0001410578-21-000433 | 10-Q | XBRL Viewer | Growth Capital Acquisition Corp

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity Registrant Name	GROWTH CAPITAL ACQUISITION CORP.
Entity File Number	001-39959
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2447291
Entity Address, Address Line One	300 Park Avenue, 16th Floor
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	895-3500
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
Entity Central Index Key	0001498233
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	GCAC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		17,250,000
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,312,500
Units, each consisting of one share of Class A Common Stock and one-third of one Redeemable Warrant
Document Information [Line Items]
Title of 12(b) Security	Units, each consisting of one share of Class A common stock and one-third of one redeemable warrant
Trading Symbol	GCACU
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
Trading Symbol	GCACW
Security Exchange Name	NASDAQ

- Details

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Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Assets:
Cash	$ 238,567	$ 749,737
Prepaid expenses	45,748	114,937
Total current assets	284,315	864,674
Investments held in Trust Account	172,516,064	172,505,514
Total assets	172,800,379	173,370,188
Liabilities and Shareholders' Equity:
Accounts payable and accrued expenses	575,746	73,756
Total current liabilities	575,746	73,756
Warrant liability	13,989,750	7,141,500
Total liabilities	14,565,496	7,215,256
Commitments Contingencies
Class A common stock subject to possible redemption ; 17,250,000 shares at September 30, 2021 and March 31, 2021, respectively (at redemption value of $10.00 per share)	172,500,000	172,500,000
Shareholders' deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	0	0
Retained earnings (accumulated deficit)	(14,265,548)	(6,345,499)
Total shareholders' deficit	(14,265,117)	(6,345,068)
Total liabilities and shareholders' deficit	172,800,379	173,370,188
Class A Common Stock
Shareholders' deficit:
Common stock	0	0
Class B Common Stock
Shareholders' deficit:
Common stock	$ 431	$ 431

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Mar. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class A Common Stock Subject to Possible Redemption
Common stock, shares Outstanding	17,250,000	17,250,000
Purchase price, Per share	$ 10.00	$ 10.00
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	4,312,500	4,312,500
Common stock, shares outstanding	4,312,500	4,312,500

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
General and administrative expenses	$ 1,016,918	$ 0	$ 1,083,556	$ 0
Loss from operations	(1,016,918)	0	(1,083,556)	0
Other income (loss):
Unrealized loss on FV changes of warrants	(5,382,000)	0	(6,848,250)	0
Interest income	4,330	0	11,757	0
Net Loss	$ (6,394,588)	$ 0	$ (7,920,049)	$ 0
Class A Common Stock Subject to Possible Redemption
Other income (loss):
Basic weighted average shares outstanding	17,250,000	0	17,250,000	0
Weighted Average Number of Shares Outstanding, Diluted	17,250,000	0	17,250,000	0
Basic net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00
Diluted net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00
Class B Common Stock
Other income (loss):
Basic weighted average shares outstanding	4,312,500	4,312,500	4,312,500	4,312,500
Weighted Average Number of Shares Outstanding, Diluted	4,312,500	4,312,500	4,312,500	4,312,500
Basic net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00
Diluted net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Class B Common Stock Common stock	Additional Paid-in Capital	Accumulated (Deficit)	Total
Balance at the beginning at Mar. 31, 2020	$ 431	$ 148,269	$ (146,657)	$ 2,043
Balance at the beginning (in shares) at Mar. 31, 2020	4,312,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				0
Balance at the end at Jun. 30, 2020	$ 431	148,269	(146,657)	2,043
Balance at the end (in shares) at Jun. 30, 2020	4,312,500
Balance at the beginning at Mar. 31, 2020	$ 431	148,269	(146,657)	2,043
Balance at the beginning (in shares) at Mar. 31, 2020	4,312,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				0
Balance at the end at Sep. 30, 2020	$ 431	152,355	(146,657)	6,129
Balance at the end (in shares) at Sep. 30, 2020	4,312,500
Balance at the beginning at Jun. 30, 2020	$ 431	148,269	(146,657)	2,043
Balance at the beginning (in shares) at Jun. 30, 2020	4,312,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				0
Sale of common stock		4,086		4,086
Balance at the end at Sep. 30, 2020	$ 431	$ 152,355	(146,657)	6,129
Balance at the end (in shares) at Sep. 30, 2020	4,312,500
Balance at the beginning at Mar. 31, 2021	$ 431		(6,345,499)	(6,345,068)
Balance at the beginning (in shares) at Mar. 31, 2021	4,312,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			(1,525,461)	(1,525,461)
Balance at the end at Jun. 30, 2021	$ 431		(7,870,960)	(7,870,529)
Balance at the end (in shares) at Jun. 30, 2021	4,312,500
Balance at the beginning at Mar. 31, 2021	$ 431		(6,345,499)	(6,345,068)
Balance at the beginning (in shares) at Mar. 31, 2021	4,312,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(7,920,049)
Balance at the end at Sep. 30, 2021	$ 431		(14,265,548)	(14,265,117)
Balance at the end (in shares) at Sep. 30, 2021	4,312,500
Balance at the beginning at Jun. 30, 2021	$ 431		(7,870,960)	(7,870,529)
Balance at the beginning (in shares) at Jun. 30, 2021	4,312,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			(6,394,588)	(6,394,588)
Balance at the end at Sep. 30, 2021	$ 431		$ (14,265,548)	$ (14,265,117)
Balance at the end (in shares) at Sep. 30, 2021	4,312,500

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net loss	$ (7,920,049)	$ 0
Adjustments to reconcile net loss to net cash used in operating activities:
Realized gain and interest earned on investment held in Trust Account	(10,550)	0
Unrealized gain on Fair Value changes of warrants	6,848,250	0
Changes in operating assets and liabilities:
Prepaid expenses	69,189	0
Accounts payable and accrued expenses	501,990
Net cash used in operating activities	(511,170)	0
Cash Flows from Financing Activities:
Proceeds from notes payable - related parties	0	135,325
Payment of offering costs	0	(37,400)
Proceeds from sale of common stock	0	4,086
Net cash provided by financing activities	0	102,011
Net Change in Cash	(511,170)	102,011
Cash - Beginning	749,737	2,043
Cash - Ending	238,567	104,054
Supplemental Disclosure of Non-cash Financing Activities:
Deferred offering costs included in accrued offering costs	$ 0	$ 12,210

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

6 Months Ended

Sep. 30, 2021

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and General

Growth Capital Acquisition Corp. (the “Company”), a blank check company, was incorporated under the laws of the State of Delaware on January 4, 2010 under the name PinstripesNYS, Inc., and changed its name to its current name on February 14, 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 registration statements for the Company’s initial public offering (described below) were declared effective on January 29, 2021. On February 2, 2021, the Company consummated the initial public offering of 17,250,000 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 underwriter of its over-allotment option in the amount of 2,250,000 Units, at $10.00 per Unit, generating gross proceeds of $172,500,000, which is described in Note 4.

