0001213900-21-043151 | 10-Q | XBRL Viewer | Freedom Acquisition I Corp

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2021	Aug. 13, 2021
Document Information Line Items
Entity Registrant Name	FREEDOM ACQUISITION I CORP.
Trading Symbol	FACT
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001838987
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	E9
Entity File Number	001-40117
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	14 Wall Street
Entity Address, Address Line Two	20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	(212)
Local Phone Number	618-1798
Title of 12(b) Security	Class A ordinary shares, par value $0.0001 per share
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Class A Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding		34,500,000
Class B Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding		8,625,000

Unaudited Condensed Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 602,848
Prepaid expenses - short term	733,234
Deferred offering costs associated with IPO		127,691
Total current assets	1,336,082	127,691
Prepaid expenses - long term	478,082
Marketable Securities held in Trust account	345,045,242
Total assets	346,859,406	127,691
Current liabilities:
Accounts payable and accrued expenses	165,230	108,185
Total current liabilities	165,230	108,185
Warrant Liabilities	16,083,000
Deferred underwriters’ discount payable	12,075,000
Total liabilities	28,323,230	108,185
Commitments
Class A Ordinary shares subject to possible redemption 31,353,617 shares at redemption value	313,536,170
Shareholders’ equity:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 3,146,383 shares and 0 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively (excluding 31,353,617 and 0 shares subject to possible redemption, respectively)	315
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 and 8,625,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	863	863
Additional paid-in capital	4,417,008	24,137
Accumulated earnings (deficit)	581,820	(5,494)
Total shareholders’ equity	5,000,006	19,506
Total liabilities and shareholders’ equity	$ 346,859,406	$ 127,691

Unaudited Condensed Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preference shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preference shares, shares authorized	1,000,000	1,000,000
Preference shares, shares issued
Preference shares, shares outstanding
Class A Ordinary Shares
Ordinary shares subject to possible redemption	31,353,617
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	200,000,000	200,000,000
Ordinary shares, issued	3,146,383	0
Ordinary shares, outstanding	3,146,383	0
Class B Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	20,000,000	20,000,000
Ordinary shares, issued	8,625,000	8,625,000
Ordinary shares, outstanding	8,625,000	8,625,000

Unaudited Condensed Statement of Operations - USD ($)	3 Months Ended	6 Months Ended
Unaudited Condensed Statement of Operations - USD ($)	Jun. 30, 2021	Jun. 30, 2021
Operating costs	$ 448,441	$ 669,069
Loss from operations	(448,441)	(669,069)
Other income/(expense)
Foreign currency exchange loss	(581)	(581)
Interest income on marketable securities held in Trust Account	34,890	45,242
Change in fair value of warrant liabilities	(2,382,666)	1,787,000
Offering expenses related to warrant issuance		(575,278)
Total other income (expense)	(2,348,357)	1,256,383
Net income (loss)	$ (2,796,798)	$ 587,314
Weighted average shares outstanding, Non-redeemable ordinary shares (in Shares)	10,366,703	9,464,142
Basic and diluted net income per share, Non-redeemable (in Dollars per share)	$ (0.23)	$ 0.06
Class A Ordinary Shares
Other income/(expense)
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares)	31,633,297	20,908,787
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption (in Dollars per share)	$ 0.00	$ 0.00

Unaudited Condensed Statement of Changes in Shareholders’ Equity - USD ($)	Class A Ordinary Shares	Class B Ordinary Shares	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Total
Balance at Dec. 31, 2020		$ 863	$ 24,137	$ (5,494)	$ 19,506
Balance (in Shares) at Dec. 31, 2020		8,625,000
Sale of Units in Initial Public Offering, net of underwriter fee	$ 3,450		344,996,550		345,000,000
Sale of Units in Initial Public Offering, net of underwriter fee (in Shares)	34,500,000
Sale of private placement			9,400,000		9,400,000
Initial fair value of warrants accounted for as liabilities			(17,870,000)		(17,870,000)
Underwriter discount			(6,405,000)		(6,405,000)
Deferred underwriter discount			(12,075,000)		(12,075,000)
Other offering cost charged to Shareholders’ equity			(695,922)		(695,922)
Reclassification of offering cost related to warrant issuance			575,278		575,278
Class A ordinary shares subject to possible redemption	$ (3,135)		(313,533,035)		(313,536,170)
Class A ordinary shares subject to possible redemption (in Shares)	(31,353,617)
Net income (loss)				587,314	587,314
Balance at Jun. 30, 2021	$ 315	$ 863	4,417,008	581,820	5,000,006
Balance (in Shares) at Jun. 30, 2021	3,146,383	8,625,000
Balance at Mar. 31, 2021	$ 287	$ 863	1,620,236	3,378,618	5,000,004
Balance (in Shares) at Mar. 31, 2021	2,866,703	8,625,000
Class A ordinary shares subject to possible redemption	$ 28		2,796,772		2,796,800
Class A ordinary shares subject to possible redemption (in Shares)	279,680
Net income (loss)				(2,796,798)	(2,796,798)
Balance at Jun. 30, 2021	$ 315	$ 863	$ 4,417,008	$ 581,820	$ 5,000,006
Balance (in Shares) at Jun. 30, 2021	3,146,383	8,625,000

