EJF Acquisition 10-Q16 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 16, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	EJF Acquisition Corp.
Entity Central Index Key	0001839434
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	true
Entity Small Business	true
Entity Emerging Growth Company	true
Entity File Number	001-40113
Entity Address, Address Line One	2107 Wilson Boulevard
Entity Address, Address Line Two	Suite 410
Entity Address, City or Town	Arlington
Entity Address, Postal Zip Code	22201
City Area Code	703
Local Phone Number	879-3292
Entity Tax Identification Number	98-1574021
Entity Incorporation, State or Country Code	E9
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Ex Transition Period	false
Entity Address, Country	VA
Common Class A [Member]
Document Information [Line Items]
Trading Symbol	EJFA
Title of 12(b) Security	Class A ordinary shares
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		28,750,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,187,500
Units [Member]
Document Information [Line Items]
Trading Symbol	EJFAU
Title of 12(b) Security	Units, each consisting of one Class A ordinary share
Security Exchange Name	NASDAQ
Redeemable Warrants [Member]
Document Information [Line Items]
Trading Symbol	EJFAW
Title of 12(b) Security	Redeemable Warrants included as part of the units
Security Exchange Name	NASDAQ

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash on hand	$ 526,368
Prepaid Expenses	426,873
Deferred offering costs		$ 276,751
Total current assets	953,241	276,751
Prepaid Expenses – non-current	231,781
Cash and Investments held in Trust Account	287,545,414
Total Assets	288,730,436	276,751
Current liabilities:
Accrued costs and expenses	98,636	255,288
Due to related party	12,000
Total current liabilities	110,636	255,288
Warrant liability	13,146,413
Deferred underwriters' discount	10,062,500
Total liabilities	23,319,549	255,288
Commitments
Ordinary shares subject to possible redemption, 26,041,088 and no shares at redemption value as of June 30, 2021 and December 31, 2020, respectively	260,410,881
Shareholders' Equity:
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
Additional paid-in capital	(3,549,937)	24,281
Retained Earnings (Accumulated deficit)	8,548,954	(3,537)
Total shareholders' equity	5,000,006	21,463
Total Liabilities and Shareholders' Equity	288,730,436	276,751
Common Class A [Member]
Shareholders' Equity:
Common stock	270
Total shareholders' equity	270
Common Class B [Member]
Shareholders' Equity:
Common stock	719	719
Total shareholders' equity	$ 719	$ 719

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Temporary equity shares outstanding	26,041,088	0
Preferred stock par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common Class A [Member]
Temporary equity shares outstanding	26,041,088	0
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	500,000,000	500,000,000
Common stock shares issued	2,702,912	0
Common stock shares outstanding	2,702,912	0
Common Class B [Member]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	50,000,000	50,000,000
Common stock shares issued	7,187,500	7,187,500
Common stock shares outstanding	7,187,500	7,187,500

Condensed Statement of Operatio

Condensed Statement of Operations - USD ($)	3 Months Ended	6 Months Ended
Condensed Statement of Operations - USD ($)	Jun. 30, 2021	Jun. 30, 2021
Formation and operating costs	$ 193,550	$ 286,286
Loss from operations	(193,550)	(286,286)
Other income:
Bank interest income	16	19
Interest income on marketable securities held in trust	34,769	45,414
Offering cost allocated to warrants		(862,470)
Excess of Private Placement Warrants fair value over purchase price		(1,242,401)
Change in fair value of warrant liability	1,409,301	10,898,215
Total other income	1,444,086	8,838,777
Net income	$ 1,250,536	$ 8,552,491
Ordinary Share Subject to Possible Redemption [Member]
Other income:
Weighted average shares outstanding, basic and diluted	25,916,035	17,170,628
Basic and diluted net income per share	$ 0	$ 0
Non-Redeemable Ordinary Shares [Member]
Other income:
Net income	$ 1,250,536	$ 8,552,491
Weighted average shares outstanding, basic and diluted	10,021,465	9,236,485
Basic and diluted net income per share	$ 0.12	$ 0.92

Condensed Statement of Changes

Condensed Statement of Changes In Shareholders' Equity - USD ($)	Total	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Class A Ordinary Shares [Member]	Class B Ordinary Shares [Member]
Beginning balance at Dec. 31, 2020	$ 21,463	$ 24,281	$ (3,537)		$ 719
Beginning balance, shares at Dec. 31, 2020					7,187,500
Sale of units	287,500,000	287,497,125		$ 2,875
Sale of units, Shares				28,750,000
Sale of private placement warrants	7,750,000	7,750,000
Underwriters' discount	(5,750,000)	(5,750,000)
Deferred underwriters' discount	(10,062,500)	(10,062,500)
Offering costs charged to the shareholders' equity	(660,810)	(660,810)
Non-equity portion of offering costs charged to expense	862,470	862,470
Initial classification of public warrant liability	(15,052,227)	(15,052,227)
Initial classification of private warrant liability	(7,750,000)	(7,750,000)
Net income	7,301,955		7,301,955
Class A ordinary shares subject to possible redemption	(259,160,350)	(259,157,758)		$ (2,592)
Class A ordinary shares subject to possible redemption, Shares				(25,916,035)
Ending balance at Mar. 31, 2021	5,000,001	(2,299,419)	7,298,418	$ 283	$ 719
Ending balance, shares at Mar. 31, 2021				2,833,965	7,187,500
Beginning balance at Dec. 31, 2020	21,463	24,281	(3,537)		$ 719
Beginning balance, shares at Dec. 31, 2020					7,187,500
Net income	8,552,491
Ending balance at Jun. 30, 2021	5,000,006	(3,549,937)	8,548,954	$ 270	$ 719
Ending balance, shares at Jun. 30, 2021				2,708,912	7,187,500
Beginning balance at Mar. 31, 2021	5,000,001	(2,299,419)	7,298,418	$ 283	$ 719
Beginning balance, shares at Mar. 31, 2021				2,833,965	7,187,500
Net income	1,250,536		1,250,536
Class A ordinary shares subject to possible redemption	(1,250,531)	(1,250,518)		$ (13)
Class A ordinary shares subject to possible redemption, Shares				(125,053)
Ending balance at Jun. 30, 2021	$ 5,000,006	$ (3,549,937)	$ 8,548,954	$ 270	$ 719
Ending balance, shares at Jun. 30, 2021				2,708,912	7,187,500

