Cover Page - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2021 |
Dec. 09, 2021 |
|
| Document Information [Line Items] | ||
| Document Type | 10-Q/A | |
| Amendment Flag | true | |
| Document Fiscal Period Focus | Q3 | |
| Document Fiscal Year Focus | 2021 | |
| Document Period End Date | Sep. 30, 2021 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Registrant Name | AEA-Bridges Impact Corp. | |
| Entity Central Index Key | 0001820191 | |
| Document Quarterly Report | true | |
| Document Transition Report | false | |
| Entity Interactive Data Current | Yes | |
| Entity Current Reporting Status | Yes | |
| Entity Shell Company | true | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Small Business | true | |
| Entity Incorporation, State or Country Code | E9 | |
| Entity File Number | 001-39584 | |
| Entity Tax Identification Number | 98-1550961 | |
| Entity Address, Address Line One | PO Box 1093 | |
| Entity Address, Address Line Two | Boundary Hall | |
| Entity Address, Address Line Three | Cricket Square | |
| Entity Address, State or Province | KY | |
| Entity Address, City or Town | Grand Cayman | |
| Entity Address, Postal Zip Code | KY1-1102 | |
| City Area Code | +1 | |
| Local Phone Number | 345 814 5825 | |
| Entity Emerging Growth Company | true | |
| Entity Ex Transition Period | false | |
| Title of 12(b) Security | Class A Ordinary shares included as part of the units | |
| Trading Symbol | IMPX | |
| Security Exchange Name | NYSE | |
| Amendment Description | References throughout this Amendment No. 1 to the Quarterly Report on Form 10-Q to “we,” “us,” the “Company” or “our company” are to AEA-Bridges Impact Corp. unless the context otherwise indicates. This Amendment No. 1 (“Amendment No. 1”) to the Form 10-Q amends the Quarterly Report on Form 10-Q of AEA-Bridges Impact Corp., as of and for the period ended September 30, 2021, as filed with the Securities and Exchange Commission (“SEC”) on November 5, 2021. The Company has re-evaluated the Company’s application of ASC 480-10-S99-3A to its accounting classification of the redeemable Class A ordinary shares, par value $0.0001 per share (the “Public Shares”), issued as part of the units sold in the Company’s initial public offering (the “initial public offering”) on October 5, 2020. Historically, a portion of the Public Shares were classified as permanent equity to maintain shareholders’ equity greater than $5 million on the basis that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001, as described in the Company’s amended and restated certificate of incorporation (the “Charter”). Pursuant to such re-evaluation, the Company’s management has determined that the Public Shares include certain provisions that require classification of all of the Public Shares as temporary equity regardless of the net tangible assets redemption limitation contained in the Charter. In addition, in connection with the change in presentation for the Public Shares, the Company determined it should restate its earnings per share calculation to allocate income and losses shared pro rata between the two classes of ordinary shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of ordinary shares share pro rata in the income and losses of the Company. On December 3, 2021, the Audit Committee of the Board of Directors of the company (the “Audit Committee”) concluded, after discussion with the Company’s management that the Company’s previously issued (i) unaudited interim financial statements as of and for the quarterly period ended March 31, 2021 (the “Q1 2021 Financial Statements”) included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on June 25, 2021; and (ii) unaudited interim financial statements as of and for the three and six months ended June 30, 2021 (the “Q2 2021 Financial Statements”) included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 6, 2021 (collectively, the “Affected Periods”), should be restated to report all Public Shares as temporary equity and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods. The Post IPO Balance Sheet and the FY 2020 Financial Statements are being restated in this Amendment No. 2 and the Q1 2021 Financial Statements and Q2 2021 Financial Statements will be restated in an amendment to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, to be filed with the SEC (the “Q3 2021 Form 10-Q/A”). The restatement does not have an impact on the Company’s liquidity, cash flows, revenues, or costs of operating our business, in the Affected Periods. The Company’s management has concluded that a material weakness remains in the Company’s internal control over financial reporting related to the accounting of complex financial instruments and that the Company’s disclosure controls and procedures were not effective. We are filing this Quarterly Report to amend and restate the Original Quarterly Report with modification as necessary to reflect the restatements. The following items have been amended to reflect the restatements: Part I. Item 1. Financial Statements Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Part I. Item 4. Controls and Procedures Part II. Item 1A. Risk Factors In addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this filing in connection with this Quarterly Report (Exhibits 31.1, 31.2, 32.1 and 32.2). Except as described above, no other information included in the Original Quarterly Report is being amended or updated by this Quarterly Report and, other than as described herein, this Quarterly Report does not purport to reflect any information or events subsequent to the Original Quarterly Report. We have not amended our previously filed Quarterly Reports on Form 10-Q for the period affected by the restatement. This Quarterly Report continues to describe the conditions as of the date of the Original Quarterly Report and, except as expressly contained herein, we have not updated, modified or supplemented the disclosures contained in the Original Quarterly Report. Accordingly, this Quarterly Report should be read in conjunction with the Original Quarterly Report and with our filings with the SEC subsequent to the Original Quarterly Report. | |
| Capital Units [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Units, each consisting of one Class A ordinary share, $0.0001 par value, and one half of one redeemable warrant | |
| Trading Symbol | IMPX.U | |
| Security Exchange Name | NYSE | |
| Redeemable warrants [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | |
| Trading Symbol | IMPX.WS | |
| Security Exchange Name | NYSE | |
| Common Class A [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock, Shares Outstanding | 40,000,000 | |
| Common Class B [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock, Shares Outstanding | 10,000,000 |