		—		—		—		—		1,369,500		—		1,369,500
Net loss		—		—		—		—		—		—		—
Balance at March 31, 2021		—	$	—		—	$	—	$	1,369,500	$	—	$	1,369,500
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs		(14,375,000)		(1,438)		—		—		(130,104,732)		—		(130,106,170)
Class A ordinary shares subject to possible redemption		12,199,859		1,220		—		—		121,997,370		—		121,998,590
Excess of cash received over fair value of Private Placement Warrants		—		—		—		—		311,937		—		311,937
Accretion of Class A ordinary shares to redemption amount		—		—		—		—		(1,706,078)		(13,557,219)		(15,263,297)
Net loss		—		—		—		—		—		(62,840)		(62,840)
Balance at June 30, 2021		(2,175,141)	$	(218)		—	$	—	$	(8,132,003)	$	(13,620,059)	$	(21,752,280)
As Restated:
Balance at January 15, 2021 (inception)		—	$	—		—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor		—		—		3,593,750		359		24,641		—		25,000
Fair value of Founders Shares transferred to Anchor Investors		—		—		—		—		1,369,500		—		1,369,500
Net loss		—		—		—		—		—		(12,411)		(12,411)
Balance at March 31, 2021		—	$	—	$	3,593,750	$	359	$	1,394,141	$	(12,411)	$	1,382,089
Excess of cash received over fair value of Private Placement Warrants		—		—		—		—		311,937		—		311,937
Accretion of Class A ordinary shares to redemption amount		—		—		—		—		(1,706,078)		(13,557,219)		(15,263,297)
Net loss		—		—		—		—		—		(3,183,001)		(3,183,001)
Balance at June 30, 2021		—	$	—		3,593,750	$	359	$	—	$	(16,752,631)	$	(16,752,272)

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on May 20, 2021, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on May 24, 2021 and May 28, 2021. The interim results for the period from January 15, 2021 (inception) through September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial 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.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021.

Investments Held in Trust Account

As of September 30, 2021, the assets held in the Trust Account were held in money market funds, which were invested in U.S. Treasury securities.

Class A Ordinary Shares Subject to Possible Redemption

All of the 14,375,000 shares of Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s second

amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Class A ordinary shares has been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

As of September 30, 2021, the Class A ordinary shares reflected in the condensed balance sheet are reconciled in the following table:

Allocated fair value of proceeds	$	137,209,375
Less:
Issuance costs allocated to Class A ordinary shares		(8,721,802)
Plus:
Accretion of carrying value to redemption value		15,265,166
Class A ordinary shares subject to possible redemption	$	143,752,739

Warrant Liabilities

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The initial fair value of the Public Warrants was estimated using a Modified Monte Carlo simulation approach and the fair value of the Private Placement Warrants was estimated using a Modified Black-Scholes model (see Note 10).

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A - Expenses of Offering. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity. Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately. The Company incurred offering costs amounting to $11,248,466 as a result of the Initial Public Offering (consisting of a $2,875,000 underwriting fee, $6,468,750 of deferred underwriting fees , $1,369,500 of anchor investor offering costs and $535,216 of other offering costs). The Company recorded $10,722,371 of offering costs as a reduction of equity in connection with the shares of Class A ordinary shares included in the Units. The Company immediately expensed $526,095 of offering costs in connection with the Public Warrants and Private Placement Warrants that were classified as liabilities.

The Company was reimbursed $2,156,250 by the underwriters for offering costs associated with the Initial Public Offering. The Company recorded $2,000,569 of the reimbursement as a reduction of offering costs recorded to equity and $155,681 of the reimbursement as a reduction to expense. As such, net offering costs recorded to equity amounted to $8,721,802 and net expensed offering costs amounted to $370,414.

Income Taxes

The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in an interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statement. Since the Company was incorporated on February 5, 2021, the evaluation was performed for the upcoming 2021 tax year which will be the only period subject to examination.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is 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. Consequently, income taxes are not reflected in the Company’s financial statements.

Net Income Per Ordinary Share

Net income per common share is computed by dividing net income by the weighted-average number of shares of ordinary shares outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other shareholders, Class A and Class B ordinary shares are presented as one class of shares in calculating net income per share. As a result, the calculated net income per share is the same for Class A and Class B shares of ordinary shares. At September 30, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of ordinary shares and then share in the earnings of the Company. As a result, diluted income per share is the same as basic income per share for the periods presented.

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

					For the period from
					January 15, 2021
	Three Months Ended				(inception) through
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income per share:
Numerator:
Net income	$	8,175,595	$	2,043,899	$	4,718,467	$	2,305,615
Denominator:
Basic and diluted weighted average shares outstanding		14,375,000		3,593,750		7,354,651		3,593,750
Basic and diluted net income per share	$	0.57	$	0.57	$	0.64	$	0.64

Concentration of Credit Risk

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

Fair Value of Financial Instruments

The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.

The carrying amounts reflected in the balance sheet for cash, prepaid expenses, and accounts payable and accrued expenses approximate fair value due to their short-term nature.

Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.

See Note 10 for additional information on assets and liabilities measured at fair value.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

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 financial statements.

XML

INITIAL PUBLIC OFFERING

9 Months Ended

Sep. 30, 2021

INITIAL PUBLIC OFFERING.

INITIAL PUBLIC OFFERING

NOTE 4. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company sold 14,375,000 Units, which includes 1,875,000 Units that were issued pursuant to the underwriters’ exercise of their over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $143,750,000. Each Unit consisted of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 8).

XML

PRIVATE PLACEMENT

9 Months Ended

Sep. 30, 2021

PRIVATE PLACEMENT.

PRIVATE PLACEMENT

NOTE 5. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 4,456,250 warrants at a price of $1.00 per Private Placement Warrant (for an aggregate purchase price of $4,456,250). Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

XML

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 6. RELATED PARTY TRANSACTIONS

Founder Shares

On January 26, 2021, the Sponsor paid an aggregate of $25,000 to cover certain expenses on behalf of the Company in exchange for the issuance of 5,031,250 Class B ordinary shares (the “Founder Shares”). In April 2021, the Sponsor forfeited for no consideration 1,437,500 Founder Shares. The remaining outstanding Founder Shares included an aggregate of up to 468,750 Class B ordinary shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Sponsor would own, on an as-converted basis,  20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the Sponsor did not purchase any Public Shares in the Initial Public Offering). The over-allotment option was exercised in full on May 21, 2021; thus, these shares are no longer subject to forfeiture.

The Sponsor has agreed that, subject to certain limited exceptions, the Founder Shares will not be transferred, assigned, sold or released from escrow until the earlier of  (i) one year after the completion of a initial Business Combination and (ii) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction after an initial Business Combination 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. Notwithstanding the foregoing, if  (1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30- trading day period commencing at least 150 days after an initial Business Combination or (2) the Company consummates a transaction after an initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the lock-up.

