QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 10. QUARTERLY FINANCIAL DATA (UNAUDITED) In lieu of filing amended quarterly reports on Form 10-Q, the following tables represent the Company’s restated unaudited financial statements for each of the quarters during the period from January 14, 2020 (inception) through December 31, 2020. See Note 3, Restatement of Previously Issued Financial Statements for additional information. The Company is presenting a reconciliation from the prior periods, as previously reported, to the restated values. The values as previously reported were derived from the Company’s Quarterly Reports on Form 10-Q for the interim periods of 2020 and the audited financial statements for the period from January 14, 2020 (inception) through December 31, 2020,as presented in the Company’s Form S-1 and its amendments. BALANCE SHEETS As Restated June 30, September 30, 2020 2020 Assets Current assets: Cash and cash equivalents $ 1,643,079 $ 1,446,391 Prepaid expenses 465,063 366,791 Total current assets 2,108,142 1,813,182 Investments held in Trust Account 414,028,653 414,039,090 Total Assets $ 416,136,795 $ 415,852,272 Liabilities and Shareholders’ Equity Current liabilities: Accrued expenses $ 217,145 $ 1,141,145 Accounts payable 872,438 775,431 Due to related party — 17,572 Total current liabilities 1,089,583 1,934,148 Deferred legal fees 947,087 947,087 Deferred underwriting commissions 14,490,000 14,490,000 Derivative liabilities 51,265,800 60,606,600 Total liabilities 67,792,470 83,977,835 Class A ordinary shares, subject to possible redemption 343,344,320 326,874,430 Shareholders’ Equity Class A ordinary shares, not subject to possible redemption 706 871 Class B ordinary shares 1,535 1,535 Additional paid-in capital 24,747,292 41,217,017 Accumulated deficit (19,749,528) (36,219,416) Total shareholders’ equity 5,000,005 5,000,007 Total Liabilities and Shareholders’ Equity $ 416,136,795 $ 415,852,272 STATEMENTS OF OPERATIONS As Restated Three Months January 14, 2020 Three Months January 14, 2020 Ended (Inception) through Ended (Inception) through June 30, 2020 June 30, 2020 September 30, 2020 September 30, 2020 Operating expenses General and administrative expenses $ 172,519 $ 195,296 $ 1,139,525 $ 1,334,821 Loss from operations (172,519) (195,296) (1,139,525) (1,334,821) Net gain from investments held in Trust Account 28,653 28,653 10,437 39,090 Loss from change in fair value of derivative liabilities (18,152,800) (18,152,800) (15,340,800) (33,493,600) Financing cost - derivative liabilities (1,430,085) (1,430,085) — (1,430,085) Net loss $ (19,726,751) $ (19,726,751) $ (16,469,888) $ (36,219,416) Weighted average shares outstanding of Class A ordinary shares 41,400,000 41,400,000 41,400,000 41,400,000 Basic and diluted net loss per share, Class A $ 0.00 $ 0.00 $ 0.00 $ 0.00 Weighted average shares outstanding of Class B ordinary shares 15,350,000 15,350,000 15,350,000 15,350,000 Basic and diluted net loss per share, Class B $ (1.29) $ (1.29) $ (1.07) $ (2.36) STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY As Restated Additional Total Paid-in Accumulated Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance–January 14, 2020 (Inception) — $ — — $ — $ — $ — $ — Issuance of Class B ordinary shares to Sponsor — — 15,350,000 1,535 23,465 — 25,000 Net loss — — — — — (22,777) (22,777) Balance–March 31, 2020 — — 15,350,000 1,535 23,465 (22,777) 2,223 Sale of units in initial public offering, gross 41,400,000 4,140 — — 413,995,860 — 414,000,000 Offering costs — — — — (23,096,147) — (23,098,147) Initial recognition of forward purchase agreement — — — — 351,000 — 351,000 Initial recognition of derivative liabilities — — — — (23,184,000) — (23,184,000) Shares subject to possible redemption (34,334,432) 3,434 — — (343,340,886) — (343,344,320) Net loss — — — — — (19,726,751) (19,726,751) Balance–June 30, 2020 7,065,568 706 15,350,000 1,535 27,747,292 (19,749,528) 5,000,005 Shares subject to possible redemption 1,646,969 113 — — 16,469,725 — 16,469,890 Net loss — — — — — (16,469,888) (16,469,888) Balance–September 30, 2020 8,712,557 871 15,350,000 1,535 41,217,017 (36,219,416) 5,000,007 Shares subject to possible redemption 3,505,247 351 — — 35,052,124 — 32,052,475 Net loss — — — — — (35,052,476) (35,052,476) Balance–December 31, 2020 12,217,804 $ 1,222 15,350,000 $ 1,535 $ 76,269,141 $ (71,271,892) $ 5,000,006 STATEMENT OF CASH FLOWS The restatement corrections impact net loss and loss from change in fair value of derivative liabilities within operating cash flows in the Statements of Cash Flows. Total operating activities, investing activities, financing activities and cash and cash equivalents are unchanged as a result of the restatement. BALANCE SHEETS December 31, 2020 As Previously Restatement Reported Impacts As Restated Assets Current assets: Cash and cash equivalents $ 455,318 $ — $ 455,318 Prepaid expenses 302,315 — 302,315 Total current assets 757,633 — 757,633 Investments held in Trust Account 414,049,527 — 414,049,527 Total Assets $ 414,807,160 $ — $ 414,807,160 Liabilities and Shareholders’ Equity Current liabilities: Accrued expenses $ 2,147,682 $ — $ 2,147,682 Accounts payable 1,260,831 — 1,260,831 Due to related party 24,399 — 24,399 Total current liabilities 3,432,912 — 3,432,912 Deferred legal fees 947,087 — 947,087 Deferred underwriting commissions 14,490,000 — 14,490,000 Derivative liabilities — 99,115,200 99,115,200 Total liabilities 18,869,999 99,115,200 117,985,199 Class A ordinary shares, subject to possible redemption 390,937,160 (99,115,205) 291,821,955 Shareholders’ Equity Class A ordinary shares, not subject to possible redemption 231 991 1,222 Class B ordinary shares 1,535 — 1,535 Additional paid-in capital 8,837,842 67,431,299 76,269,141 Accumulated deficit (3,839,607) (67,432,285) (71,271,892) Total shareholders’ equity 5,000,001 5 5,000,006 Total Liabilities and Shareholders’ Equity $ 414,807,160 $ — $ 414,807,160 September 30, 2020 As Previously Restatement Reported Impacts As Restated Assets Current assets: Cash and cash equivalents $ 1,446,391 $ — $ 1,446,391 Prepaid expenses 366,791 — 366,791 Total current assets 1,813,182 — 1,813,182 Investments held in Trust Account 414,039,090 — 414,039,090 Total Assets $ 415,852,272 $ — $ 415,852,272 Liabilities and Shareholders’ Equity Current liabilities: Accrued expenses $ 1,141,145 $ — $ 1,141,145 Accounts payable 775,431 — 775,431 Due to related party 17,572 — 17,572 Total current liabilities 1,934,148 — 1,934,148 Deferred legal fees 947,087 — 947,087 Deferred underwriting commissions 14,490,000 — 14,490,000 Derivative liabilities — 66,606,600 66,606,600 Total liabilities 17,371,235 66,606,600 83,977,835 Class A ordinary shares, subject to possible redemption 393,481,030 (66,606,600) 326,874,430 Shareholders’ Equity Class A ordinary shares, not subject to possible redemption 205 666 871 Class B ordinary shares 1,535 — 1,535 Additional paid-in capital 6,293,998 34,923,019 41,217,017 Accumulated deficit (1,295,731) (34,923,685) (36,219,416) Total shareholders’ equity 5,000,007 — 5,000,007 Total Liabilities and Shareholders’ Equity $ 415,852,272 $ — $ 415,852,272 June 30, 2020 As Previously Restatement Reported Impacts As Restated Assets Current assets: Cash and cash equivalents $ 1,643,079 $ — $ 1,643,079 Prepaid expenses 465,063 — 465,063 Total current assets 2,108,142 — 2,108,142 Investments held in Trust Account 414,028,653 — 414,028,653 Total Assets $ 416,136,795 $ — $ 416,136,795 Liabilities and Shareholders’ Equity Current liabilities: Accrued expenses $ 217,145 $ — $ 217,145 Accounts payable 872,438 — 872,438 Due to related party — — — Total current liabilities 1,089,583 — 1,089,583 Deferred legal fees 947,087 — 947,087 Deferred underwriting commissions 14,490,000 — 14,490,000 Derivative liabilities — 51,265,800 51,265,800 Total liabilities 16,526,670 51,265,800 67,792,470 Class A ordinary shares, subject to possible redemption 394,610,120 (51,265,800) 343,344,320 Shareholders’ Equity Class A ordinary shares, not subject to possible redemption 194 512 706 Class B ordinary shares 1,535 — 1,535 Additional