Condensed Statement of Change_2

Condensed Statement of Changes In Shareholders' Equity (Parenthetical) - shares	Mar. 01, 2021	Jun. 30, 2021
Sale of units, Shares	28,750,000
Private Placement Warrants [Member] \| Sponsor [Member]
Sale of private placement warrants	5,166,667	5,166,667

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows	6 Months Ended
Condensed Statement of Cash Flows	Jun. 30, 2021USD ($)
Cash flows from operating activities:
Net income	$ 8,552,491
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on cash and Investments held in Trust Account	(45,414)
Offering costs allocated to warrants	862,470
Excess of Private Placement Warrants fair value over purchase price	1,242,401
Change in fair value of warrant liability	(10,898,215)
Changes in operating assets and liabilities:
Prepaid assets	(658,654)
Accrued costs and expenses	25,099
Due to related party	12,000
Net cash used in operating activities	(907,822)
Cash Flows from Investing Activities:
Investment of cash in Trust Account	(287,500,000)
Net cash used in investing activities	(287,500,000)
Cash Flows from Financing Activities:
Proceeds from initial public offering, net of underwriters' discount	281,750,000
Proceeds from issuance of Private Placement Warrants	7,750,000
Proceeds from promissory note – related party	200,000
Repayment of promissory note – related party	(200,000)
Payment of offering costs	(565,810)
Net cash provided by financing activities	288,934,190
Net change in cash	526,368
Cash, beginning of period	0
Cash, end of the period	526,368
Supplemental disclosure of cash flow information:
Initial classification of warrant liability	22,802,227
Initial classification of Class A ordinary shares subject to possible redemption	249,841,522
Deferred underwriting commissions charged to additional paid in capital	10,062,500
Change in value of Class A ordinary shares subject to possible redemption	$ 10,569,359

Organization and Business Opera

Organization and Business Operations	6 Months Ended
Organization and Business Operations	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1 — Organization and Business Operations EJF Acquisition Corp. (the “Company”), was incorporated as a Cayman Islands exempted company on December 22, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of June 30, 2021, the Company had not commenced any operations. All activity through June 30, 2021 relates to the Company’s formation, the initial public offering (“IPO”), which is described below, and activities related to the search for a target for the Business Combination. The Company believes it 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 registration statement for the Company’s IPO was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2021. On March 1, 2021, the Company consummated the IPO of 28,750,000 units (the “Units”), including 3,750,000 Units sold pursuant to the full exercise of the underwriters’ option to purchase additional units to cover over-allotments, at $10.00 per Unit, generating gross proceeds of $287,500,000, which is discussed in Note 4. Each Unit consists of one Class A ordinary share and one-third Simultaneously with the closing of the IPO, the Company consummated the sale of 5,166,667 Private Placement Warrants (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”) to the Company’s Sponsor Wilson Boulevard LLC, at a price of $1.50 per Private Placement Warrant, generating total gross proceeds of $7,750,000, which is discussed in Note 5. Transaction costs of the IPO amounted to $16,473,310 consisting of $5,750,000 of underwriting discount, $10,062,500 of deferred underwriting discount, and $660,810 of other offering costs. Following the closing of the IPO on March 1, 2021, $287,500,000 (approximately $10.00 per Unit) from the net proceeds of the sale of the Units in the IPO, with a portion of the proceeds from the sale of the Private Placement Warrants, was deposited in a trust account (“Trust Account”) located in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and is invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under The Company will provide shareholders (the “Public Shareholders”) of its Class A ordinary shares, par value $0.0001, sold in the IPO (the “Public Shares”), with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable Share. The per-share amount the The Company will have only 24 months from March 1, 2021, the closing of the IPO, to complete an initial Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Public Shares, at a per-share price, (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares (as defined below) and Public Shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares and Public Shares they hold in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of its Public Shares if the Company has not consummated an initial Business Combination within the Combination Period or during any Extension Period or (B) with respect to any other specified provisions relating to shareholders’ rights or pre-initial Business Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic Liquidity and Capital Resources As of June 30, 2021, the Company had $526,368 in its operating bank account and working capital of approximately $843,000. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	6 Months Ended
Restatement of Previously Issued Financial Statements	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Note 2 —Restatement of Previously Issued Financial Statements In April 2021, the Company concluded that, because of a misapplication of the accounting guidance related to its Public and Private Placement warrants the Company issued in March 2021, the Company’s previously issued balance sheet as of March 1, 2021 on Form 8-K On April 12, 2021, the staff of the U.S. Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on March 1, 2021, the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheet, and after discussion and evaluation, including with the Company’s independent auditors, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement. Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent non-cash 815-40, 815-40). 815-40 Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued balance sheet as of March 1, 2021, should be restated because of a misapplication in the guidance around accounting for certain of our outstanding Warrants and should no longer be relied upon. Impact of the Restatement The impact to the balance sheet dated March 1, 2021, filed on Form 8-K As of March 1, 2021 As Previously Restatement As Restated Balance Sheet as of March 1, 2021 as adjusted for exercise of over-allotment (filed on March 5, 2021) Total assets $ 290,008,640 $ — $ 290,008,640 Liabilities and shareholders’ equity Total current liabilities $ 1,059,980 $ — $ 1,059,980 Warrant liabilities — 24,044,628 24,044,628 Total liabilities 11,122,480 24,044,628 35,167,108 Ordinary shares, $0.0001 par value; shares subject to possible redemption 273,886,150 (24,044,628 ) 249,841,522 Shareholders’ equity Preference shares - $0.0001 par value — — — Class A ordinary shares - $0.0001 par value 136 240 376 Class B ordinary shares - $0.0001 par value 719 — 719 Additional paid-in-capital 5,016,705 2,104,631 7,121,336 Accumulated deficit (17,550 ) (2,104,871 ) (2,122,421 ) Total shareholders’ equity 5,000,010 — 5,000,010 Total liabilities and shareholders’ equity $ 290,008,640 $ — $ 290,008,640

