0001104659-21-063949 | 10-K/A | XBRL Viewer | Highcape Capital Acquisition Corp

INCOME TAX (Tables)

7 Months Ended

Dec. 31, 2020


Deferred tax asset
Net operating loss carryforward	$	13,427
Organizational costs/startup expenses		41,833
Total deferred tax assets		55,260
Valuation allowance		(55,260)
Deferred tax asset, net of allowance	$	—

Schedule of income tax provision (benefit)


Federal
Current	$	—
Deferred		(55,260)
State
Current	$	—
Deferred		—
Change in valuation allowance		55,260
Income tax provision	$	—

Schedule of reconciliation of the federal income tax rate to our effective tax rate


Statutory federal income tax rate	21.0	%
State taxes, net of federal tax benefit	0.0	%
Change in fair value of warrant liability	(19.5)	%
Change in valuation allowance	(1.5)	%
Income tax provision	0.0	%

FAIR VALUE MEASUREMENTS (Details)		7 Months Ended
FAIR VALUE MEASUREMENTS (Details)	Oct. 26, 2020 USD ($)	Dec. 31, 2020 USD ($) Y $ / shares	Sep. 30, 2020	Sep. 09, 2020	Jun. 10, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset held in Trust account		$ 115,002,152
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants initial measurement		27.0	27.0	27.0
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants initial measurement		0.34	0.34	0.34
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents held in Trust Account - U.S. Treasury Securities Money Market Fund		$ 115,002,152
U.S. Treasury Securities \| Level 1 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents held in Trust Account - U.S. Treasury Securities Money Market Fund		115,002,152
Warrant Liabilities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of warrants upon transfers		3,096,650
Value of warrants		4,525,250			$ 0
Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of warrants upon transfers	$ 3,545,833
Value of warrants		4,370,000
Public Warrants \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of warrants upon transfers		2,990,000
Value of warrants		4,370,000			0
Public Warrants \| Level 1 \| Fair Value, Recurring
Liabilities, Fair Value Disclosure [Abstract]
Warrant Liability		$ 4,370,000
Private Placement Warrants \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants initial measurement		18.6
Private Placement Warrants \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants initial measurement		0.41
Private Placement Warrants \| Strike Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants initial measurement \| $ / shares		11.50
Private Placement Warrants \| Fair value of Common Stock
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants initial measurement \| $ / shares		10.15
Private Placement Warrants \| Expected Life
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants initial measurement \| Y		4.4
Private Placement Warrants \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of warrants upon transfers		$ 106,650
Value of warrants		155,250			$ 0
Private Placement Warrants \| Level 3 \| Fair Value, Recurring
Liabilities, Fair Value Disclosure [Abstract]
Warrant Liability		$ 155,250

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

7 Months Ended

Dec. 31, 2020

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Schedule of impact of the restatement on financial statements


	As
	Previously				As
	Reported		Adjustments		Restated

Balance sheet as of September 9, 2020 (audited)
Warrant Liability	$	—	$	1,428,600	$	5,598,227
Total Liabilities		4,169,627		1,428,600		5,598,227
Class A Common Stock Subject to Possible Redemption		107,276,620		(1,428,600)		105,848,020
Class A Common Stock		118		15		133
Additional Paid-in Capital		5,000,597		226,586		5,227,183
Accumulated Deficit		(1,000)		(226,601)		(227,601)

Number of Class A Common Stock Subject to Redemption		10,727,662		(142,860)		10,584,802

Balance sheet as of September 30, 2020 (unaudited)
Warrant Liability	$	—	$	1,825,433	$	1,825,433
Total Liabilities		4,113,342		1,825,433		5,938,775
Class A Common Stock Subject to Possible Redemption		107,226,360		(1,825,433)		105,400,927
Class A Common Stock		118		19		137
Additional Paid-in Capital		5,050,857		623,415		5,674,272
Accumulated Deficit		(51,253)		(623,434)		(674,687)

Number of Class A Common Stock Subject to Redemption		10,722,636		(182,543)		10,540,093

Balance sheet as of December 31, 2020 (audited)
Warrant Liability	$	—	$	4,525,250	$	4,525,250
Total Liabilities		4,171,558		4,525,250		8,696,808
Class A Common Stock Subject to Possible Redemption		107,014,480		(4,525,250)		102,489,230
Class A Common Stock		120		46		166
Additional Paid-in Capital		5,262,735		3,323,205		8,585,940
Accumulated Deficit		(263,139)		(3,323,251)		(3,586,390)

Number of Class A Common Stock Subject to Redemption		10,701,448		(452,525)		10,248,923

Three months ended September 30, 2020 (unaudited)
Change in fair value of warrant liability	$	—	$	396,833	$	396,833
Transactions costs allocated to warrant liability		—		226,601		226,601
Net loss		(50,253)		(623,434)		(673,687)
Weighted average shares outstanding of Class A redeemable common stock		11,500,000		—		11,500,000
Basic and diluted net loss per share, Class A redeemable common stock		—		—		—
Weighted average shares outstanding of Class A and Class B non-redeemable common stock		3,280,000		—		3,280,000
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock		(0.02)		(0.14)		(0.16)


Period from June 10, 2020 (inception) to September 30, 2020 (unaudited)
Change in fair value of warrant liability	$	—	$	396,833	$	396,833
Transactions costs allocated to warrant liability		—		226,601		226,601
Net loss		(51,253)		(623,434)		(574,687)
Weighted average shares outstanding of Class A redeemable common stock		11,500,000		—		11,500,000
Basic and diluted net income per share, Class A redeemable common stock		—		—		—
Weighted average shares outstanding of Class A and Class B non-redeemable common stock		3,280,000		—		3,280,000
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock		(0.02)		(0.14)		(0.16)

Period from June 10, 2020 (inception) to December 31, 2020 (audited)
Change in fair value of warrant liability	$	—	$	3,096,650	$	3,096,650
Transactions costs		—		226,601		226,601
Net loss		(263,139)		(3,323,251)		(3,586,390)
Weighted average shares outstanding of Class A redeemable common stock		11,500,000		—		11,500,000
Basic and diluted net income per share, Class A redeemable common stock		—		—		—
Weighted average shares outstanding of Class A and Class B non-redeemable common shares		3,100,220		—		3,100,220
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock		(0.08)		(1.08)		(1.16)


Cash Flow Statement for the Period from June 10, 2020 (inception) to September 30, 2020 (unaudited)
Net loss	$	(51,253)	$	(623,434)	$	(674,687)
Allocation of initial public offering costs				226,601		226,601
Change in fair value of warrant liability		—		396,833		396,833
Initial classification of warrant liability		—		1,428,600		1,428,600
Initial classification of common stock subject to possible redemption		107,276,620		(1,428,600)		105,848,020
Change in value of common stock subject to possible redemption		(50,260)		(396,833)		(447,093)

Cash Flow Statement for the Period from June 10, 2020 (inception) to December 31, 2020 (audited)
Net loss	$	(263,139)	$	(3,323,251)	$	(3,586,390)
Allocation of initial public offering costs		—		226,601		226,601
Change in fair value of warrant liability		—		3,096,650		3,096,650
Initial classification of warrant liability		—		1,428,600		1,428,600
Initial classification of common stock subject to possible redemption		107,276,620		(1,428,600)		105,848,020
Change in value of common stock subject to possible redemption		(103,590)		(3,255,200)		(3,358,790)

