| Summary of Revision to Prior Period Financial Statements |
The Company concluded that the misstatement was not material to the Post-IPO Balance Sheet and the misstatement had no material impact to any prior interim period. The effect of the revisions to the Post-IPO Balance Sheet is as follows:
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As of March 2, 2021 |
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As Previously
Reported |
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Restatement
Adjustment |
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As Restated |
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$ |
277,526,800 |
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$ |
— |
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$ |
277,526,800 |
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Liabilities and shareholders’ equity |
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Total current liabilities |
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$ |
710,251 |
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$ |
— |
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$ |
710,251 |
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Deferred underwriting commissions |
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9,625,000 |
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— |
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9,625,000 |
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— |
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9,153,333 |
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9,153,333 |
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10,335,251 |
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9,153,333 |
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19,488,584 |
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Class A ordinary shares, $0.001 par value; shares subject to possible redemption |
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262,191,540 |
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(9,153,330 |
) |
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253,038,210 |
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Preference shares - $0.0001 par value |
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— |
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— |
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— |
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Class A ordinary shares - $0.001 par value |
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128 |
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92 |
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220 |
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Class B ordinary shares - $0.001 par value |
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690 |
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— |
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690 |
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5,052,066 |
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275,527 |
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5,327,593 |
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(52,875 |
) |
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(275,622 |
) |
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(328,497 |
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Total shareholders’ equity |
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5,000,009 |
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(3 |
) |
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5,000,006 |
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Total liabilities and shareholders’ equity |
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$ |
277,526,800 |
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$ |
— |
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$ |
277,526,800 |
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