Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate its previously reported financial statements. The Company previously determined the Class A common stock subject to possible redemption to be equal to the redemption value of $10.00 per share of Class A common stock while also taking into consideration its charter’s requirement that a redemption cannot result in net tangible assets being less than $5,000,001. Upon review of its financial statements for the quarterly period ended September 30, 2021, the Company reevaluated the classification of the Class A common stock and determined that the Class A common stock issued during the IPO and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control under ASC 480-10-S99. Therefore, management concluded that the carrying value should include all shares of Class A common stock subject to possible redemption, resulting in the Class A common stock subject to possible redemption being classified as temporary equity in its entirety. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), retained earnings (accumulated deficit) and Class A common stock. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements as of January 12, 2021, March 31, 2021 and June 30, 2021 should be restated to report all public shares as temporary equity due to a misapplication in the guidance around complex accounting for financial instruments. In connection with the change in presentation for the Class A common stock subject to redemption, the Company also restated its earnings per share calculation to allocate net income (loss) evenly to common stock subject to redemption and those that are not subject to redemption. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of common stock share pro rata in the income (loss) of the Company. There has been no change in the Company’s total assets, liabilities or operating results. The impact of the restatement on the Company’s financial statements is reflected in the following table: As Reported Restatement As Restated Balance Sheet as of January 12, 2021 (as revised in Footnote 2 to the financial statements included in Form 10-Q filed on May 24, 2021) Common Stock subject to possible redemption $ 254,839,270 $ 32,660,730 $ 287,500,000 Class A common stock, $0.0001 par value 327 (327) — Additional Paid in Capital 5,706,491 (5,706,491) — Accumulated Deficit (707,535) (26,953,912) (27,661,447) Total Stockholders' Equity (Deficit) $ 5,000,002 $ (32,660,730) $ (27,660,728) Number of shares subject to redemption 25,438,927 3,266,073 28,750,000 As Reported Restatement As Restated Unaudited Condensed Balance Sheet as of March 31, 2021 Common Stock subject to possible redemption $ 264,161,230 $ 23,338,770 $ 287,500,000 Class A common stock, $0.0001 par value 233 (233) — Accumulated Deficit 4,999,054 (23,338,537) (18,339,483) Total Stockholders' Equity (Deficit) $ 5,000,006 $ (23,338,770) $ (18,338,764) Number of shares subject to redemption 26,416,123 2,333,877 28,750,000 As Reported Restatement As Restated Unaudited Statement of Operations for the three months ended March 31, 2021 Basic and diluted weighted average shares, redeemable shares 25,495,727 (259,616) 25,236,111 Basic and diluted net income per share, redeemable shares $ — $ 0.27 $ 0.27 Basic and diluted weighted average shares, non-redeemable shares 10,044,029 (2,856,529) 7,187,500 Basic and diluted net income per share, non-redeemable shares $ 0.88 $ (0.61) $ 0.27 As Reported Restatement As Restated Unaudited Condensed Statement Of Changes In Stockholders’ Equity as of March 31, 2021 Change in Class A common stock subject to possible redemption – Class A common stock amount $ (2,642) $ 2,642 $ — Change in Class A common stock subject to possible redemption - APIC $ (260,438,213) $ 260,438,213 $ — Change in Class A common stock subject to possible redemption - Accumulated deficit $ (3,720,375) $ 3,720,375 $ — Change in Class A common stock subject to possible redemption - total stockholders’ equity $ (264,161,230) $ 264,161,230 $ — Accretion of Class A shares - APIC $ — $ (1,005,764) $ (1,005,764) Accretion of Class A shares - Accumulated Deficit $ — $ (27,058,912) $ (27,058,912) Accretion of Class A shares - total stockholders’ equity $ — $ (28,064,676) $ (28,064,676) As Reported Restatement As Restated Unaudited Condensed Statement Of Cash Flows For the three months ended March 31, 2021 Initial value of Class A common stock subject to possible redemption $ 254,839,270 $ 32,660,730 $ 287,500,000 Change in value of Class A common stock subject to possible redemption 9,321,960 (9,321,960) — As Reported Restatement As Restated Unaudited Condensed Balance Sheet as of June 30, 2021 Common stock subject to possible redemption $ 259,493,958 $ 28,006,042 $ 287,500,000 Common stock Class A, $0.0001 par value $ 279 $ (279) $ — Additional Paid in Capital 4,667,226 (4,667,226) — Accumulated deficit 331,777 (23,338,537) (23,006,760) Total stockholders' equity/(deficit) $ 5,000,001 $ (28,006,042) $ (23,006,041) As Reported Restatement As Restated Unaudited Statement of Operations for the three months ended June 30, 2021 Basic and diluted weighted average shares, redeemable shares 26,410,994 2,339,006 28,750,000 Basic and diluted net income per share, redeemable shares $ — $ (0.13) $ (0.13) Basic and diluted weighted average shares, non-redeemable shares 9,526,506 (2,339,006) 7,187,500 Basic and diluted net income per share, non-redeemable shares $ (0.49) $ 0.36 $ (0.13) As Reported Restatement As Restated Unaudited Statement of Operations for the six months ended June 30, 2021 Basic and diluted weighted average shares, redeemable shares 25,985,664 1,017,098 27,002,762 Basic and diluted net income per share, redeemable shares $ — $ 0.12 $ 0.12 Basic and diluted weighted average shares, non-redeemable shares 9,783,838 (2,596,338) 7,187,500 Basic and diluted net income per share, non-redeemable shares $ 0.42 $ (0.30) $ 0.12 As Reported Restatement As Restated Unaudited Condensed Statement Of Changes In Stockholders’ Equity as of June 30, 2021 Change in Class A common stock subject to possible redemption – Class A common stock amount $ 46 $ (46) $ — Change in Class A common stock subject to possible redemption - APIC $ 946,851 $ (946,851) $ — Change in Class A common stock subject to possible redemption - Accumulated deficit $ 3,720,375 $ (3,720,375) $ — Change in Class A common stock subject to possible redemption - total stockholders’ equity $ 4,667,272 $ (4,667,272) $ — As Reported Restatement As Restated Unaudited Condensed Statement Of Cash Flows for the six months ended June 30, 2021 Initial value of Class A common stock subject to possible redemption $ 254,839,270 $ 32,660,730 $ 287,500,000 Change in Class A common stock subject to possible redemption - APIC $ 4,654,688 $ (4,654,688) $ — |