Unaudited Condensed Statement of Cash Flows	6 Months Ended
Unaudited Condensed Statement of Cash Flows	Jun. 30, 2021 USD ($)
Cash Flows from Operating Activities:
Net income	$ 587,314
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on trust account	(45,242)
Change in fair value of warrant liabilities	(1,787,000)
Offering costs allocated to warrants	575,278
Changes in current assets and current liabilities:
Prepaid assets	(1,211,316)
Accounts payable	165,230
Net cash used in operating activities	(1,715,736)
Cash Flows from Investing Activities:
Investment of cash into trust account	(345,000,000)
Net cash used in investing activities	(345,000,000)
Cash Flows from Financing Activities:
Proceeds from Initial Public Offering, net of underwriters’ discount	338,595,000
Proceeds from issuance of Private Placement Warrants	9,400,000
Repayment of promissory note to related party	(90,996)
Payments of offering costs	(585,420)
Net cash provided by financing activities	347,318,584
Net Change in Cash	602,848
Cash - Beginning
Cash - Ending	602,848
Supplemental Disclosure of Non-cash Financing Activities:
Initial value of Class A ordinary shares subject to possible redemption	312,365,640
Initial value of warrant liabilities	17,870,000
Change in value of Class A ordinary shares subject to possible redemption	1,170,530
Deferred underwriters’ discount payable charged to additional paid-in capital	12,075,000
Deferred offering costs paid under promissory note	$ 90,996

Organization and Business Operations

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Organization and Business Operations

Note 1 — Organization and Business Operations

Organization and General

Freedom Acquisition I Corp. (the “Company”) was incorporated in Cayman Islands on December 23, 2020. The Company was formed for the purpose of entering into a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The Company has selected December 31 as its fiscal year end.

As of June 30, 2021, the Company had not yet commenced any operations. All activity through June 30, 2021, relates to the Company’s formation and the Initial Public Offering (“IPO”) described below. The Company will not generate any operating revenues until after the completion of its initial business combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO.

Financing

The registration statement for the Company’s IPO was declared effective on February 25, 2021 (the “Effective Date”). On March 2, 2021, the Company consummated the IPO of 34,500,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “public share”), at $10.00 per Unit, generating gross proceeds of $345,000,000, which is discussed in Note 3.

Simultaneously with the closing of the IPO, the Company consummated the sale of 6,266,667 warrants (the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant, which is discussed in Note 5.

Transaction costs amounted to $19,175,922 consisting of $6,405,000 of underwriting fee, $12,075,000 of deferred underwriting fee and $695,922 of other offering costs. Of the total transaction cost, $575,278 was expensed as non-operating expenses in that statement of operations with the rest of the offering cost charged to shareholders’ equity. The transaction costs were allocated based on the relative fair value basis, compared to the total offering proceeds, between the fair value of the public warrant liabilities and the Class A ordinary shares.

Trust Account

Following the closing of the IPO on March 15, 2021, an amount of $345,000,000 from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (“Trust Account”) which is invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO and the sale of the private placement units will not be released from the Trust Account until the earliest of (a) the completion of the Company’s initial business combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s public shares if the Company is unable to complete the initial business combination within 24 months from the closing of the IPO, subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds are intended to be generally applied toward consummating a business combination.

The Company’s business combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (net of taxes payable) at the time of the signing an agreement to enter into a business combination. However, the Company will only complete a business combination if the post-business combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a business combination.

The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial business combination either (i) in connection with a shareholder meeting called to approve the initial business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial business combination or conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).

The shares of ordinary shares subject to redemption is recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a business combination if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon consummation of a business combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the business combination.

The Company will have 24 months from the closing of the IPO (with the ability to extend with shareholder approval) to consummate a business combination (the “Combination Period”). However, if the Company is unable to complete a business combination within the Combination Period, the Company will redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the Trust Account, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company, divided by the number of then outstanding public shares, subject to applicable law and as further described in the registration statement, and then seek to dissolve and liquidate.

The Company’s sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the completion of the initial business combination, (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares and private placement shares if the Company fails to complete the initial business combination within the Combination Period.