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). 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 Securities Exchange Act of 1934, as amended (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 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 the 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. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, 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. As of June 30, 2021, and December 31, 2020, the company had $526,368 and $0 of cash equivalents, respectively. Marketable Securities Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money market funds which invest U.S. Treasury securities. During the three months and six months ended June 30, 2021, the Company did not withdraw any of the interest income from the Trust Account to pay its tax obligations. The Company classifies its United States Treasury securities as held-to-maturity Held-to-maturity Held-to-maturity A decline in the market value of held-to-maturity year-end, Premiums and discounts are amortized or accreted over the life of the related held-to-maturity 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. As of June 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of ASC 340-10-S99-1 The Company allocates the offering costs between its Class A ordinary shares and Public Warrants using relative fair value method, with the offering costs allocated to the Public Warrants expensed immediately. Accordingly, as of June 30, 2021, offering costs in the aggregate of $862,470 have been charged to the Company’s statement of operations (consisting of $827,873 of underwriting discounts and $34,597 of other cash offering costs). Offering costs associated with the Class A ordinary shares have been charged to shareholders’ equity. Class A 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 FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features 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) is classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A 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, 26,041,088 Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet, respectively. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” ASC Topic 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. The Company’s management determined that the Cayman Islands is the Company’s 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 accrued for 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. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income Per Ordinary Share Net income (loss) per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the IPO and Private Placement to purchase an aggregate of shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class Net loss per share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable Six months ended Three months ended Ordinary Shares subject to possible redemption Numerator: Earnings allocable to ordinary shares subject to redemption Interest earned on marketable securities held in Trust Account $ 41,135 $ 31,493 Less: interest available to be withdrawn for payment of taxes — — Net income allocatable to shares subject to possible redemption $ 41,135 $ 31,493 Denominator: Weighted average ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 17,170,628 25,916,035 Basic and diluted net income per share $ 0.00 $ 0.00 Non-Redeemable Ordinary Shares Numerator: Net income less earnings allocable to ordinary shares subject to possible redemption Net Incom e $ 8,552,491 $ 1,250,536 ) Net income allocable to shares subject to possible redemption (41,135 ) (31,493 ) Non-Redeemable $ 8,511,356 $ 1,219,043 Denominator: Weighted Average Non-Redeemable Ordinary Shares Basic and diluted weighted average shares outstanding 9,236,485 10,021,465 Basic and diluted net loss per share $ 0.92 $ 0.12 Fair Value of Financial Instruments The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured non-financial re-measured The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The following table presents information about the Company’s liabilities 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 Significant Significant Liabilities: Warrant Liability – Public Warrants $ 7,858,333 $ 7,858,333 $ — $ — Warrant Liability – Private Warrants 5,288,080 — — 5,288,080 $ 13,146,413 $ 7,858,333 $ — $ 5,288,080 The Public Warrants were transferred out of Level 3 to Level 1 during the period as an exchange-traded price was, and See Note 8 for additional information on the warrant liability measured at fair value. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued non-current net-cash FASB ASC 470-20, 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

Initial Public Offering	6 Months Ended
Initial Public Offering	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Initial Public Offering	Note 4 — Initial Public Offering On March 1, 2021, the Company sold 28,750,000 Units, at a purchase price of $10.00 per Unit, which included the full exercise by the underwriters of the over-allotment option to purchase an additional 3,750,000 Units. Each Unit consists of one share of Class A ordinary shares and one-third of one redeemable warrant.

