Current Report (Form 8-K)

On December 3, 2021, the Company's management and the audit committee of the Company's board of directors (the "Audit Committee") concluded that due to a reclassification of the Company's temporary and permanent equity, the Company's previously issued (i) audited balance sheet as of November 23, 2020, (ii) audited financial statements as of December 31, 2020 and for the period from August 20, 2020 (Inception) through December 31, 2020 included in Amendment No. 1 to the Company's Annual Report on Form 10-K/A, as filed with the Securities and Exchange Commission (the "SEC") on May 28, 2021 (the "2020 Form 10-K/A No. 1"),(iii) unaudited interim financial statements included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on May 28, 2021, (iv) unaudited interim financial statements included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 13, 2021 and (v) unaudited interim financial statements included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 12, 2021 (collectively, the "Affected Periods"), should no longer be relied upon. In addition, the audit report of WithumSmith+Brown, PC ("Withum"), the Company's independent registered public accounting firm, included in the Current Report on Form 8-K filed with the SEC on November 30, 2020 should no longer be relied upon.

Since the Company's initial public offering ("IPO"), the Company has considered the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $10.00 per Class A ordinary share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Upon further analysis, management has determined that the Class A ordinary shares issued during the IPO can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company's control. Therefore, management concluded that the redemption value should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value.

The Company does not expect any of the above changes will have any impact on its cash position and cash held in the trust account established in connection with the IPO (the "Trust Account").

As such, the Company plans to restate its financial statements for the Affected Periods in the Company's Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021 to be filed with the SEC (the "Q3 Form 10-Q/A"), and in an amendment to the 2020 Form 10-K/A No. 1 to be filed with the SEC (the "2020 Form 10-K/A No. 2").

The Company's management has concluded that in light of the classification error described above, a material weakness exists in the Company's internal control over financial reporting and that the Company's disclosure controls and procedures were not effective. The Company's remediation plan with respect to such material weakness will be described in more detail in the Q3 Form 10-Q/A and 2020 Form 10-K/A No. 2.

The Company's management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with Withum.

Cautionary Statements Regarding Forward-Looking Statements

This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company's cash position and cash held in its Trust Account. These statements are based on current expectations on the date of this Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

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Dated: December 3, 2021