2021 Q1 Form 10-Q Financial Statement
#000119312521170856 Filed on May 24, 2021
Income Statement
| Concept | 2021 Q1 | 2020 Q4 |
|---|---|---|
| Revenue | $119.7M | $106.8M |
| YoY Change | 56.69% | |
| Cost Of Revenue | $132.8M | $85.70M |
| YoY Change | 803.48% | |
| Gross Profit | -$13.10M | $21.15M |
| YoY Change | -121.23% | |
| Gross Profit Margin | -10.94% | 19.79% |
| Selling, General & Admin | $599.2M | $393.5M |
| YoY Change | 680.23% | |
| % of Gross Profit | 1860.94% | |
| Research & Development | $1.778M | $1.300M |
| YoY Change | 77.8% | |
| % of Gross Profit | 6.15% | |
| Depreciation & Amortization | $751.0K | $641.0K |
| YoY Change | 25.17% | |
| % of Gross Profit | 3.03% | |
| Operating Expenses | $601.0M | $395.5M |
| YoY Change | 665.59% | |
| Operating Profit | -$614.9M | -$374.3M |
| YoY Change | 3559.89% | |
| Interest Expense | $5.000K | -$12.00K |
| YoY Change | -95.0% | |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$227.0K | -$1.023M |
| YoY Change | -213.5% | |
| Pretax Income | -$615.1M | -$375.4M |
| YoY Change | 3627.78% | |
| Income Tax | $0.00 | |
| % Of Pretax Income | ||
| Net Earnings | -$614.5M | -$374.2M |
| YoY Change | 3536320.14% | |
| Net Earnings / Revenue | -513.27% | -350.26% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$1.943M | -$1.183M |
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2021 Q1 | 2020 Q4 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $695.1K | $861.8K |
| YoY Change | ||
| Cash & Equivalents | $184.7M | $114.4M |
| Short-Term Investments | ||
| Other Short-Term Assets | $270.5K | $1.889M |
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | $270.5K | $8.530M |
| Receivables | $12.40M | |
| Other Receivables | ||
| Total Short-Term Assets | $965.6K | $180.6M |
| YoY Change | ||
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $1.417M | |
| YoY Change | ||
| Goodwill | $18.10M | |
| YoY Change | 0.0% | |
| Intangibles | $5.278M | |
| YoY Change | ||
| Long-Term Investments | $414.3M | $414.2M |
| YoY Change | ||
| Other Assets | $678.0K | |
| YoY Change | ||
| Total Long-Term Assets | $414.3M | $104.2M |
| YoY Change | ||
| TOTAL ASSETS | ||
| Total Short-Term Assets | $965.6K | $180.6M |
| Total Long-Term Assets | $414.3M | $104.2M |
| Total Assets | $415.2M | $284.8M |
| YoY Change | ||
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $307.5K | $22.12K |
| YoY Change | ||
| Accrued Expenses | $77.25K | $32.13M |
| YoY Change | ||
| Deferred Revenue | $274.8M | |
| YoY Change | 44.05% | |
| Short-Term Debt | $9.750K | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $394.5K | $345.5M |
| YoY Change | ||
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $46.15M | $68.29M |
| YoY Change | ||
| Total Long-Term Liabilities | $46.15M | $68.29M |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $394.5K | $345.5M |
| Total Long-Term Liabilities | $46.15M | $68.29M |
| Total Liabilities | $46.55M | $1.205B |
| YoY Change | ||
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$7.920M | -$29.63M |
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $5.000M | $5.000M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $415.2M | $284.8M |
| YoY Change |
Cashflow Statement
| Concept | 2021 Q1 | 2020 Q4 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$614.5M | -$374.2M |
| YoY Change | 3536320.14% | |
| Depreciation, Depletion And Amortization | $751.0K | $641.0K |
| YoY Change | 25.17% | |
| Cash From Operating Activities | $92.30M | -$17.11M |
| YoY Change | ||
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $13.00K | -$61.00K |
| YoY Change | ||
| Acquisitions | $7.139M | |
| YoY Change | ||
| Other Investing Activities | $0.00 | |
| YoY Change | ||
| Cash From Investing Activities | -$7.834M | -$61.00K |
| YoY Change | ||
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $0.00 | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -$14.17M | -23.51M |
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | $92.30M | -17.11M |
| Cash From Investing Activities | -$7.834M | -61.00K |
| Cash From Financing Activities | -$14.17M | -23.51M |
| Net Change In Cash | $70.29M | -40.68M |
| YoY Change | ||
| FREE CASH FLOW | ||
| Cash From Operating Activities | $92.30M | -$17.11M |
| Capital Expenditures | $13.00K | -$61.00K |
| Free Cash Flow | $92.29M | -$17.05M |
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2021Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
695093 | |
| CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
861754 | |
| CY2021Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
270481 | |
| CY2020Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
328772 | |
| CY2021Q1 | us-gaap |
Assets Current
AssetsCurrent
|
965574 | |
| CY2020Q4 | us-gaap |
Assets Current
AssetsCurrent
|
1190526 | |
| CY2021Q1 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
414258248 | |
| CY2020Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
414209593 | |
| CY2021Q1 | us-gaap |
Assets
Assets
|
415223822 | |
| CY2020Q4 | us-gaap |
Assets
Assets
|
415400119 | |
| CY2021Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
307489 | |
| CY2020Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
22120 | |
| CY2021Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
77250 | |
| CY2020Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
111146 | |
| CY2021Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
394489 | |
| CY2020Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
143016 | |
| CY2021Q1 | acnd |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
14490000 | |
| CY2020Q4 | acnd |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
14490000 | |
| CY2021Q1 | us-gaap |
Liabilities
Liabilities
|
46547729 | |
| CY2020Q4 | us-gaap |
Liabilities
Liabilities
|
68434126 | |
| CY2021Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2020Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2021Q1 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
363676090 | |
| CY2020Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
341965990 | |
| CY2021Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2020Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2021Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
12918005 | |
| CY2020Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
34627888 | |
| CY2021Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-7919540 | |
| CY2020Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-29629640 | |
| CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5000003 | |
| CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5000003 | |
