| Summary of Impact of Restatement on Financial Statements |
The impact of the restatement on the Company’s financial statements is reflected in the following table.
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Unaudited Balance Sheet as of March 31, 2021 |
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Common stock subject to possible redemption |
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$ |
262,428,430 |
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$ |
13,571,570 |
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$ |
276,000,000 |
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| |
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|
826 |
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(136 |
) |
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|
690 |
|
Additional paid-in capital |
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|
5,049,658 |
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|
(5,049,658 |
) |
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|
— |
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| |
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|
(50,480 |
) |
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|
(8,521,776 |
) |
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|
(8,572,256 |
) |
Total stockholders’ equity (deficit) |
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$ |
5,000,004 |
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$ |
(13,571,570 |
) |
|
$ |
(8,571,566 |
) |
Number of shares subject to redemption |
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26,242,843 |
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1,357,157 |
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27,600,000 |
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Unaudited Statement of Operations for the three months ended
March 31, 2021 |
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Basic and diluted weighted average shares outstanding, common stock subject to redemption |
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19,231,241 |
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3,875,426 |
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23,106,667 |
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Basic and diluted net loss per share |
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$ |
— |
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$ |
(0.00 |
) |
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$ |
(0.00 |
) |
Basic and diluted weighted average shares outstanding, common stock |
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13,815,426 |
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(6,915,426 |
) |
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|
6,900,000 |
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Basic and diluted net loss per share |
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$ |
(0.00 |
) |
|
$ |
— |
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$ |
(0.00 |
) |
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Unaudited Statement of Changes in Stockholders’ Equity (Deficit) for the
three months ended March 31, 2021 |
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Sale of 27,600,000 Units, net of underwriting discount and offering expenses |
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$ |
267,453,914 |
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$ |
(267,451,154 |
) |
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$ |
2,760 |
|
Change in common stock subject to possible redemption |
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(262,428,430 |
) |
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262,428,430 |
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— |
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Common stock subject to possible redemption |
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— |
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(2,760 |
) |
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(2,760 |
) |
Sale of 7,270,000 Private Placement Warrants through over-allotment |
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— |
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7,270,000 |
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7,270,000 |
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Subsequent remeasurement under ASC
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$ |
— |
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$ |
(15,816,086 |
) |
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$ |
(15,816,086 |
) |
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Unaudited Statement of Cash Flows for the three months ended
March 31, 2021 |
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Initial value of common stock subject to possible redemption |
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$ |
227,738,380 |
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$ |
48,261,620 |
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$ |
276,000,000 |
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Change in value of common stock subject to possible redemption |
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$ |
34,690,050 |
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$ |
(34,690,050 |
) |
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$ |
— |
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Unaudited Balance Sheet as of June 30, 2021 |
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Common stock subject to possible redemption |
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$ |
262,308,840 |
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$ |
13,691,160 |
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$ |
276,000,000 |
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827 |
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(137 |
) |
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|
690 |
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Additional paid-in capital |
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5,169,247 |
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(5,169,247 |
) |
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— |
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| |
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(170,069 |
) |
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(8,521,776 |
) |
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(8,691,845 |
) |
Total stockholders’ equity (deficit) |
|
$ |
5,000,005 |
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$ |
(13,691,160 |
) |
|
$ |
(8,691,155 |
) |
Number of shares subject to redemption |
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26,230,884 |
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1,369,116 |
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27,600,000 |
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Unaudited Statement of Operations for the three months ended
June 30, 2021 |
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Basic and diluted weighted average shares outstanding, common stock subject to redemption |
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26,242,843 |
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1,357,157 |
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27,600,000 |
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Basic and diluted net loss per share |
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$ |
— |
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$ |
(0.00 |
) |
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$ |
(0.00 |
) |
Basic and diluted weighted average shares outstanding, common stock |
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8,257,157 |
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(1,357,157 |
) |
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6,900,000 |
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Basic and diluted net loss per share |
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$ |
(0.01 |
) |
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$ |
0.01 |
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$ |
(0.00 |
) |
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Unaudited Statement of Operations for the six months ended
June 30, 2021 |
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Basic and diluted weighted average shares outstanding, common stock subject to redemption |
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22,756,411 |
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2,609,335 |
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25,365,746 |
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Basic and diluted net loss per share |
|
$ |
— |
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$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
Basic and diluted weighted average shares outstanding, common stock |
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12,830,882 |
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(5,930,882 |
) |
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|
6,900,000 |
|
Basic and diluted net loss per share |
|
$ |
(0.01 |
) |
|
$ |
— |
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$ |
(0.01 |
) |
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Unaudited Statement of Changes in Stockholders’ Equity (Deficit) for the
three months ended June 30, 2021 |
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Change in common stock subject to possible redemption |
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119,590 |
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(119,590 |
) |
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— |
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Unaudited Statement of Changes in Stockholders’ Equity (Deficit) for the
six months ended June 30, 2021 |
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Sale of 27,600,000 Units, net of underwriting discount and offering expenses |
|
$ |
267,453,914 |
|
|
$ |
(267,451,154 |
) |
|
$ |
2,760 |
|
Change in common stock subject to possible redemption |
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|
(262,308,840 |
) |
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|
262,308,840 |
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|
— |
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Common stock subject to possible redemption |
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|
— |
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(2,760 |
) |
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(2,760 |
) |
Sale of 7,270,000 Private Placement Warrants through over-allotment |
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— |
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|
7,270,000 |
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|
7,270,000 |
|
Subsequent remeasurement under ASC
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|
$ |
— |
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$ |
(15,816,086 |
) |
|
$ |
(15,816,086 |
) |
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Unaudited Statement of Cash Flows for the six months ended
June 30, 2021 |
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Initial value of common stock subject to possible redemption |
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$ |
227,738,380 |
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$ |
48,261,620 |
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$ |
276,000,000 |
|
Change in value of common stock subject to possible redemption |
|
$ |
34,570,460 |
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|
$ |
(34,570,460 |
) |
|
$ |
— |
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