28 unchanged sentences
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.
−Removed: For the three months ended, we had a net income of $9,611,289.
−Removed: We incurred $126,309 of formation and operating costs consisting mostly of general and administrative expenses.
+Added: For the six months ended June 30, 2021, we had a net income of $8,138,992.
+Added: We incurred $607,545 of formation and operating costs consisting mostly of general and administrative expenses and generated income on out trust account for $3,872.
As a result of the restatement described in Note 2 “Restatement of Previously Issued Financial Statements” to the financial statements included herein, we classify the warrants issued in connection with our initial public offering and private placement as liabilities at their fair value and adjust the warrant instruments to fair value at each reporting period.
1 unchanged sentence
As part of the reclassification to warrant liability, we reclassed a portion of the offering costs associated with the IPO originally charged to shareholders’ equity, to an expense in the statement of operations in the amount of $780,268 based on a relative fair value basis.
−Removed: For the three months ended March 31, 2021, the change in fair value of warrants was a decrease in the liability of approximately $10,517,866.
+Added: For the six months ended June 30, 2021, the change in fair value of warrants was a decrease in the liability of approximately $9,522,933.
+Added: For the three months ended June 30, 2021, we had a net loss of $1,472,297.
+Added: We incurred $481,236 of formation and operating costs consisting mostly of general and administrative expenses and generated income on out trust account for $3,872.
+Added: As a result of the restatement described in Note 2 “Restatement of Previously Issued Financial Statements” to the financial statements included herein, we classify the warrants issued in connection with our initial public offering and private placement as liabilities at their fair value and adjust the warrant instruments to fair value at each reporting period.
+Added: These liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations.
+Added: As part of the reclassification to warrant liability, we reclassed a portion of the offering costs associated with the IPO originally charged to shareholders’ equity, to an expense in the statement of operations in the amount of $0 based on a relative fair value basis.
+Added: For the three months ended June 30, 2021, the change in fair value of warrants was a increase in the liability of approximately $994,933.
Liquidity and Capital Resources
−Removed: As of March 31, 2021, we had cash outside the trust account of $775,736 available for working capital needs.
+Added: As of June 30, 2021, we had cash outside the trust account of $622,416 available for working capital needs.
All remaining cash held in the trust account are generally unavailable for the Company’s use, prior to an initial business combination, and is restricted for use either in a business combination or to redeem ordinary shares.
−Removed: As of March 31, 2021, none of the amount in the trust account was available to be withdrawn as described above.
−Removed: Through March 31, 2021, the Company’s liquidity needs were satisfied through receipt of $25,000 from the sale of the founder shares, and the remaining net proceeds from the initial public offering and the sale of private placement warrants.
−Removed: The Company anticipates that the $775,736 outside of the trust account as of March 31, 2021, will be sufficient to allow the Company to operate for at least the next 12 months, assuming that a business combination is not consummated during that time.
+Added: As of June 30, 2021, none of the amount in the trust account was available to be withdrawn as described above.
+Added: Through June 30, 2021, the Company’s liquidity needs were satisfied through receipt of $25,000 from the sale of the founder shares, and the remaining net proceeds from the initial public offering and the sale of private placement warrants.
+Added: The Company anticipates that the $622,416 outside of the trust account as of June 30, 2021, will be sufficient to allow the Company to operate for at least the next 12 months, assuming that a business combination is not consummated during that time.
Until consummation of our business combination, the Company will be using the funds not held in the trust account, and any additional Working Capital Loans (as defined in Note 5 to our financial statements) from the initial shareholders, the Company’s officers and directors, or their respective affiliates (which is described in Note 5 to our financial statements), for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business combination.
34 unchanged sentences
The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events.
−Removed: Accordingly, as of March 31, 2021, 24,164,531 shares of Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
+Added: Accordingly, as of June 30, 2021, 24,164,531 shares of Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Net Loss per Ordinary Shares
1 unchanged sentence
The Company applies the two-class method in calculating earnings per share.
−Removed: Shares of Class A ordinary shares subject to possible redemption at March 31, 2021, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per Class A ordinary shares since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings.
+Added: Shares of Class A ordinary shares subject to possible redemption at June 30, 2021, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per Class A ordinary shares since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings.
The Company has not considered the effect of Warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate 14,213,333 Class A ordinary shares in the calculation of diluted loss per share, since the exercise of the Warrants into Class A ordinary shares is contingent upon the occurrence of future events.
3 unchanged sentences
Off-Balance Sheet Arrangements
−Removed: As of March 31, 2021, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.
+Added: As of June 30, 2021, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.
The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, relax certain reporting requirements for qualifying public companies.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.