Simultaneously with the closing of the initial public offering, the Company consummated the sale of 5,175,000 warrants (each, a “Private Placement Warrant” and, collectively, the “Private Placement Warrants”) in a private placement to the Company’s sponsor, Growth Capital Sponsor LLC (the “Sponsor”), Nautilus Carriers LLC (“Nautilus”), an affiliate of our Co-Chief Executive Officers, and HB Strategies LLC (“HB Strategies”), an affiliate of Hudson Bay Capital Management LP (“Hudson Bay”) generating gross proceeds of $5,175,000, which is described in Note 5.

Transaction costs amounted to $4,296,946, consisting of $3,450,000 of underwriting fees, and $824,946 of other offering costs.

Although the Company is not limited to a particular industry or sector for the purpose of consummating a Business Combination, it intends to focus on industries that complement the Company’s management team’s background, and to capitalize on the ability of the Company’s management team to identify and acquire a business or businesses consistent with the experience of the Company’s management team and affiliates of Maxim Group LLC (“Maxim”), the representative of the underwriters in the Initial Public Offering.

As of September 30, 2021, the Company had not commenced any operations. All activity from January 4, 2010 (inception) through February 2, 2021 relates to the Company’s formation, its prior unconsummated initial public offering, and its initial public offering (the “Initial Public Offering” or “IPO”) described below. 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 on cash and cash equivalents from the proceeds derived from the Initial Public Offering and will recognize changes in the fair value of warrant liability as other income (expense). The Company has selected March 31 as its fiscal year end.

The Trust Account

Following the closing of the IPO on February 2, 2021 and the exercise of Over-allotment Units simultaneously with the closing of the Initial Public Offering, an amount of $172,500,000 ($10.00 per Unit) from the net proceeds of the exercise of the Units in the IPO, the sale of the Private Placement Warrants, and the exercise of Over-allotment Units was placed in a trust account (“Trust Account”). The proceeds held in the Trust Account are substantially invested only in money market funds registered under the Investment Company Act of 1940, as amended and compliant with Rule 2a-7.

Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, the proceeds from the IPO may not be released from the Trust Account until the earliest of: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if it does not complete the initial Business Combination by August 2, 2022; or (iii) the redemption of all of the Company’s public shares if the Company is unable to complete the initial Business Combination by August 2, 2022 (at which such time up to $100,000 of interest shall be available to the Company to pay liquidation or dissolution expenses), subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds of the IPO and the Private Placement are intended to be generally applied toward consummating an initial Business Combination. The initial Business Combination must occur with one or more businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the amount of the Business Combination Marketing Fee). There is no assurance that the Company will be able to successfully effect an initial Business Combination.

The Company, after signing a definitive agreement for an initial Business Combination, will provide its public stockholders’ with the opportunity to redeem all or a portion of their shares upon the completion of the initial Business Combination, either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets, after payment of deferred underwriting commissions, to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its public shares and the related initial Business Combination, and instead may search for an alternate initial Business Combination.

If the Company holds a stockholder vote or there is a tender offer for shares in connection with an initial Business Combination, a public stockholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest, but less taxes payable. As a result, such shares of Class A common stock will be recorded at their redemption amount and classified as temporary equity, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.”

The Company will have until August 2, 2022 to complete a Business Combination. If the Company is unable to complete the initial Business Combination by August 2, 2022, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no 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, but less taxes payable (less up to $100,000 of interest to pay liquidation or 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), subject to applicable law, 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.

Each of the Company’s Sponsor and Nautilus has agreed that it will be severally liable to the Company, on a pro rata basis based on the number of founder shares owned by them, 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 have entered into a written letter of intent, confidentiality or similar agreement or Business Combination 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 share due to reductions in the value of the trust assets, less interest released to pay taxes, 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 the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor or Nautilus to reserve for such indemnification obligations, nor has it independently verified whether the Sponsor or Nautilus have sufficient funds to satisfy such indemnity obligations and believe that the only assets of the Sponsor and Nautilus are securities of the Company. Therefore, the Company cannot assure you that the Sponsor or Nautilus would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

The Sponsor, the Company’s officers and directors and certain initial stockholders have entered into a letter agreement with the Company, pursuant to which they agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (as defined below) held by them if the Company fails to complete the initial Business Combination by August 2, 2022. However, if the Sponsor or any of the Company’s directors or officers acquires shares of Class A common stock in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial Business Combination within the prescribed time period.

In the event of a liquidation, dissolution or winding up of the Company after an initial Business Combination, the Company’s remaining stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock.

The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the Trust Account is initially anticipated to be $10.00 per public share. There will be no redemption rights upon the completion of the initial Business Combination with respect to the Company’s warrants. The Company’s Sponsor, officers, directors, and Nautilus have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares held by them and any public shares they may acquire during or after the IPO in connection with the completion of the initial Business Combination or otherwise. HB Strategies has agreed to the foregoing terms except that it will not waive redemption rights with respect to its public shares.

The Company may require its public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name,” to either tender their certificates to the Company’s transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial Business Combination in the event the Company distributes proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System, at the holder’s option. The tender offer or proxy materials, as applicable, that the Company will furnish to holders of its public shares in connection with the initial Business Combination will indicate whether the Company is requiring public stockholders to satisfy such delivery requirements.

Liquidity and Capital Resources

At September 30, 2021, the Company had cash outside the Trust Account of $238,567 and a working capital deficiency of $291,431. All remaining cash held in the Trust Account is generally unavailable for the Company’s use prior to an initial business combination, and is restricted for use either in a Business Combination or to redeem common stock.

On February 2, 2021, the Company consummated its IPO (see Note 3) and Private Placement (See Note 4) and the underwriters fully exercised their Over-Allotment Option. Of the net proceeds from the IPO, exercise of the over-allotment option, and associated Private Placements, $172,500,000 of cash was placed in the Trust Account.