A total of eleven anchor investors purchased Units in the Initial Public Offering at the offering price of $10.00 per Unit. Pursuant to such Units, the anchor investors have not been granted any shareholder or other rights in addition to those afforded to the Company’s other public shareholders.

Each anchor investor has entered into a separate subscription agreement (the “Subscription Agreements”) with the Sponsor pursuant to which each anchor investor agreed to purchase a specified amount of shares of the Sponsor (the “Sponsor Shares”).

The Company estimated the fair value of the Sponsor Shares purchased by the anchor investors to be $1,369,500 or $2.49 per share. The excess of the fair value of the Sponsor Shares sold over the purchase price was determined to be an offering cost in accordance with Staff Accounting Bulletin Topic 5A. Accordingly, the offering cost were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to derivative warrant liabilities were expensed immediately in the statement of operations. Offering costs allocated to the Public Shares were charged to shareholder’s equity upon the completion of the Initial Public Offering.

Promissory Note — Related Party

On January 20, 2021, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate of $300,000 to cover expenses related to the Initial Public Offering. The Promissory Note was non-interest bearing and was payable on the earlier of December 31, 2021 or the consummation of the Initial Public Offering. The outstanding balance under the Promissory Note of $129,886 was repaid on June 7, 2021.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the initial shareholders or an affiliate of the initial shareholders or certain of the Company’s directors and officers 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 will repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from Trust Account would be used for such repayment. 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. Up to $1,500,000 of such loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants.

Forward Purchase Agreement

On May 18, 2021, the Company entered into a forward purchase agreement with Terra Carta Partners, LLC (“Terra Carta Partners”), which is affiliated with the Sponsor, pursuant to which Terra Carta Partners has agreed to purchase up to $50,000,000 of forward purchase shares (the “forward purchase shares”). Each forward purchase share will consist of one Class A ordinary share and will be sold at a purchase price of $10.00 per share in a private placement concurrently with the closing of the initial Business Combination. The obligations of Terra Carta Partners under the forward purchase agreement do not depend on whether any Class A ordinary shares held by public shareholders are redeemed by the Company and the amount of forward purchase shares sold pursuant to the forward purchase agreement will be subject to Terra Carta Partners’ sole discretion. The forward purchase shares will generally be identical to the Class A ordinary shares included in the Units being sold in this offering, except that they will be entitled to certain registration rights, as described in Note 7.

XML

COMMITMENTS

9 Months Ended

Sep. 30, 2021

COMMITMENTS

COMMITMENTS

NOTE 7. COMMITMENTS

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants issued upon conversion of the Working Capital Loans) will have registration rights to require the Company to register a sale of any of the Company’s securities held by them pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of these securities 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 completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a  45 -day option to purchase up to 1,875,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters exercised the over-allotment option in full on May 21, 2021.

The underwriters were paid a cash underwriting discount of $0.20 per Unit, or $2,875,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, $0.45 per unit, or  $6,468,750 in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

XML

WARRANTS

9 Months Ended

Sep. 30, 2021

WARRANTS.

WARRANTS

NOTE 8. WARRANTS

Public Warrants may only be exercised for a whole number of Class A ordinary shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of  (a) 30 days after the completion of a Business Combination or (b) one year from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described below with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

The Company has agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of an initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of an initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, the Company will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, the Company may call the warrants for cash:

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

● if, and only if, the closing price of the ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by us, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once warrants become exercisable, the Company may redeem the outstanding warrants:

● in whole and not in part;

● at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares;

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

● if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, 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.

The value of the Company’s Class A ordinary shares shall mean the volume-weighted average price of the Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. The Company will provide its warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).

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 an initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder 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 an initial Business Combination on the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates an initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants included in the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of an initial Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. 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.

At September 30, 2021, there were 7,187,500 Public Warrants and 4,456,250 Private Placement Warrants outstanding. The Company accounts for the Public Warrants and Private Placement Warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability.

The accounting treatment of derivative financial instruments require that the Company record the warrants as derivative liabilities at fair value upon the closing of the Initial Public Offering. The Public Warrants were allocated a portion of the proceeds from the issuance of the Units equal to their fair value. The warrant liabilities are subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liabilities will be adjusted to current fair value, with the change in fair value recognized in the Company’s statement of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification.

XML

SHAREHOLDER'S EQUITY

9 Months Ended

Sep. 30, 2021

SHAREHOLDER'S EQUITY

SHAREHOLDER'S EQUITY

NOTE 9. SHAREHOLDER’S EQUITY

Preference shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2021, there were no preference shares issued or outstanding.

Class A ordinary shares — The Company is authorized to issue 479,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At September 30, 2021, there were 14,375,000 Class A ordinary shares issued and no shares outstanding, excluding 14,375,000 Class A ordinary shares subject to possible redemption.

Class B ordinary shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. At September 30, 2021, there were 3,593,750 Class B ordinary shares issued and outstanding.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law. However, only holders of Class B ordinary shares will have the right to vote on the appointment of directors prior to or in connection with the completion of an initial Business Combination, meaning that holders of Class A ordinary shares will not have the right to appoint any directors until after the completion of an initial Business Combination.

The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of an initial Business Combination on a one-for-one basis, subject to adjustment for share splits, share dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity- linked securities are issued or deemed issued in connection with an initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any private placement warrants issued to the Sponsor, officers or directors upon conversion of working capital loans, provided that such conversion of Class B ordinary shares will never occur on a less than one-for-one basis.

XML

FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2021

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

NOTE 10. FAIR VALUE MEASUREMENT

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of September 30, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	Amount at
Description	Fair Value		Level 1		Level 2		Level 3
September 30, 2021
Assets
U.S. Treasury Securities	$	145,190,239	$	145,190,239	$	—	$	—
Liabilities
Warrant liability - Public Warrants	$	—	$	—	$	—	$	—
Warrant liability - Private Placement Warrants	$	2,495,500	$	—	$	—	$	2,495,500

The Company utilizes a Modified Monte Carlo simulation model to value the Public Warrants and a Modified Black-Scholes method to value the Private Placement Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liabilities are determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero.

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting periods. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement as of September 30, 2021 after the Public Warrants were separately listed and traded.