The Company’s sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its sponsor would be able to satisfy those obligations.

Liquidity

As of June 30, 2021, the Company had cash outside the Trust Account of $602,848 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. As of June 30, 2021, none of the amount in the Trust Account was available to be withdrawn as described above.

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 IPO and the sale of Private Placement Units.

The Company anticipates that the $602,848 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 from the issuance of the financial statements, assuming that a Business Combination is not consummated during that time. Until consummation of its 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) from the initial shareholders, the Company’s officers and directors, or their respective affiliates (which is described in Note 5), 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.

The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the Company’s estimates of the costs of undertaking in-depth due diligence and negotiating business combination is less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the business combination. Moreover, the Company will need to raise additional capital through loans from its Sponsor, officers, directors, or third parties. None of the Sponsor, officers or directors are under any obligation to advance funds to, or to invest in, the Company. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of its business plan, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

Risks and Uncertainties

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s financial position will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s financial position may be materially adversely affected. Additionally, the Company’s ability to complete an initial business combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an initial business combination in a timely manner. The Company’s ability to consummate an initial business combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2— Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on March 1, 2021, as well as the Company’s Current Reports on Form 8-K. The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2021 and December 31, 2020.

Investment Held in Trust Account

At June 30, 2021, the assets held in the Trust Account were held in cash and U.S. Treasury securities. The Company classifies its United States Treasury securities as held-to-maturity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320 “Investments—Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

As of June 30, 2021, investment in the Company’s Trust Account consisted of $781 in cash and $345,044,461 in U.S. Treasury Securities. All of the U.S. Treasury Securities will mature on September 2, 2021. The Company considers all investments with original maturities of more than three months but less than one year to be short-term investments. The carrying value approximates the fair value due to its short-term maturity. The carrying value, excluding gross unrealized holding losses and fair value of held to maturity securities on June 30, 2021 are as follows:

	Amortized Cost and Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value as of June 30, 2021
U.S. Money Market	$	781	$	-	$	-		$	781
U.S. Treasury Securities		345,044,461				(7,167	)		345,037,294
	$	345,045,242	$	-	$	(7,167	)	$	345,038,075

A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.

Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion is included in the “interest income” line item in the statements of operations. Interest income is recognized when earned.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At June 30, 2021 and December 31, 2020, the Company has not experienced losses on this account.

Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. 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. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s 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. Accordingly, as of June 30, 2021 and December 31, 2020, 31,353,617 and 0 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 Income (Loss) per Ordinary Share

The Company complies with accounting and disclosure requirements ASC Topic 260, “Earnings Per Share.” The Company’s statements of operations include a presentation of income (loss) per share for Class A ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income per ordinary share, basic and diluted, for redeemable Class A ordinary share is calculated by dividing the interest income earned on the Trust Account, by the weighted average number of redeemable Class A ordinary shares outstanding since original issuance. Net income (loss) per ordinary share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income attributable to redeemable Class A ordinary shares, by the weighted average number of non-redeemable ordinary shares outstanding for the periods. Non-redeemable ordinary shares include the Founder Shares as these ordinary shares do not have any redemption features and do not participate in the income earned on the Trust Account.

	For the three months ended June 30, 2021			For the six months ended June 30, 2021
Ordinary shares subject to possible redemption
Numerator: Net income allocable to Class A ordinary shares subject to possible redemption
Interest earned on Treasury Bills held in trust	$	31,708		$	41,116
Less: interest available to be withdrawn for payment of taxes		-			-
Net income allocable to Class A ordinary shares subject to possible redemption		31,708			41,116
Denominator: Weighted Average Redeemable Class A
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		31,633,297			20,908,787
Basic and Diluted net income per share, Redeemable Class A ordinary shares	$	0.00		$	0.00

Non-Redeemable Ordinary Shares
Numerator: Net loss minus redeemable net earnings
Net income (loss)	$	(2,348,357	)	$	587,314
Redeemable Net Income		(31,708	)		(41,116	)
Non-Redeemable Net Income (Loss)		(2,380,065	)		546,198
Denominator: Weighted Average Non-Redeemable Ordinary Shares
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares		10,366,703			9,464,142
Basic and diluted net loss per share, non-redeemable ordinary shares	$	(0.23	)	$	0.06

Offering Costs

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and that were charged to shareholders’ equity upon the completion of the IPO. Accordingly, on June 30, 2021, offering costs totaling $19,175,922 have been charged to shareholders’ equity (consisting of $6,405,000 of underwriting fee, $12,075,000 of deferred underwriting fee and $695,922 of other offering costs). Of the total transaction cost, $575,278 was reclassed to expense as a non-operating expense in the statement of operations with the rest of the offering cost charged to shareholders’ equity. The transaction costs were allocated based on the relative fair value basis, compared to the total offering proceeds, between the fair value of the public warrant liabilities and the Class A ordinary shares.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.