STOCKHOLDERS' EQUITY - Common Stock Shares (Details)	7 Months Ended
STOCKHOLDERS' EQUITY - Common Stock Shares (Details)	Dec. 31, 2020 $ / shares shares
Class of Stock [Line Items]
Shares subject to possible redemption	10,248,923
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized	380,000,000
Common stock, par value \| $ / shares	$ 0.0001
Common Stock, Voting Rights	one
Common stock, shares issued	1,656,077
Common stock, shares outstanding	1,656,077
Shares subject to possible redemption	10,248,923
Conversion ratio	1
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized	20,000,000
Common stock, par value \| $ / shares	$ 0.0001
Common Stock, Voting Rights	one
Common stock, shares issued	2,875,000
Common stock, shares outstanding	2,875,000
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders	20.00%

INCOME TAX

7 Months Ended

Dec. 31, 2020

INCOME TAX

INCOME TAX

NOTE 10. INCOME TAX

The Company’s net deferred tax asset is summarized as follows as of December 31, 2020:


Deferred tax asset
Net operating loss carryforward	$	13,427
Organizational costs/startup expenses		41,833
Total deferred tax assets		55,260
Valuation allowance		(55,260)
Deferred tax asset, net of allowance	$	—

The income tax provision (benefit) consists of the following for the period June 10, 2020 (inception) through December 31, 2020:


Federal
Current	$	—
Deferred		(55,260)
State
Current	$	—
Deferred		—
Change in valuation allowance		55,260
Income tax provision	$	—

As of December 31, 2020, the Company had $63,937 of U.S. federal and state net operating loss carryovers available to offset future taxable income.

In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the period from June 10, 2020 (inception) through December 31, 2020, the change in the valuation allowance was $55,260.

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 is as follows:


Statutory federal income tax rate	21.0	%
State taxes, net of federal tax benefit	0.0	%
Change in fair value of warrant liability	(19.5)	%
Change in valuation allowance	(1.5)	%
Income tax provision	0.0	%

The Company files income tax returns in the U.S. federal jurisdiction in various state and local jurisdictions and is subject to examination by the various taxing authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2020	Sep. 09, 2020
COMMITMENTS AND CONTINGENCIES
Deferred fee per unit	$ 0.35
Deferred underwriting fee payable	$ 4,025,000	$ 4,025,000

COMMITMENTS AND CONTINGENCIES	7 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 7. COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management continues to evaluate the impact of the COVID‑19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Registration Rights Pursuant to a registration rights agreement entered into on September 3, 2020, the holders of the Founder Shares, Private Placement Units, Private Placement Shares, Private Placement Warrants and securities that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights, requiring the Company to register such securities and any other securities of the Company acquired by them prior to the consummation of a Business Combination for resale. The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $4,025,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income (Loss) Per Common Share (Details)	7 Months Ended
	Dec. 31, 2020 shares
Warrant Liabilities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded since their inclusion would be anti-dilutive	3,968,333

SUBSEQUENT EVENTS - Additional Information (Details) - USD ($)		7 Months Ended
	Feb. 18, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Aggregate purchase price		$ 25,000
Common Class A
Subsequent Event [Line Items]
Common stock, shares issued		1,656,077
Common Class A \| PIPE Investors \| Subsequent event
Subsequent Event [Line Items]
Common stock, shares issued	42,500,000
Share price	$ 10.00
Aggregate purchase price	$ 425,000,000
Common Class A \| Foresite Funds \| Subsequent event
Subsequent Event [Line Items]
Common stock, shares issued	696,250
Share price	$ 0.001
Aggregate purchase price	$ 696.25

INITIAL PUBLIC OFFERING	7 Months Ended
INITIAL PUBLIC OFFERING	Dec. 31, 2020
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING	NOTE 4. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 11,500,000 Units, which included the full exercise by the underwriters of their over-allotment option in the amount of 1,500,000 Units, at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8).

INITIAL PUBLIC OFFERING (Details) - $ / shares		7 Months Ended
INITIAL PUBLIC OFFERING (Details) - $ / shares	Sep. 09, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Number of units issued		11,500,000
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of units issued	11,500,000
Share price	$ 10.00
Number of shares in a unit	1
Number of warrants in a unit	0.33
Shares issuable per warrant	1
Exercise price of warrants	$ 11.50
Over-allotment
Subsidiary, Sale of Stock [Line Items]
Number of units issued	1,500,000

RELATED PARTY TRANSACTIONS - Additional information (Details) - USD ($)		7 Months Ended
	Sep. 03, 2020	Dec. 31, 2020	Sep. 09, 2020	Jun. 10, 2020
Related Party Transaction [Line Items]
Repayment of promissory note - related party		$ 99,627
Promissory Note with Related Party
Related Party Transaction [Line Items]
Maximum amounts of transaction				$ 300,000
Outstanding amount			$ 99,627
Related Party Loans
Related Party Transaction [Line Items]
Maximum loans convertible into warrants		$ 1,500,000
Price of warrants (in dollars per share)		$ 10.00
Related party notes, outstanding balance		$ 0
Administrative Support Agreement
Related Party Transaction [Line Items]
Expenses per month	$ 10,000
Incurred fees for services		$ 40,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended	4 Months Ended	7 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest Income			$ 2,152
Net Earnings	$ (673,687)	$ (574,687)	$ (3,586,390)
Redeemable Class A Common Stock, Basic and Diluted			405,000
Net loss	$ (673,687)	$ (574,687)	$ (3,586,390)
Weighted average shares outstanding of common stock			405,000
Non-Redeemable Class A and B Common Stock, Basic and Diluted			(405,000)
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Redeemable Class A Common Stock, Basic and Diluted			11,500,000
Weighted average shares outstanding of common stock			11,500,000
Non-Redeemable Class A and B Common Stock, Basic and Diluted			(11,500,000)
Common Class A \| Redeemable Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest Income			$ 2,152
Income and Franchise Tax			$ 2,152
Redeemable Class A Common Stock, Basic and Diluted			11,500,000
Earnings/Basic and Diluted Redeemable Class A Common Stock			$ 0.00
Weighted average shares outstanding of common stock			11,500,000
Loss/Basic and Diluted Non-Redeemable Class A and B Common Stock			$ (0.00)
Non-Redeemable Class A and B Common Stock, Basic and Diluted			(11,500,000)
Common Class A and B \| Non-Redeemable warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Earnings			$ (3,586,390)
Redeemable Class A Common Stock, Basic and Diluted			3,100,220
Earnings/Basic and Diluted Redeemable Class A Common Stock			$ 1.16
Net loss			$ (3,586,390)
Non-Redeemable Net Loss			$ (3,589,390)
Weighted average shares outstanding of common stock			3,100,220
Loss/Basic and Diluted Non-Redeemable Class A and B Common Stock			$ (1.16)
Non-Redeemable Class A and B Common Stock, Basic and Diluted			(3,100,220)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

7 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”).

