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Upon the consummation of the IPO and associated private placements, $127,500,000 of cash was placed in the Trust Account, $2,500,000 was paid in underwriter’s commissions and $500,000 of cash was held outside of the Trust Account and was available for the repayment of advances from the Sponsor, payment of expenses related to the IPO and subsequent working capital purposes.
+Added: On July 13, 2021, the underwriters notified us of their exercise of the over-allotment option in full and purchased 1,875,000 additional Units at $10.00 per Unit upon the closing of the over-allotment option, generating gross proceeds of $18,750,000.
+Added: The over-allotment option closed on July 15, 2021.
+Added: Simultaneously with the closing of the over-allotment option, we consummated the sale of 750,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in private placements to our sponsor.
We cannot assure you that our plans to complete our Initial Business Combination will be successful.
If we are unable to complete its initial business combination within 24 months from the date of the IPO, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than five business days thereafter, redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining holders of ordinary shares and our board of directors, liquidate and dissolve.
−Removed: the event of liquidation, the holders of the founder shares and Private Warrants will not participate in any redemption distribution with respect to their founder shares or Private Warrants, until all of the claims of any redeeming shareholders and creditors are fully satisfied (and then only from funds held outside the Trust Account).
+Added: In the event of liquidation, the holders of the founder shares and Private Warrants will not participate in any redemption distribution with respect to their founder shares or Private Warrants, until all of the claims of any redeeming shareholders and creditors are fully satisfied (and then only from funds held outside the Trust Account).
Results of Operations
We have neither engaged in any operations nor generated any revenues to date.
−Removed: Our only activities through June 30, 2021 were organizational activities, those necessary to prepare for the Public Offering, described below, and, after our Public Offering, day-to-day operations and identifying a target company for an Initial Business Combination.
+Added: Our only activities through September 30, 2021 were organizational activities, those necessary to prepare for the Public Offering, described below, and, after our Public Offering, day-to-day operations and identifying a target company for an Initial Business Combination.
We do not expect to generate any operating revenues until after the completion of our Initial Business Combination.
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 period February 26, 2021 (inception) through June 30, 2021, we had a net loss of $12,351, consisting of operating and formation costs.
+Added: For the period February 26, 2021 (inception) through September 30, 2021, we had a net loss of $157,001, consisting primarily of general and administrative expense.
+Added: For the three months ended September 30, 2021, we had a net loss of $144,650, consisting primarily of general and administrative expense.
Liquidity and Capital Resources
−Removed: As of June 30, 2021, we had no cash.
−Removed: For the period from February 26, 2021 (inception) through June 30, 2021, the net change in cash was $0.
−Removed: For the period from February 26, 2021 (inception) through June 30, 2021, cash provided by operating activities was $0.
−Removed: For the period from February 26, 2021 (inception) through June 30, 2021, cash provided by financing activities was $0.
+Added: As of September 30, 2021, we had cash of $645,854.
+Added: For the period from February 26, 2021 (inception) through September 30, 2021, the net change in cash was $645,854.
+Added: For the period from February 26, 2021 (inception) through September 30, 2021, cash used in operating activities was $370,260.
+Added: For the period from February 26, 2021 (inception) through September 30, 2021, cash used in investing activities was $146,625,000.
+Added: For the period from February 26, 2021 (inception) through September 30, 2021, cash provided by financing activities was $147,641,114.
On July 9, 2021, we consummated the Public Offering of 12,500,000 units (the “Units”), at $10.00 per Unit, generating gross proceeds of $125,000,000.
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Approximately $500,000 of the proceeds is held in cash and available for our general use.
+Added: On July 13, 2021, the underwriters notified us of their exercise of the over-allotment option in full and purchased 1,875,000 additional Units at $10.00 per Unit upon the closing of the over-allotment option, generating gross proceeds of $18,750,000.
+Added: The over-allotment option closed on July 15, 2021.
+Added: Simultaneously with the closing of the over-allotment option, the we consummated the sale of 750,000 warrants at a price of $1.00 per Private Placement Warrant in private placements to our sponsor.
Off-Balance Sheet Arrangements
−Removed: We did not have any off-balance sheet arrangements as of June 30, 2021.
+Added: We did not have any off-balance sheet arrangements as of September 30, 2021.
Contractual obligations
−Removed: As of June 30, 2021, we did not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.
+Added: As of September 30, 2021, we did not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.
The underwriters are entitled to a deferred fee of $5,031,250 in the aggregate.
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On an ongoing basis, we evaluate our estimates and judgments, including those related to fair value of financial instruments and accrued expenses.
−Removed: We base our estimates on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
−Removed: that are not readily apparent from other sources.
+Added: We base our estimates on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
+Added: values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates under different assumptions or conditions.
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Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares previously subject to forfeiture.
−Removed: Weighted average shares were reduced for the effect of an aggregate of 468,750 Class B ordinary shares that were previously subject to forfeiture if the over-allotment option was not exercised by the underwriters.
−Removed: As of June 30, 2021, we did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.
+Added: As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other stockholders, Class A and Class B ordinary shares are presented as one class of stock in the calculating net loss per share.
+Added: As a result, the calculated net loss per share is the same for Class A and Class B ordinary shares.
+Added: As of September 30, 2021, we did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.
As a result, diluted loss per share is the same as basic loss per share for the period presented.
+Added: Class A ordinary shares subject to possible redemption
+Added: We account for our ordinary shares subject to possible redemption in accordance with the guidance enumerated in ASC 480 “ Distinguishing Liabilities from Equity ”.
+Added: Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value.
+Added: Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity.
+Added: At all other times, ordinary shares are classified as shareholders’ equity.
+Added: Our Class A ordinary shares feature certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events.
+Added: Accordingly, at September 30, 2021, the shares of Class A ordinary shares subject to possible redemption in the amount of $143,750,000 are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Recent Accounting Pronouncements
−Removed: Our management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements.
+Added: In August 2020, the FASB issued Accounting Standards Update (“ASU”) No.
+Added: 2020-06, “ Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40):
+Added: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”) ”, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP.
+Added: The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas.
+Added: ASU 2020-06 is effective for the Company on January 1, 2022.
+Added: The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations and cash flows.
+Added: Our management does not believe that any recently issued, but not yet effective, accounting standards, except as noted above, if currently adopted would have a material effect on the accompanying unaudited condensed financial statements.
Quantitative and Qualitative Disclosures About Market Risk
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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.