The Company has incurred and expects to continue to incur significant costs in pursuit of its proposed Business Combination (see Note 8). These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to address this with the consummation of the proposed Business Combination in the fourth calendar quarter of 2021. There is no assurance that the Company’s plans to consummate the proposed Business Combination will occur. As such, there is substantial doubt about the Company’s ability to continue as a going concern.

Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these consolidated financial statements. The consolidated financial statements does not include any adjustments that might result from the outcome of this uncertainty.

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

6 Months Ended

Sep. 30, 2021

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In the Company’s previously issued financial statements, a portion of the public shares were classified as permanent equity to maintain stockholders’ equity 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. Thus, the Company can only complete a merger and continue to exist as a public company if there is sufficient Public Shares that do not redeem at the merger and so it is appropriate to classify the portion of its public shares required to keep its stockholders’ equity above the $5,000,000 threshold as "shares not subject to redemption."

In light of recent comment letters issued by the Securities & Exchange Commission (“SEC”) to several special purpose acquisition companies, management re-evaluated the Company’s application of ASC 480-10-99 to its accounting classification of public shares. Upon re-evaluation, management determined that the public shares include certain provisions that require classification of the public shares as temporary equity regardless of the minimum net tangible asset required by the Company to complete its initial business combination.

In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements;” the Company evaluated the changes and has determined that the related impacts were material to previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements impacted should be restated to report all public shares as temporary equity. As such the Company is restating those periods in this Quarterly Report.

Impact of the Restatement

The impact to the financial statements as of February 2, 2021 and March 31, 2021 is presented below:


	As Reported		Restatement		As Restated
Audited Balance Sheet
as of February 2, 2021
As revised in the Form 10-K reported to the SEC
on July 19, 2021
Common Stock subject to possible redemption ($)	$	151,176,360	$	21,323,640	$	172,500,000

Common stock Class A, $0.0001 par value	$	213	$	(213)	$	—
Common stock Class B, $0.0001 par value	$	431	$	—	$	431
Additional Paid in Capital	$	5,338,840	$	(5,338,840)	$	—
Retained earnings	$	(339,303)	$	(15,984,587)	$	(16,323,890)
Total shareholders' equity/(deficit)	$	5,000,181	$	(21,323,640)	$	(16,323,459)

Number of shares subject to redemption		15,117,636		2,132,364		17,250,000


	As Reported		Restatement		As Restated
Balance Sheet
as of March 31, 2021
as revised in the Form 10-Q reported to the SEC on August 19, 2021
Common Stock subject to possible redemption ($)	$	161,154,930	$	11,345,070	$	172,500,000

Common stock Class A, $0.0001 par value	$	113	$	(113)	$	—
Common stock Class B, $0.0001 par value	$	431	$	—	$	431
Additional Paid in Capital	$	—	$	—	$	—
Retained earnings	$	4,999,458	$	(11,344,957)	$	(6,345,499)
Total shareholders' equity/(deficit)	$	5,000,002	$	(11,345,070)	$	(6,345,068)

Number of shares subject to redemption		16,115,493		1,134,507		17,250,000

Statement of Operations for the year ended March 31, 2021
Basic and diluted weighted average shares, redeemable shares		2,404,988		336,108		2,741,096
Basic and diluted net income per share, redeemable shares	$	—	$	1.18	$	1.18
Basic and diluted weighted average shares, non-redeemable shares		4,648,608		(336,108)		4,312,500
Basic and diluted net income per share, non-redeemable shares	$	1.78	$	(0.61)	$	1.17


	As Reported		Restatement		As Restated
Unaudited Consolidated Balance Sheet
as of June 30, 2021
as adjusted for Temporary Equity related to Public Shares
Common Stock subject to possible redemption ($)	$	159,629,470	$	12,870,530	$	172,500,000

Common stock Class A, $0.0001 par value	$	128	$	(128)	$	—
Common stock Class B, $0.0001 par value	$	431	$	—	$	431
Additional Paid in Capital	$	1,525,445	$	(1,525,445)	$	—
Retained earnings	$	3,473,997	$	(11,344,957)	$	(7,870,960)
Total shareholders' equity/(deficit)	$	5,000,001	$	(12,870,530)	$	(7,870,529)

Number of shares subject to redemption
		15,962,947		1,287,053		17,250,000
Unaudited Consolidated Statement of
Operations for the three months ended
June 30, 2021
Basic and diluted weighted average shares, redeemable shares		16,115,493		1,134,507		17,250,000
Basic and diluted net income per share, redeemable shares	$	0.00	$	(0.07)	$	(0.07)
Basic and diluted weighted average shares, non-redeemable shares		5,447,007		(1,134,507)		4,312,500
Basic and diluted net income per share, non-redeemable shares	$	(0.28)	$	0.21	$	(0.07)


	As Reported		Restatement		As Restated
Unaudited Condensed Statement Of Changes In
Shareholders’ Equity as of June 30, 2021
Changes in Class A ordinary shares subject to possible redemption,	$	1,525,460	$	(1,525,460)	$	—
Shareholders’ equity	$	5,000,001	$	(12,870,530)	$	(7,870,529)


	As Reported		Restatement		As Restated
Unaudited Condensed
Statement Of Cash Flows For
the six months ended June 30,
2021
Non-Cash investing and
financing activities
Change in Class A ordinary shares subject to possible redemption - APIC	$	(1,525,460)	$	1,525,460	$	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Sep. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s Annual report on Form 10-K, as filed with the SEC on July 19, 2021. The interim results for the six months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending March 31, 2021 or for any future periods.

Emerging Growth Company

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 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 consolidated financial statements with another public company, which is neither an emerging growth company nor an emerging growth company, and which has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021 and 2020.

Investment Held in Trust Account

At September 30, 2021, the assets held in the Trust Account were held in cash and Money Market mutual funds.

As of September 30, 2021, investment in the Company’s Trust Account consisted of $919 in cash and $172,515,145 in Money Market mutual funds. Money Market funds are characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below).

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 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 are 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 the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

Use of Estimates

The preparation of consolidated financial statements 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Concentration of Credit Risk

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 of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the 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.

Warrant Liability

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.

The Company accounts for the warrants issued in connection with the IPO in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company classified each warrant as a liability at its fair value. This liability is subject to re-measurement at each reporting period. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. As of September 30, 2021 and March 31, 2021, there were 13,800,000 warrants outstanding.

Net Loss Per Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, excluding

common stock subject to forfeiture. At September 30, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the period presented.