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of 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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 stockholder 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 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 companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an 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 financial statements in conformity with 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 revenues and 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 events. Accordingly, the actual results could differ significantly from those estimates.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is 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, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2020, Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

Offering Costs

Offering costs consist of underwriting, legal, accounting and other expenses incurred through the Initial Public Offering that are directly related to the Initial Public Offering. Offering costs amounting to $6,797,377 were charged to stockholders’ equity upon the completion of the Initial Public Offering.

Warrant Liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants was estimated using a binomial lattice model methodology (see Note 11).

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 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 recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020. 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 subject to income tax examinations by major taxing authorities since inception.

Net Income (Loss) Per Common Share

Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The Company has not considered the effect of warrants, sold in the Initial Public Offering and in the sale of the Private Placement Units, to purchase 3,968,333 shares of Class A common stock in the calculation of diluted income (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 common shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income per common share, basic and diluted, for Class A redeemable common stock is calculated by dividing the interest income earned on the Trust Account, by the weighted average number of Class A redeemable common stock outstanding since original issuance. Net loss per share, basic and diluted, for Class A and B non-redeemable common stock is calculated by dividing the net loss, adjusted for income attributable to Class A redeemable common stock, net of applicable franchise and income taxes, by the weighted average number of Class A and B non-redeemable common stock outstanding for the period. Class A and B non-redeemable common stock includes the Founder Shares as these shares do not have any redemption features and do not participate in the income earned on the Trust Account.

The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts):


	For the Period From
	June 10, 2020
	(inception) Through
	December 31, 2020
Redeemable Class A Common Stock
Numerator: Earnings allocable to Redeemable Class A Common Stock
Interest Income	$	2,152
Income and Franchise Tax		(2,152)
Net Earnings	$	—
Denominator: Weighted Average Redeemable Class A Common Stock
Redeemable Class A Common Stock, Basic and Diluted		11,500,000
Earnings/Basic and Diluted Redeemable Class A Common Stock	$	0.00
Non-Redeemable Class A and B Common Stock
Numerator: Net Loss minus Redeemable Net Earnings
Net Loss	$	(3,586,390)
Redeemable Net Earnings		—
Non-Redeemable Net Loss	$	(3,589,390)
Denominator: Weighted Average Non-Redeemable Class A and B Common Stock
Non-Redeemable Class A and B Common Stock, Basic and Diluted(1)		3,100,220
Loss/Basic and Diluted Non-Redeemable Class A and B Common Stock	$	(1.16)

Note:As of December 31, 2020, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s stockholders.

(1)

The weighted average non-redeemable common stock for the year ended December 31, 2020 includes the effect of 405,000 Private Placement Units, which were issued in conjunction with the initial public offering on September 9, 2020.

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. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

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 at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

7 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of calculation of basic and diluted net income (loss) per common share

The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts):


	For the Period From
	June 10, 2020
	(inception) Through
	December 31, 2020
Redeemable Class A Common Stock
Numerator: Earnings allocable to Redeemable Class A Common Stock
Interest Income	$	2,152
Income and Franchise Tax		(2,152)
Net Earnings	$	—
Denominator: Weighted Average Redeemable Class A Common Stock
Redeemable Class A Common Stock, Basic and Diluted		11,500,000
Earnings/Basic and Diluted Redeemable Class A Common Stock	$	0.00
Non-Redeemable Class A and B Common Stock
Numerator: Net Loss minus Redeemable Net Earnings
Net Loss	$	(3,586,390)
Redeemable Net Earnings		—
Non-Redeemable Net Loss	$	(3,589,390)
Denominator: Weighted Average Non-Redeemable Class A and B Common Stock
Non-Redeemable Class A and B Common Stock, Basic and Diluted(1)		3,100,220
Loss/Basic and Diluted Non-Redeemable Class A and B Common Stock	$	(1.16)

Note:As of December 31, 2020, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s stockholders.

(1)

WARRANT LIABILITY (Details) - Warrant Liabilities	7 Months Ended
WARRANT LIABILITY (Details) - Warrant Liabilities	Dec. 31, 2020 $ / shares
Class of Warrant or Right [Line Items]
Public Warrants exercisable term after the completion of a business combination	30 days
Public Warrants exercisable term from the closing of the initial public offering	12 months
Public Warrants expiration term	5 years
Threshold period for filling registration statement after business combination	15 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 0.01
Threshold issue price per share	$ 9.20
Percentage of gross proceeds on total equity proceeds	60.00%
Threshold trading days determining volume weighted average price	20 days
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	115.00%
Adjustment of redemption price of stock based on market value and newly issued price 2 (as a percent)	180
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days
Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Threshold period for filling registration statement after business combination	20 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18.00
Minimum threshold written notice period for redemption of public warrants	30 days
Redemption period	30 days
Threshold business days before sending notice of redemption to warrant holders	3 days

BALANCE SHEET	Dec. 31, 2020 USD ($)
Current assets
Cash	$ 1,034,163
Prepaid expenses	149,727
Total Current Assets	1,183,890
Cash and cash equivalents held in Trust Account	115,002,152
Total Assets	116,186,042
Current liabilities
Accounts payable and accrued expenses	146,558
Total Current Liabilities	146,558
Warrant liability	4,525,250
Deferred underwriting fee payable	4,025,000
Total Liabilities	8,696,808
Commitments and Contingencies
Class A common stock subject to possible redemption, 10,248,923 shares at $10.00 per share	102,489,230
Stockholders' Equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Common stock	166
Additional paid-in capital	8,585,940
Accumulated deficit	(3,586,390)
Total Stockholders' Equity	5,000,004
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	116,186,042
Common Class A
Stockholders' Equity
Common stock	166
Class B common stock
Stockholders' Equity
Common stock	$ 288

INCOME TAX - Net Deferred Tax Asset (Details)	Dec. 31, 2020 USD ($)
Deferred tax assets
Net operating loss carryforward	$ 13,427
Organizational costs/Startup expenses	41,833
Total deferred tax assets	55,260
Valuation allowance	(55,260)
Deferred tax assets, net of allowance	$ 0

RELATED PARTY TRANSACTIONS - Founder Shares (Details)			7 Months Ended
RELATED PARTY TRANSACTIONS - Founder Shares (Details)	Jun. 30, 2020 shares	Jun. 10, 2020 USD ($) shares	Dec. 31, 2020 USD ($) D $ / shares shares
Related Party Transaction [Line Items]
Issuance of ordinary shares to sponsor \| $			$ 25,000
Class B common stock
Related Party Transaction [Line Items]
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders			20.00%
Class B common stock \| Sponsor \| Founder Shares
Related Party Transaction [Line Items]
Number of shares issued	90,000	2,875,000
Issuance of ordinary shares to sponsor \| $		$ 25,000
Number of shares transferred (in shares)	30,000
Number of shares subject to forfeiture (in shares)		375,000	375,000
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders		20.00%
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares			$ 12.00
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D			20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D			30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences			150 days
Class B common stock \| Sponsor Holding \| Founder Shares
Related Party Transaction [Line Items]
Number of shares issued	2,785,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

