Registration of securities issued in business combination transactions

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

v3.21.1
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
6 Months Ended
Dec. 31, 2020
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS  
Schedule of impact of the restatement on the Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows

The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities.

 

 

 

 

 

 

 

 

 

 

 

 

As of  December 31, 2020

 

 

As Previously 

 

Restatement 

 

 

 

 

    

Reported

    

Adjustment

    

As Restated

 

 

 

 

 

 

 

 

 

 

Balance Sheet

 

 

 

 

 

 

 

 

 

Total assets

 

$

216,310,399

 

$

 —

 

$

216,310,399

Liabilities and shareholders’ equity

 

 

  

 

 

  

 

 

  

Total current liabilities

 

$

140,207

 

$

 —

 

$

140,207

Deferred legal fees

 

 

 —

 

 

 —

 

 

  

Deferred underwriting commissions

 

 

7,525,000

 

 

 —

 

 

7,525,000

Derivative warrant liabilities

 

 

 —

 

 

17,902,500

 

 

17,902,500

Total liabilities

 

 

7,665,207

 

 

17,902,500

 

 

25,567,707

Class A ordinary shares, $0.0001 par value; shares subject to possible redemption

 

 

203,645,190

 

 

(17,902,500)

 

 

185,742,690

Shareholders’ equity

 

 

  

 

 

  

 

 

  

Preference shares - $0.0001 par value

 

 

 —

 

 

 —

 

 

 —

Class A ordinary shares - $0.0001 par value

 

 

114

 

 

179

 

 

293

Class B ordinary shares - $0.0001 par value

 

 

538

 

 

 —

 

 

538

Additional paid-in-capital

 

 

5,303,949

 

 

2,306,781

 

 

7,610,730

Accumulated deficit

 

 

(304,599)

 

 

(2,306,960)

 

 

(2,611,559)

Total shareholders’ equity

 

 

5,000,002

 

 

 —

 

 

5,000,002

Total liabilities and shareholders’ equity

 

$

216,310,399

 

$

 —

 

$

216,310,399

 

 

 

 

 

 

 

 

 

 

 

 

 

Period From June 24, 2020 (Inception) Through December 31, 2020

 

 

As Previously 

 

Restatement 

 

 

 

 

 

Reported

 

Adjustment

 

As Restated

 

 

 

 

 

 

 

 

 

 

Statement of Operations

 

 

 

 

 

 

 

 

 

Loss from operations

 

$

(380,824)

 

$

 —

 

$

(380,824)

Other (expense) income:

 

 

  

 

 

  

 

 

  

Change in fair value of derivative warrant liabilities

 

 

 —

 

 

(1,705,000)

 

 

(1,705,000)

Offering costs associated with derivative warrant liabilities

 

 

 —

 

 

(601,960)

 

 

(601,960)

Net gain from investments held in Trust Account

 

 

76,225

 

 

 —

 

 

76,225

Total other (expense) income

 

 

76,225

 

 

(2,306,960)

 

 

(2,230,735)

Net loss

 

$

(304,599)

 

$

(2,306,960)

 

$

(2,611,559)

 

 

 

 

 

 

 

 

 

 

Basic and Diluted weighted-average Class A ordinary shares outstanding

 

 

21,500,000

 

 

 —

 

 

21,500,000

Basic and Diluted net loss per Class A share

 

$

0.00

 

 

 —

 

$

0.00

Basic and Diluted weighted-average Class B ordinary shares outstanding

 

 

5,265,873

 

 

 —

 

 

5,265,873

Basic and Diluted net loss per Class B share

 

$

(0.07)

 

 

 —

 

$

(0.51)

 

 

 

 

 

 

 

 

 

 

 

 

 

Period From June 24, 2020 (Inception) Through December 31, 2020

 

 

As Previously 

 

Restatement 

 

 

 

 

    

Reported

    

Adjustment

    

As Restated

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows

 

 

 

 

 

 

 

 

 

Net loss

 

$

(304,599)

 

$

(2,306,960)

 

$

(2,611,559)

Change in fair value of derivative warrant liabilities

 

 

 —

 

 

1,705,000

 

 

1,705,000

Offering costs associated with derivative warrant liabilities      

 

 

 —

 

 

601,960

 

 

601,960

Net cash used in operating activities

 

 

(614,968)

 

 

 —

 

 

(614,968)

Net cash used in investing activities

 

 

(215,000,000)

 

 

 —

 

 

(215,000,000)

Net cash provided by financing activities

 

 

216,534,791

 

 

 —

 

 

216,534,791

Net change in cash

 

$

919,823

 

$

 —

 

$

919,823

 


There is no change to total shareholders’ equity at the reported balance sheet date.

 

 

 

 

 

 

 

 

 

 

 

 

As of  September 30, 2020

 

 

As Previously 

 

Restatement 

 

 

 

 

    

Reported

    

Adjustment

    

As Restated

 

 

 

 

 

 

 

 

 

 

Balance Sheet

 

 

 

 

 

 

 

 

 

Total assets

 

$

216,445,723

 

$

 —

 

$

216,445,723

Liabilities and shareholders’ equity

 

 

  

 

 

  

 

 

  

Total current liabilities

 

$

161,956

 

$

 —

 

$

161,956

Deferred legal fees

 

 

 —

 

 

  

 

 

  

Deferred underwriting commissions

 

 

7,525,000

 

 

 —

 

 

7,525,000

Derivative warrant liabilities

 

 

 —

 

 

16,197,500

 

 

16,197,500

Total liabilities

 

 

7,686,956

 

 

16,197,500

 

 

23,884,456

Class A ordinary shares, $0.0001 par value; shares subject to possible redemption

 

 

203,758,760

 

 

(16,197,500)

 

 

187,561,260

Shareholders’ equity

 

 

  

 

 

  

 

 

  

Preference shares - $0.0001 par value

 

 

 —

 

 

 —

 

 

 —

Class A ordinary shares - $0.0001 par value

 

 

112

 

 

162

 

 

274

Class B ordinary shares - $0.0001 par value

 

 

538

 

 

 —

 

 

538

Additional paid-in-capital

 

 

5,190,381

 

 

601,798

 

 

5,792,179

Accumulated deficit

 

 

(191,024)

 

 

(601,960)

 

 

(792,984)

Total shareholders’ equity

 

 

5,000,007

 

 

 —

 

 

5,000,007

Total liabilities and shareholders’ equity

 

$

216,445,723

 

$

 —

 

$

216,445,723