Registration of securities issued in business combination transactions

Restatement of Previously Issued Financial Statements (Tables)

v3.21.1
Restatement of Previously Issued Financial Statements (Tables)
11 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of the restatement on each financial statement

 

As Previously Reported

 

Adjustments

 

Restated

December 31, 2020
Balance sheet at December 31, 2020 (audited):

 

 

 

 

 

 

 

 

 

 

 

 

Warrant Liability

 

$

 

 

$

10,948,000

 

 

$

21,519,000

 

   

 

 

 

 

 

10,571,000

 

 

 

 

 

Class A common stock subject to possible redemption

 

 

162,293,000

 

 

 

(10,948,000

)

 

 

140,774,000

 

   

 

 

 

 

 

(10,571,000

)

 

 

 

 

Additional paid-in capital

 

 

5,951,000

 

 

 

390,000

 

 

 

16,912,000

 

   

 

 

 

 

 

10,571,000

 

 

 

 

 

Retained earnings (accumulated deficit)

 

 

(951,000

)

 

 

(390,000

)

 

 

(11,912,000

)

   

 

 

 

 

 

(10,571,000

)

 

 

 

 

Statement of Operations for the Period from January 24, 2020 (inception) to December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Other expense – Costs of issuance of warrants

 

 

 

 

 

(390,000

)

 

 

(390,000

)

Other expense – Change in value of warrant liability

 

 

 

 

 

(10,571,000

)

 

 

(10,571,000

)

Total other income (expense)

 

 

79,000

 

 

 

(390,000

)

 

 

(10,882,000

)

   

 

 

 

 

 

(10,571,000

)

 

 

 

 

Net income (loss)

 

 

(951,000

)

 

 

(390,000

)

 

 

(11,912,000

)

   

 

 

 

 

 

(10,571,000

)

 

 

 

 

Net income (loss) per Class B common share

 

 

(0.24

)

 

 

(2.73

)

 

 

(2.97

)

Statement of Cash Flows for the Period from January 24, 2020 (inception) to December 31, 2020 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of warrant issuance included in financing activities

 

 

 

 

 

(390,000

)

 

 

(390,000

)

Change in fair value of warrant liability

 

 

 

 

 

(10,571,000

)

 

 

(10,571,000

)

 

As Previously Reported

 

Adjustments

 

Restated

September 30, 2020
Balance sheet at September 30, 2
020 (unaudited):

 

 

 

 

 

 

 

 

   

 

Warrant Liability

 

$

 

 

$

10,948,000

 

 

9,468,000

 

   

 

 

 

 

 

(1,480,000

)

   

 

Class A common stock subject to possible redemption

 

 

163,128,000

 

 

 

9,468,000

 

 

153,660,000

 

Additional paid-in capital

 

 

5,121,000

 

 

 

390,000

 

 

4,031,000

 

   

 

 

 

 

 

(1,480,000

)

   

 

Retained earnings (accumulated deficit)

 

 

(2,000

)

 

 

(390,000

)

 

969,000

 

   

 

 

 

 

 

1,480,000

 

   

 

Statement of Operations Three months ended
September 30, 2020 (unaudited)

 

 

 

 

 

 

 

 

   

 

Other expense – Change in value of warrant liability

 

 

 

 

 

1,480,000

 

 

1,480,000

 

   

 

 

 

 

 

(390,000

)

 

(390,000

)

Net income (loss)

 

 

(119,000

)

 

 

1,090,000

 

 

971,000

 

Net income (loss) per Class B common share, basic and diluted

 

 

(0.03

)

 

 

0.26

 

 

0.23

 

 

As Previously Reported

 

Adjustments

 

Restated

Statement of Operations for the Period from January 24, 2020 (inception) to September 30, 2020 (unaudited)

   

 

   

 

   

 

Other income – Change in value of warrant liability

 

 

 

1,480,000

 

 

1,480,000

 

Other income – Costs of issuance of warrants

 

 

 

(390,000

)

 

(390,000

)

Other income (expense)

 

26,000

 

 

1,190,000

 

 

1,116,000

 

Net income (loss)

 

(121,000

)

 

1,480,000

 

 

969,000

 

     

 

 

(390,000

)

   

 

Net income (loss) per Class B common share

 

(0.03

)

 

0.37

 

 

0.34

 

     

 

   

 

   

 

Statement of Cash Flows for the Three months ended September 30, 2020

   

 

   

 

   

 

Cost of warrant issuance included in financing activities

 

 

 

(390,000

)

 

(390,000

)

Change in fair value of warrant liability

 

 

 

(1,480,000

)

 

(1,480,000

)

Schedule of basic and diluted loss per common share

 

Three months
Ended
September 30,
2020
(As Restated)

 

For the
Period From
January 24,
2020 (date of
inception) to
September 30,
2020
(As Restated)

Net income available to Class A common stockholders:

 

 

 

 

 

 

 

 

