Cover Page - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2021 |
Feb. 11, 2022 |
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| Document Information [Line Items] | ||
| Document Type | 10-Q/A | |
| Amendment Flag | true | |
| Amendment Description | EXPLANATORY NOTE References throughout this Amendment No. 1 to the Quarterly Report on Form 10-Q/A to “we,” “us,” “the Company” or “our company” are to Prime Impact Acquisition I, unless the context otherwise indicates. This Amendment No. 1 to the Quarterly Report on Form 10-Q/A (“Amendment No. 1”) amends the Quarterly Report on Form 10-Q of Prime Impact Acquisition I as of and for the quarterly period ended September 30, 2021 (“Q3 Form 10-Q”), as filed with the Securities and Exchange Commission (“SEC”) on November 12, 2021 (the “Original Filing”). The Original Filing included in Note 2, Revision to Previously Reported Financial Statements (“Note 2”), a discussion of the revision to a portion of the Company’s previously issued financial statements for the classification of its Class A ordinary shares subject to redemption issued as part of the units sold in the Company’s initial public offering (“IPO”). As described in Note 2, upon its IPO, the Company classified a portion of the Class A ordinary shares subject to redemption as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. As a result, the Company’s management determined that the Class A ordinary shares subject to redemption included certain provisions that require classification of the Class A ordinary shares subject to redemption as temporary equity. As a result, management corrected the error by revising all Class A ordinary shares subject to redemption as temporary equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares. Also in Note 2 of the Company’s Q3 Form 10-Q, in connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation differs from the previously presented method of earnings per share, which was similar to the two-class method. As described above, originally, the Company determined the changes were not qualitatively material to the Company’s previously issued financial statements and revised its previously financial statements in Note 2 to its Q3 Form 10-Q. However, upon further consideration of the material nature of the changes, the Company determined the change in classification of the Class A ordinary shares subject to redemption and change to its presentation of earnings per share is material quantitatively and the Company should restate its previously issued financial statements. Therefore, on January 24, 2022, 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) audited balance sheet as of September 14, 2020, filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed with the SEC on September 18, 2020 (the “Offering Audited Balance Sheet”); (ii) audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as amended (the “2020 Form 10-K”); (iii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020; (iv) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021; (v) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021; and (vi) Note 2 to the unaudited interim financial statements and Item 4 of Part I of the Q3 Form 10-Q (collectively, the “Affected Periods”), should be restated and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods in Amendment No. 2 to the Form 10-K/A, for the Offering Audited Balance Sheet and the 2020 Form 10-K, and the unaudited condensed financial statements for the quarterly period ended September 30, 2020, and will restate the unaudited condensed financial statements for the periods ended March 31, 2021, June 30, 2021 and Note 2 to the unaudited interim financial statements and Item 4 of Part I of the Q3 Form 10-Q in this Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Q3 Form 10-Q/A”). The above changes did not have any impact on its cash position and cash held in the trust account established in connection with the IPO. After re-evaluation, the Company’s management has concluded that in light of the errors described above, a material weakness existed in the Company’s internal control over financial reporting for complex securities during the Affected Periods and that the Company’s disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness will be described in more detail in this Q3 Form 10-Q/A. | |
| Document Quarterly Report | true | |
| Document Transition Report | false | |
| Document Period End Date | Sep. 30, 2021 | |
| Document Fiscal Year Focus | 2021 | |
| Document Fiscal Period Focus | Q3 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Registrant Name | Prime Impact Acquisition I | |
| Entity Central Index Key | 0001819175 | |
| Entity Incorporation, State or Country Code | E9 | |
| Entity File Number | 001-39501 | |
| Entity Tax Identification Number | 98-1554335 | |
| Entity Address, Address Line One | 123 E San Carlos Street | |
| Entity Address, Address Line Two | Suite 12 | |
| Entity Address, City or Town | San Jose | |
| Entity Address, Country | CA | |
| Entity Address, Postal Zip Code | 95112 | |
| City Area Code | 650 | |
| Local Phone Number | 825-6965 | |
| Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | |
| Trading Symbol | PIAI | |
| Security Exchange Name | NYSE | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | true | |
| Entity Ex Transition Period | false | |
| Entity Shell Company | true | |
| Capital Units [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-third of a Warrant to acquire one Class A ordinary share | |
| Trading Symbol | PIAI.U | |
| Security Exchange Name | NYSE | |
| Warrant [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | |
| Trading Symbol | PIAI.W | |
| Security Exchange Name | NYSE | |
| Entity Common Stock, Shares Outstanding | 16,523,926 | |
| Common Class A [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock, Shares Outstanding | 32,408,414 | |
| Common Class B [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock, Shares Outstanding | 8,102,103 |