| Summary of impact on previously issued financial statements |
The impact of the restatement on the Company’s financial statements is reflected in the following table.
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As Previously |
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Balance Sheet as of February 23, 2021 (audited) |
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Reported |
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Adjustment |
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As Restated |
Common stock subject to possible redemption |
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$ |
308,495,000 |
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$ |
36,505,000 |
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$ |
345,000,000 |
Common stock |
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$ |
365 |
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$ |
(365) |
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$ |
— |
Additional paid-in capital |
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$ |
6,416,183 |
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$ |
(6,416,183) |
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$ |
— |
Accumulated deficit |
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$ |
(1,417,402) |
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$ |
(30,088,452) |
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$ |
(31,505,854) |
Total Stockholders’ Equity (Deficit) |
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$ |
5,000,009 |
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$ |
(36,505,000) |
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$ |
(31,504,991) |
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Balance Sheet as of March 31, 2021 (unaudited) |
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Common stock subject to possible redemption |
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$ |
310,344,014 |
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$ |
34,658,003 |
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$ |
345,002,017 |
Common stock |
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$ |
347 |
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$ |
(347) |
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$ |
— |
Additional paid-in capital |
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$ |
4,567,187 |
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$ |
(4,567,187) |
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$ |
— |
Retained earnings (Accumulated deficit) |
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$ |
431,609 |
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$ |
(30,090,469) |
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$ |
(29,658,860) |
Total Stockholders’ Equity (Deficit) |
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$ |
5,000,006 |
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$ |
(34,658,003) |
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$ |
(29,657,997) |
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Balance Sheet as of June 30, 2021 (unaudited) |
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Common stock subject to possible redemption |
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$ |
310,050,840 |
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$ |
34,956,420 |
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$ |
345,007,260 |
Common stock |
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$ |
349 |
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$ |
(349) |
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$ |
— |
Additional paid-in capital |
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$ |
4,860,359 |
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$ |
(4,860,359) |
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$ |
— |
Retained earnings (Accumulated deficit) |
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$ |
138,435 |
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$ |
(30,095,712) |
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$ |
(29,957,277) |
Total Stockholders’ Equity (Deficit) |
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$ |
5,000,006 |
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$ |
(34,956,420) |
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$ |
(29,956,414) |
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Statement of Operations for the Three Months Ended March 31, 2021 (unaudited) |
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Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
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12,339,800 |
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1,460,200 |
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13,800,000 |
Basic and diluted net income per share, Class A common stock subject to possible redemption |
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$ |
— |
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$ |
0.02 |
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$ |
0.02 |
Basic and diluted weighted average shares outstanding, Class B common stock non-redeemable |
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10,085,200 |
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(1,460,200) |
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8,625,000 |
Basic and diluted net income (loss) per share, Class B common stock non-redeemable |
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$ |
0.04 |
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$ |
(0.02) |
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$ |
0.02 |
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Statement of Operations for the Three Months Ended June 30, 2021 (unaudited) |
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Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
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31,034,220 |
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3,465,780 |
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34,500,000 |
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption |
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$ |
— |
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$ |
(0.01) |
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$ |
(0.01) |
Basic and diluted weighted average shares outstanding, Class B common stock non-redeemable |
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12,119,916 |
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(3,494,916) |
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8,625,000 |
Basic and diluted net income (loss) per share, Class B common stock non-redeemable |
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$ |
(0.02) |
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$ |
0.01 |
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$ |
(0.01) |
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Statement of Operations for the Six Months Ended June 30, 2021 (unaudited) |
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Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
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30,981,858 |
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(6,774,676) |
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24,207,182 |
Basic and diluted net income per share, Class A common stock subject to possible redemption |
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$ |
— |
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— |
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$ |
— |
Basic and diluted weighted average shares outstanding, Class B common stock non-redeemable |
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10,704,777 |
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(2,079,777) |
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8,625,000 |
Basic and diluted net income (loss) per share, Class B common stock non-redeemable |
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$ |
0.01 |
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$ |
(0.01) |
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$ |
— |
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Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (unaudited) |
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Sale of 34,500,000 Units, net of underwriting discounts, offering costs and warrant liability |
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$ |
314,887,411 |
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$ |
(314,887,411) |
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$ |
— |
Class A common stock subject to possible redemption |
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$ |
(308,495,000) |
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$ |
308,495,000 |
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$ |
— |
Change in value of class A common stock subject to redemption |
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$ |
(1,849,014) |
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$ |
1,849,014 |
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$ |
— |
Accretion for Class A common stock subject to redemption amount |
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$ |
— |
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$ |
(30,114,606) |
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$ |
(30,114,606) |
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Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (unaudited) |
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Change in value of class A common stock subject to redemption |
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$ |
293,174 |
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$ |
(293,174) |
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$ |
— |
Accretion for Class A common stock subject to redemption amount |
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$ |
— |
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$ |
(5,243) |
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$ |
(5,243) |
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Statement of Changes in Stockholders’ Equity (Deficit) for the Six Months Ended June 30, 2021 (unaudited) |
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Change in value of class A common stock subject to redemption |
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$ |
293,174 |
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$ |
(293,174) |
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$ |
— |
Accretion for Class A common stock subject to redemption amount |
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$ |
— |
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$ |
(30,119,849) |
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$ |
(30,119,849) |
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Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited) |
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Change in value of common stock subject to possible redemption |
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$ |
(1,555,840) |
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$ |
1,563,100 |
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$ |
7,260 |
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