| CY2021Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
415223822 | |
| CY2020Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
415400119 | |
| CY2021Q1 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.0001 | |
| CY2020Q4 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.0001 | |
| CY2021Q1 | acnd |
Temporary Equity Shares Subject To Possible Redemption
TemporaryEquitySharesSubjectToPossibleRedemption
|
36367609 | |
| CY2020Q4 | acnd |
Temporary Equity Shares Subject To Possible Redemption
TemporaryEquitySharesSubjectToPossibleRedemption
|
34196599 | |
| CY2021Q1 | us-gaap |
Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
|
10.00 | |
| CY2020Q4 | us-gaap |
Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
|
10.00 | |
| CY2021Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2020Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2021Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
| CY2020Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
| CY2021Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2020Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-58291 | |
| CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
21710100 | |
| CY2021Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2020Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2021Q1 | acnd |
Shares Subject To Possible Redemption Value
SharesSubjectToPossibleRedemptionValue
|
-21710100 | |
| CY2021Q1 | acnd |
Interest Earned On Investments Held In Trust Account
InterestEarnedOnInvestmentsHeldInTrustAccount
|
48655 | |
| CY2021Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
446425 | |
| CY2021Q1 | acnd |
Administrative Expenses Related Party
AdministrativeExpensesRelatedParty
|
30000 | |
| CY2021Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-476425 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
285369 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-33896 | |
| CY2021Q1 | us-gaap |
Cash
Cash
|
700000 | |
| CY2021Q1 | acnd |
Working Capital
WorkingCapital
|
700000 | |
| CY2020Q4 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
0 | |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-166661 | |
| CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-166661 | |
| CY2021Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 1 — Description of Organization and Business Operations </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Organization and General </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">Ascendant Digital Acquisition Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on February 11, 2020. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on companies in what it calls the “Attention Economy”, which refers to various converging sectors within interactive (digital) entertainment, film/television, music, print and digital books (including magazine and comics publications), <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">e-sports,</div> live events and other forms of consumer entertainment and enabling services and technologies. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”). </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">At March 31, 2021, the Company had not yet commenced operations. All activity for the period from February 11, 2020 (inception) through March 31, 2021 relates to the Company’s formation and its preparation for the initial public offering (“Initial Public Offering”), which is described below, and since offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenue until after the completion of its initial Business Combination, at the earliest. The Company will generate <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-operating</div> income in the form of income earned on investments on investments in the Trust Account (as defined below). </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s sponsor is Ascendant Sponsor LP, a Cayman Islands exempted limited partnership (“Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on July 24, 2020. On July 28, 2020, the Company consummated its Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including 5,400,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $414.0 million, and incurring offering costs of approximately $23.4 million, inclusive of approximately $14.5 million in deferred underwriting commissions (Note 5). </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 10,280,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.00 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $10.3 million (Note 4). </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Upon the closing of the Initial Public Offering and the Private Placement, $414.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”), located in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and which was invested by the trustee only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Rule 2a-7 of the</div> Investment Company Act, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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 Warrants, 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 having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, 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 sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). </div></div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; line-height: 12pt;">The Company will provide its holders (the “Public Shareholders”) of its Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">The per-share amount to</div> be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares were recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum and Articles of Association”), 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, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal 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. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the Initial Shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. The Initial Shareholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder 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 Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company’s Sponsor, officers and directors (the “Initial Shareholders”) have agreed not to propose an amendment to the amended and restated memorandum and articles of association (a) that would modify the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering, or July 28, 2022 (the “Combination Period”) or (b) with respect to any other provision relating to shareholders’ rights <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">or pre-initial Business Combination</div> activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a per-share price,</div> payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Initial Shareholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or members of the Company’s management team acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to its deferred underwriting commission (see Note 5) 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 residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 </div><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">per share initially held in the Trust Account. 