Private Placement

Private Placement	6 Months Ended
Private Placement	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Private Placement	Note 5 — Private Placement Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 5,166,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $7,750,000, in a private placement (the “Private Placement”). A portion of the proceeds from the Private Placement were added to the proceeds from the IPO held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. Private Placement Warrants The Private Placement Warrants will be identical to the warrants sold as part of the units in the IPO except that the Private Placement Warrants, so long as they are held by the initial shareholders or their respective permitted transferees, (i) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination, subject to certain exceptions and (ii) will not be redeemable by the Company, (iii) may be exercised on a cashless basis, and (iv) will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the warrants included in the units being sold in the IPO

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 — Related Party Transactions Founder Shares On December 24, 2020, the Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs of the Company in consideration for 7,187,500 Class B ordinary shares par value $0.0001 per share (the “Founder Shares”). Up to 937,500 Founder Shares were subject to forfeiture depending on the extent to which the over-allotment option was exercised by the underwriters. On March 1, 2021, the underwriters exercised their over-allotment option in full, hence, 937,500 Founder Shares are no longer subject to forfeiture. 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) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share any 30-trading day Promissory Note — Related Party On December 24, 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”). The Note was non-interest bearing and Due to Related Party The balance of $12,000 represents the amount accrued for the administrative support services provided by Sponsor from date of the IPO (defined below) to June 30, 2021. Working Capital Loans 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 $1,500,000 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. Administrative Service Fee The Company agreed it will pay its Sponsor or an affiliate of the Sponsor thereof up to $10,000 per month for office space, utilities, secretarial and administrative support services. Upon completion of the initial Business Combination or the Company’s liquidation, it will cease paying these monthly fees. For the three months and six months ended June 30, 2021, the Company has accrued $30,000 and $60,000 respectively of administrative service fee, which is included in formation and operating costs on the condensed statement of operations.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7 — Commitments and 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. Underwriting Agreement The underwriters had a 45-day option The underwriters are entitled to a deferred underwriting fee of 3.5% of the gross proceeds of the IPO, or $10,062,500 in the aggregate. The deferred fee 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.

Warrants

Warrants	6 Months Ended
Warrants	Jun. 30, 2021
Warrants [Abstract]
Warrants	Note 8 — Warrants At June 30, 2021 and December 31, 2020, the Company had outstanding warrants to purchase an aggregate of and shares of the Company’s Class A ordinary shares issued in connection with the IPO and the Private Placement (including warrants issued in connection with the consummation of the over-allotment), respectively. The Public Warrants will become exercisable at $11.50 per share, subject to adjustment, at any time commencing 30 days after the completion of the initial Business Combination; provided 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 20 business days after the closing of the initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement registering the sale, 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 transfer of Class A ordinary shares issuable upon exercise of the warrants is not effective by the 90th business 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 an effective registration statement, and in the event the Company does not so elect, it will use its commercially reasonable efforts to register or qualify for sale 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 for a warrant 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 shares per whole warrant. The “fair market value” shall mean the VWAP (as defined below) 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. “VWAP” per share of the Company’s Class A ordinary shares on any trading day means the per share volume weighted average price as displayed under the heading Bloomberg VWAP on the Bloomberg (or, if Bloomberg ceases to publish such price, any successor service reasonably chosen by the company) page “VAP” (or its equivalent successor if such page is not available) in respect of the period from the open of trading on the relevant trading day until the close of trading on such trading day (or if such volume-weighted average price is unavailable, the market price of one Class A ordinary share on such trading day determined, using a volume weighted average method, by an independent financial advisor retained for such purpose by the company). “VWAP” for a period of multiple trading days means the volume-weighted average of the respective VWAPs for the trading days in such period. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit. 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 as described herein 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 • 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 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; • for cash at a price of $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, based on the redemption date and the “fair market value” of our Class A ordinary shares (as defined above); and • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described below). 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 its sponsor, directors or officers or their respective affiliates, without taking into account any Founder Shares held by the 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 consummation of the initial Business Combination (net of redemptions), and (z) the VWAP of the Company’s Class A ordinary shares during the 10-trading day period The warrant agreement contains an alternative issuance provision that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the Business Combination is payable in the form of shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter ten-day The Company believes that the adjustments to the exercise price of the warrants is based on a variable that is not an input to the fair value of a “fixed-for-fixed” The Warrants are accounted for as liabilities in accordance with ASC 815-40 The fair value of the Private Placement Warrants was determined by the Company using a model by a third-party valuation agent. The valuation model utilizes inputs such as assumed share prices, volatility, discount factors and other assumptions and may not be reflective of the price at which they can be settled at Level 3. The following table provides quantitative information regarding Level 3 fair value measurements as of June 30, 2021: June 30, 2021 Exercise price $ 11.50 Share price $ 9.67 Volatility 17 % Expected life of the options to convert 5.00 Risk-free rate 1.14 % Dividend yield 0.0 %