Interest income

 

$

26,000

 

 

$

26,000

 

Less: Income and franchise taxes

 

 

(26,000

)

 

 

(26,000

)

Net income attributable to Class A common stockholders

 

$

 

 

$

 

   

 

 

 

 

 

 

 

Net income available to Class B common stockholders:

 

 

 

 

 

 

 

 

Net loss

 

$

(119,000

)

 

$

(121,000

)

Add: Change in warrant liability

 

 

1,480,000

 

 

 

1,480,000

 

Less: Costs of warrant issuance

 

 

 

 

 

(390,000

)

Less: amount attributable to Class A common  stockholders

 

 

 

 

 

 

Net (loss) attributable to Class B common stockholders

 

$

1,361,000

 

 

$

969,000

 

Schedule of fair value hierarchy of valuation techniques

Description

 

December 31, 2020

 

Quoted
Prices

in Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Other
Unobservable
Inputs
(Level 3)

Warrant Liabilities:

 

 

   

 

   

 

   

 

 

Public Warrants

 

$

12,851,000

 

$

— 

 

$

 

$

12,851,000

Private Placement Warrants

 

$

8,668,000

 

$

— 

 

$

 

$

8,668,000

Warrant liability at December 31, 2020

 

$

21,519,000

 

 

  

 

 

   

 

$

21,519,000

Description

 

September 30,
2020

 

Quoted
Prices
in Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Other
Unobservable
Inputs
(Level 3)

Warrant Liabilities:

 

 

   

 

   

 

   

 

 

Public Warrants

 

$

5,705,000

 

$

— 

 

$

 

$

5,705,000

Private Placement Warrants

 

$

3,763,000

 

$

— 

 

$

 

$

3,763,000

Warrant liability at September 30, 2020

 

$

9,468,000

 

 

  

 

 

  

 

$

9,468,000

Schedule of quantitative information regarding Level 3 fair value measurements

Private Placement Warrants

 

At
August 4
2020
(Initial
Measurement)

 

As of
December 31,
2020

Stock price

 

$

9.62

 

 

$

10.01

 

Strike price

 

$

11.50

 

 

$

11.50

 

Term (in years)

 

 

5.0

 

 

 

5.0

 

Volatility

 

 

14.36

%

 

 

20.66

%

Risk-free rate

 

 

0.275

%

 

 

0.469

%

Fair value of private placement warrants

 

$

0.77

 

 

$

1.52

 

Public Warrants

 

At
August 4
2020
(Initial
Measurement)

 

As of
December 31,
2020

Stock price

 

$

9.63

 

 

$

10.01

 

Strike price

 

$

11.50

 

 

$

11.50

 

Term (in years)

 

 

5.0

 

 

 

5.0

 

Volatility

 

 

15.00

%

 

 

21.0

%

Risk-free rate

 

 

0.275

%

 

 

0.469

%

Fair value of public warrants

 

$

0.76

 

 

$

1.49

 

Private Placement Warrants

 

At
August 4
2020
(Initial
Measurement)

 

As of
September 30,
2020

Stock price

 

$

9.63

 

 

$

9.75

 

Strike price

 

$

11.50

 

 

$

11.50

 

Term (in years)

 

 

5.0

 

 

 

5.0

 

Volatility – post announcement

 

 

15.00

%

 

 

12.68

%

Risk-free rate

 

 

0.275

%

 

 

.351

%

Fair value of private placement warrants

 

$

0.77

 

 

$

0.67

 

Public Warrants

 

At
August 4
2020
(Initial
Measurement)

 

As of
September 30,
2020

Stock price

 

$

9.63

 

 

$

9.76

 

Strike price

 

$

11.50

 

 

$

11.50

 

Term (in years)

 

 

5.0

 

 

 

5.0

 

Volatility – post announcement

 

 

15.00

%

 

 

15.00

%

Risk-free rate

 

 

0.275

%

 

 

.351

%

Fair value of public warrants

 

$

0.77

 

 

$

0.66

 

Schedule of changes in the fair value of warrant liabilities

 

Public

 

Private Placement

 

Warrant Liabilities

Initial measurement on August 4, 2020, pro forma for overallotment

 

$

6,584,000

 

$

4,364,000

 

$

10,948,000

Change in valuation inputs or other assumptions

 

 

6,267,000

 

 

4,304,000

 

 

10,571,000

Fair value as of December 31, 2020

 

$

12,851,000

 

$

8,668,000

 

$

21,519,000

 

Public

 

Private Placement

 

Warrant Liabilities

Initial measurement on August 4, 2020, pro forma for overallotment

 

$

6,584,000

 

 

$

4,364,000

 

 

$

10,948,000

 

Change in valuation inputs or other assumptions

 

 

(879,000

)

 

 

(601,000

)

 

 

(1,480,000

)

Fair value as of September 30, 2020

 

$

5,705,000

 

 

$

3,763,000

 

 

$

9,468,000