Quarterly report pursuant to Section 13 or 15(d)

Condensed Statement of Cash Flows

v3.21.1
Condensed Statement of Cash Flows
3 Months Ended
Mar. 31, 2021
USD ($)
Cash Flows from Operating Activities:  
Net income $ 2,302,546
Adjustments to reconcile net income to net cash used in operating activities:  
Interest income from investments held in Trust Account (5,165)
Change in fair value of derivative warrant liabilities (3,039,510)
Financing costs - derivative warrant liabilities 634,480
Changes in operating assets and liabilities:  
Prepaid expenses (1,403,798)
Accounts payable 102,496
Accrued expenses 3,698
Net cash used in operating activities (1,405,253)
Cash Flows from Investing Activities:  
Cash deposited in Trust Account (495,909,080)
Net cash used in investing activities (495,909,080)
Cash Flows from Financing Activities:  
Repayment of note payable to related party (170,558)
Proceeds received from initial public offering, gross 495,909,080
Proceeds received from private placement 13,618,182
Offering costs paid (10,366,024)
Net cash provided by financing activities 498,990,680
Net increase in cash 1,676,347
Cash - beginning of the period 0
Cash - ending of the period 1,676,347
Supplemental disclosure of noncash investing and financing activities:  
Initial valuation of derivative warrant liability 21,086,630
Offering costs included in accrued expenses 70,000
Offering costs paid by related party under promissory note 129,005
Reversal of accrued expenses 58,385
Outstanding accounts payable balance paid by related party under note payable 37,500
Deferred underwriting commissions 17,356,818
Initial value of Class A ordinary shares subject to possible redemption 455,454,240
Change in value of Class A ordinary shares subject to possible redemption $ 2,957,690