paid-in capital 5,164,919 19,582,373 24,747,292 Accumulated deficit (166,643) (19,582,885) (19,749,528) Total shareholders’ equity 5,000,005 — 5,000,005 Total Liabilities and Shareholders’ Equity $ 416,136,795 $ — $ 416,136,795 STATEMENTS OF OPERATIONS For the Period from January 14, 2020 (Inception) through December 31, 2020 As Previously Restatement Reported Impacts As Restated Operating expenses General and administrative expenses $ 3,889,134 $ — $ 3,889,134 Loss from operations (3,889,134) — (3,889,134) Net gain from investments held in Trust Account 49,527 — 49,527 Loss from change in fair value of derivative liabilities — (66,002,200) (66,002,200) Financing cost - derivative liabilities — (1,430,085) (1,430,085) Net loss $ (3,839,607) $ (67,432,285) $ (71,271,892) Weighted average shares outstanding of Class A ordinary shares 41,400,000 — 41,400,000 Basic and diluted net loss per share, Class A $ 0.00 $ 0.00 $ 0.00 Weighted average shares outstanding of Class B ordinary shares 15,350,000 — 15,350,000 Basic and diluted net loss per share, Class B $ (0.25) $ (4.39) $ (4.65) For the Three Months Ended September 30, 2020 As Previously Restatement Reported Impacts As Restated Operating expenses General and administrative expenses $ 1,139,525 $ — $ 1,139,525 Loss from operations (1,139,525) — (1,139,525) Net gain from investments held in Trust Account 10,437 — 10,437 Loss from change in fair value of derivative liabilities — (15,340,800) (15,340,800) Net loss $ (1,129,088) $ (15,340,800) $ (16,469,888) Weighted average shares outstanding of Class A ordinary shares 41,400,000 — 41,400,000 Basic and diluted net loss per share, Class A $ 0.00 $ 0.00 $ 0.00 Weighted average shares outstanding of Class B ordinary shares 15,350,000 — 15,350,000 Basic and diluted net loss per share, Class B $ (0.07) $ (1.00) $ (1.07) For the Period from January 14, 2020 (Inception) through September 30, 2020 As Previously Restatement Reported Impacts As Restated Operating expenses General and administrative expenses $ 1,334,821 $ — $ 1,334,821 Loss from operations (1,334,821) — (1,334,821) Net gain from investments held in Trust Account 39,090 — 39,090 Loss from change in fair value of derivative liabilities — (33,493,600) (33,493,600) Financing cost - derivative liabilities — (1,430,085) (1,430,085) Net loss $ (1,295,731) $ (34,923,685) $ (36,219,416) Weighted average shares outstanding of Class A ordinary shares 41,400,000 — 41,400,000 Basic and diluted net loss per share, Class A $ 0.00 $ 0.00 $ 0.00 Weighted average shares outstanding of Class B ordinary shares 15,350,000 — 15,350,000 Basic and diluted net loss per share, Class B $ (0.09) $ (1.23) $ (1.32) For the Three Months Ended June 30, 2020 As Previously Restatement Reported Impacts As Restated Operating expenses General and administrative expenses $ 172,519 $ — $ 172,519 Loss from operations (172,519) — (172,519) Net gain from investments held in Trust Account 28,653 — 28,653 Loss from change in fair value of derivative liabilities — (18,152,800) (18,152,800) Financing cost - derivative liabilities — (1,430,085) (1,430,085) Net loss $ (143,866) $ (19,582,885) $ (19,726,751) Weighted average shares outstanding of Class A ordinary shares 41,400,000 — 41,400,000 Basic and diluted net loss per share, Class A $ 0.00 $ 0.00 $ 0.00 Weighted average shares outstanding of Class B ordinary shares 15,350,000 — 15,350,000 Basic and diluted net loss per share, Class B $ (0.01) $ (1.28) $ (1.29) For the Period from January 14, 2020 (Inception) through June 30, 2020 As Previously Restatement Reported Impacts As Restated Operating expenses General and administrative expenses $ 195,296 $ — $ 195,296 Loss from operations (195,296) — (195,296) Net gain from investments held in Trust Account 28,653 — 28,653 Loss from change in fair value of derivative liabilities — (18,152,800) (18,152,800) Financing cost - derivative liabilities — (1,430,085) (1,430,085) Net loss $ (166,643) $ (19,582,885) $ (19,749,528) Weighted average shares outstanding of Class A ordinary shares 41,400,000 — 41,400,000 