What changed in this filing

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Item 4. Controls and Procedures

2022-05-23 compared with 2021-11-15 · 37 added, 28 removed, 21 unchanged (76% of the section changed)

8 unchanged sentences

appropriate, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and

determined that we had initially recorded our Warrants as equity instruments instead of as liabilities in our balance sheet as of March

2, 2021, which we filed on Form 8-K on March 9, 2021.

Our internal control over financial reporting did not result in the proper

accounting classification of certain of the warrants we issued in March 2021.

This mistake in classification was brought to our attention

only when the SEC issued the SEC Statement.

The SEC Statement addresses certain accounting and reporting considerations related to warrants

of a kind similar to those we issued at the time of our Initial Public Offering in March 2021.

Our internal control over financial reporting did not result in the proper accounting

classification of certain of the warrants we issued in March 2021.

This mistake in classification was brought to our attention only when

the SEC issued the SEC Statement.

The SEC Statement addresses certain accounting and reporting considerations related to warrants of a

kind similar to those we issued at the time of our Initial Public Offering in March 2021.

May 28, 2021, the Company filed with the SEC Amendment No.

1 unchanged sentence

to reflect the classification of the Company’s warrants as a liability, in accordance with the SEC Statement.

In addition, as part of a subsequent review of

our accounting for more complex equity situations, we also changed our accounting methodology for our Class A ordinary shares subject

to possible redemption to be in accordance with guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Redeemable

equity instruments (including equity instruments that feature redemption rights that are either with 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.

Accordingly, we have determined that all of our outstanding Class A ordinary shares should be presented as temporary equity.

Due to the impact of these errors in the classification

of our warrants and Class A ordinary shares, we determined that a material weakness exists in our internal control over financial reporting.

required by Rules 13a-15f and 15d-15 under the Exchange Act, our principal executive officer and principal financial

officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September

Based upon their evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls

and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective as of September

Changes in Internal Control over Financial

than as described herein, there was no change in our internal control over financial reporting that occurred during the period from June

30, 2021 through September 30, 2021, covered by this Quarterly Report on Form 10-Q that has materially affected, or

is reasonably likely to materially affect, our internal control over financial reporting.

addition, as part of a subsequent review of our accounting for more complex equity situations, we also changed our accounting methodology

for our Class A ordinary shares subject to possible redemption to be in accordance with guidance in FASB ASC Topic 480 “Distinguishing

Liabilities from Equity.” Redeemable equity instruments (including equity instruments that feature redemption rights that are either

with 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.

Accordingly, we have determined that all of our outstanding Class A ordinary shares should

be presented as temporary equity.

December 22, 2021, the Company filed with the SEC Amendment No.

2 on Form 8-K/A to reflect the classification of all of the Company’s

Class A ordinary shares as temporary equity in accordance with ASC 480-10-S99.

to the impact of these errors in the classification of our warrants and Class A ordinary shares, we determined that a material weakness

exists in our internal control over financial reporting.

required by Rules 13a-15f and 15d-15 under the Exchange Act, our principal executive officer and principal financial officer carried out

an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2022.

their evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures

(as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective as of March 31, 2022.

Report on Internal Controls Over Financial Reporting

This Quarterly Report

on Form 10-Q does not include a report of management’s assessment regarding internal control over financial reporting or an attestation

report of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public

Changes in Internal

Control over Financial Reporting

than as described herein, there was no change in our internal control over financial reporting that occurred during the period from March

2, 2021 through March 31, 2022, covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to

materially affect, our internal control over financial reporting.

has identified a material weakness in our internal control over financial reporting related to the accounting of complex financial instruments

4 unchanged sentences

While we have processes to identify and appropriately apply applicable accounting requirements,

we plan to enhance our system of evaluating and implementing the accounting standards that apply to our financial statements, including

through enhanced analyses by our personnel and third-party professionals with whom we consult regarding complex accounting applications.

The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately

have the intended effects.

PART II – OTHER INFORMATION

we plan to enhance our system of evaluating and implementing the accounting standards that apply to our unaudited condensed financial

statements, including through enhanced analyses by our personnel and third-party professionals with whom we consult regarding complex

accounting applications.

The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these

initiatives will ultimately have the intended effects.

PART II - OTHER

Legal Proceedings

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.

What changed 10-Q

Item 4. Controls and Procedures