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Note 9 — Shareholders’ Equity Preference Shares At June 30, 2021 and December 31, 2020, there were no shares of preference shares issued or outstanding. Class A Ordinary Shares Class B Ordinary Shares 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 or the rules of The Nasdaq Stock Market LLC then in effect. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act (2020 Revision) of the Cayman Islands 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 sub-divisions, less than one-for-one basis.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
Emerging Growth Company Status	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 Securities Exchange Act of 1934, as amended (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 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	Use of Estimates The preparation of the 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. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could differ from those 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. As of June 30, 2021, and December 31, 2020, the company had $526,368 and $0 of cash equivalents, respectively.
Marketable Securities Held in Trust Account	Marketable Securities Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money market funds which invest U.S. Treasury securities. During the three months and six months ended June 30, 2021, the Company did not withdraw any of the interest income from the Trust Account to pay its tax obligations. The Company classifies its United States Treasury securities as held-to-maturity Held-to-maturity Held-to-maturity A decline in the market value of held-to-maturity year-end, Premiums and discounts are amortized or accreted over the life of the related held-to-maturity
Concentration of Credit Risk	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. As of June 30, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Offering Costs Associated with the Initial Public Offering	Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of ASC 340-10-S99-1 The Company allocates the offering costs between its Class A ordinary shares and Public Warrants using relative fair value method, with the offering costs allocated to the Public Warrants expensed immediately. Accordingly, as of June 30, 2021, offering costs in the aggregate of $862,470 have been charged to the Company’s statement of operations (consisting of $827,873 of underwriting discounts and $34,597 of other cash offering costs). Offering costs associated with the Class A ordinary shares have been charged to shareholders’ equity.
Class A Ordinary Shares Subject to Possible Redemption	Class A 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 FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features 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) is classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A 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, 26,041,088 Class A ordinary shares subject to possible redemption is presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet, respectively.
Income Taxes	Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” ASC Topic 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. The Company’s management determined that the Cayman Islands is the Company’s 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 accrued for 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. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
Net Income Per Ordinary Share	Net Income Per Ordinary Share Net income (loss) per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the IPO and Private Placement to purchase an aggregate of shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class Net loss per share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable Six months ended Three months ended Ordinary Shares subject to possible redemption Numerator: Earnings allocable to ordinary shares subject to redemption Interest earned on marketable securities held in Trust Account $ 41,135 $ 31,493 Less: interest available to be withdrawn for payment of taxes — — Net income allocatable to shares subject to possible redemption $ 41,135 $ 31,493 Denominator: Weighted average ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 17,170,628 25,916,035 Basic and diluted net income per share $ 0.00 $ 0.00 Non-Redeemable Ordinary Shares Numerator: Net income less earnings allocable to ordinary shares subject to possible redemption Net Incom e $ 8,552,491 $ 1,250,536 ) Net income allocable to shares subject to possible redemption (41,135 ) (31,493 ) Non-Redeemable $ 8,511,356 $ 1,219,043 Denominator: Weighted Average Non-Redeemable Ordinary Shares Basic and diluted weighted average shares outstanding 9,236,485 10,021,465 Basic and diluted net loss per share $ 0.92 $ 0.12
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured non-financial re-measured The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The following table presents information about the Company’s liabilities 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 Significant Significant Liabilities: Warrant Liability – Public Warrants $ 7,858,333 $ 7,858,333 $ — $ — Warrant Liability – Private Warrants 5,288,080 — — 5,288,080 $ 13,146,413 $ 7,858,333 $ — $ 5,288,080 The Public Warrants were transferred out of Level 3 to Level 1 during the period as an exchange-traded price was, and See Note 8 for additional information on the warrant liability measured at fair value.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued non-current net-cash FASB ASC 470-20,
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.

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Summary of Restatement of Previously Issued Financial Statements	As of March 1, 2021 As Previously Restatement As Restated Balance Sheet as of March 1, 2021 as adjusted for exercise of over-allotment (filed on March 5, 2021) Total assets $ 290,008,640 $ — $ 290,008,640 Liabilities and shareholders’ equity Total current liabilities $ 1,059,980 $ — $ 1,059,980 Warrant liabilities — 24,044,628 24,044,628 Total liabilities 11,122,480 24,044,628 35,167,108 Ordinary shares, $0.0001 par value; shares subject to possible redemption 273,886,150 (24,044,628 ) 249,841,522 Shareholders’ equity Preference shares - $0.0001 par value — — — Class A ordinary shares - $0.0001 par value 136 240 376 Class B ordinary shares - $0.0001 par value 719 — 719 Additional paid-in-capital 5,016,705 2,104,631 7,121,336 Accumulated deficit (17,550 ) (2,104,871 ) (2,122,421 ) Total shareholders’ equity 5,000,010 — 5,000,010 Total liabilities and shareholders’ equity $ 290,008,640 $ — $ 290,008,640