7 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Emerging Growth Company

Use of Estimates

Class A Common Stock Subject to Possible Redemption

Offering Costs

Warrant Liability

Income Taxes

Net Income (Loss) Per Common Share

The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts):


	For the Period From
	June 10, 2020
	(inception) Through
	December 31, 2020
Redeemable Class A Common Stock
Numerator: Earnings allocable to Redeemable Class A Common Stock
Interest Income	$	2,152
Income and Franchise Tax		(2,152)
Net Earnings	$	—
Denominator: Weighted Average Redeemable Class A Common Stock
Redeemable Class A Common Stock, Basic and Diluted		11,500,000
Earnings/Basic and Diluted Redeemable Class A Common Stock	$	0.00
Non-Redeemable Class A and B Common Stock
Numerator: Net Loss minus Redeemable Net Earnings
Net Loss	$	(3,586,390)
Redeemable Net Earnings		—
Non-Redeemable Net Loss	$	(3,589,390)
Denominator: Weighted Average Non-Redeemable Class A and B Common Stock
Non-Redeemable Class A and B Common Stock, Basic and Diluted(1)		3,100,220
Loss/Basic and Diluted Non-Redeemable Class A and B Common Stock	$	(1.16)

Note:As of December 31, 2020, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s stockholders.

(1)

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair Value Measurements

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

Derivative Financial Instruments

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 7 months ended Dec. 31, 2020 - USD ($)	Common Class A Common Stock	Class B common stock Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at the beginning at Jun. 09, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Balance at the beginning (in shares) at Jun. 09, 2020	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares to sponsor		$ 288	24,712		25,000
Issuance of Class B common stock to Sponsors (in shares)		2,875,000
Sale of 11,500,000 Units, net of underwriting discounts and warrant liability	$ 1,150		107,048,074		107,049,224
Sale of 11,500,000 Units, net of underwriting discounts and warrant liability (in shares)	11,500,000
Sale of 405,000 Private Placement Units, net of warrant liability	$ 41		4,001,359		4,001,400
Sale of 405,000 Private Placement Units, net of warrant liability (in shares)	405,000
Common stock subject to possible redemption	$ (1,025)		(102,488,205)		$ (102,489,230)
Common stock subject to possible redemption (in shares)	(10,248,923)				(10,248,923)
Net loss				(3,586,390)	$ (3,586,390)
Balance at the end at Dec. 31, 2020	$ 166	$ 288	$ 8,585,940	$ (3,586,390)	$ 5,000,004
Balance at the end (in shares) at Dec. 31, 2020	1,656,077	2,875,000

INCOME TAX - Reconciliation Of The Federal Income Tax Rate To Our Effective Tax Rate (Details)	7 Months Ended
	Dec. 31, 2020
INCOME TAX
Statutory federal income tax rate	21.00%
State taxes, net of federal tax benefit	0.00%
Change in fair value of warrant liability	(19.50%)
Change in valuation allowance	(1.50%)
Income tax provision	0.00%

BALANCE SHEET (Parenthetical)	Dec. 31, 2020 $ / shares shares
Shares subject to possible redemption	10,248,923
Shares subject to possible redemption, par value per share \| $ / shares	$ 10.00
Preferred stock, par value \| $ / shares	$ 0.0001
Preferred stock, shares authorized	1,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common Class A
Shares subject to possible redemption	10,248,923
Common stock, par value \| $ / shares	$ 0.0001
Common stock, shares authorized	380,000,000
Common stock, shares issued	1,656,077
Common stock, shares outstanding	1,656,077
Class B common stock
Common stock, par value \| $ / shares	$ 0.0001
Common stock, shares authorized	20,000,000
Common stock, shares issued	2,875,000
Common stock, shares outstanding	2,875,000

Document and Entity Information - USD ($)	7 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 01, 2021
Document Information [Line Items]
Entity Registrant Name	HighCape Capital Acquisition Corp.
Entity Central Index Key	0001816431
Document Type	10-K/A
Amendment Flag	true
Amendment Description	Amendment No. 1
Document Period End Date	Dec. 31, 2020
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Transition Report	true
Entity Interactive Data Current	Yes
Entity Shell Company	true
Entity Public Float	$ 122,859,600
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,905,000
Trading Symbol	CAPA
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,875,000
Units
Document Information [Line Items]
Trading Symbol	CAPAU
Title of 12(b) Security	Units, each consisting of one share of Class A Common Stock and one-third of one Warrant
Security Exchange Name	NASDAQ
Warrants to purchase
Document Information [Line Items]
Trading Symbol	CAPAW
Title of 12(b) Security	Warrants to purchase one share of Class A Common Stock
Security Exchange Name	NASDAQ

RELATED PARTY TRANSACTIONS	7 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares On June 10, 2020, the Company issued an aggregate of 2,875,000 shares of Class B common stock to the Sponsor (the “Founder Shares”) for an aggregate price of $25,000. On June 30, 2020, the Sponsor transferred 30,000 Founder Shares to each of its three independent directors, or an aggregate of 90,000 Founder Shares, resulting in the Sponsor holding an aggregate of 2,785,000 Founder Shares. The Founder Shares included an aggregate of up to 375,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the number of Founder Shares would equal 20% of the Company’s issued and outstanding shares after the Initial Public Offering (not including the Private Placement Shares). As a result of the underwriters’ election to fully exercise their over-allotment option, 375,000 Founder Shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30‑trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Public Stockholders having the right to exchange their shares of common stock for cash, securities or other property. Promissory Note — Related Party On June 10, 2020, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $300,000, of which $99,627 was outstanding under the Promissory Note as of September 9, 2020. The Promissory Note was non-interest bearing and payable on the earlier of June 10, 2021 or the consummation of the Initial Public Offering. The Promissory Note was repaid in full on September 15, 2020. Related Party Loans In addition, in order to fund working capital deficiencies or finance transaction costs in connection with a 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 may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into units upon consummation of the Business Combination at a price of $10.00 per unit. The units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of December 31, 2020, there were no amounts outstanding under the Working Capital Loans. Administrative Support Agreement The Company entered into an agreement, commencing on September 3, 2020, to pay an affiliate of the Sponsor a total of up to $10,000 per month for office space, secretarial and administrative support. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the period from June 10, 2020 (inception) through December 31, 2020, the Company incurred and paid $40,000 in fees for these services.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details)	Dec. 31, 2020 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FDIC insured amount	$ 250,000

WARRANT LIABILITY

7 Months Ended

Dec. 31, 2020

WARRANT LIABILITY

WARRANT LIABILITY

NOTE 9. WARRANT LIABILITY

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is then effective and a current prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless the shares of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best 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 of the Public Warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of a 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 Class A common stock are, at the time of any exercise of a Public 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 Public 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, the Company will not be required to file or maintain in effect a registration statement, the shares under applicable blue sky laws to the extent an exemption is not available.