The Company’s consolidated statement of operations applies the two-class method in calculating net loss per share. Basic and diluted net loss per common share for Class A common stock and Class B common stock is calculated by dividing net loss attributable to the Company by the weighted average number of shares of Class A common stock and Class B common stock outstanding, allocated proportionally to each class of common stock.


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2021		2020		2021		2020
Net Loss	$	(6,394,588)				(7,920,049)

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption		17,250,000	$	—	$	17,250,000	$	—

Net loss available to Class A common stock	$	(5,115,670)	$	—	$	(6,336,039)	$	—

Basic and diluted net loss per share, Class A common stock subject to possible redemption	$	(0.30)		—		(0.37)		—

Basic and diluted weighted average shares outstanding, Class B common stock		4,312,500				4,312,500

Net income available to Class B common stock	$	(1,278,918)	$	—	$	(1,584,010)	$	—

Basic and diluted net loss per share, Class B common stock		(0.30)				(0.37)

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). 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. There were no unrecognized tax benefits as of September, 30, 2021. The Company’s management determined that the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties for the period from September 30, 2021 and March 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

Recent Accounting Standards

August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

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

PUBLIC OFFERING

6 Months Ended

Sep. 30, 2021

PUBLIC OFFERING

PUBLIC OFFERING

NOTE 4 — PUBLIC OFFERING

Pursuant to the IPO, the Company sold 17,250,000 at an offering price of $10.00 per Unit, which included 2,250,000 units sold upon the full exercise by the underwriter of its over-allotment option, at $10.00 per Unit, generating gross proceeds of $172,500,000.

Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-half of one redeemable warrant, with each whole warrant exercisable for one share of Class A common stock (each, a “Warrant” and, collectively, the “Warrants” and, with respect to the warrants sold in the Private Placement, the “Private Placement Warrants”). Each whole Warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment.

Warrants

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 Warrants will become exercisable on the later of (a) 30 days after the completion of the initial Business Combination or (b) 12 months from the closing of the IPO; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company will agree that as soon as practicable, but in no event later than 15 business days, after the closing of the initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Warrants, to cause such registration statement to become effective within 60 business days after the closing of the initial Business Combination and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If the shares issuable upon exercise of the warrants are not registered under the Securities Act by the 60th business day after the closing of the initial Business Combination, the Company will be required to permit holders to exercise their warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Company’s Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Warrants who exercise their 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 elects, the Company will not be required to file or maintain in effect a registration statement, but the Company will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The warrants contain a tender or exchange offer that the Company’s management concluded do not qualify as an acceptable form of net cash settlement under the exception of ASC 815-40-25-8, because an event that is not within the entity’s control (tender offer) may result in a circumstance in which warrant holders would be entitled to cash while holders of the shares underlying the contract also would not receive cash (because a portion of their shares may not be subject to the tender offer). In a tender offer for less than all of the Company’s outstanding shares, the common stockholders may be restricted in the number of tendered shares that will be accepted for purchase. As such, the Company’s Public Warrants are reported as a derivative liability.

The Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company may call the Warrants for redemption (except with respect to the Private Placement Warrants):

●

in whole and not in part;

●

at a price of $0.01 per warrant;

●

upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and

●

if, and only if, the last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

●

If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants to do so on a “cashless basis,” as described in the warrant agreement.

PRIVATE PLACEMENT

6 Months Ended

Sep. 30, 2021

PRIVATE PLACEMENT

PRIVATE PLACEMENT

NOTE 5 — PRIVATE PLACEMENT

Simultaneously with the closing of the IPO, the Company consummated the sale of 5,175,000 Private Placement Warrant in a private placement to the Sponsor, Nautilus Carriers LLC and HB Strategies LLC generating gross proceeds of $5,175,000.

A portion of the purchase price of the Private Placement Warrants were added to the proceeds from the IPO held in the Trust Account. If the Initial Business Combination is not completed by August 2, 2022, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

The Private Placement Warrants are identical to the Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the initial shareholders 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 Warrants.

RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 6 — RELATED PARTY TRANSACTIONS

Founder Shares

On April 30, 2010, the Company sold 5,000,000 shares of the Company’s common stock, par value $0.0001 per share, to the Sponsor, at a purchase price of $25,000. On July 1, 2012, the Company issued 376,344 shares of the Company’s common stock to a third party as consideration for services performed. On February 24, 2020, the third party forfeited 257,649 shares of the Company’s common stock.

On February 24, 2020, the Company effectuated a recapitalization. Each outstanding share of the Company’s Common Stock became 0.8425 shares of Class B common stock, resulting in an aggregate of 4,312,500 Founder Shares outstanding and held by the Sponsor (up to 562,500 of which were subject to forfeiture if the underwriter’s over-allotment option was not exercised in full). All share and per-share amounts for periods and dates prior to December 2019 have been retroactively restated to reflect this split. Additionally, 75,000 shares of Class B Common Stock were transferred from the Sponsor to the Company’s three independent directors prior to the closing of the IPO.

On August 14, 2020, the Sponsor forfeited an aggregate of 2,833,333 shares of Class B common stock to the Company for no consideration, and each of Nautilus and HB Strategies purchased from the Company 1,379,167 shares of Class B common stock for a purchase price of $2,043 (or an aggregate purchase price of $4,086).

On January 7, 2021, three initial stockholders of the Company forfeited an aggregate of 718,750 shares of Class B common stock at no cost, which the Company cancelled, resulting in an aggregate of 3,593,750 shares of Class B common stock outstanding and held by the Company’s initial stockholders.

On January 29, 2021, the Company effectuated a 1.2-for-1 forward stock split, resulting in an aggregate of 4,312,500 shares held by its initial stockholders (all share and per share amounts have been restated).

Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment, at any time.

The Company’s initial stockholders, officers and directors have agreed, not to transfer, assign or sell any Founder Shares held by them until the earlier to occur of: (i) one year after the completion of the initial Business Combination, (ii) the last sale price of 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 60 days after the initial Business Combination, or (iii) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, stock exchange, reorganization 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.

Administrative Fees

Commencing on January 29, 2021, the Company agreed to pay an affiliate of the Sponsor a total of $5,750 per month for office space, utilities and secretarial and administrative support. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred $34,500 and $17,250 in expenses in connection with such services for the six and three months ended September 30, 2021, respectively, as reflected in the accompanying statement of operations.