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
Significant Accounting Policies (Tables)	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Basic And Diluted Income Per Share	Six months ended Three months ended Ordinary Shares subject to possible redemption Numerator: Earnings allocable to ordinary shares subject to redemption Interest earned on marketable securities held in Trust Account $ 41,135 $ 31,493 Less: interest available to be withdrawn for payment of taxes — — Net income allocatable to shares subject to possible redemption $ 41,135 $ 31,493 Denominator: Weighted average ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 17,170,628 25,916,035 Basic and diluted net income per share $ 0.00 $ 0.00 Non-Redeemable Ordinary Shares Numerator: Net income less earnings allocable to ordinary shares subject to possible redemption Net Incom e $ 8,552,491 $ 1,250,536 ) Net income allocable to shares subject to possible redemption (41,135 ) (31,493 ) Non-Redeemable $ 8,511,356 $ 1,219,043 Denominator: Weighted Average Non-Redeemable Ordinary Shares Basic and diluted weighted average shares outstanding 9,236,485 10,021,465 Basic and diluted net loss per share $ 0.92 $ 0.12
Summary of Liabilities That Are Measured At Fair Value On a Recurring Basis	The following table presents information about the Company’s liabilities 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 Significant Significant Liabilities: Warrant Liability – Public Warrants $ 7,858,333 $ 7,858,333 $ — $ — Warrant Liability – Private Warrants 5,288,080 — — 5,288,080 $ 13,146,413 $ 7,858,333 $ — $ 5,288,080

Warrants (Tables)

Warrants (Tables)	6 Months Ended
Warrants (Tables)	Jun. 30, 2021
Warrants [Abstract]
Summary of Quantitative Information Regarding Level 3 Fair Value Measurements	The following table provides quantitative information regarding Level 3 fair value measurements as of June 30, 2021: June 30, 2021 Exercise price $ 11.50 Share price $ 9.67 Volatility 17 % Expected life of the options to convert 5.00 Risk-free rate 1.14 % Dividend yield 0.0 %

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Detail) - USD ($)	Mar. 01, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Organization And Business Operations [Line Items]
Entity incorporation, date of incorporation			Dec. 22, 2020
Stock issued during period shares	28,750,000
Proceeds from issuance of IPO			$ 281,750,000
Exercise price of warrant			$ 11.50
Proceeds from issuance of warrants			$ 7,750,000
Restricted investments term			185 days
Lock in period for redemption of public shares after closing of IPO			24 months
Percentage of public shares to be redeemed on non completion of business combination			100.00%
Dissolution expense			$ 100,000
Cash			526,368
Sponsor [Member]
Organization And Business Operations [Line Items]
Cash			526,368
Working capital (deficit)			$ 843,000
Private Placement Warrants [Member] \| Sponsor [Member]
Organization And Business Operations [Line Items]
Class of warrants and rights issued during the period	5,166,667		5,166,667
Class of warrants and rights issued, price per warrant	$ 1.50		$ 1.50
Proceeds from issuance of warrants	$ 7,750,000		$ 7,750,000
IPO [Member]
Organization And Business Operations [Line Items]
Stock issuance costs	16,473,310
Payments for underwriting expenses	5,750,000
Deferred underwriting fees	10,062,500		$ 10,062,500
Other offering costs	$ 660,810
Common stock par or stated value per share			$ 0.0001
Over-Allotment Option [Member]
Organization And Business Operations [Line Items]
Stock issued during period shares	3,750,000
Common Class A [Member]
Organization And Business Operations [Line Items]
Stock issued during period shares		28,750,000
Common stock par or stated value per share			$ 0.0001	$ 0.0001
Common Class A [Member] \| Public Warrants [Member]
Organization And Business Operations [Line Items]
Stock conversion basis	Each Unit consists of one share of Class A ordinary shares and one-third of one redeemable warrant.		Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant
Exercise price of warrant	$ 11.50
Common Class A [Member] \| IPO [Member]
Organization And Business Operations [Line Items]
Stock issued during period shares	28,750,000
Shares issued price per share	$ 10
Proceeds from issuance of IPO	$ 287,500,000
Common Class A [Member] \| Over-Allotment Option [Member]
Organization And Business Operations [Line Items]
Stock issued during period shares	3,750,000

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements - Summary of Restatement of Previously Issued Financial Statements (Detail) - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Mar. 01, 2021	Dec. 31, 2020
Assets:
Total Assets	$ 288,730,436		$ 290,008,640	$ 276,751
Liabilities and shareholders' equity
Total current liabilities	110,636		1,059,980	255,288
Warrant liabilities	13,146,413		24,044,628
Total liabilities	23,319,549		35,167,108	255,288
Ordinary shares, $0.0001 par value; shares subject to possible redemption	260,410,881		249,841,522
Shareholders' Equity:
Preference shares - $0.0001 par value
Additional paid-in-capital	(3,549,937)		7,121,336	24,281
Accumulated deficit	8,548,954		(2,122,421)	(3,537)
Total shareholders' equity	5,000,006	$ 5,000,001	5,000,010	21,463
Total Liabilities and Shareholders' Equity	288,730,436		290,008,640	276,751
Common Class A [Member]
Shareholders' Equity:
Common stock	270		376
Total shareholders' equity	270	283
Common Class B [Member]
Shareholders' Equity:
Common stock	719		719	719
Total shareholders' equity	$ 719	$ 719		$ 719
As Previously Reported [Member]
Assets:
Total Assets			290,008,640
Liabilities and shareholders' equity
Total current liabilities			1,059,980
Total liabilities			11,122,480
Ordinary shares, $0.0001 par value; shares subject to possible redemption			273,886,150
Shareholders' Equity:
Preference shares - $0.0001 par value
Additional paid-in-capital			5,016,705
Accumulated deficit			(17,550)
Total shareholders' equity			5,000,010
Total Liabilities and Shareholders' Equity			290,008,640
As Previously Reported [Member] \| Common Class A [Member]
Shareholders' Equity:
Common stock			136
As Previously Reported [Member] \| Common Class B [Member]
Shareholders' Equity:
Common stock			719
Restatement Adjustment [Member]
Liabilities and shareholders' equity
Warrant liabilities			24,044,628
Total liabilities			24,044,628
Ordinary shares, $0.0001 par value; shares subject to possible redemption			(24,044,628)
Shareholders' Equity:
Preference shares - $0.0001 par value
Additional paid-in-capital			2,104,631
Accumulated deficit			(2,104,871)
Restatement Adjustment [Member] \| Common Class A [Member]
Shareholders' Equity:
Common stock			$ 240

