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Restatement of Previosusly Issued Financial Statements

v3.21.2
Restatement of Previosusly Issued Financial Statements
 7 Months Ended
Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previosusly Issued Financial Statements
NOTE 2 —
RESTATEMENT OF PREVIOSUSLY ISSUED FINANCIAL STATEMENTS 
In connection with the preparation of the Company’s financial statements as of September 30, 2021, management identified errors made in its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its Class A ordinary shares subject to possible redemption. The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per Class A ordinary share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A ordinary shares issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification error related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares.
The impact on previously issued financial state
m
ents is presented below.
 
 
  
As previously reported
 
  
Adjustments
 
  
As restated
 
July 20, 2021 balance sheet (Form
8-K)
 
Temporary equity
   
$
   123,004,960     
$
 26,995,040     
$
 150,000,000  
Shareholders’ equity (deficit)
                           
Class A ordinary shares
      270        (270 )      —    
Class B ordinary shares
      431        —          431  
Additional paid-in capital
      8,147,737        (8,147,737 )      —    
Accumulated deficit
      (3,148,437 )      (18,847,033 )      (21,995,470 )
Total shareholders’ equity (deficit)
   
$
   5,000,001     
$
 (26,995,040 )   
$
 (21,995,039 )