Notes Payable — Related Party

The Company issued promissory notes to certain initial stockholders of the Company, which allowed the Company to borrow up to $300,000 without interest to be used for a portion of the expenses of the IPO. All amounts due under the promissory notes were payable on the earlier of: (i) June 30, 2021 or (ii) the date on which the Company consummated its IPO. As of September 30, 2021 and March 31, 2021, there were no amounts outstanding under the promissory notes, respectively. The promissory notes were repaid from the proceeds of the IPO.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor and certain other initial stockholders of the Company 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 would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would 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. 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. 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 warrants of the post-Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants.

RECURRING FAIR VALUE MEASUREMENTS

6 Months Ended

Sep. 30, 2021

RECURRING FAIR VALUE MEASUREMENTS

RECURRING FAIR VALUE MEASUREMENTS

Note 7 — RECURRING FAIR VALUE MEASUREMENTS

At September 30, 2021, the Company’s warrant liability was valued at $13,989,750. Under the guidance in ASC 815-40 the warrants do not meet the criteria for equity treatment. As such, the warrants must be recorded on the balance sheet at fair value. This valuation is subject to re-measurement at each balance sheet date. With each re-measurement, the warrant valuation will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations.

The Company’s warrant liability for the Private Placement Warrants is based on a valuation model utilizing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. The fair value of the Private Warrant liability classified within Level 3 of the fair value hierarchy.

The Company’s warrant liability for the Public Warrants is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The fair value of the Public Warrant liability is classified within Level 1 of the fair value hierarchy.

Substantially all of the Company’s trust assets on the consolidated balance sheet consist of U. S. Money Market funds which are classified as cash equivalents. Fair values of these investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2021, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.


	Level 1		Level 2		Level 3
Assets:
Investments held in Trust Account-Money Market Mutual Funds		172,516,064		—		—
		172,516,064		—		—
Liabilities
Warrant Liability—Public Warrants	$	8,711,250	$	—	$	—
Warrant Liability—Private Warrants		—		—		5,278,500
	$	8,711,250	$	—	$	5,278,500

The Private Warrants were valued using a Black Scholes Option Pricing Model and were considered to be a Level 3 fair value measurements due to the use of unobservable inputs. The Black Scholes Option Pricing Model’s primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility of the common stock. The expected volatility as of the IPO date was derived from the post-merger announced publicly traded warrants for comparable SPAC companies as of the valuation date. The closing price of the Public Warrants was used to determine their fair value.

The key inputs used in the Black Scholes Option Pricing Model for the Private Warrants were as follows:


Input	September 30, 2021			March 31, 2021
Risk-free interest rate		1.1	%		1.2	%
Expected term (years)		5.29			5.58
Expected volatility		15.4	%		10.0	%
Stock Price	$	9.88		$	9.70
Exercise price	$	11.50		$	11.50
Dividend yield		0.0	%		0.0	%

The following table sets forth a summary of the changes in the fair value of the Level 3 assets and liabilities measured at fair value for the six and three months ended September 30, 2021:


	Private
	Warrants
Fair value as of March 31, 2021	$	2,742,750
Change in fair value		517,500
Fair value as of June 30, 2021	$	3,260,250
Change in fair value		2,018,250
Fair value as of September 30, 2021	$	5,278,500

There were no transfers between levels for the three and six months ended September 30, 2021.

- 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

COMMITMENTS

6 Months Ended

Sep. 30, 2021

COMMITMENTS

COMMITMENTS

NOTE 8 — COMMITMENTS

Registration Rights

The holders of the Founder Shares, Private Placement Warrants, shares of Class A common stock underlying the Private Placement Warrants, warrants issuable upon conversion of working capital loans (if any), and the shares of Class A common stock issuable upon exercise of or conversion of the foregoing are entitled to registration rights pursuant to certain registration rights agreements executed on January 29, 2021, requiring the Company to register such securities for resale (in the case of the initial shares, only after conversion to the Company’s Class A common stock). Certain holders of these securities are 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 our completion of the Company’s initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). The Company will bear the expenses incurred in connection with the filing of any such registration statements. Notwithstanding the foregoing, the Sponsor may not exercise its demand and “piggyback” registration rights after five (5) and (7) years, respectively, after the effective date of the registration statement filed in connection with the IPO and may not exercise its demand rights on more than one occasion. In addition, if Hudson Bay acquires units in the IPO and becomes an affiliate (as defined in the Securities Act) of us following such offering, the Company has agreed to file a registration statement following such offering to register the resale of the units (including the shares of Class A common stock and warrants included in the units) purchased by Hudson Bay (or its nominee) in the IPO. Pursuant to the Company’s registration rights agreement with its initial stockholders, the Company will be liable for certain liquidated damages for failure to honor such holders’ registration rights described herein. There is no defined maximum allowed amount of potential liquidated damages in the registration rights agreement with the Company’s initial stockholders. The Company’s registration rights agreement with its initial stockholders expires upon the earlier of (i) the tenth anniversary of the date it was executed or (ii) the date as of which (A) all of the registrable securities (as defined therein) have been sold pursuant to a registration statement or (B) with respect to any holder, such holder ceasing to hold registrable securities.

Business Combination Marketing Agreement

The Company has engaged Maxim Group LLC, an affiliate of its Sponsor, as advisors in connection with its initial Business Combination to assist it in arranging meetings with its stockholders to discuss a potential Business Combination and the target business’ attributes, introduce it to potential investors that may be interested in purchasing its securities, assist it in obtaining stockholder approval for its initial Business Combination and assist it with the preparation of press releases and public filings in connection with the initial Business Combination. The Company will pay Maxim Group LLC for such services upon the consummation of the initial Business Combination a cash fee in an amount equal to 3.5% of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which might become payable) or $6,037,500. Pursuant to the terms of the Business Combination marketing agreement, no fee will be due if the Company does not complete an initial Business Combination.

Proposed Business Combination Agreement

On August 4, 2021, the Company and GCAC Merger Sub Inc., a Delaware corporation and newly formed wholly-owned subsidiary of the Company (“Merger Sub”) entered into a Business Combination Agreement (the “Business Combination Agreement”) with Cepton Technologies, Inc., a Delaware corporation (“Cepton”). Pursuant to the Business Combination Agreement, subject to the terms and

conditions set forth therein, upon the consummation of the transactions contemplated by the Business Combination Agreement (the “Closing”), Merger Sub will merge with and into Cepton (the “Merger” and, together with the other transactions contemplated by the Business Combination Agreement, the “Transactions”), with Cepton continuing as the surviving corporation in the Merger and a wholly-owned subsidiary of the Company. Upon the consummation of the business combination, the Company will change its name to Cepton, Inc.