Once the warrants become exercisable, the Company may redeem the Public 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 period”) to each warrant holder; and

if, and only if, the closing price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30‑trading day period ending three business days before the Company sends the notice of redemption to the warrant holders.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (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 the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or its 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 a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A common stock during the 20 trading day period starting on the trading day after the day on which the Company completes a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that (1) the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (2) the Private Placement Warrants will be exercisable on a cashless basis, (3) the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees, and (4) the holders of the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants will have certain registration rights. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		3 Months Ended	4 Months Ended	7 Months Ended
	Sep. 09, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2020
BALANCE SHEET
Warrant liability	$ 5,598,227	$ 1,825,433	$ 1,825,433	$ 4,525,250
Total Liabilities	5,598,227	5,938,775	5,938,775	8,696,808
Class A common stock subject to possible redemption	105,848,020	105,400,927		102,489,230
Class A Common Stock	133	137	137	166
Additional Paid-in Capital	5,227,183	5,674,272	5,674,272	8,585,940
Accumulated Deficit	$ (227,601)	$ (674,687)	(674,687)	$ (3,586,390)
Number of Class A Common Stock Subject to Redemption	10,584,802	10,540,093		10,248,923
STATEMENT OF OPERATIONS
Change in fair value of warrant liability		$ 396,833	396,833	$ 3,096,650
Transaction costs allocated to warrant liabilty		226,601	226,601	226,601
Net loss		(673,687)	(574,687)	$ (3,586,390)
Weighted average shares outstanding of common stock				405,000
STATEMENT OF CASH FLOWS
Net loss			(674,687)	$ (3,586,390)
Allocation of initial public offering costs		226,601	226,601	226,601
Change in fair value of warrant liability		$ 396,833	396,833	3,096,650
Initial classification of warrant liability			1,428,600	1,428,600
Initial classification of common stock subject to possible redemption			105,848,020	105,848,020
Change in value of common stock subject to possible redemption			$ (447,093)	$ (3,358,790)
Class A redeemable common stock
STATEMENT OF OPERATIONS
Weighted average shares outstanding of common stock		11,500,000	11,500,000	11,500,000
Basic and diluted income per share		$ 0.00	$ 0.00	$ 0.00
Class A and Class B non-redeemable common stock
STATEMENT OF OPERATIONS
Weighted average shares outstanding of common stock		3,280,000	3,280,000	3,100,220
Basic and diluted income per share		$ (0.16)	$ (0.16)	$ (1.16)
As Previously Reported
BALANCE SHEET
Total Liabilities	$ 4,169,627	$ 4,113,342	$ 4,113,342	$ 4,171,558
Class A common stock subject to possible redemption	107,276,620	107,226,360		107,014,480
Class A Common Stock	118	118	118	120
Additional Paid-in Capital	5,000,597	5,050,857	5,050,857	5,262,735
Accumulated Deficit	$ (1,000)	$ (51,253)	(51,253)	$ (263,139)
Number of Class A Common Stock Subject to Redemption	10,727,662	10,722,636		10,701,448
STATEMENT OF OPERATIONS
Change in fair value of warrant liability			0	$ 0
Transaction costs allocated to warrant liabilty				0
Net loss		$ (50,253)	(51,253)	(263,139)
STATEMENT OF CASH FLOWS
Net loss			(51,253)	(263,139)
Allocation of initial public offering costs				0
Change in fair value of warrant liability			0	0
Initial classification of warrant liability			0	0
Initial classification of common stock subject to possible redemption			107,276,620	107,276,620
Change in value of common stock subject to possible redemption			$ (50,260)	$ (103,590)
As Previously Reported \| Class A redeemable common stock
STATEMENT OF OPERATIONS
Weighted average shares outstanding of common stock		11,500,000	11,500,000	11,500,000
Basic and diluted income per share		$ 0.00	$ 0.00	$ 0.00
As Previously Reported \| Class A and Class B non-redeemable common stock
STATEMENT OF OPERATIONS
Weighted average shares outstanding of common stock		3,280,000	3,280,000	3,100,220
Basic and diluted income per share		$ (0.02)	$ (0.02)	$ (0.08)
Adjustments
BALANCE SHEET
Warrant liability	$ 1,428,600	$ 1,825,433	$ 1,825,433	$ 4,525,250
Total Liabilities	1,428,600	1,825,433	1,825,433	4,525,250
Class A common stock subject to possible redemption	(1,428,600)	(1,825,433)		(4,525,250)
Class A Common Stock	15	19	19	46
Additional Paid-in Capital	226,586	623,415	623,415	3,323,205
Accumulated Deficit	$ (226,601)	$ (623,434)	(623,434)	$ (3,323,251)
Number of Class A Common Stock Subject to Redemption	(142,860)	(182,543)		(452,525)
STATEMENT OF OPERATIONS
Change in fair value of warrant liability		$ 396,833	396,833	$ 3,096,650
Transaction costs allocated to warrant liabilty		226,601	226,601	226,601
Net loss		(623,434)	(623,434)	(3,323,251)
STATEMENT OF CASH FLOWS
Net loss			(623,434)	(3,323,251)
Allocation of initial public offering costs		226,601	226,601	226,601
Change in fair value of warrant liability		$ 396,833	396,833	3,096,650
Initial classification of warrant liability			1,428,600	1,428,600
Initial classification of common stock subject to possible redemption			(1,428,600)	(1,428,600)
Change in value of common stock subject to possible redemption			$ (396,833)	$ (3,255,200)
Adjustments \| Class A redeemable common stock
STATEMENT OF OPERATIONS
Basic and diluted income per share		$ 0.00	$ 0.00	$ 0.00
Adjustments \| Class A and Class B non-redeemable common stock
STATEMENT OF OPERATIONS
Basic and diluted income per share		$ (0.14)	$ (0.14)	$ (1.08)

SUBSEQUENT EVENTS	7 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 12. 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, other than as described below and in Note 2, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On February 18, 2021, HighCape Capital Acquisition Corp. (“HighCape” or the “Company”), entered into a business combination agreement, by and among HighCape, Tenet Merger Sub, Inc., a wholly owned subsidiary of HighCape (“Merger Sub”), and Quantum-SI Incorporated (“Quantum-SI”) (as it may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”). The Business Combination Agreement provides for, among other things, the following: on the closing date of the Business Combination (the “Closing Date”), Merger Sub will merge with and into Quantum-SI at the Effective Time, with Quantum-SI as the surviving corporation in the Business Combination and, after giving effect to the Merger, Quantum-SI will be a wholly-owned subsidiary of HighCape. As a consequence of the Merger, at the Effective Time, (i) each share of Quantum-SI capital stock (other than shares of Quantum-SI Series A preferred stock) issued and outstanding as of immediately prior to the Effective Time will become the right to receive a number of shares of New Quantum-SI Class A common stock equal to the Exchange Ratio, as defined in the Business Combination Agreement, (ii) each share of Quantum-SI Series A preferred stock issued and outstanding as of immediately prior to the Effective Time will become the right to receive a number of shares of New Quantum-SI Class B common stock equal to the Exchange Ratio, (iii) each option to purchase shares of Quantum-SI common stock, whether vested or unvested, that is outstanding and unexercised as of immediately prior to the Effective Time will be assumed by New Quantum-SI and will automatically become an option (vested or unvested, as applicable) to purchase a number of shares of New Quantum-SI Class A common stock equal to the number of shares of Quantum-SI common stock subject to such option immediately prior to the Effective Time multiplied by the Exchange Ratio, and (iv) each Quantum-SI restricted stock unit outstanding immediately prior to the Effective Time will be assumed by New Quantum-SI and will automatically become a restricted stock unit with respect to a number of shares of New Quantum-SI Class A common stock. The Business Combination Agreement contains customary representations, warranties and covenants by the parties thereto and the Closing is subject to certain conditions as further described in the Business Combination Agreement. Concurrently with the execution of the Business Combination Agreement, HighCape has entered into subscription agreements, dated as of February 18, 2021 (the “PIPE Investor Subscription Agreements”), with certain institutional and accredited investors (the “PIPE Investors”), pursuant to which the PIPE Investors have agreed to subscribe for and purchase, and HighCape has agreed to issue and sell to the PIPE Investors, immediately prior to the Closing, an aggregate of 42,500,000 shares of HighCape Class A common stock at a price of $10.00 per share (the “PIPE Financing”), for aggregate gross proceeds of $425,000,000. Concurrently with the execution of the Business Combination Agreement, HighCape has entered into subscription agreements, dated as of February 18, 2021 (the “Subscription Agreements”), with certain affiliates of Foresite (the “Foresite Funds”), pursuant to which the Foresite Funds will be issued 696,250 shares of HighCape Class A common stock at a price of $0.001 per share for aggregate gross proceeds of $696.25 after a corresponding number of shares of HighCape Class B Common Stock are irrevocably forfeited by the Sponsor to HighCape for no consideration and automatically cancelled.