Derivative warrant liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued share purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Company accounts for its 14,891,667 ordinary shares warrants issued in connection with its Initial Public Offering (8,625,000) and Private Placement (6,266,667) as derivative warrant liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations.The fair value of the Private Placement Warrants has been estimated using Monte Carlo simulations at each measurement date. The fair value of the the Public Warrants was initially estimated using Monte Carlo simulations. After the Public Warrants were separately traded, the measurement of the Public Warrants will use an observable market quote in an active market.

Income Taxes

The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2021 and December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2021 and December 31, 2020, there were no unrecognized tax benefits and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Recent Accounting Standards

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering

6 Months Ended

Jun. 30, 2021

Proposed Public Offering Disclosure [Abstract]

Initial Public Offering

Note 3 — Initial Public Offering

Pursuant to the Initial Public Offering, the Company sold 34,500,000 Units, (at a price of $10.00 per Unit. Each Unit consists of one share of Class A Ordinary shares, par value $0.0001 per share one-fourth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A Ordinary shares at a price of $11.50 per share.

Private Placement Warrants

6 Months Ended

Jun. 30, 2021

Private Placement Warrants Disclosure [Abstract]

Private Placement Warrants

Note 4 — Private Placement Warrants

Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 6,266,667 Private Placement Warrants at a price of $1.50 per warrant ($9,400,000 in the aggregate), each Private Placement Warrant is exercisable to purchase one share of Class A ordinary shares at a price of $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from this offering to be held in the Trust Account.

The Private Placement Warrants will be identical to the warrants sold in the IPO except that the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

Note 5 — Related Party Transactions

Founder Shares

On December 31, 2020, the Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs in consideration for 7,187,500 Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”). On February 25, 2021, the Company effected a share dividend whereby the Company issued 1,437,500 Class B ordinary shares, resulting in an aggregate of 8,625,000 Class B ordinary shares outstanding.

The Company’s initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of its shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; except to certain permitted transferees and under certain circumstances (the “Lock-up”). Any permitted transferees will be subject to the same restrictions and other agreements of the initial shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if (1) the closing price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in its shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the Lock-up.

Promissory Note — Related Party

On December 30, 2020, the Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “Note”). This loan is non-interest bearing and payable on the earlier of December 31, 2021 or the completion of the IPO. As of June 30, 2021 and December 31, 2020, there was no outstanding amounts under the note.

Administrative Support Agreement

Commencing on the date of the IPO, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space and administrative support services. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For the three months ended June 30, 2021 and for the period from February 25, 2021 (Effective Date) to June 30, 2021, the Company incurred $30,000 and $39,667 in expenses in connection with such service.

Working Capital Loans

In addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Up to $2,000,000 of the Working Capital Loans may be convertible into Private Placement Warrants of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company’s Trust Account. As of June 30, 2021 and December 31, 2020, the Company had no borrowings under the Working Capital Loans.

Commitments & Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments & Contingencies

Note 6 — Commitments & Contingencies

Registration Rights

The holders of the (i) Founder Shares, which were issued in a private placement prior to the closing of the IPO, (ii) Private Placement Warrants, which will be issued in a private placement simultaneously with the closing of the IPO and the Class A ordinary shares underlying such Private Placement Warrants and (iii) Private Placement Warrants that may be issued upon conversion of Working Capital Loans will have registration rights to require the Company to register a sale of any of its securities held by them pursuant to a registration rights agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriters Agreement

On March 2, 2021, the Company paid a fixed underwriting discount of $6,405,000. Additionally, a deferred underwriting discount of $0.35 per Unit, or $12,075,000 in the aggregate, will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement.

Shareholder's Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Shareholder's Equity

Note 7 — Shareholder’s Equity

Preference shares — The Company is authorized to issue a total of 1,000,000 preference shares at par value of $0.0001 each. At June 30, 2021 and December 31, 2020, there were no shares of preference shares issued or outstanding.

Class A Ordinary shares — The Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $0.0001 each. At June 30, 2021 and December 31, 2020, there were 3,146,383 and 0 shares issued and outstanding (excluding 31,353,617 and 0 shares subject to possible redemption), respectively

Class B Ordinary shares — The Company is authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $0.0001 each. At June 30, 2021 and December 31, 2020, there 8,625,000 Class B ordinary shares issued and outstanding, respectively.

Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders, except as required by law; provided that only holders of Class B ordinary shares will have the right to appoint and remove directors in any general meeting held prior to or in connection with the completion of an initial Business Combination. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders.