The parties expect the Transactions to be completed in the fourth calendar quarter of 2021, subject to, among other things, the approval of the Transactions by each of the Company’s and Cepton’s stockholders, satisfaction of the conditions stated in the Business Combination Agreement and other customary closing conditions.

Cepton Stockholder Support Agreements

Concurrently with the execution of the Business Combination Agreement, the Company, Merger Sub and certain Cepton stockholders (the “Supporting Cepton Stockholders”) entered into the Cepton Stockholder Support Agreements (the “Cepton Stockholder Support Agreements”). Each Cepton Stockholder Support Agreement provides, among other things, that on (or effective as of) the third business day following the date that the proxy statement/consent solicitation statement/prospectus is disseminated to Cepton’s stockholders, each Supporting Cepton Stockholder will execute and deliver a written consent with respect to the outstanding shares of Cepton common stock and Cepton preferred stock held by such Supporting Cepton Stockholder adopting the Business Combination Agreement and approving the Transactions.

Amended Registration Rights Agreement

Contemporaneously with the execution and delivery of the Business Combination Agreement, the Company’s sponsor, Growth Capital Sponsor LLC (the “Sponsor”), Nautilus Carriers LLC (“Nautilus”), HB Strategies LLC (“HB Strategies”), and certain other stockholders of the Company (collectively, the “Initial Holders”), Cepton, and certain Cepton stockholders entered into an amendment (the “Amended Registration Rights Agreement”) to those certain Registration Rights Agreements, each dated as of January 29, 2021, (“Existing Registration Rights Agreement”) by and among the Company and the Initial Holders. Pursuant to the Amended Registration Rights Agreement, the stockholder parties will be provided the right to demand registrations, piggy-back registrations and shelf registrations with respect to Registrable Securities (as defined in the Amended Registration Rights Agreement). The Amended Registration Rights Agreement supersedes the Existing Registration Rights Agreement between Company and certain of the Initial Holders.

Confidentiality and Lock-Up Agreement

Contemporaneously with the execution and delivery of the Business Combination Agreement, certain Cepton stockholders entered into a Confidentiality and Lock-up Agreement with the Company (each, a “Confidentiality and Lock-Up Agreement”). Pursuant to the Confidentiality and Lock-Up Agreements, each Cepton stockholder party thereto agreed to a 180-day lock-up of its restricted securities of the Company following Closing, subject to (i) early release upon certain corporate transactions and (ii) certain limited permitted transfers where the recipient takes the shares subject to the restrictions in the Confidentiality and Lock-Up Agreement.

Unpaid Expenses and Lock-Up Agreement

Contemporaneously with the execution and delivery of the Business Combination Agreement, the Company, Sponsor, Nautilus, HB Strategies, and Cepton entered into an Unpaid Expenses and Lock-Up Agreement (the “Unpaid Expenses and Lock-Up Agreement”), pursuant to which, among other things, Sponsor, Nautilus, and HB Strategies agreed that if the Company’s unpaid or contingent liabilities as of immediately prior to the Closing (excluding deferred underwriting and business combination marketing fees and expenses arising from the Company’s initial public offering and excluding any fees and expenses arising from the PIPE Investment) exceed $10,000,000, the Sponsor, Nautilus, and HB Strategies, each will, at their election, either forfeit immediately prior to the Closing a number of Founder Shares and Founder Warrants having an aggregate value equal to the Excess Expense Amount (as defined in the Unpaid Expenses and Lock-Up Agreement)) or (ii) pay to the Company an amount in cash equal to the Excess Expense Amount. Pursuant to the Unpaid Expenses and Lock-Up Agreement, each of the Sponsor, Nautilus, and HB Strategies are subject to certain lock-up restrictions.

Stockholder Support Agreement

Contemporaneously with the execution and delivery of the Business Combination Agreement, Cepton and certain stockholders of the Company entered into Stockholder Support Agreements (the “Stockholder Support Agreements”). Pursuant the Stockholder Support Agreements, the stockholders of the Company party thereto will agree, among other things, to vote their shares of the Company’s Class B common stock in favor of the adoption an approval of the Business Combination Agreement and the Transactions. HB Strategies entered into a substantially similar Stockholder Support Agreement.

Subscription Agreements

In connection with the proposed business combination between the Company and Cepton, the Company entered into subscription agreements (the “Subscription Agreements”) with the investors named therein (the “PIPE Investors”), pursuant to which the Company agreed to issue and sell to the PIPE Investors approximately $59.5 million of the Company’s Class A common stock immediately prior to closing of the Merger (the “PIPE Investment”). The PIPE Investment is conditioned on the concurrent closing of the Merger and other customary closing conditions. The proceeds from the PIPE Investment will be used to fund a portion of the cash consideration for the proposed business combination. The Subscription Agreements provide for certain customary registration rights for the PIPE Investors.

The Business Combination Agreement and related agreements are further described in the Company’s Current Report on Form 8-K filed with the SEC on August 5, 2021. The foregoing descriptions of each of the Business Combination Agreement, the Cepton Stockholder Support Agreements, the Amended Registration Rights Agreement, the Confidentiality and Lock-Up Agreement, the Unpaid Expenses and Lock-Up Agreement, the Stockholder Support Agreement and the Subscription Agreements are qualified in their entirety by reference to such agreements filed as an exhibit to this Quarterly Report.

SHAREHOLDERS' EQUITY

6 Months Ended

Sep. 30, 2021

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 9 — SHAREHOLDERS’ EQUITY

Preferred Stock

The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 and 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 September 30, 2021 and 2020, there were no shares of preferred stock issued or outstanding.

Class A common stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of September 30, 2021 and March 31, 2021, there were 0 shares of Class A common stock issued or outstanding, excluding 17,250,000 shares subject to possible redemption.

Class B common stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. As of September 30, 2021 and March 31, 2021, there were 4,312,500 shares of Class B common stock issued or outstanding.

The shares of Class B common stock will automatically convert into shares of the Company’s Class A common stock at the time of an initial Business Combination or at any time prior thereto at the option of the holder on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in our initial public offering and related to the closing of the initial Business Combination, including pursuant to a specified future issuance, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance, including a specified future issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of our initial public offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination, any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to us). If the Company enters into an initial Business Combination, it may (depending on the terms of such an initial Business Combination) be required to increase the

number of shares of Class A common stock which the Company is authorized to issue at the same time as the Company’s stockholders vote on the initial Business Combination to the extent the Company seeks stockholder approval in connection with the initial Business Combination. Holders of the Company’s common stock are entitled to one vote for each share of common stock.