The following table provides the significant inputs to the Modified Monte Carlo simulation for the fair value of the Public Warrants:

	At May 21, 2021
	(Initial
	Measurement)
Stock price	$	10.00
Exercise price	$	11.50
Expected term (in years)		5.08
Volatility		14.6	%
Risk-free rate		0.9	%
Fair value of warrants	$	0.91

The following table provides the significant inputs to the Modified Black-Scholes method for the fair value of the Private Placement Warrants:

	At May 21, 2021
	(Initial
	Measurement)			At September 30, 2021
Stock price	$	10.00		$	9.98
Exercise price	$	11.50		$	11.50
Dividend yield		—	%		—	%
Expected term (in years)		5.08			5.08
Volatility		14.6	%		10.3	%
Risk-free rate		0.9	%		1.0	%
Fair value of warrants	$	0.93		$	0.56

The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

					Warrant
	Private Placement		Public		Liabilities
Fair value at January 15, 2021 (inception)	$	—	$	—	$	—
Initial measurement at May 21, 2021		4,144,313		6,540,625		10,684,938
Change in fair value		(1,648,813)		(6,540,625)		(8,189,438)
Fair value at September 30, 2021	$	2,495,500	$	—	$	2,495,500

The Company recognized gains in connection with changes in the fair value of warrant liabilities of $10,706,500 and $8,189,438 within change in fair value of warrant liabilities in the condensed statement of operations during the three months ended September 30, 2021 and for the period from January 15, 2021 (inception) through September 30, 2021, respectively.

XML

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS

On November 15, 2021, the Company received a commitment from the Sponsor. The commitment provides for loans from the Sponsor to fund the Company’s working capital requirements. The Company may receive loans up to an aggregate of $600,000. The commitment will continue until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation.

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on May 20, 2021, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on May 24, 2021 and May 28, 2021. The interim results for the period from January 15, 2021 (inception) through September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

Emerging Growth Company

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial 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.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021.

Investments Held in Trust Account

Investments Held in Trust Account

As of September 30, 2021, the assets held in the Trust Account were held in money market funds, which were invested in U.S. Treasury securities.

Class A Ordinary Shares Subject to Possible Redemption

Class A Ordinary Shares Subject to Possible Redemption

All of the 14,375,000 shares of Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s second

amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Class A ordinary shares has been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

As of September 30, 2021, the Class A ordinary shares reflected in the condensed balance sheet are reconciled in the following table:

Allocated fair value of proceeds	$	137,209,375
Less:
Issuance costs allocated to Class A ordinary shares		(8,721,802)
Plus:
Accretion of carrying value to redemption value		15,265,166
Class A ordinary shares subject to possible redemption	$	143,752,739

Warrant Liabilities

Warrant Liabilities

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The initial fair value of the Public Warrants was estimated using a Modified Monte Carlo simulation approach and the fair value of the Private Placement Warrants was estimated using a Modified Black-Scholes model (see Note 10).

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A - Expenses of Offering. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity. Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately. The Company incurred offering costs amounting to $11,248,466 as a result of the Initial Public Offering (consisting of a $2,875,000 underwriting fee, $6,468,750 of deferred underwriting fees , $1,369,500 of anchor investor offering costs and $535,216 of other offering costs). The Company recorded $10,722,371 of offering costs as a reduction of equity in connection with the shares of Class A ordinary shares included in the Units. The Company immediately expensed $526,095 of offering costs in connection with the Public Warrants and Private Placement Warrants that were classified as liabilities.

The Company was reimbursed $2,156,250 by the underwriters for offering costs associated with the Initial Public Offering. The Company recorded $2,000,569 of the reimbursement as a reduction of offering costs recorded to equity and $155,681 of the reimbursement as a reduction to expense. As such, net offering costs recorded to equity amounted to $8,721,802 and net expensed offering costs amounted to $370,414.

Income Taxes

Income Taxes

The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in an interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statement. Since the Company was incorporated on February 5, 2021, the evaluation was performed for the upcoming 2021 tax year which will be the only period subject to examination.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is 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. Consequently, income taxes are not reflected in the Company’s financial statements.

Net Income Per Ordinary Share

Net Income Per Ordinary Share

Net income per common share is computed by dividing net income by the weighted-average number of shares of ordinary shares outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other shareholders, Class A and Class B ordinary shares are presented as one class of shares in calculating net income per share. As a result, the calculated net income per share is the same for Class A and Class B shares of ordinary shares. At September 30, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of ordinary shares and then share in the earnings of the Company. As a result, diluted income per share is the same as basic income per share for the periods presented.

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

					For the period from
					January 15, 2021
	Three Months Ended				(inception) through
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income per share:
Numerator:
Net income	$	8,175,595	$	2,043,899	$	4,718,467	$	2,305,615
Denominator:
Basic and diluted weighted average shares outstanding		14,375,000		3,593,750		7,354,651		3,593,750
Basic and diluted net income per share	$	0.57	$	0.57	$	0.64	$	0.64

Concentration of Credit Risk

Concentration of Credit Risk

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

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.

The carrying amounts reflected in the balance sheet for cash, prepaid expenses, and accounts payable and accrued expenses approximate fair value due to their short-term nature.

Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.

See Note 10 for additional information on assets and liabilities measured at fair value.

Recent Accounting Standards

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

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 financial statements.

XML

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2021

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Summary of impact on previously issued financial statements

	June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Balance Sheet (unaudited)
Class A ordinary shares subject to possible redemption (in shares)	$	12,199,859	$	2,175,141	$	14,375,000
Class A ordinary shares subject to possible redemption	$	121,998,590	$	21,752,280	$	143,750,870
Class A ordinary shares		218		(218)		—
Additional paid-in capital		8,132,003		(8,132,003)		—
Accumulated deficit		(3,132,572)		(13,620,059)		(16,752,631)
Total shareholders' equity (deficit)		5,000,008		(21,752,280)		(16,752,272)
Condensed Statement of Operations for the Three Months Ended June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, Class A ordinary shares		12,199,859		(5,810,970)		6,388,889
Basic and diluted net loss per share, Class A ordinary shares	$	—	$	(0.32)	$	(0.32)
Basic and diluted weighted average shares outstanding, Class B ordinary shares (1)		5,768,891		(2,175,141)		3,593,750
Basic and diluted net loss per share, Class B ordinary shares	$	(0.54)	$	0.22	$	(0.32)
Condensed Statement of Operations for the period from January 15, 2021 (inception) through June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, Class A ordinary shares		12,199,859		(8,736,004)		3,463,855
Basic and diluted net loss per share, Class A ordinary shares	$	—	$	(0.45)	$	(0.45)
Basic and diluted weighted average shares outstanding, Class B ordinary shares		5,768,891		(2,175,141)		3,593,750
Basic and diluted net loss per share, Class B ordinary shares	$	(0.54)	$	0.09	$	(0.45)
Condensed Statement of Cash Flows for the period from January 15, 2021 (inception) through June 30, 2021 (unaudited)
Cash Flows from Operating Activites:
Net loss	$	(3,132,572)	$	(62,840)	$	(3,195,412)
Adjustments to reconcile net loss to net cash used in operating activities:
Expensed offering costs	$	307,573	$	62,840	$	370,413
Supplemental disclosures of non-cash investing and financing activities:
Class A ordinary shares subject to possible redemption	$	121,998,590	$	(121,998,590)	$	—
Accretion of Class A ordinary shares subject to redemption to redemption value	$	—	$	15,263,297	$	15,263,297
Fair value of Founders Shares transferred to Anchor Investors	$	—	$	1,369,500	$	1,369,500

