Annual report pursuant to Section 13 and 15(d)

Restatement of Financial Statements (Tables)

v3.21.1
Restatement of Financial Statements (Tables)
6 Months Ended
Dec. 31, 2020
Restatement [Abstract]  
Schedule of Balance Sheet
    
As of December 31, 2020
 
    
As Previously
Reported
   
Restatement
Adjustment
   
As Restated
 
Balance Sheet
      
Total assets
   $ 692,373,510     $ —       $ 692,373,510  
  
 
 
   
 
 
   
 
 
 
Liabilities and shareholders’ equity
      
Total current liabilities
   $ 421,572     $ —       $ 421,572  
Deferred legal fees
     239,161       —         239,161  
Deferred underwriting commissions
     24,150,000         24,150,000  
Derivative warrant liabilities
     —         99,938,040       99,938,040  
  
 
 
   
 
 
   
 
 
 
Total liabilities
     24,810,733       99,938,040       124,748,773  
Class A common stock, $0.0001 par value; shares subject to possible redemption
     662,562,770       (99,938,040     562,624,730  
Shareholders’ equity
      
Preferred stock- $0.0001 par value
     —         —         —    
Class A common stock - $0.0001 par value
     274       1,000       1,274  
Class B common stock - $0.0001 par value
     1,725       —         1,725  
Additional
 
paid-in-capital
     5,931,243       62,968,350       68,899,593  
Accumulated deficit
     (933,235     (62,969,350     (63,902,585
  
 
 
   
 
 
   
 
 
 
Total shareholders’ equity
     5,000,007       —         5,000,007  
  
 
 
   
 
 
   
 
 
 
Total liabilities and shareholders’ equity
   $ 692,373,510     $ —       $ 692,373,510  
  
 
 
   
 
 
   
 
 
 
    
As of September 21, 2020
 
    
As Previously
Reported
   
Restatement
Adjustment
   
As Restated
 
Unaudited Condensed Balance Sheet
      
Total assets
   $ 694,363,065     $ —       $ 694,363,065  
  
 
 
   
 
 
   
 
 
 
Liabilities and shareholders’ equity
      
Total current liabilities
   $ 1,790,393     $ —       $ 1,790,393  
Deferred underwriting commissions
     24,150,000       —         24,150,000  
Derivative warrant liabilities
     —         38,257,890       38,257,890  
  
 
 
   
 
 
   
 
 
 
Total liabilities
     25,940,393       38,257,890       64,198,283  
Class A common stock, $0.0001 par value; shares subject to possible redemption shareholders’ equity
     663,422,670       (38,257,890     625,164,780  
Preferred stock- $0.0001 par value
     —         —         —    
Class A common stock - $0.0001 par value
     266       382       648  
Class B common stock - $0.0001 par value
     1,725       —         1,725  
Additional paid-in-capital
     5,071,351       1,288,818       6,360,169  
Accumulated deficit
     (73,340     (1,289,200     (1,362,540
  
 
 
   
 
 
   
 
 
 
Total shareholders’ equity
     5,000,002       —         5,000,002  
  
 
 
   
 
 
   
 
 
 
Total liabilities and shareholders’ equity
   $ 694,363,065     $ —       $ 694,363,065  
  
 
 
   
 
 
   
 
 
 
Schedule Of Income Statement
    
Period From July 3, 2020 (Inception) Through
 December 31, 2020
 
    
As Previously
Reported
   
Restatement
Adjustment
   
As Restated
 
Statement of Operations
                        
Loss from operations
   $ (1
,
104
,
601
  $ —       $ (1
,
104
,
601
Other (expense) income:
                        
Change in fair value of warrant liabilities
     —         (61
,
680
,
150
    (61,680
,
150
Financing costs
     —         (1,289,200     (1,289,200
Unrealized gain on investments held in Trust Account
     171
,
366
      —         171
,
366
 
    
 
 
   
 
 
   
 
 
 
Total other (expense) income
     171,366       (62,969,350     (62,797,984
    
 
 
   
 
 
   
 
 
 
Net loss
   $ (933,235   $ (62,969,350   $ (63,902,585
    
 
 
   
 
 
   
 
 
 
Basic and Diluted weighted-average Class A common stock outstanding
     69,000,000      
      69,000,000  
    
 
 
   
 
 
   
 
 
 
Basic and Diluted net loss per Class A common shares
   $ 0.00      
    $ —    
    
 
 
   
 
 
   
 
 
 
Basic and Diluted weighted-average Class B common stock outstanding
     17,250,000      
      17,250,000  
    
 
 
   
 
 
   
 
 
 
Basic and Diluted net loss per Class B common shares
   $ (0.05  
$
(3.65)
    $ (3.70
    
 
 
   
 
 
   
 
 
 
Schedule Of Cash flows
    
Period From July 3,2020 (Inception) Through
 December 31, 2020
 
    
As Previously
Reported
    
Restatement
Adjustment
   
As Restated
 
Statement of Cash Flows
                         
Net loss
   $ (933,235)      $ (62,969,350   $ (63,902,585
Adjustments to reconcile net loss to net cash used in operating activities
     (146,366)        62,969,350       62,822,984  
Net cash used in operating activities
     (1
,
165
,
494)
       —         (1
,
165
,
494
Net cash used in investing activities
     (690,000,000)        —         (690,000,000
Net cash provided by financing activities
     692,860,173        —         692,860,173  
    
 
 
    
 
 
   
 
 
 
Net change in cash
  
$
1,694,679
 
  
$
—  
 
 
$
1,694,679