On February 24, 2020, the Company effectuated a recapitalization. Each outstanding share of the Company’s Common Stock became 0.8425 shares of Class B common stock, resulting in an aggregate of 4,312,500 Founder Shares outstanding. On August 14, 2020, the Sponsor forfeited an aggregate of 2,833,333 shares of Class B Common Stock to the Company, and each of Nautilus and HB Strategies purchased from the Company 1,379,167 shares of Class B Common Stock. In January 2021, three initial stockholders of the Company forfeited an aggregate of 718,750 shares of Class B common stock at no cost, which the Company cancelled, resulting in an aggregate of 3,593,750 founder shares outstanding and held by its initial stockholders. On January 29, 2021, the Company effectuated a 1.2-for-1 forward stock split, resulting in an aggregate of 4,312,500 Class B shares held by its initial stockholders.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SUBSEQUENT EVENTS

6 Months Ended

Sep. 30, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 10 — SUBSEQUENT EVENTS

The Company has evaluated events that have occurred after the balance sheet up to the date the consolidated financial statements were issued. The Company did not identify any subsequent events that would have required adjustment to or disclosure in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Sep. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Emerging Growth Company

Cash and Cash Equivalents

Investment Held in Trust Account

At September 30, 2021, the assets held in the Trust Account were held in cash and Money Market mutual funds.

Common Stock Subject to Possible Redemption

Use of Estimates

Concentration of Credit Risk

Financial Instruments

Fair Value Measurements

●

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

●

Warrant Liability

Net Loss Per Share


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2021		2020		2021		2020
Net Loss	$	(6,394,588)				(7,920,049)

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption		17,250,000	$	—	$	17,250,000	$	—

Net loss available to Class A common stock	$	(5,115,670)	$	—	$	(6,336,039)	$	—

Basic and diluted net loss per share, Class A common stock subject to possible redemption	$	(0.30)		—		(0.37)		—

Basic and diluted weighted average shares outstanding, Class B common stock		4,312,500				4,312,500

Net income available to Class B common stock	$	(1,278,918)	$	—	$	(1,584,010)	$	—

Basic and diluted net loss per share, Class B common stock		(0.30)				(0.37)

Income Taxes

Recent Accounting Standards

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

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Sep. 30, 2021

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Schedule of restatement of financial statements

The impact to the financial statements as of February 2, 2021 and March 31, 2021 is presented below:


	As Reported		Restatement		As Restated
Audited Balance Sheet
as of February 2, 2021
As revised in the Form 10-K reported to the SEC
on July 19, 2021
Common Stock subject to possible redemption ($)	$	151,176,360	$	21,323,640	$	172,500,000

Common stock Class A, $0.0001 par value	$	213	$	(213)	$	—
Common stock Class B, $0.0001 par value	$	431	$	—	$	431
Additional Paid in Capital	$	5,338,840	$	(5,338,840)	$	—
Retained earnings	$	(339,303)	$	(15,984,587)	$	(16,323,890)
Total shareholders' equity/(deficit)	$	5,000,181	$	(21,323,640)	$	(16,323,459)

Number of shares subject to redemption		15,117,636		2,132,364		17,250,000


	As Reported		Restatement		As Restated
Balance Sheet
as of March 31, 2021
as revised in the Form 10-Q reported to the SEC on August 19, 2021
Common Stock subject to possible redemption ($)	$	161,154,930	$	11,345,070	$	172,500,000

Common stock Class A, $0.0001 par value	$	113	$	(113)	$	—
Common stock Class B, $0.0001 par value	$	431	$	—	$	431
Additional Paid in Capital	$	—	$	—	$	—
Retained earnings	$	4,999,458	$	(11,344,957)	$	(6,345,499)
Total shareholders' equity/(deficit)	$	5,000,002	$	(11,345,070)	$	(6,345,068)

Number of shares subject to redemption		16,115,493		1,134,507		17,250,000

Statement of Operations for the year ended March 31, 2021
Basic and diluted weighted average shares, redeemable shares		2,404,988		336,108		2,741,096
Basic and diluted net income per share, redeemable shares	$	—	$	1.18	$	1.18
Basic and diluted weighted average shares, non-redeemable shares		4,648,608		(336,108)		4,312,500
Basic and diluted net income per share, non-redeemable shares	$	1.78	$	(0.61)	$	1.17


	As Reported		Restatement		As Restated
Unaudited Consolidated Balance Sheet
as of June 30, 2021
as adjusted for Temporary Equity related to Public Shares
Common Stock subject to possible redemption ($)	$	159,629,470	$	12,870,530	$	172,500,000

Common stock Class A, $0.0001 par value	$	128	$	(128)	$	—
Common stock Class B, $0.0001 par value	$	431	$	—	$	431
Additional Paid in Capital	$	1,525,445	$	(1,525,445)	$	—
Retained earnings	$	3,473,997	$	(11,344,957)	$	(7,870,960)
Total shareholders' equity/(deficit)	$	5,000,001	$	(12,870,530)	$	(7,870,529)

Number of shares subject to redemption
		15,962,947		1,287,053		17,250,000
Unaudited Consolidated Statement of
Operations for the three months ended
June 30, 2021
Basic and diluted weighted average shares, redeemable shares		16,115,493		1,134,507		17,250,000
Basic and diluted net income per share, redeemable shares	$	0.00	$	(0.07)	$	(0.07)
Basic and diluted weighted average shares, non-redeemable shares		5,447,007		(1,134,507)		4,312,500
Basic and diluted net income per share, non-redeemable shares	$	(0.28)	$	0.21	$	(0.07)


	As Reported		Restatement		As Restated
Unaudited Condensed Statement Of Changes In
Shareholders’ Equity as of June 30, 2021
Changes in Class A ordinary shares subject to possible redemption,	$	1,525,460	$	(1,525,460)	$	—
Shareholders’ equity	$	5,000,001	$	(12,870,530)	$	(7,870,529)


	As Reported		Restatement		As Restated
Unaudited Condensed
Statement Of Cash Flows For
the six months ended June 30,
2021
Non-Cash investing and
financing activities
Change in Class A ordinary shares subject to possible redemption - APIC	$	(1,525,460)	$	1,525,460	$	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Sep. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of basic and diluted net income per common share


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2021		2020		2021		2020
Net Loss	$	(6,394,588)				(7,920,049)

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption		17,250,000	$	—	$	17,250,000	$	—