	May 21, 2021
	As Previously
	Reported		Adjustments		As Restated
Balance Sheet
Class A ordinary shares subject to possible redemption (in shares)		12,199,859		2,175,141		14,375,000
Class A ordinary shares subject to possible redemption	$	124,810,060	$	18,939,940	$	143,750,000
Class A ordinary shares		202		(202)		—
Additional paid-in capital		5,327,871		(5,327,871)		—
Accumulated deficit		(328,425)		(13,611,867)		(13,940,292)
Total shareholders' equity (deficit)		5,000,007		(18,939,940)		(13,939,933)

	For the period from January 15, 2021 (inception)
	through June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Statements of Operations (unaudited)
Expensed offering costs	$	307,573	$	62,840	$	370,413
Loss from operations		(616,380)		(62,840)		(679,220)
Net loss		(3,132,572)		(62,840)		(3,195,412)

	Three Months Ended June 30, 2021
	As Previously
	Reported		Adjustments		As Restated
Statements of Operations (unaudited)
Expensed offering costs	$	307,573	$	62,840	$	370,413
Loss from operations		(603,969)		(62,840)		(666,809)
Net loss		(3,120,161)		(62,840)		(3,183,001)

	Ordinary Shares
													Total
									Additional				Shareholders'
	Class A				Class B				Paid-in		Accumulated		Equity
	Shares		Amount		Shares		Amount		Capital		Deficit		(Deficit)
As Previously Reported:
Balance at January 15, 2021 (inception)		—	$	—		—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor		—		—		3,593,750		359		24,641		—		25,000
Net loss		—		—		—		—		—		(12,411)		(12,411)
Balance at March 31, 2021		—	$	—		3,593,750	$	359	$	24,641	$	(12,411)	$	12,589
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs		14,375,000		1,438		—		—		130,104,732		—		130,106,170
Class A ordinary shares subject to possible redemption		(12,199,859)		(1,220)		—		—		(121,997,370)		—		(121,998,590)
Net loss		—		—		—		—		—		(3,120,161)		(3,120,161)
Balance at June 30, 2021	$	2,175,141	$	218	$	3,593,750	$	359	$	8,132,003	$	(3,132,572)	$	5,000,008
Adjustments:
Balance at January 15, 2021 (inception)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fair value of Founders Shares transferred to Anchor Investors		—		—		—		—		1,369,500		—		1,369,500
Net loss		—		—		—		—		—		—		—
Balance at March 31, 2021		—	$	—		—	$	—	$	1,369,500	$	—	$	1,369,500
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs		(14,375,000)		(1,438)		—		—		(130,104,732)		—		(130,106,170)
Class A ordinary shares subject to possible redemption		12,199,859		1,220		—		—		121,997,370		—		121,998,590
Excess of cash received over fair value of Private Placement Warrants		—		—		—		—		311,937		—		311,937
Accretion of Class A ordinary shares to redemption amount		—		—		—		—		(1,706,078)		(13,557,219)		(15,263,297)
Net loss		—		—		—		—		—		(62,840)		(62,840)
Balance at June 30, 2021		(2,175,141)	$	(218)		—	$	—	$	(8,132,003)	$	(13,620,059)	$	(21,752,280)
As Restated:
Balance at January 15, 2021 (inception)		—	$	—		—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor		—		—		3,593,750		359		24,641		—		25,000
Fair value of Founders Shares transferred to Anchor Investors		—		—		—		—		1,369,500		—		1,369,500
Net loss		—		—		—		—		—		(12,411)		(12,411)
Balance at March 31, 2021		—	$	—	$	3,593,750	$	359	$	1,394,141	$	(12,411)	$	1,382,089
Excess of cash received over fair value of Private Placement Warrants		—		—		—		—		311,937		—		311,937
Accretion of Class A ordinary shares to redemption amount		—		—		—		—		(1,706,078)		(13,557,219)		(15,263,297)
Net loss		—		—		—		—		—		(3,183,001)		(3,183,001)
Balance at June 30, 2021		—	$	—		3,593,750	$	359	$	—	$	(16,752,631)	$	(16,752,272)

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of reconciliation of Class A common stock reflected on the balance sheet

As of September 30, 2021, the Class A ordinary shares reflected in the condensed balance sheet are reconciled in the following table:

Allocated fair value of proceeds	$	137,209,375
Less:
Issuance costs allocated to Class A ordinary shares		(8,721,802)
Plus:
Accretion of carrying value to redemption value		15,265,166
Class A ordinary shares subject to possible redemption	$	143,752,739

Reconciliation of Net Income per Common Share

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

					For the period from
					January 15, 2021
	Three Months Ended				(inception) through
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income per share:
Numerator:
Net income	$	8,175,595	$	2,043,899	$	4,718,467	$	2,305,615
Denominator:
Basic and diluted weighted average shares outstanding		14,375,000		3,593,750		7,354,651		3,593,750
Basic and diluted net income per share	$	0.57	$	0.57	$	0.64	$	0.64

XML

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Class of Warrant or Right [Line Items]

Schedule of company's assets that are measured at fair value on a recurring basis

	Amount at
Description	Fair Value		Level 1		Level 2		Level 3
September 30, 2021
Assets
U.S. Treasury Securities	$	145,190,239	$	145,190,239	$	—	$	—
Liabilities
Warrant liability - Public Warrants	$	—	$	—	$	—	$	—
Warrant liability - Private Placement Warrants	$	2,495,500	$	—	$	—	$	2,495,500

Schedule of change in the fair value of the warrant liabilities

					Warrant
	Private Placement		Public		Liabilities
Fair value at January 15, 2021 (inception)	$	—	$	—	$	—
Initial measurement at May 21, 2021		4,144,313		6,540,625		10,684,938
Change in fair value		(1,648,813)		(6,540,625)		(8,189,438)
Fair value at September 30, 2021	$	2,495,500	$	—	$	2,495,500

Public Warrants

Class of Warrant or Right [Line Items]

Schedule of quantitative information regarding Level 3 fair value measurements inputs

	At May 21, 2021
	(Initial
	Measurement)
Stock price	$	10.00
Exercise price	$	11.50
Expected term (in years)		5.08
Volatility		14.6	%
Risk-free rate		0.9	%
Fair value of warrants	$	0.91

Private Placement Warrants

Class of Warrant or Right [Line Items]

Schedule of quantitative information regarding Level 3 fair value measurements inputs

	At May 21, 2021
	(Initial
	Measurement)			At September 30, 2021
Stock price	$	10.00		$	9.98
Exercise price	$	11.50		$	11.50
Dividend yield		—	%		—	%
Expected term (in years)		5.08			5.08
Volatility		14.6	%		10.3	%
Risk-free rate		0.9	%		1.0	%
Fair value of warrants	$	0.93		$	0.56