Restatement of Previously Iss_4

Restatement of Previously Issued Financial Statements - Summary of Restatement of Previously Issued Financial Statements (Parenthetical) (Detail) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Preferred stock par or stated value per share	$ 0.0001	$ 0.0001
Temporary Equity, Par or Stated Value Per Share	0.0001
Common Class A [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock par or stated value per share	0.0001	0.0001
Common Class B [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock par or stated value per share	$ 0.0001	$ 0.0001

Restatement of Previously Iss_5

Restatement of Previously Issued Financial Statements - Additional Information (Detail) $ in Millions	Mar. 01, 2021USD ($)
Accounting Changes and Error Corrections [Abstract]
Warrant liabilities due to reclassification	$ 24

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash equivalents	$ 526,368	$ 526,368	$ 0
Restricted investments term		185 days
Interest income earned on securities held in the trust account	0	$ 0
FDIC insured amount	250,000	250,000
Unrecognized tax benefits	0	0	0
Accrued for interest and penalties	$ 0	$ 0	$ 0
Temporary equity shares outstanding	26,041,088	26,041,088	0
Fair value of the held-to-maturity securities	$ 287,536,119	$ 287,536,119
Unrealized loss amortized cost	9,000	9,000
Public Warrants [Member]
Cash offering costs		862,470
Underwriting Discounts		827,873
Other cash offering costs		34,597
IPO [Member]
Offering costs		16,473,310
Underwriting commissions		5,750,000
Deferred underwriters communication	$ 10,062,500	10,062,500
Cash offering costs		$ 660,810
Warrant [Member]
Antidilutive securities excluded from computation of earnings per share		14,750,000
Common Class A [Member]
Temporary equity shares outstanding	26,041,088	26,041,088	0

Significant Accounting Polici_5

Significant Accounting Policies - Summary Of Basic And Diluted Income Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Numerator: Earnings allocable to ordinary shares subject to redemption
Interest earned on marketable securities held in Trust Account			$ 45,414
Numerator: Net income less earnings allocable to ordinary shares subject to possible redemption
Net Income	$ 1,250,536	$ 7,301,955	8,552,491
Non-Redeemable Ordinary Shares [Member]
Numerator: Net income less earnings allocable to ordinary shares subject to possible redemption
Net Income	1,250,536		8,552,491
Net income allocable to shares subject to possible redemption	(31,493)		(41,135)
Non-Redeemable Net Income	$ 1,219,043		$ 8,511,356
Denominator: Weighted Average Non-Redeemable Ordinary Shares
Basic and diluted weighted average shares outstanding	10,021,465		9,236,485
Basic and diluted net loss per share	$ 0.12		$ 0.92
Ordinary Shares Subject to Possible Redemption [Member]
Numerator: Earnings allocable to ordinary shares subject to redemption
Interest earned on marketable securities held in Trust Account	$ 31,493		$ 41,135
Less: interest available to be withdrawn for payment of taxes	0		0
Net income allocatable to shares subject to possible redemption	$ 31,493		$ 41,135
Denominator: Weighted Average Non-Redeemable Ordinary Shares
Basic and diluted weighted average shares outstanding	25,916,035		17,170,628
Basic and diluted net loss per share	$ 0		$ 0

Significant Accounting Polici_6

Significant Accounting Policies - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring Basis (Detail)	Jun. 30, 2021USD ($)
Liabilities:
Warrant Liability	$ 13,146,413
Public Warrants [Member]
Liabilities:
Warrant Liability	7,858,333
Private Placement Warrants [Member]
Liabilities:
Warrant Liability	5,288,080
Fair Value, Recurring [Member] \| Quoted Prices In Active Markets (Level 1) [Member]
Liabilities:
Warrant Liability	7,858,333
Fair Value, Recurring [Member] \| Quoted Prices In Active Markets (Level 1) [Member] \| Public Warrants [Member]
Liabilities:
Warrant Liability	7,858,333
Fair Value, Recurring [Member] \| Quoted Prices In Active Markets (Level 1) [Member] \| Private Placement Warrants [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Public Warrants [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Private Placement Warrants [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Liabilities:
Warrant Liability	5,288,080
Fair Value, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Public Warrants [Member]
Liabilities:
Warrant Liability	0
Fair Value, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Private Placement Warrants [Member]
Liabilities:
Warrant Liability	$ 5,288,080