Basic and diluted net loss per share, Class A $ 0.00 $ 0.00 $ 0.00 Weighted average shares outstanding of Class B ordinary shares 15,350,000 — 15,350,000 Basic and diluted net loss per share, Class B $ (0.01) $ (1.28) $ (1.29) STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY As Previously Reported Ordinary Shares Additional Total Class A Class B Paid-in Accumulated Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance – January 14, 2020 (Inception) — $ — — $ — $ — $ — $ — Issuance of Class B ordinary shares to Sponsor — — 15,350,000 1,535 23,465 — 25,000 Net loss — — — — — (22,777) (22,777) Balance – March 31, 2020 — — 15,350,000 1,535 23,465 (22,777) 2,223 Sale of units in initial public offering, gross 41,400,000 4,140 — — 413,995,860 — 414,000,000 Offering costs — — — — (24,528,232) — (24,528,232) Sale of private placement warrants to Sponsor — — — — 10,280,000 — 10,280,000 Shares subject to possible redemption (39,461,012) (3,946) — — (394,606,174) — (394,610,120) Net loss — — — — — (143,866) (143,866) Balance – June 30, 2020 1,938,988 194 15,350,000 1,535 5,164,919 (166,643) 5,000,005 Shares subject to possible redemption 112,909 11 — — 1,129,079 — 1,129,090 Net loss — — — — — (1,129,088) (1,129,088) Balance – September 30, 2020 2,051,897 205 15,350,000 1,535 6,293,998 (1,295,731) 5,000,007 Shares subject to possible redemption 254,387 26 — — 2,543,844 — 2,543,870 Net loss — — — — — (2,543,876) (2,543,876) Balance – December 31, 2020 2,306,284 $ 231 15,350,000 $ 1,535 $ 8,837,842 $ (3,839,607) $ 5,000,001 Restatement Impacts Ordinary Shares Additional Total Class A Class B Paid-in Accumulated Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance – January 14, 2020 (Inception) — $ — — $ — $ — $ — $ — Issuance of Class B ordinary shares to Sponsor — — — — — — — Net loss — — — — — — — Balance – March 31, 2020 — — — — — — — Sale of units in initial public offering, gross — — — — — — — Offering costs — — — — 1,430,065 — 1,430,085 Sale of private placement warrants to Sponsor — — — — (10,280,000) — (10,280,000) Initial recognition of forward purchase agreement — — — — 351,000 — 351,000 Initial recognition of derivative liabilities — — — — (23,184,000) — (23,184,000) Shares subject to possible redemption 5,126,580 512 — — 51,265,288 — 51,265,800 Net loss — — — — — (19,582,885) (19,582,885) Balance – June 30, 2020 5,126,580 512 — — 19,582,373 (19,582,885) — Shares subject to possible redemption 1,534,080 154 — — 15,340,646 — 15,340,800 Net loss — — — — — (15,340,800) (15,340,800) Balance – September 30, 2020 6,660,660 666 — — 34,923,019 (34,923,685) — Shares subject to possible redemption 3,250,860 325 — — 32,506,280 — 32,508,605 Net loss — — — — — (32,508,600) (32,508,600) Balance – December 31, 2020 9,911,520 $ 991 — $ — $ 67,431,299 $ (67,432,285) $ 5 As Restated Ordinary Shares Additional Total Class A Class B Paid-in Accumulated Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance – January 14, 2020 (Inception) — $ — — $ — $ — $ — $ — Issuance of Class B ordinary shares to Sponsor — — 15,350,000 1,535 23,465 — 25,000 Net loss — — — — — (22,777) (22,777) Balance – March 31, 2020 — — 15,350,000 1,535 23,465 (22,777) 2,223 Sale of units in initial public offering, gross 41,400,000 4,140 — — 390,495,860 — 390,500,000 Offering costs — — — — (24,528,232) — (24,528,232) Sale of private placement warrants to Sponsor — — — — — — — Shares subject to possible redemption (35,203,292) (3,520) — — (352,029,400) — (352,032,920) Net loss — — — — — (8,941,066) (8,941,066) Balance – June 30, 2020 6,196,708 620 15,350,000 1,535 13,961,693 (8,963,843) 5,000,005 Shares subject to possible redemption 1,130,709 113 — — 11,306,977 — 11,307,090 Net loss — — — — — (11,307,088) (11,307,088) Balance – September 30, 2020 7,327,417 733 15,350,000 1,535 25,268,670 (20,270,931) 5,000,007 Shares subject to possible redemption 1,997,707 200 — — 19,976,870 — 19,977,070 Net loss — — — — — (19,977,076) (19,977,076) Balance – December 31, 2020 9,325,124 $ 933 15,350,000 $ 1,535 $ 45,245,540 $ (40,248,007) $ 5,000,001 |