XML

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) - USD ($)		3 Months Ended	9 Months Ended
	May 21, 2021	Mar. 31, 2021	Sep. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance initial public offering			$ 143,031,250
Proceeds from sale of Warrants			4,456,250
Offering costs			1,369,500
Maturity term of U.S. government securities	185 days
Transaction Costs			11,248,466
Underwriting fees			2,875,000
Deferred underwriting fees			6,468,750
Other offering costs			535,216
Offering costs reimbursed by the underwriters			2,156,250
Cash held outside of the Trust Account			817,331
Working capital			992,103
Proceeds from the sale of the Founder Shares		$ 25,000
Proceeds from promissory note - related party			$ 129,886
Threshold percentage of Public Shares subject to redemption without the Company's prior written consent			15.00%
Threshold business days for redemption of public shares			10 days
Maximum net interest to pay dissolution expenses			$ 100,000
Condition for future business combination threshold Net Tangible Assets			$ 5,000,001
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent)			100.00%
Founder Shares
Subsidiary, Sale of Stock [Line Items]
Proceeds from the sale of the Founder Shares			$ 25,000
Promissory Note with Related Party
Subsidiary, Sale of Stock [Line Items]
Proceeds from promissory note - related party			$ 300,000
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Sale of units in initial public offering ( in shares)	14,375,000
Price per share			$ 10.10
Proceeds from issuance initial public offering	$ 143,750,000
Net proceeds placed in trust account	$ 146,768,750
Initial Public Offering | Trust Account
Subsidiary, Sale of Stock [Line Items]
Price per share			$ 10.10
Private Placement | Private Placement Warrants
Subsidiary, Sale of Stock [Line Items]
Sale of Private Placement Warrants (in shares)	4,456,250		4,456,250
Price of warrant	$ 1.00		$ 1.00
Proceeds from sale of Warrants	$ 4,456,250		$ 4,456,250
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of units in initial public offering ( in shares)	1,875,000		1,875,000
Price per share	$ 10.00
Proceeds from issuance initial public offering			$ 143,750,000

XML

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	May 21, 2021	Jan. 14, 2021
CONDENSED BALANCE SHEET
Total shareholders' equity (deficit)	$ (6,534,647)	$ (16,752,272)	$ 1,382,089	$ (16,752,272)	$ (6,534,647)	$ (13,939,933)	$ 0
Class A ordinary shares subject to possible redemption	143,752,739	$ 143,750,870		$ 143,750,870	143,752,739	143,750,000
Class A ordinary shares subject to possible redemption		14,375,000		14,375,000
Accumulated deficit	(6,535,006)	$ (16,752,631)		$ (16,752,631)	(6,535,006)	$ (13,940,292)
CONDENSED STATEMENT OF OPERATIONS
Expensed offering costs		(370,413)		(370,413)	(370,414)
Loss from operations	(488,875)	(666,809)		(679,220)	(1,168,095)
Net loss	10,219,494	(3,183,001)	(12,411)	(3,195,412)	7,024,082
CONDENSED STATEMENT OF CASH FLOWS
Net loss	10,219,494	(3,183,001)	(12,411)	(3,195,412)	7,024,082
Adjustments to reconcile net loss to net cash used in operating activities:
Expensed offering costs		$ (370,413)		(370,413)	(370,414)
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Accretion of Class A ordinary shares subject to redemption to redemption value				15,263,297	15,265,166
Fair value of Founders Shares transferred to Anchor Investors				$ 1,369,500	1,369,500
Minimum Net Tangible Assets Upon Redemption Of Temporary Equity	$ 5,000,001				$ 5,000,001
Class A ordinary shares
CONDENSED BALANCE SHEET
Class A ordinary shares subject to possible redemption						14,375,000
CONDENSED STATEMENT OF OPERATIONS
Basic, Weighted Average Number of Shares Outstanding	14,375,000	6,388,889		3,463,855	7,354,651
Diluted weighted average shares outstanding		6,388,889		3,463,855
Basic net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Diluted net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Net loss	$ 8,175,595				$ 4,718,467
CONDENSED STATEMENT OF CASH FLOWS
Net loss	8,175,595				4,718,467
Class B ordinary shares
CONDENSED BALANCE SHEET
Class A ordinary shares	$ 359				$ 359
CONDENSED STATEMENT OF OPERATIONS
Basic, Weighted Average Number of Shares Outstanding	3,593,750	3,593,750		3,593,750	3,593,750
Diluted weighted average shares outstanding		3,593,750		3,593,750
Basic net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Diluted net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Net loss	$ 2,043,899				$ 2,305,615
CONDENSED STATEMENT OF CASH FLOWS
Net loss	$ 2,043,899				$ 2,305,615
As previously reported
CONDENSED BALANCE SHEET
Total shareholders' equity (deficit)		$ 5,000,008	12,589	$ 5,000,008		$ 5,000,007
Class A ordinary shares subject to possible redemption		$ 121,998,590		$ 121,998,590		124,810,060
Class A ordinary shares subject to possible redemption		12,199,859		12,199,859
Class A ordinary shares		$ 218		$ 218		202
Additional paid-in capital		8,132,003		8,132,003		5,327,871
Accumulated deficit		(3,132,572)		(3,132,572)		$ (328,425)
CONDENSED STATEMENT OF OPERATIONS
Expensed offering costs		(307,573)		(307,573)
Loss from operations		(603,969)		(616,380)
Net loss		(3,120,161)	(12,411)	(3,132,572)
CONDENSED STATEMENT OF CASH FLOWS
Net loss		(3,120,161)	(12,411)	(3,132,572)
Adjustments to reconcile net loss to net cash used in operating activities:
Expensed offering costs		$ (307,573)		(307,573)
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Class A common stock subject to possible redemption				121,998,590
Accretion of Class A ordinary shares subject to redemption to redemption value				0
Fair value of Founders Shares transferred to Anchor Investors				$ 0
As previously reported | Class A ordinary shares
CONDENSED BALANCE SHEET
Class A ordinary shares subject to possible redemption						12,199,859
CONDENSED STATEMENT OF OPERATIONS
Basic, Weighted Average Number of Shares Outstanding		12,199,859		12,199,859
Diluted weighted average shares outstanding		12,199,859		12,199,859
Basic net income per share of ordinary share		$ 0		$ 0
As previously reported | Class B ordinary shares
CONDENSED STATEMENT OF OPERATIONS
Basic, Weighted Average Number of Shares Outstanding		5,768,891		5,768,891
Diluted weighted average shares outstanding		5,768,891		5,768,891
Basic net income per share of ordinary share		$ (0.54)		$ (0.54)
Diluted net income per share of ordinary share		$ (0.54)		$ (0.54)
Adjustments
CONDENSED BALANCE SHEET
Total shareholders' equity (deficit)		$ (21,752,280)	$ 1,369,500	$ (21,752,280)		$ (18,939,940)
Class A ordinary shares subject to possible redemption		$ 21,752,280		$ 21,752,280		18,939,940
Class A ordinary shares subject to possible redemption		2,175,141		2,175,141
Class A ordinary shares		$ (218)		$ (218)		(202)
Additional paid-in capital		(8,132,003)		(8,132,003)		(5,327,871)
Accumulated deficit		(13,620,059)		(13,620,059)		$ (13,611,867)
CONDENSED STATEMENT OF OPERATIONS
Expensed offering costs		(62,840)		(62,840)
Loss from operations		(62,840)		(62,840)
Net loss		(62,840)		(62,840)
CONDENSED STATEMENT OF CASH FLOWS
Net loss		(62,840)		(62,840)
Adjustments to reconcile net loss to net cash used in operating activities:
Expensed offering costs		$ (62,840)		(62,840)
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Class A common stock subject to possible redemption				(121,998,590)
Accretion of Class A ordinary shares subject to redemption to redemption value				15,263,297
Fair value of Founders Shares transferred to Anchor Investors				$ 1,369,500
Adjustments | Class A ordinary shares
CONDENSED BALANCE SHEET
Class A ordinary shares subject to possible redemption						2,175,141
CONDENSED STATEMENT OF OPERATIONS
Basic, Weighted Average Number of Shares Outstanding		(5,810,970)		(8,736,004)
Diluted weighted average shares outstanding		(5,810,970)		(8,736,004)
Basic net income per share of ordinary share		$ (0.32)		$ (0.45)
Diluted net income per share of ordinary share		$ (0.32)		$ (0.45)
Adjustments | Class B ordinary shares
CONDENSED STATEMENT OF OPERATIONS
Basic, Weighted Average Number of Shares Outstanding		(2,175,141)		(2,175,141)
Diluted weighted average shares outstanding		(2,175,141)		(2,175,141)
Basic net income per share of ordinary share		$ 0.22		$ 0.09
Diluted net income per share of ordinary share		$ 0.22		$ 0.09