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS - Additional Information (Details) - USD ($)		7 Months Ended
	Sep. 09, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Number of units issued		11,500,000
Aggregate amount for issuance of units		$ 107,049,224
Proceeds from issuance of warrants		4,050,000
Transaction costs	$ 6,797,377	6,797,377
Cash underwriting fees	2,300,000
Other offering costs	472,377
Deferred underwriting fee payable	$ 4,025,000	4,025,000
Investment of cash into Trust Account		$ 115,000,000
Sale of units		405,000
Threshold minimum aggregate fair market value as a percentage of the assets held in the Trust Account	80.00%
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination	50.00%
Minimum net tangible assets upon consummation of the Business Combination	$ 5,000,001
Threshold percentage of Public Shares subject to redemption without the Company's prior written consent	20.00%
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent)	100.00%
Threshold business days for redemption of public shares	10 days
Maximum net interest to pay dissolution expenses	$ 100,000
Cash operating bank account		$ 1,034,163
Issuance of ordinary shares to sponsor		$ 25,000
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of units issued	11,500,000
Share price	$ 10.00
Gross proceeds from sale of units	$ 115,000,000
Sale of units	115,000,000
Over-allotment
Subsidiary, Sale of Stock [Line Items]
Number of units issued	1,500,000
Private Placement \| Sponsor
Subsidiary, Sale of Stock [Line Items]
Number of warrants issued	405,000
Price of warrants	$ 10.00
Proceeds from issuance of warrants	$ 4,050,000

STATEMENT OF OPERATIONS	7 Months Ended
STATEMENT OF OPERATIONS	Dec. 31, 2020 USD ($) $ / shares shares
Formation and general and administrative expenses	$ 265,291
Loss from operations	(265,291)
Other income (expense):
Interest earned on cash and cash equivalents held in Trust Account	2,152
Change in fair value of warrant liability	(3,096,650)
Transaction costs allocated to warrant liabilty	(226,601)
Net loss	$ (3,586,390)
Weighted average shares outstanding of common stock \| shares	405,000
Common Class A
Other income (expense):
Weighted average shares outstanding of common stock \| shares	11,500,000
Class B common stock
Other income (expense):
Weighted average shares outstanding of common stock \| shares	3,100,220
Class A redeemable common stock
Other income (expense):
Weighted average shares outstanding of common stock \| shares	11,500,000
Basic and diluted income per share \| $ / shares	$ 0.00
Class A and Class B non-redeemable common stock
Other income (expense):
Weighted average shares outstanding of common stock \| shares	3,100,220
Basic and diluted income per share \| $ / shares	$ (1.16)

STATEMENT OF CASH FLOWS	7 Months Ended
STATEMENT OF CASH FLOWS	Dec. 31, 2020 USD ($)
Cash Flows from Operating Activities:
Net loss	$ (3,586,390)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on marketable securities held in trust	(2,521)
Change in fair value of warrant liability	3,096,650
Transaction costs allocated to warrant liabilty	226,601
Changes in operating assets and liabilities:
Prepaid expenses	(149,727)
Accrued expenses	146,558
Net cash used in operating activities	(268,460)
Cash Flows from Investing Activities:
Investment of cash into Trust Account	(115,000,000)
Net cash used in investing activities	(115,000,000)
Cash Flows from Financing Activities:
Proceeds from issuance of Class B common stock to Sponsor	25,000
Proceeds from sale of Units, net of underwriting discounts paid	112,700,000
Proceeds from sale of Private Placement Units	4,050,000
Repayment of promissory note - related party	(99,627)
Payment of offering costs	(372,750)
Net cash provided by financing activities	116,302,623
Net Change in Cash	1,034,163
Cash - End of period	1,034,163
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Initial classification of Class A common stock subject to possible redemption	105,848,020
Change in value of Class A common stock subject to possible redemption	(3,358,790)
Deferred underwriting fee payable	4,025,000
Payment of offering costs through promissory note - related party	99,627
Initial Classification of warrant liability in connection with Initial Public Offering and Private Placement	$ 1,428,600

INCOME TAX - Additional Information (Details)	Dec. 31, 2020 USD ($)
INCOME TAX
U.S. federal and state net operating loss carryovers available to offset future taxable income	$ 63,937

PRIVATE PLACEMENT	7 Months Ended
PRIVATE PLACEMENT	Dec. 31, 2020
PRIVATE PLACEMENT
PRIVATE PLACEMENT	NOTE 5. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 405,000 Private Placement Units at a price of $10.00 per Private Placement Unit, for an aggregate purchase price of $4,050,000. Each Private Placement Unit consists of one share of Class A common stock (“Private Placement Share” or, collectively, “Private Placement Shares”) and one-third of one warrant (each, a “Private Placement Warrant”). Each whole Private Placement Warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. A portion of the proceeds from the Private Placement Units were added to the proceeds from the Initial Public Offering 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 Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Units and all underlying securities will expire worthless.