The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Warrants

6 Months Ended

Jun. 30, 2021

Warrants Disclosure [Abstract]

Warrants

Note 8 — Warrants

The Public Warrants will become exercisable at $11.50 per share on the later of one year from the closing of the IPO and 30 days after the completion of the initial Business Combination; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. The warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, it will use commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Company’s Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering each such warrant for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.

The exercise price and number of shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend or recapitalization, reorganization, merger or consolidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Company’s Sponsors or their affiliates, without taking into account any Founder Shares held by the Company’s initial shareholders or such affiliates, as applicable, prior to such issuance (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants):

	●	in whole and not in part;

	●	at a price of $0.01 per warrant;

	●	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and

	●	if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending three business days before the Company sends to the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like).

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

	●	in whole and not in part;

	●	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of the Class A ordinary shares;

	●	if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); and

	●	if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10 — Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	June 30,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Description
Warrant liabilities – Public warrants		9,315,000		9,315,000				-
Warrant liabilities – Private warrants		6,768,000		-		-		6,768,000
Total Warrant liabilities	$	16,083,000	$	9,315,000	$	-	$	6,768,000

The Company utilized a Monte Carlo simulation model for the initial valuation of the Public Warrants. The subsequent measurement of the Public Warrants as of June 30, 2021, is classified as Level 1 due to the use of an observable market quote in an active market.

The Company utilizes a Monte Carlo simulation model to value the private placement warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero.

The aforementioned warrant liabilities are not subject to qualified hedge accounting.

There were no transfers between Levels 1, 2 or 3 during the quarter ended June 30, 2021, other than the transfer of Public warrants liabilities from Level 3 to Level 1 .

The following table provides quantitative information regarding Level 3 fair value measurements:

	At March 2, 2021 (Initial Measurement)			At June 30, 2021
Share price	$	10.16		$	9.70
Strike price	$	11.50		$	11.50
Term (in years)		5.0			0.67
Volatility		17.0	%		18.1	%
Risk-free rate		0.88	%		0.98	%
Dividend yield		0.0	%		0.0	%

The following table presents the changes in the fair value of warrant liabilities:

	Public			Private Placement			Warrant Liabilities

Fair value as of January 1, 2021	$	—		$	—		$	—
Initial measurement on March 2, 2021		10,350,000			7,520,000			17,870,000
Change in valuation inputs or other assumptions		(1,035,000	)		(752,000	)		(1,787,000	)
Fair value as of June 30, 2021	$	9,315,000		$	6,768,000		$	16,083,000

The Company recognized gains in connection with changes in the fair value of warrant liabilities of $1,787,000 within change in fair value of warrant liabilities in the Statement of Operations for the period from March 2, 2021 (IPO) to June 30, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 11 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Emerging Growth Company Status

Emerging Growth Company Status

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Investment Held in Trust Account

Investment Held in Trust Account

	Amortized Cost and Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value as of June 30, 2021
U.S. Money Market	$	781	$	-	$	-		$	781
U.S. Treasury Securities		345,044,461				(7,167	)		345,037,294
	$	345,045,242	$	-	$	(7,167	)	$	345,038,075

Concentration of Credit Risk

Concentration of Credit Risk

Ordinary Shares Subject to Possible Redemption

Ordinary Shares Subject to Possible Redemption

Net Income (Loss) per Ordinary Share

Net Income (Loss) per Ordinary Share

	For the three months ended June 30, 2021			For the six months ended June 30, 2021
Ordinary shares subject to possible redemption
Numerator: Net income allocable to Class A ordinary shares subject to possible redemption
Interest earned on Treasury Bills held in trust	$	31,708		$	41,116
Less: interest available to be withdrawn for payment of taxes		-			-
Net income allocable to Class A ordinary shares subject to possible redemption		31,708			41,116
Denominator: Weighted Average Redeemable Class A
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		31,633,297			20,908,787
Basic and Diluted net income per share, Redeemable Class A ordinary shares	$	0.00		$	0.00

Non-Redeemable Ordinary Shares
Numerator: Net loss minus redeemable net earnings
Net income (loss)	$	(2,348,357	)	$	587,314
Redeemable Net Income		(31,708	)		(41,116	)
Non-Redeemable Net Income (Loss)		(2,380,065	)		546,198
Denominator: Weighted Average Non-Redeemable Ordinary Shares
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares		10,366,703			9,464,142
Basic and diluted net loss per share, non-redeemable ordinary shares	$	(0.23	)	$	0.06

Offering Costs

Offering Costs

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Derivative warrant liabilities

Derivative warrant liabilities

Income Taxes

Income Taxes

Recent Accounting Standards

Recent Accounting Standards

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule of unrealized holding losses and fair value of held to maturity securities