XML

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Equity Statements (Details) - USD ($)		3 Months Ended			6 Months Ended	9 Months Ended
	May 21, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		$ (16,752,272)	$ 1,382,089	$ 0	$ 0	$ 0
Issuance of Class B ordinary shares to Sponsor				25,000
Fair value of Founders Shares transferred to Anchor				1,369,500
Excess of cash received over fair value of Private Placement			311,937
Accretion of Class A ordinary shares to redemption amount		(1,869)	(15,263,297)
Net income (loss)		10,219,494	(3,183,001)	(12,411)	(3,195,412)	7,024,082
Balance at the end	$ (13,939,933)	(6,534,647)	(16,752,272)	1,382,089	(16,752,272)	(6,534,647)
As previously reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		5,000,008	12,589
Issuance of Class B ordinary shares to Sponsor				25,000
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs			130,106,170
Class A ordinary shares subject to possible redemption			(121,998,590)
Net income (loss)			(3,120,161)	(12,411)	(3,132,572)
Balance at the end	5,000,007		5,000,008	12,589	5,000,008
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		(21,752,280)	1,369,500
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs			(130,106,170)
Class A ordinary shares subject to possible redemption			121,998,590
Fair value of Founders Shares transferred to Anchor				1,369,500
Excess of cash received over fair value of Private Placement			311,937
Accretion of Class A ordinary shares to redemption amount			(15,263,297)
Net income (loss)			(62,840)		(62,840)
Balance at the end	$ (18,939,940)		(21,752,280)	1,369,500	(21,752,280)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning			1,394,141	0	0	0
Issuance of Class B ordinary shares to Sponsor				24,641
Fair value of Founders Shares transferred to Anchor				1,369,500
Excess of cash received over fair value of Private Placement			311,937
Accretion of Class A ordinary shares to redemption amount			(1,706,078)
Balance at the end				1,394,141
Additional Paid-in Capital | As previously reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		8,132,003	24,641
Issuance of Class B ordinary shares to Sponsor				24,641
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs			130,104,732
Class A ordinary shares subject to possible redemption			(121,997,370)
Balance at the end			8,132,003	24,641	8,132,003
Additional Paid-in Capital | Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		(8,132,003)	1,369,500
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs			(130,104,732)
Class A ordinary shares subject to possible redemption			121,997,370
Fair value of Founders Shares transferred to Anchor				1,369,500
Excess of cash received over fair value of Private Placement			311,937
Accretion of Class A ordinary shares to redemption amount			(1,706,078)
Balance at the end			(8,132,003)	1,369,500	(8,132,003)
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		(16,752,631)	(12,411)	0	0	0
Accretion of Class A ordinary shares to redemption amount		(1,869)	(13,557,219)
Net income (loss)		10,219,494	(3,183,001)	(12,411)
Balance at the end		(6,535,006)	(16,752,631)	(12,411)	(16,752,631)	(6,535,006)
Accumulated Deficit | As previously reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		(3,132,572)	(12,411)
Net income (loss)			(3,120,161)	(12,411)
Balance at the end			(3,132,572)	(12,411)	(3,132,572)
Accumulated Deficit | Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		(13,620,059)
Accretion of Class A ordinary shares to redemption amount			(13,557,219)
Net income (loss)			(62,840)
Balance at the end			(13,620,059)		(13,620,059)
Class A ordinary shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		8,175,595				4,718,467
Class A ordinary shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning				$ 0	$ 0	$ 0
Balance at the beginning (in shares)				0	0	0
Class A ordinary shares | Common Stock | As previously reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		$ 218
Balance at the beginning (in shares)		2,175,141
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs			$ 1,438
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs (in shares)			14,375,000
Class A ordinary shares subject to possible redemption			$ (1,220)
Class A ordinary shares subject to possible redemption (in shares)			(12,199,859)
Balance at the end			$ 218		$ 218
Balance at the end (in shares)			2,175,141		2,175,141
Class A ordinary shares | Common Stock | Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		$ (218)
Balance at the beginning (in shares)		(2,175,141)
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs			$ (1,438)
Sale of 14,375,000 shares in Initial Public Offering, less fair value of public warrants, net of offering costs (in shares)			(14,375,000)
Class A ordinary shares subject to possible redemption			$ 1,220
Class A ordinary shares subject to possible redemption (in shares)			12,199,859
Balance at the end			$ (218)		$ (218)
Balance at the end (in shares)			(2,175,141)		(2,175,141)
Class B ordinary shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ 2,043,899				$ 2,305,615
Class B ordinary shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		$ 359	$ 359	$ 0	$ 0	$ 0
Balance at the beginning (in shares)		3,593,750	3,593,750	0	0	0
Issuance of Class B ordinary shares to Sponsor				$ 359
Issuance of Class B ordinary shares to Sponsor (in shares)				3,593,750
Balance at the end		$ 359	$ 359	$ 359	$ 359	$ 359
Balance at the end (in shares)		3,593,750	3,593,750	3,593,750	3,593,750	3,593,750
Class B ordinary shares | Common Stock | As previously reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning		$ 359	$ 359
Balance at the beginning (in shares)		3,593,750	3,593,750
Issuance of Class B ordinary shares to Sponsor				$ 359
Issuance of Class B ordinary shares to Sponsor (in shares)				3,593,750
Balance at the end			$ 359	$ 359	$ 359
Balance at the end (in shares)			3,593,750	3,593,750	3,593,750