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	7 Months Ended
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	Dec. 31, 2020
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS HighCape Capital Acquisition Corp. (the “Company”) was incorporated in Delaware on June 10, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from June 10, 2020 (inception) through December 31, 2020 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and, after the Initial Public Offering, identifying a target company for a Business Combination. The Company 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 form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on September 3, 2020. On September 9, 2020 the Company consummated the Initial Public Offering of 11,500,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of their over-allotment option in the amount of 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000 which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 405,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to HighCape Capital Acquisition, LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $4,050,000, which is described in Note 5. Transaction costs amounted to $6,797,377, consisting of $2,300,000 of underwriting fees, $4,025,000 of deferred underwriting fee and $472,377 of other offering costs. Following the closing of the Initial Public Offering on September 9, 2020, an amount of $115,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”) located in the United States and will be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a‑7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account). The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of the outstanding Public Shares (the “Public Stockholders”) 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 stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 following any related redemptions and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and any other holders of the Company’s common stock prior to the Initial Public Offering (the “initial stockholders”) have agreed to vote their Founder Shares (as defined in Note 6), Private Placement Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% of the Public Shares, without the prior consent of the Company. The Sponsor has agreed (a) to waive its redemption rights with respect to the Founder Shares, Private Placement Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until September 9, 2022 to complete a Business Combination (the “Combination Period”). If the Company has not completed a Business Combination by 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 ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (net of permitted withdrawals and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

STOCKHOLDERS' EQUITY	7 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 8. STOCKHOLDERS’ EQUITY Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2020, there were no shares of preferred stock issued or outstanding. Class A Common Stock — The Company is authorized to issue 380,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of Class A common stock are entitled to one vote for each share. At December 31, 2020, there were 1,656,077 shares of Class A common stock issued and outstanding, excluding 10,248,923 Class A common stock subject to possible redemption. Class B Common Stock — The Company is authorized to issue 20,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of Class B common stock are entitled to one vote for each share. At December 31, 2020, there were 2,875,000 shares of Class B common stock issued and outstanding. Only holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our shareholders except as otherwise required by law. The shares of Class B common stock will automatically convert into Class A common stock immediately following the completion of the Business Combination, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in connection with a Business Combination the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A common stock by public stockholders and excluding the Private Placement Shares underlying the Private Placement Warrants), including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in a Business Combination and any Private Placement Units issued to the Sponsor, officers or directors upon conversion of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

7 Months Ended

Dec. 31, 2020

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The Company previously accounted for its outstanding Public Warrants (as defined in Note 5) and Private Placement Warrants (as defined in Note 5) issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of common shares, all holders of the warrants would be entitled to receive cash for their warrants (the “tender offer provision”).

In connection with the audit of the Company’s financial statements as of and for the period ended December 31, 2020, the Company’s management further evaluated the warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s common shares in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded the tender offer provision included in the warrant agreement fails the “classified in shareholders’ equity” criteria as contemplated by ASC Section 815-40-25.

As a result of the above, the Company should have classified the warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period.

The Company’s accounting for the warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported operating expenses, cash flows or cash.

Impact of the Restatement

The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below.

The restatement had no impact on net cash flows from operating, investing or financing activities.


	As
	Previously				As
	Reported		Adjustments		Restated

Balance sheet as of September 9, 2020 (audited)
Warrant Liability	$	—	$	1,428,600	$	5,598,227
Total Liabilities		4,169,627		1,428,600		5,598,227
Class A Common Stock Subject to Possible Redemption		107,276,620		(1,428,600)		105,848,020
Class A Common Stock		118		15		133
Additional Paid-in Capital		5,000,597		226,586		5,227,183
Accumulated Deficit		(1,000)		(226,601)		(227,601)

Number of Class A Common Stock Subject to Redemption		10,727,662		(142,860)		10,584,802

Balance sheet as of September 30, 2020 (unaudited)
Warrant Liability	$	—	$	1,825,433	$	1,825,433
Total Liabilities		4,113,342		1,825,433		5,938,775
Class A Common Stock Subject to Possible Redemption		107,226,360		(1,825,433)		105,400,927
Class A Common Stock		118		19		137
Additional Paid-in Capital		5,050,857		623,415		5,674,272
Accumulated Deficit		(51,253)		(623,434)		(674,687)

Number of Class A Common Stock Subject to Redemption		10,722,636		(182,543)		10,540,093

Balance sheet as of December 31, 2020 (audited)
Warrant Liability	$	—	$	4,525,250	$	4,525,250
Total Liabilities		4,171,558		4,525,250		8,696,808
Class A Common Stock Subject to Possible Redemption		107,014,480		(4,525,250)		102,489,230
Class A Common Stock		120		46		166
Additional Paid-in Capital		5,262,735		3,323,205		8,585,940
Accumulated Deficit		(263,139)		(3,323,251)		(3,586,390)

Number of Class A Common Stock Subject to Redemption		10,701,448		(452,525)		10,248,923

Three months ended September 30, 2020 (unaudited)
Change in fair value of warrant liability	$	—	$	396,833	$	396,833
Transactions costs allocated to warrant liability		—		226,601		226,601
Net loss		(50,253)		(623,434)		(673,687)
Weighted average shares outstanding of Class A redeemable common stock		11,500,000		—		11,500,000
Basic and diluted net loss per share, Class A redeemable common stock		—		—		—
Weighted average shares outstanding of Class A and Class B non-redeemable common stock		3,280,000		—		3,280,000
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock		(0.02)		(0.14)		(0.16)


Period from June 10, 2020 (inception) to September 30, 2020 (unaudited)
Change in fair value of warrant liability	$	—	$	396,833	$	396,833
Transactions costs allocated to warrant liability		—		226,601		226,601
Net loss		(51,253)		(623,434)		(574,687)
Weighted average shares outstanding of Class A redeemable common stock		11,500,000		—		11,500,000
Basic and diluted net income per share, Class A redeemable common stock		—		—		—
Weighted average shares outstanding of Class A and Class B non-redeemable common stock		3,280,000		—		3,280,000
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock		(0.02)		(0.14)		(0.16)

Period from June 10, 2020 (inception) to December 31, 2020 (audited)
Change in fair value of warrant liability	$	—	$	3,096,650	$	3,096,650
Transactions costs		—		226,601		226,601
Net loss		(263,139)		(3,323,251)		(3,586,390)
Weighted average shares outstanding of Class A redeemable common stock		11,500,000		—		11,500,000
Basic and diluted net income per share, Class A redeemable common stock		—		—		—
Weighted average shares outstanding of Class A and Class B non-redeemable common shares		3,100,220		—		3,100,220
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock		(0.08)		(1.08)		(1.16)


Cash Flow Statement for the Period from June 10, 2020 (inception) to September 30, 2020 (unaudited)
Net loss	$	(51,253)	$	(623,434)	$	(674,687)
Allocation of initial public offering costs				226,601		226,601
Change in fair value of warrant liability		—		396,833		396,833
Initial classification of warrant liability		—		1,428,600		1,428,600
Initial classification of common stock subject to possible redemption		107,276,620		(1,428,600)		105,848,020
Change in value of common stock subject to possible redemption		(50,260)		(396,833)		(447,093)

Cash Flow Statement for the Period from June 10, 2020 (inception) to December 31, 2020 (audited)
Net loss	$	(263,139)	$	(3,323,251)	$	(3,586,390)
Allocation of initial public offering costs		—		226,601		226,601
Change in fair value of warrant liability		—		3,096,650		3,096,650
Initial classification of warrant liability		—		1,428,600		1,428,600
Initial classification of common stock subject to possible redemption		107,276,620		(1,428,600)		105,848,020
Change in value of common stock subject to possible redemption		(103,590)		(3,255,200)		(3,358,790)

INCOME TAX - Income Tax Provision Benefit (Details)	7 Months Ended
INCOME TAX - Income Tax Provision Benefit (Details)	Dec. 31, 2020 USD ($)
Federal
Deferred	$ (55,260)
Change in valuation allowance	55,260
Income tax provision	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares		7 Months Ended
	Sep. 09, 2020	Dec. 31, 2020
Sale of units (in shares)		11,500,000
Sale of private placements units (in shares)		405,000
Over-allotment
Sale of units (in shares)	1,500,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Class A Common Stock Subject to Possible Redemption, Offering Costs and Income Taxes (Details) - USD ($)		7 Months Ended
	Sep. 09, 2020	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Transaction costs	$ 6,797,377	$ 6,797,377
Unrecognized tax benefits		0
Unrecognized tax benefits accrued for interest and penalties		$ 0

FAIR VALUE MEASUREMENTS (Tables)

7 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

Summary of assets and liabilities measured at fair value

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.