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 vendor 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. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or 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. 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 or 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. </div></div><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Proposed Business Combination </div></div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On March 1, 2021, the Company (which shall migrate to and domesticate as a Delaware corporation prior to the Closing), entered into a Business Combination Agreement (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Business Combination Agreement</div>”) with Beacon Street Group, LLC, a Delaware limited liability company (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">BSG</div>”), all of the members of BSG party thereto (collectively, the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Sellers</div>” and each a “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Seller</div>”) and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the Sellers thereunder (in such capacity, the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Seller Representative</div>”). Each of the Company, BSG, the Sellers and the Seller Representative are individually referred to herein as a “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Party</div>” and, collectively, the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Parties</div>”. The transactions contemplated by the Business Combination Agreement are referred to herein as the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Business Combination</div>.” The time of the closing of the Business Combination is referred to herein as the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Closing</div>.” The date of the Closing of the Business Combination is referred to herein as the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Closing Date</div>.” </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">The Domestication; Charter of the Company and Bylaws of the Company </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At the end of the day immediately prior to the Closing Date, subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, the Company will migrate to and domesticate as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Domestication</div>”). </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">By virtue of the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, including approval of the Company’s shareholders: (i) each of the then issued and outstanding Class B ordinary shares of the Company, par value $0.0001 per share (each, a “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cayman Class</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> B Share</div>”), will convert automatically, on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a one-for-one basis,</div></div> into a Class A ordinary share of the Company, par value $0.0001 per share (each, a “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cayman Class</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> A Share</div>”); (ii) immediately following the conversion described in clause (i), each of the then issued and outstanding Cayman Class A Shares will convert automatically, on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a one-for-one basis,</div></div> into a share of Class A common stock, par value $0.0001 per share, of Company (after the Domestication) (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Class</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> A Common Stock</div>”); and (iii) each of the then issued and outstanding warrants representing the right to purchase one Cayman Class A Share will convert automatically into a warrant to acquire one share of Class A Common Stock pursuant to the related warrant agreement. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Substantially simultaneously with or immediately following the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, the Company will also file (a) a certificate of incorporation with the Secretary of State of Delaware in the form attached to the Business Combination Agreement (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Company Domesticated Charter</div>”) and (b) adopt bylaws in the form attached to the Business Combination Agreement (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Company Domesticated Bylaws</div>”), to (among other things) establish a capital structure for the Company containing Class A Common Stock and shares of Class B common stock, par value $0.0001 per share of Company (after the Domestication) (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Class</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> B Common Stock</div>”). The shares of Class B Common Stock will have the same voting rights as the shares of Class A Common Stock but the shares of Class B Common Stock will have no economic rights, in each case as set forth in the Company Domesticated Charter and Company Domesticated Bylaws. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the Business Combination Agreement, substantially concurrently with the Closing, BSG will distribute all of its cash and cash equivalents to the Sellers in accordance with its then in effect operating agreement. Following such distribution, BSG will effectuate a recapitalization, pursuant to which, among other things, all Class A and Class B units of BSG (including the unvested Class B units of BSG) held by the Sellers will convert or exchange into a new class of common units of BSG with such terms and conditions as set forth in the BSG Third A&R Operating Agreement (as defined and discussed below). Following such recapitalization, the Sellers will collectively hold a single class of common units of BSG. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Subject to the satisfaction or waiver of certain conditions set forth in the Business Combination Agreement, at the Closing, the Company will contribute a subscription amount (the “<div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Subscription Amount</div></div>”) to BSG in exchange for units and warrants in BSG. Pursuant to the Business Combination Agreement, the Subscription Amount will be an amount of cash determined by BSG and will be not less than $85,000,000 nor more than $150,000,000;<div style="text-decoration:underline;display:inline;"> provided</div>, that, notwithstanding the foregoing, if the Subscription Amount determined by BSG will be greater than the Available Distributable Cash (as defined below), the Subscription Amount will automatically be deemed to be an amount equal to the Available Distributable Cash. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the Business Combination Agreement, the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Available Distributable Cash</div>” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> plus</div> (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions (as defined and discussed below)<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> plus</div> (c) all other cash and cash equivalents of the Company<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> minus</div> (d) the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At the Closing, the Company will also purchase certain units of BSG from the Sellers for cash consideration (the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash Consideration</div>”) in an amount equal to (i) the Available Acquiror Closing Cash (as defined below),<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> less</div> (ii) the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement as of the Closing,<div style="text-decoration:underline;display:inline;"> provided</div>, that, under no circumstances will the Cash Consideration be more than $374,000,000 or less than $0. Pursuant to the Business Combination Agreement, the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Available Acquiror Closing Cash</div>” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> plus</div> (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> plus</div> (c) all other cash and cash equivalents of the Company<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> minus</div> (d) the Subscription Amount. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Additionally, at the Closing, the Company will issue to the Sellers, for nominal consideration, a certain number of shares of Class B Common Stock equal to the aggregate number of units of the Company retained by the Sellers at the Closing (collectively, the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Retained Units</div>”), with each Seller receiving its pro rata share of such shares of Class B Common Stock and Retained Units. Pursuant to the Business Combination Agreement, the Retained Units will be a number of common units of the Company equal to the quotient of (a) $2,910,923,000 (being the agreed equity value to the Sellers)<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> minus</div> the Cash Consideration, divided by (b) $10.00. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">Following the Closing, the combined Company will be organized in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">an “Up-C” structure</div> in which substantially all of the assets and the business of the combined Company will be held by BSG and its subsidiaries, and the Company’s only direct assets will consist of units and warrants of BSG. Assuming that none of the Company’s current shareholders exercise their right to redeem their Cayman Class A Shares, and subject to adjustment for cash on hand and working capital, as of immediately following the Closing and without giving effect to the Sponsor Earn Out Shares (as defined and discussed below) or outstanding warrants to purchase Cayman Class A Shares, the Company is expected to own, directly or indirectly, approximately 20.1% of the issued and outstanding units of BSG at the Closing and will control BSG as the sole manager of BSG in accordance with the terms of the BSG Third A&R Operating Agreement and all remaining units of the Company will be owned by the Sellers. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon consummation of the Transactions, the Company will change its name to “Beacon Street Group, Inc.” </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The Closing is subject to certain conditions, including, among other things, (i) the approval and adoption of the Business Combination Agreement and transactions contemplated thereby and certain other matters by requisite vote of the Company’s shareholders; (ii) if required, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (iii) the absence of a Company Material Adverse Effect (as defined in the Business Combination Agreement) since the date of the Business Combination Agreement; and (iv) material compliance by the parties with their <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">respective pre-Closing and</div> Closing obligations and the accuracy of each party’s representations and warranties in the Business Combination Agreement, in each case subject to certain materiality standards contained in the Business Combination Agreement. In addition, BSG’s obligation to consummate the Business Combination is subject to the condition that the sum of (x) the funds remaining in the Company’s trust account (after giving effect to redemptions of Cayman Class A Shares by the Company’s current shareholders) and (y) the aggregate amount the Company actually receives from the Subscriptions, but in each case before giving effect to the consummation of the Closing and the payment of the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement, be equal to or exceed $150,000,000. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Liquidity and Capital Resources </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of March 31, 2021, the Company had approximately $0.7 million in its operating bank account and working capital of approximately $0.7 million. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s liquidity needs up to March 31, 2021 had been satisfied through the payment of $25,000 from the Sponsor to cover for certain expenses on behalf of the Company in exchange for the issuance of the Founder Shares, the loan of approximately $160,000 from the Sponsor pursuant to the Note (see Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company fully repaid the Note on July 28, 2020. In addition, in order to 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, provide the Company Working Capital Loans (see Note 4). As of March 31, 2021, there were no amounts outstanding under any Working Capital Loan. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2021Q1 | us-gaap |
Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
|
5000001 | |
| CY2021Q1 | acnd |
Percentage Of Public Shareholding Redeemable In Case Of Non Occurrence Of Business Combination
PercentageOfPublicShareholdingRedeemableInCaseOfNonOccurrenceOfBusinessCombination
|
1.00 | |
| CY2021Q1 | acnd |
Date On Or Before Which Business Combination Shall Be Consummated
DateOnOrBeforeWhichBusinessCombinationShallBeConsummated
|
2022-07-28 | |
| acnd |
Number Of Days After The Due Date Of Business Combination Within Which Public Shares Shall Be Redeemed
NumberOfDaysAfterTheDueDateOfBusinessCombinationWithinWhichPublicSharesShallBeRedeemed
|
P10D | ||
| CY2021Q1 | us-gaap |
Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities
LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities
|
100000 | |
| CY2021Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2021Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2021Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2021 | |
| CY2021Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2021-03-31 | |
| CY2021Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2021Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2021Q1 | dei |
Document Transition Report
DocumentTransitionReport
|
false | |
| CY2021Q1 | dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | |
| CY2021Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
Ascendant Digital Acquisition Corp. | |
| CY2021Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001805651 | |
| CY2021Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | |
| CY2021Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
No | |
| CY2021Q1 | dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | |
| CY2021Q1 | dei |
Security12b Title
Security12bTitle
|
Class A ordinary shares included as part of the units | |
| CY2021Q1 | dei |
Entity Small Business
EntitySmallBusiness
|
true | |
| CY2021Q1 | dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
true | |
| CY2021Q1 | dei |
Entity Ex Transition Period
EntityExTransitionPeriod
|
false | |
| CY2021Q1 | dei |
Entity Shell Company
EntityShellCompany
|
true | |
| CY2021Q1 | dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
NY | |
| CY2021Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statement in conformity with GAAP requires the Company’s 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 statement. Actual results could differ from those estimates. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2021Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
| CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2021Q1 | us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
14500000 | |
| CY2020Q2 | acnd |
Stock Surrendered During Period Value
StockSurrenderedDuringPeriodValue
|
0 | |
| CY2021Q1 | us-gaap |
Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
|
21710000 | |
| CY2021Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. As of March 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2021Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | |
| CY2021Q1 | acnd |
Underwriting Fee Per Unit Paid
UnderwritingFeePerUnitPaid
|
0.35 | |
| CY2020Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
10350000 | |
| us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
one-for-one | ||
| CY2021Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | |
| CY2021Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
| CY2021Q1 | acnd |
Schedule Of Changes In The Fair Value Of Warrant Liabilities
ScheduleOfChangesInTheFairValueOfWarrantLiabilities
|
<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The change in the fair value of the derivative warrant liabilities for three months ended March 31, 2021 is summarized as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman";;width:83%;"></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:5%;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Warrant liabilities at January 1, 2021</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">53,801,110</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Change in fair value of derivative warrant liabilities</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(22,137,870</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Derivative warrant liabilities at March 31, 2021</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">31,663,240</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2021Q1 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
9750 | |
| CY2020Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
9750 | |
| CY2021Q1 | acnd |
Derivative Warrant Liabilities
DerivativeWarrantLiabilities
|
31663240 | |
| CY2020Q4 | acnd |
Derivative Warrant Liabilities
DerivativeWarrantLiabilities
|
53801110 | |
| CY2021Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-22137870 | |
| CY2021Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-22137870 | |
| CY2021Q1 | acnd |
Emerging Growth Company
EmergingGrowthCompany
|
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Emerging Growth Company </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by 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, 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. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-emerging</div> growth companies but any such an 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 statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2020Q4 | acnd |
Derivative Warrant Liabilities Fair Value Disclosure
DerivativeWarrantLiabilitiesFairValueDisclosure
|
53801110 | |
| CY2021Q1 | acnd |
Derivative Warrant Liabilities Fair Value Disclosure
DerivativeWarrantLiabilitiesFairValueDisclosure
|
31663240 | |
| CY2021Q1 | us-gaap |
Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
|
0 | |
| CY2021Q1 | acnd |
Interest Earned On Investments Held In Trust Account
InterestEarnedOnInvestmentsHeldInTrustAccount
|
48655 | |
| CY2021Q1 | us-gaap |
Assets Net
AssetsNet
|
2910923000 | |
| CY2021Q1 | us-gaap |
Net Asset Value Per Share
NetAssetValuePerShare
|
10.00 | |
| CY2021Q1 | dei |
Trading Symbol
TradingSymbol
|
ACND | |
| CY2021Q1 | dei |
Security Exchange Name
SecurityExchangeName
|
NYSE |