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	May 21, 2021
Unrecognized tax benefits			$ 0
Unrecognized tax benefits accrued for interest and penalties			0
Offering costs incurred			11,248,466
Underwriting fees			2,875,000
Deferred underwriting fees			6,468,750
Other offering costs			535,216
Offering costs as a reduction of equity			10,722,371
Offering costs expensed in connection with the Public Warrants and Private Placement Warrants			526,095
Offering costs reimbursed by the underwriters			2,156,250
Reimbursement as a reduction of offering costs recorded to equity			2,000,569
Reimbursement as a reduction to expense			155,681
Net offering costs recorded to equity			8,721,802
Net expensed offering costs	$ 370,413	$ 370,413	370,414
Offering costs			$ 1,369,500
Class A ordinary shares subject to possible redemption	14,375,000	14,375,000
Class A ordinary shares
Class A ordinary shares subject to possible redemption				14,375,000
Class A Common Stock Subject to Redemption
Class A ordinary shares subject to possible redemption			14,375,000

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Class A ordinary shares reflected in Balance sheet (Details) - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	May 21, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allocated fair value of proceeds		$ 137,209,375
Issuance costs allocated to Class A ordinary shares		(8,721,802)
Immediate accretion to redemption value	$ 15,263,297	15,265,166
Class A ordinary shares subject to possible redemption	$ 143,750,870	$ 143,752,739	$ 143,750,000

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and diluted net income per ordinary share (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021
Numerator:
Net income (loss)	$ 10,219,494	$ (3,183,001)	$ (12,411)	$ (3,195,412)	$ 7,024,082
Class A ordinary shares
Numerator:
Net income (loss)	$ 8,175,595				$ 4,718,467
Denominator:
Basic net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Diluted net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Basic, Weighted Average Number of Shares Outstanding	14,375,000	6,388,889		3,463,855	7,354,651
Diluted, Weighted Average Number of Shares Outstanding	14,375,000				7,354,651
Class B ordinary shares
Numerator:
Net income (loss)	$ 2,043,899				$ 2,305,615
Denominator:
Basic net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Diluted net income per share of ordinary share	$ 0.57	$ (0.32)		$ (0.45)	$ 0.64
Basic, Weighted Average Number of Shares Outstanding	3,593,750	3,593,750		3,593,750	3,593,750
Diluted, Weighted Average Number of Shares Outstanding	3,593,750				3,593,750

XML

INITIAL PUBLIC OFFERING (Details) - USD ($)		9 Months Ended
	May 21, 2021	Sep. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance initial public offering		$ 143,031,250
Class A ordinary shares
Subsidiary, Sale of Stock [Line Items]
Common shares, par value, (per share)		$ 0.0001
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Sale of units in initial public offering ( in shares)	14,375,000
Purchase price, per unit		$ 10.10
Proceeds from issuance initial public offering	$ 143,750,000
Initial Public Offering | Public Warrants
Subsidiary, Sale of Stock [Line Items]
Number of shares in a unit		1
Number of warrants in a unit		0.5
Initial Public Offering | Public Warrants | Class A ordinary shares
Subsidiary, Sale of Stock [Line Items]
Common shares, par value, (per share)		$ 0.0001
Exercise price of warrants		$ 11.50
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of units in initial public offering ( in shares)	1,875,000	1,875,000
Purchase price, per unit	$ 10.00
Proceeds from issuance initial public offering		$ 143,750,000

XML

PRIVATE PLACEMENT (Details) - USD ($)		9 Months Ended
	May 21, 2021	Sep. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from sale of Private Placement Warrants		$ 4,456,250
Private Placement | Private Placement Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants to purchase shares issued	4,456,250	4,456,250
Price of warrants	$ 1.00	$ 1.00
Proceeds from sale of Private Placement Warrants	$ 4,456,250	$ 4,456,250
Private Placement | Private Placement Warrants | Class A ordinary shares
Subsidiary, Sale of Stock [Line Items]
Number of shares per warrant		1
Exercise price of warrant		$ 11.50

XML

RELATED PARTY TRANSACTIONS - Founder Shares (Details)			9 Months Ended
	May 21, 2021 item $ / shares shares	Jan. 26, 2021 USD ($) shares	Sep. 30, 2021 USD ($) D $ / shares shares	Apr. 30, 2021 shares
Class B ordinary shares
Related Party Transaction [Line Items]
Common shares, par value (in dollars per share) | $ / shares			$ 0.0001
Initial Public Offering
Related Party Transaction [Line Items]
Sale of units in initial public offering ( in shares) | shares	14,375,000
Sponsor
Related Party Transaction [Line Items]
Offering price | $ / shares			$ 2.49
Sale of units in initial public offering | $			$ 1,369,500
Sponsor | Class B ordinary shares
Related Party Transaction [Line Items]
Consideration received | $		$ 25,000
Shares issued | shares		5,031,250
Shares forfeited for no consideration | shares				1,437,500
Shares subject to forfeiture | shares			468,750
Percentage of issued and outstanding shares after the IPO collectively held by sponsor			20.00%
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination			1 year
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ / shares			$ 12.00
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D			20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D			30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences			150 days
Anchor investor | Initial Public Offering
Related Party Transaction [Line Items]
Number of anchor investors | item	11
Offering price | $ / shares	$ 10.00

XML

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)	May 18, 2021	Sep. 30, 2021	Jun. 07, 2021	Jan. 20, 2021
Promissory Note with Related Party
Related Party Transaction [Line Items]
Maximum borrowing capacity of related party promissory note				$ 300,000
Outstanding balance of related party note			$ 129,886
Working capital loans
Related Party Transaction [Line Items]
Maximum loans convertible into warrants		$ 1,500,000
Price of warrant		$ 1.00
Terra Carta Partners, LLC | Forward Purchase Shares
Related Party Transaction [Line Items]
Aggregate amount of forward purchase shares	$ 50,000,000
Price per share	$ 10.00
Number of shares in forward purchase shares	1