	Amortized Cost and Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value as of June 30, 2021
U.S. Money Market	$	781	$	-	$	-		$	781
U.S. Treasury Securities		345,044,461				(7,167	)		345,037,294
	$	345,045,242	$	-	$	(7,167	)	$	345,038,075

Schedule of company’s statement of operations

	For the three months ended June 30, 2021			For the six months ended June 30, 2021
Ordinary shares subject to possible redemption
Numerator: Net income allocable to Class A ordinary shares subject to possible redemption
Interest earned on Treasury Bills held in trust	$	31,708		$	41,116
Less: interest available to be withdrawn for payment of taxes		-			-
Net income allocable to Class A ordinary shares subject to possible redemption		31,708			41,116
Denominator: Weighted Average Redeemable Class A
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		31,633,297			20,908,787
Basic and Diluted net income per share, Redeemable Class A ordinary shares	$	0.00		$	0.00

Non-Redeemable Ordinary Shares
Numerator: Net loss minus redeemable net earnings
Net income (loss)	$	(2,348,357	)	$	587,314
Redeemable Net Income		(31,708	)		(41,116	)
Non-Redeemable Net Income (Loss)		(2,380,065	)		546,198
Denominator: Weighted Average Non-Redeemable Ordinary Shares
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares		10,366,703			9,464,142
Basic and diluted net loss per share, non-redeemable ordinary shares	$	(0.23	)	$	0.06

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of assets that are measured at fair value on a recurring basis

	June 30,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Description
Warrant liabilities – Public warrants		9,315,000		9,315,000				-
Warrant liabilities – Private warrants		6,768,000		-		-		6,768,000
Total Warrant liabilities	$	16,083,000	$	9,315,000	$	-	$	6,768,000

Schedule of quantitative information regarding Level 3 fair value measurements

	At March 2, 2021 (Initial Measurement)			At June 30, 2021
Share price	$	10.16		$	9.70
Strike price	$	11.50		$	11.50
Term (in years)		5.0			0.67
Volatility		17.0	%		18.1	%
Risk-free rate		0.88	%		0.98	%
Dividend yield		0.0	%		0.0	%

Schedule of changes in the fair value of warrant liabilities

	Public			Private Placement			Warrant Liabilities

Fair value as of January 1, 2021	$	—		$	—		$	—
Initial measurement on March 2, 2021		10,350,000			7,520,000			17,870,000
Change in valuation inputs or other assumptions		(1,035,000	)		(752,000	)		(1,787,000	)
Fair value as of June 30, 2021	$	9,315,000		$	6,768,000		$	16,083,000

Organization and Business Operations (Details) - USD ($)			6 Months Ended
	Mar. 15, 2021	Mar. 02, 2021	Jun. 30, 2021
Organization and Business Operations (Details) [Line Items]
Generating gross proceeds			$ 338,595,000
Underwriting fee			6,405,000
Deferred underwriting fee			12,075,000
Other offering costs			695,922
Total transaction cost			575,278
Net proceeds of the sale of the units	$ 345,000,000
Trust account maturity term	185 days
Net tangible assets			$ 5,000,001
Redeem public shares, percentage			100.00%
Public per share (in Dollars per share)			$ 10.00
Trust account per share (in Dollars per share)			$ 10.00
Cash outside the trust account			$ 602,848
Net proceeds			25,000
Anticipated cost			602,848
Business Combination [Member]
Organization and Business Operations (Details) [Line Items]
Transaction costs			$ 19,175,922
Business combination fair market value equal percentage			80.00%
Percentage of outstanding voting securities			50.00%
Trust account price per share (in Dollars per share)			$ 10.00
Private Placement Warrants [Member]
Organization and Business Operations (Details) [Line Items]
Consummated share units (in Shares)			6,266,667
Price per unit (in Dollars per share)			$ 1.50
IPO [Member]
Organization and Business Operations (Details) [Line Items]
Consummated share units (in Shares)			34,500,000
Price per unit (in Dollars per share)		$ 10.00	$ 10.00
Generating gross proceeds		$ 345,000,000
Class A Ordinary Shares [Member] \| IPO [Member]
Organization and Business Operations (Details) [Line Items]
Consummated share units (in Shares)		34,500,000