		December 31,
	Level	2020
Assets:
Cash and cash equivalents held in Trust Account – U.S. Treasury Securities Money Market Fund	1	$	115,002,152

Liabilities:
Warrant Liability - Public Warrants	1	$	4,370,000
Warrant Liability - Private Placement Warrants	3	$	155,250

Schedule of initial measurement of key inputs for Private Placement Warrants and Public Warrants

The key inputs into the binomial lattice simulation model for the Private Placement Warrants and Public Warrants were as follows at initial measurement, September 30, 2020 and December 31, 2020 (Private Warrants only):


	September 9,
	2020 (Initial			September 30,			December 31,
Input	Measurement)			2020			2020
Risk-free interest rate		0.34	%		0.34	%		0.34	%
Trading days per year		252			252			252
Expected volatility		27.0	%		27.0	%		27.0	%
Exercise price	$	11.50		$	11.50		$	11.50
Stock Price	$	10.00		$	10.00		$	10.00

Schedule of changes in fair value of warrant liabilities

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement		Public		Warrant Liabilities
Fair value as of June 10, 2020 (inception)	$	—	$	—	$	—
Initial measurement on September 9, 2020		48,600		1,380,000		1,428,600
Change in valuation inputs or other assumptions		106,650		2,990,000		3,096,650
Fair value as of December 31, 2020	$	155,250	$	4,370,000	$	4,525,250

FAIR VALUE MEASUREMENTS - Initial measurement of key inputs for Private Placement Warrants and Public Warrants (Details)	Dec. 31, 2020 D $ / shares	Sep. 30, 2020 D $ / shares	Sep. 09, 2020 D $ / shares
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants initial measurement	0.34	0.34	0.34
Trading days per year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants initial measurement \| D	252	252	252
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants initial measurement	27.0	27.0	27.0
Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants initial measurement	11.50	11.50	11.50
Stock Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants initial measurement	10.00	10.00	10.00

FAIR VALUE MEASUREMENTS - Changes in fair value of warrant liabilities (Details) - USD ($)		7 Months Ended
	Oct. 26, 2020	Dec. 31, 2020
Public Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in valuation inputs or other assumptions	$ 3,545,833
Fair value as of December 31, 2020		$ 4,370,000
Fair Value, Recurring \| Warrant Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of June 10, 2020 (inception)		0
Initial measurement on September 9, 2020		1,428,600
Change in valuation inputs or other assumptions		3,096,650
Fair value as of December 31, 2020		4,525,250
Fair Value, Recurring \| Public Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of June 10, 2020 (inception)		0
Initial measurement on September 9, 2020		1,380,000
Change in valuation inputs or other assumptions		2,990,000
Fair value as of December 31, 2020		4,370,000
Fair Value, Recurring \| Private Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of June 10, 2020 (inception)		0
Initial measurement on September 9, 2020		48,600
Change in valuation inputs or other assumptions		106,650
Fair value as of December 31, 2020		$ 155,250

FAIR VALUE MEASUREMENTS

7 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

NOTE 11. FAIR VALUE MEASUREMENTS

At December 31, 2020, assets held in the Trust Account were comprised of $115,002,152 in money market funds, which are invested in U.S. Treasury Securities. During the period from June 10, 2020 (inception) through December 31, 2020, the Company did not withdraw any interest income from the Trust Account.

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:Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.


		December 31,
	Level	2020
Assets:
Cash and cash equivalents held in Trust Account – U.S. Treasury Securities Money Market Fund	1	$	115,002,152

Liabilities:
Warrant Liability - Public Warrants	1	$	4,370,000
Warrant Liability - Private Placement Warrants	3	$	155,250

The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on our balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statement of operations.

The Private Placement Warrants were initially valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. The binomial lattice model’s primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of the common stock. The expected volatility as of the IPO date was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. The expected volatility as of subsequent valuation dates will be implied from the Company’s own public warrant pricing. A binomial lattice model methodology was also used in estimating the fair value of the Public Warrants for periods where no observable traded price was available, using the same expected volatility as was used in measuring the fair value of the Private Placement Warrants. For periods subsequent to the detachment of the Warrants from the Units, the close price of the Public Warrant price will be used as the fair value as of each relevant date. As of December 31, 2020, the significant assumptions used in preparing the option pricing model for valuing the warrant liability of the Private Placement Warrants include (i) volatility of 18.6%, (ii) risk-free interest rate of 0.41%, (iii) strike price ($11.50), (iv) fair value of common stock ($10.15), and (v) expected life of 4.4 years.


	September 9,
	2020 (Initial			September 30,			December 31,
Input	Measurement)			2020			2020
Risk-free interest rate		0.34	%		0.34	%		0.34	%
Trading days per year		252			252			252
Expected volatility		27.0	%		27.0	%		27.0	%
Exercise price	$	11.50		$	11.50		$	11.50
Stock Price	$	10.00		$	10.00		$	10.00

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement		Public		Warrant Liabilities
Fair value as of June 10, 2020 (inception)	$	—	$	—	$	—
Initial measurement on September 9, 2020		48,600		1,380,000		1,428,600
Change in valuation inputs or other assumptions		106,650		2,990,000		3,096,650
Fair value as of December 31, 2020	$	155,250	$	4,370,000	$	4,525,250

On October 26, 2020, our Publicly Warrants were separated from our Units and began trading, at which point the Warrant Liability related to the Publicly Warrants transferred from a Level 3 liability to a Level 1 liability. The value of the Publicly Warrants upon transfer was $3,545,833. The value of the Public Warrants at 12/31/20 was $4,370,000.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

PRIVATE PLACEMENT (Details) - USD ($)		7 Months Ended
PRIVATE PLACEMENT (Details) - USD ($)	Sep. 09, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of warrants		$ 4,050,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Shares issuable per warrant	1
Exercise price of warrants	$ 11.50
Private Placement \| Sponsor
Subsidiary, Sale of Stock [Line Items]
Number of warrants issued	405,000
Price of warrants	$ 10.00
Proceeds from issuance of warrants	$ 4,050,000
Private Placement \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Shares issuable per warrant	0.33

STOCKHOLDERS' EQUITY - Preferred Stock Shares (Details)	Dec. 31, 2020 $ / shares shares
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized	1,000,000
Preferred shares, par value \| $ / shares	$ 0.0001
Preferred stock, shares issued	0
Preferred shares, shares outstanding	0