XML

COMMITMENTS (Details)		9 Months Ended
	May 21, 2021 shares	Sep. 30, 2021 USD ($) item $ / shares shares
Commitments [Line Items]
Maximum number of demands for registration of securities | item		3
Deferred fee per unit | $ / shares		$ 0.45
Aggregate deferred underwriting fee payable | $		$ 6,468,750
Underwriting cash discount per unit | $ / shares		$ 0.20
Aggregate underwriter cash discount | $		$ 2,875,000
Over-allotment option
Commitments [Line Items]
Underwriters option to purchase term		45 days
Sale of units in initial public offering ( in shares) | shares	1,875,000	1,875,000

XML

WARRANTS (Details)	9 Months Ended
	Sep. 30, 2021 D $ / shares shares
Class of Warrant or Right [Line Items]
Trading days determining volume weighted average price	10 days
Threshold business days for providing final fair market value to warrant holders	1
Maximum warrants exercise price for cashless basis | $ / shares	$ 0.361
Public Warrants
Class of Warrant or Right [Line Items]
Public Warrants exercisable term after the completion of a business combination	30 days
Public Warrants exercisable term from the closing of the public offering	1 year
Public Warrants expiration term	5 years
Maximum period after business combination in which to file registration statement	15 days
Maximum threshold period for registration statement to become effective after business combination	60 days
Redemption period	30 days
Trading days determining volume weighted average price	20 days
Share Price | $ / shares	$ 9.20
Percentage of gross proceeds on total equity proceeds	60.00%
Number of warrants outstanding | shares	7,187,500
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Stock price trigger for redemption of public warrants (in dollars per share) | $ / shares	$ 18.00
Redemption price per public warrant (in dollars per share) | $ / shares	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days
Threshold trading days for redemption of public warrants	20
Threshold consecutive trading days for redemption of public warrants	30
Threshold number of business days before sending notice of redemption to warrant holders	3
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	115.00%
Public Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Class of Warrant or Right [Line Items]
Stock price trigger for redemption of public warrants (in dollars per share) | $ / shares	$ 10.00
Redemption price per public warrant (in dollars per share) | $ / shares	$ 0.10
Minimum threshold written notice period for redemption of public warrants	30 days
Threshold trading days for redemption of public warrants	20
Threshold consecutive trading days for redemption of public warrants	30
Threshold number of business days before sending notice of redemption to warrant holders	3
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	180.00%
Private Placement Warrants
Class of Warrant or Right [Line Items]
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days
Number of warrants outstanding | shares	4,456,250
Private Placement Warrants | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Stock price trigger for redemption of public warrants (in dollars per share) | $ / shares	$ 18.00
Threshold trading days for redemption of public warrants	20
Threshold consecutive trading days for redemption of public warrants	30

XML

SHAREHOLDER'S EQUITY - Preferred Shares (Details)	Sep. 30, 2021 $ / shares shares
SHAREHOLDER'S EQUITY
Preferred shares, shares authorized	1,000,000
Preferred stock, par value, (per share) | $ / shares	$ 0.0001
Preferred shares, shares issued	0
Preferred shares, shares outstanding	0

XML

SHAREHOLDER'S EQUITY - Common Shares (Details)	9 Months Ended
	Sep. 30, 2021 Vote $ / shares shares	Jun. 30, 2021 shares	May 21, 2021 shares
Class of Stock [Line Items]
Common shares, votes per share | Vote	1
Class A ordinary shares subject to possible redemption		14,375,000
Class A ordinary shares
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	479,000,000
Common shares, par value (in dollars per share) | $ / shares	$ 0.0001
Common shares, votes per share | Vote	1
Common shares, shares issued (in shares)	14,375,000
Common shares, shares outstanding (in shares)	0
Class A ordinary shares subject to possible redemption			14,375,000
Class A Common Stock Subject to Redemption
Class of Stock [Line Items]
Class A ordinary shares subject to possible redemption	14,375,000
Class B ordinary shares
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	20,000,000
Common shares, par value (in dollars per share) | $ / shares	$ 0.0001
Common shares, votes per share | Vote	1
Common shares, shares issued (in shares)	3,593,750
Common shares, shares outstanding (in shares)	3,593,750
Number of Class A common stock issued upon conversion of each share (in shares)	1
Aggregated shares issued upon converted basis (in percent)	20.00%

XML

FAIR VALUE MEASUREMENT (Details)	Sep. 30, 2021 USD ($)
Assets:
Marketable securities held in Trust Account	$ 145,190,239
Liabilities
Warrant liabilities	2,495,500
Fair value transfers
Transfer from Level 1 to Level 2	0
Transfer from Level 2 to Level 1	0
Transfer from Level 1 to Level 2	0
Recurring | Private Placement Warrants
Liabilities
Warrant liabilities	2,495,500
U.S. Treasury Securities | Recurring
Assets:
Marketable securities held in Trust Account	145,190,239
Level 1 | U.S. Treasury Securities | Recurring
Assets:
Marketable securities held in Trust Account	145,190,239
Level 3
Liabilities
Warrant liabilities	10,706,500
Level 3 | Recurring | Private Placement Warrants
Liabilities
Warrant liabilities	$ 2,495,500

XML

FAIR VALUE MEASUREMENT - Level 3 Fair Value Measurements Inputs (Details)	Sep. 30, 2021	May 21, 2021
Public Warrants | Stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input		10.00
Public Warrants | Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input		11.50
Public Warrants | Expected term (in years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input		5.08
Public Warrants | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input		14.6
Public Warrants | Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input		0.9
Public Warrants | Fair value of warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input		0.91
Private Placement Warrants | Stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	9.98	10.00
Private Placement Warrants | Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	11.50	11.50
Private Placement Warrants | Expected term (in years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	5.08	5.08
Private Placement Warrants | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	10.3	14.6
Private Placement Warrants | Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	1.0	0.9
Private Placement Warrants | Fair value of warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	0.56	0.93

XML

FAIR VALUE MEASUREMENT - Change in the Fair Value of the Warrant Liabilities (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities	$ 2,495,500	$ 2,495,500
Change in fair value of warrant liabilities	(10,706,500)	(8,189,438)
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial measurement at May 21, 2021		10,684,938
Change in fair value		(8,189,438)
Fair value at September 30, 2021	2,495,500	2,495,500
Warrant liabilities	10,706,500	10,706,500
Change in fair value of warrant liabilities		8,189,438
Private Placement Warrants | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial measurement at May 21, 2021		4,144,313
Change in fair value		(1,648,813)
Fair value at September 30, 2021	$ 2,495,500	2,495,500
Public Warrants | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial measurement at May 21, 2021		6,540,625
Change in fair value		$ (6,540,625)

XML

SUBSEQUENT EVENTS (Details)	Nov. 15, 2021 USD ($)
Subsequent Event | Sponsor
Subsequent Event [Line Items]
Maximum amount of loan to be provided by Sponsor	$ 600,000