Significant Accounting Policies (Details) - USD ($)	6 Months Ended
Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Significant Accounting Policies (Details) [Line Items]
Cash in trust account	$ 781
Federal depository insurance coverage	250,000
Offering costs	19,175,922
Underwriting fee	6,405,000
Deferred underwriting fee	12,075,000
Other offering costs	695,922
Total transaction cost	575,278
U.S. Treasury bills [Member]
Significant Accounting Policies (Details) [Line Items]
Cash in trust account	$ 345,044,461
Warrants [Member]
Significant Accounting Policies (Details) [Line Items]
Ordinary shares warrants issued (in Shares)	14,891,667
Initial Public Offering [Member]
Significant Accounting Policies (Details) [Line Items]
Derivative warrant liabilities (in Shares)	8,625,000
Private Placement [Member]
Significant Accounting Policies (Details) [Line Items]
Derivative warrant liabilities (in Shares)	6,266,667
Class A ordinary shares [Member]
Significant Accounting Policies (Details) [Line Items]
Ordinary shares subject to possible redemption (in Shares)	31,353,617	0

Significant Accounting Policies (Details) - Schedule of unrealized holding losses and fair value of held to maturity securities	6 Months Ended
	Jun. 30, 2021 USD ($)
Marketable Securities [Line Items]
Amortized Cost and Carrying Value	$ 345,045,242
Gross Unrealized Gains
Gross Unrealized Losses	(7,167)
Fair Value	345,038,075
US Money Market [Member]
Marketable Securities [Line Items]
Amortized Cost and Carrying Value	781
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	781
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost and Carrying Value	345,044,461
Gross Unrealized Losses	(7,167)
Fair Value	$ 345,037,294

Significant Accounting Policies (Details) - Schedule of company’s statement of operations - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Interest earned on Treasury Bills held in trust	$ 31,708	$ 41,116
Less: interest available to be withdrawn for payment of taxes
Net income allocable to Class A ordinary shares subject to possible redemption	31,708	41,116
Net income (loss)	(2,348,357)	587,314
Redeemable Net Income	(31,708)	(41,116)
Non-Redeemable Net Income (Loss)	$ (2,380,065)	$ 546,198
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares (in Shares)	10,366,703	9,464,142
Basic and diluted net loss per share, non-redeemable ordinary shares (in Dollars per share)	$ (0.23)	$ 0.06
Class A Ordinary Shares
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares)	31,633,297	20,908,787
Basic and Diluted net income per share, Redeemable Class A ordinary shares (in Dollars per share)	$ 0.00	$ 0.00

Initial Public Offering (Details) - $ / shares		6 Months Ended
Initial Public Offering (Details) - $ / shares	Mar. 02, 2021	Jun. 30, 2021	Dec. 31, 2020
Initial Public Offering [Member]
Initial Public Offering (Details) [Line Items]
Sale of unit (in Shares)		34,500,000
Price per share	$ 10.00	$ 10.00
Class A Ordinary Shares [Member]
Initial Public Offering (Details) [Line Items]
Ordinary share, par value		0.0001	$ 0.0001
Warrant price, per share		$ 11.50
Class A Ordinary Shares [Member] \| Initial Public Offering [Member]
Initial Public Offering (Details) [Line Items]
Sale of unit (in Shares)	34,500,000

Private Placement Warrants (Details)	6 Months Ended
Private Placement Warrants (Details)	Jun. 30, 2021 USD ($) $ / shares shares
Private Placement Warrants (Details) [Line Items]
Aggregate purchase price (in Dollars) \| $	$ 9,400,000
Private Placement Warrants [Member]
Private Placement Warrants (Details) [Line Items]
Purchase of warrants (in Shares) \| shares	6,266,667
Warrant price per share \| $ / shares	$ 1.50
Aggregate purchase price (in Dollars) \| $	$ 9,400,000
Class A Ordinary Shares [Member]
Private Placement Warrants (Details) [Line Items]
Warrant price per share \| $ / shares	$ 11.50

Related Party Transactions (Details) - USD ($)		6 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2021	Feb. 25, 2021	Dec. 30, 2020
Related Party Transactions (Details) [Line Items]
Agreed to loan				$ 300,000
Working capital loans		$ 2,000,000
Business Combination [Member]
Related Party Transactions (Details) [Line Items]
Business combination, description		(i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of its shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; except to certain permitted transferees and under certain circumstances (the “Lock-up”). Any permitted transferees will be subject to the same restrictions and other agreements of the initial shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if (1) the closing price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in its shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the Lock-up.
Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Sponsor amount	$ 25,000
Price per share (in Dollars per share)	$ 0.003
Minimum [Member]
Related Party Transactions (Details) [Line Items]
Incurred expenses		$ 30,000
Maximum [Member]
Related Party Transactions (Details) [Line Items]
Incurred expenses		39,667
IPO [Member]
Related Party Transactions (Details) [Line Items]
Office space and administrative support services		$ 10,000
Private Placement Warrants [Member]
Related Party Transactions (Details) [Line Items]
Price per warrant (in Dollars per share)		$ 1.50
Class B Ordinary Shares [Member]
Related Party Transactions (Details) [Line Items]
Consideration shares (in Shares)	7,187,500
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Shares issued (in Shares)			1,437,500
Ordinary shares outstanding (in Shares)			8,625,000