Initial Public Offering - Addit

Initial Public Offering - Additional Information (Detail) - $ / shares	Mar. 01, 2021	Mar. 31, 2021	Jun. 30, 2021
Stock issued during period shares	28,750,000
Common Class A [Member]
Stock issued during period shares		28,750,000
Common Class A [Member] \| Public Warrants [Member]
Stock conversion basis	Each Unit consists of one share of Class A ordinary shares and one-third of one redeemable warrant.		Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant
IPO [Member] \| Common Class A [Member]
Stock issued during period shares	28,750,000
Shares issued price per share	$ 10
Proceeds from issuance of IPO	3,750,000

Private Placement - Additional

Private Placement - Additional Information (Detail) - USD ($)	Mar. 01, 2021	Jun. 30, 2021
Proceeds from issuance of warrants		$ 7,750,000
Private Placement Warrants [Member] \| Sponsor [Member]
Class of warrants and rights issued during the period	5,166,667	5,166,667
Class of warrants and rights issued, price per warrant	$ 1.50	$ 1.50
Proceeds from issuance of warrants	$ 7,750,000	$ 7,750,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Mar. 01, 2021	Dec. 24, 2020	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Stock sale price threshold limit			$ 12	$ 12
Amount agreed to cover expenses related to the Initial Public Offering		$ 300,000
Due to related parties			$ 12,000	$ 12,000
Amount agreed to pay per month for office space, administrative and support services				10,000
Common stock shares subject to forfeiture		937,500
Proceeds from unsecured and non-interest bearing promissory note	$ 200,000
Shares no longer subject to forfeiture	937,500
Formation and Operating Costs [Member]
Related Party Transaction [Line Items]
Administrative service fee			30,000	60,000
Working Capital Loans [Member]
Related Party Transaction [Line Items]
Amount may be convertible into warrants			$ 1,500,000	$ 1,500,000
convertible price per Warrants			$ 1.50	$ 1.50
Common Class B [Member]
Related Party Transaction [Line Items]
Common stock shares outstanding			7,187,500	7,187,500	7,187,500
Common stock par or stated value per share			$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares subject to forfeiture	937,500
Shares no longer subject to forfeiture	937,500
Sponsor [Member]
Related Party Transaction [Line Items]
Proceeds from sponsor to cover certain offering costs		$ 25,000
Proceeds from sponsor to cover certain offering costs per share value		$ 0.003
Sponsor [Member] \| Common Class B [Member]
Related Party Transaction [Line Items]
Common stock shares outstanding		7,187,500
Common stock par or stated value per share		$ 0.0001

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Mar. 01, 2021	Jun. 30, 2021
Stock issued during period shares	28,750,000
Over-Allotment Option [Member]
Stock issued during period shares	3,750,000
IPO [Member]
Deferred underwriting fee percent on gross proceeds of the IPO		3.50%
Deferred underwriting fees	$ 10,062,500	$ 10,062,500

Warrants - Additional Informati

Warrants - Additional Information (Detail) - $ / shares	6 Months Ended
Warrants - Additional Information (Detail) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Warrants [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.50
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	0.361
Percent of consideration receivable in shares	70.00%
Common Class A [Member]
Warrants [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	5,166,667	0
Share price	$ 9.20
Proceeds used for business combination as a percentage of total equity issue	60.00%
Volume weighted average share price	$ 9.20
Exercise price as a percentage of newly issued share price	115.00%
Common Class A [Member] \| Redemption Trigger Price One [Member]
Warrants [Line Items]
Newly issued share price	$ 18
Class of warrants or rights redemption price per warrant	$ 0.01
Exercise price as a percentage of newly issued share price	180.00%
Common Class A [Member] \| Redemption Trigger Price Two [Member]
Warrants [Line Items]
Newly issued share price	$ 10
Class of warrants or rights redemption price per warrant	$ 0.10
Exercise price as a percentage of newly issued share price	100.00%

Warrants - Summary of Quantitat

Warrants - Summary of Quantitative Information Regarding Level 3 Fair Value Measurements (Detail) - Fair Value, Inputs, Level 3 [Member]	6 Months Ended
	Jun. 30, 2021$ / shares
Fair Value, Option, Quantitative Disclosures [Line Items]
Exercise price	$ 11.50
Share price	$ 9.67
Volatility	17.00%
Expected life of the options to convert	5 years
Risk-free rate	1.14%
Dividend yield	0.00%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - $ / shares	Mar. 01, 2021	Dec. 24, 2020	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock par or stated value per share			$ 0.0001	$ 0.0001
Preferred stock shares authorized			5,000,000	5,000,000
Preferred stock shares issued			0	0
Preferred stock shares outstanding			0	0
Temporary equity shares outstanding			26,041,088	0
Common stock shares subject to forfeiture		937,500
Shares No longer subject to forfeiture	937,500
Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Common stock par or stated value per share			$ 0.0001	$ 0.0001
Common stock shares authorized			500,000,000	500,000,000
Common stock shares issued			28,750,000	0
Common stock shares outstanding			28,750,000	0
Temporary equity shares outstanding			26,041,088	0
Common Class B [Member]
Class of Stock [Line Items]
Common stock par or stated value per share			$ 0.0001	$ 0.0001
Common stock shares authorized			50,000,000	50,000,000
Common stock shares issued			7,187,500	7,187,500
Common stock shares outstanding			7,187,500	7,187,500
Common stock shares subject to forfeiture	937,500
Shares No longer subject to forfeiture	937,500
Percentage of the common stock issued and outstanding	20.00%