Commitments & Contingencies (Details)	Mar. 02, 2021 USD ($) $ / shares
Commitments and Contingencies Disclosure [Abstract]
Fixed underwriting discount	$ 6,405,000
Deferred underwriting discount, per unit (in Dollars per share) \| $ / shares	$ 0.35
Aggregate gross proceeds	$ 12,075,000

Shareholder's Equity (Details) - $ / shares	6 Months Ended
Shareholder's Equity (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Shareholder's Equity (Details) [Line Items]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Total number of ordinary shares outstanding percentage	20.00%
Class A Ordinary Shares [Member]
Shareholder's Equity (Details) [Line Items]
Common stock, shares authorized	200,000,000	200,000,000
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares issued	3,146,383	0
Shares subject to possible redemption	31,353,617	0
Ordinary shares outstanding	3,146,383	0
Class B Ordinary Shares [Member]
Shareholder's Equity (Details) [Line Items]
Common stock, shares authorized	20,000,000	20,000,000
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares issued	8,625,000	8,625,000
Ordinary shares outstanding	8,625,000	8,625,000

Warrants (Details)	6 Months Ended
Warrants (Details)	Jun. 30, 2021 $ / shares
Warrants (Details) [Line Items]
Warrant expiration term	5 years
Redemptions of warrants, description	Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants: ●in whole and not in part; ●at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of the Class A ordinary shares; ●if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); and ●if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.
Business Combination [Member]
Warrants (Details) [Line Items]
Business combination, description	In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Company’s Sponsors or their affiliates, without taking into account any Founder Shares held by the Company’s initial shareholders or such affiliates, as applicable, prior to such issuance (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.
Public Warrants [Member]
Warrants (Details) [Line Items]
Warrant exercise price	$ 11.50
IPO [Member]
Warrants (Details) [Line Items]
Warrant term	1 year
Class A Ordinary Shares [Member]
Warrants (Details) [Line Items]
Warrant exercise price	$ 11.50
Redemptions of warrants, description	Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ●upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and ●if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending three business days before the Company sends to the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like).

Fair Value Measurements (Details)	6 Months Ended
Fair Value Measurements (Details)	Jun. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Fair value warrant liabilities	$ 1,787,000

Fair Value Measurements (Details) - Schedule of assets that are measured at fair value on a recurring basis	6 Months Ended
	Jun. 30, 2021 USD ($)
Description
Warrant liabilities – Public warrants	$ 9,315,000
Warrant liabilities – Private warrants	6,768,000
Total Warrant liabilities	16,083,000
Quoted Prices In Active Markets (Level 1) [Member]
Description
Warrant liabilities – Public warrants	9,315,000
Warrant liabilities – Private warrants
Total Warrant liabilities	9,315,000
Significant Other Unobservable Inputs (Level 3) [Member]
Description
Warrant liabilities – Public warrants
Warrant liabilities – Private warrants	6,768,000
Total Warrant liabilities	6,768,000
Significant Other Observable Inputs (Level 2) [Member]
Description
Warrant liabilities – Private warrants
Total Warrant liabilities

Fair Value Measurements (Details) - Schedule of quantitative information regarding Level 3 fair value measurements - $ / shares		6 Months Ended
	Mar. 02, 2021	Jun. 30, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in Dollars per share)		$ 9.70
Strike price (in Dollars per share)		$ 11.50
Term (in years)		8 months 1 day
Volatility		18.10%
Risk-free rate		0.98%
Dividend yield		0.00%
Initial Measurement [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in Dollars per share)	$ 10.16
Strike price (in Dollars per share)	$ 11.50
Term (in years)	5 years
Volatility	17.00%
Risk-free rate	0.88%
Dividend yield	0.00%

Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities	6 Months Ended
	Jun. 30, 2021 USD ($)
Warrant Liabilities [Member]
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items]
Fair value as of January 1, 2021
Initial measurement on March 2, 2021	17,870,000
Change in valuation inputs or other assumptions	(1,787,000)
Fair value as of June 30, 2021	16,083,000
Public [Member]
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items]
Fair value as of January 1, 2021
Initial measurement on March 2, 2021	10,350,000
Change in valuation inputs or other assumptions	(1,035,000)
Fair value as of June 30, 2021	9,315,000
Private Placement [Member]
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items]
Fair value as of January 1, 2021
Initial measurement on March 2, 2021	7,520,000
Change in valuation inputs or other assumptions	(752,000)
Fair value as of June 30, 2021	$ 6,768,000