Net loss available to Class A common stock	$	(5,115,670)	$	—	$	(6,336,039)	$	—

Basic and diluted net loss per share, Class A common stock subject to possible redemption	$	(0.30)		—		(0.37)		—

Basic and diluted weighted average shares outstanding, Class B common stock		4,312,500				4,312,500

Net income available to Class B common stock	$	(1,278,918)	$	—	$	(1,584,010)	$	—

Basic and diluted net loss per share, Class B common stock		(0.30)				(0.37)

RECURRING FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 30, 2021

RECURRING FAIR VALUE MEASUREMENTS

Schedule of financial assets that are measured at fair value on a recurring basis


	Level 1		Level 2		Level 3
Assets:
Investments held in Trust Account-Money Market Mutual Funds		172,516,064		—		—
		172,516,064		—		—
Liabilities
Warrant Liability—Public Warrants	$	8,711,250	$	—	$	—
Warrant Liability—Private Warrants		—		—		5,278,500
	$	8,711,250	$	—	$	5,278,500

Schedule of significant inputs to the Monte Carlo Simulation for the fair value


Input	September 30, 2021			March 31, 2021
Risk-free interest rate		1.1	%		1.2	%
Expected term (years)		5.29			5.58
Expected volatility		15.4	%		10.0	%
Stock Price	$	9.88		$	9.70
Exercise price	$	11.50		$	11.50
Dividend yield		0.0	%		0.0	%

Schedule of changes in the fair value of warrant liabilities


	Private
	Warrants
Fair value as of March 31, 2021	$	2,742,750
Change in fair value		517,500
Fair value as of June 30, 2021	$	3,260,250
Change in fair value		2,018,250
Fair value as of September 30, 2021	$	5,278,500

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details)		3 Months Ended	6 Months Ended
	Feb. 02, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) item $ / shares	Mar. 31, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Share price \| $ / shares			$ 10.00
Working capital deficit			$ 291,431
Underwriting fees			3,450,000
Transaction costs			4,296,946
Other offering costs			824,946
Assets held in trust	$ 172,500,000		$ 919
Assets held in trust, Price per Unit \| $ / shares	$ 10.00		$ 10.00
Condition for future business combination number of businesses minimum \| item			1
Threshold minimum aggregate fair market value as a percentage of the assts held in the Trust Account			80.00%
Minimum net tangible assets upon consummation of the Business Combination			$ 5,000,001
Threshold business days for redemption of public shares			10 days
Threshold business days prior to the consummation of Initial Business Combination			2 days
Per share value of residual assets remaining available for distribution which Is held In trust account \| $ / shares	$ 10.00
Current asset - cash			$ 238,567	$ 749,737
Maximum net interest to pay dissolution expenses			100,000
Sale of common stock		$ 4,086
Working capital			$ 291,431
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of units issued \| shares	17,250,000
Share price \| $ / shares	$ 10.00
Gross proceeds	$ 172,500,000
Obligation to redeem public shares if entity does not complete a business combination (as a percent)			100.00%
Maximum net interest to pay dissolution expenses			$ 100,000
Over-allotment
Subsidiary, Sale of Stock [Line Items]
Number of units issued \| shares	2,250,000
Share price \| $ / shares	$ 10.00
Private Placement
Subsidiary, Sale of Stock [Line Items]
Gross proceeds	$ 5,175,000
Number of warrants issued \| shares	5,175,000
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares exercisable to purchase per warrant \| shares	1

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)	3 Months Ended			6 Months Ended			12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Mar. 31, 2021	Feb. 02, 2021	Jun. 30, 2020	Mar. 31, 2020
Minimum net tangible assets	$ 5,000,001			$ 5,000,001
Minimum stockholders' equity	5,000,000			5,000,000
Common stock subject to possible redemption	172,500,000	$ 172,500,000		172,500,000	$ 172,500,000		$ 172,500,000
Additional paid-in capital	0			0			0
Retained earnings	(14,265,548)	(7,870,960)		(14,265,548)	(7,870,960)		(6,345,499)
Total shareholders' deficit	$ (14,265,117)	$ (7,870,529)	$ 6,129	$ (14,265,117)	$ (7,870,529)	$ 6,129	$ (6,345,068)		$ 2,043	$ 2,043
Number of shares subject to redemption		17,250,000			17,250,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Common stock	$ 0			$ 0			$ 0
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Common stock	$ 431	$ 431		$ 431	$ 431		$ 431
Basic weighted average shares outstanding	4,312,500		4,312,500	4,312,500		4,312,500
Diluted weighted average shares	4,312,500		4,312,500	4,312,500		4,312,500
Basic net income per share	$ (0.30)		$ 0.00	$ (0.37)		$ 0.00
Diluted net income per share	$ (0.30)		$ 0.00	$ (0.37)		$ 0.00
Class A Common Stock Subject to Possible Redemption
Number of shares subject to redemption	17,250,000			17,250,000			17,250,000
Basic weighted average shares outstanding	17,250,000		0	17,250,000		0
Diluted weighted average shares	17,250,000		0	17,250,000		0
Basic net income per share	$ (0.30)		$ 0.00	$ (0.37)		$ 0.00
Diluted net income per share	$ (0.30)		$ 0.00	$ (0.37)		$ 0.00
Redeemable Shares
Basic weighted average shares outstanding		17,250,000
Diluted weighted average shares		17,250,000					2,741,096
Basic net income per share		$ (0.07)
Diluted net income per share		$ (0.07)					$ 1.18
Non Redeemable Shares
Basic weighted average shares outstanding		4,312,500
Diluted weighted average shares		4,312,500					4,312,500
Basic net income per share		$ (0.07)
Diluted net income per share		$ (0.07)					$ 1.17
Restatement of redeemable common stock as temporary equity
Common stock subject to possible redemption							$ 172,500,000	$ 172,500,000
Retained earnings							(6,345,499)	(16,323,890)
Total shareholders' deficit							$ (6,345,068)	$ (16,323,459)
Number of shares subject to redemption							17,250,000	17,250,000
Restatement of redeemable common stock as temporary equity \| Class B Common Stock
Common stock							$ 431	$ 431
Restatement of redeemable common stock as temporary equity \| Redeemable Shares
Basic weighted average shares outstanding							2,741,096
Basic net income per share							$ 1.18
Restatement of redeemable common stock as temporary equity \| Non Redeemable Shares
Basic weighted average shares outstanding							4,312,500
Basic net income per share							$ 1.17
As Previously Reported
Common stock subject to possible redemption		$ 159,629,470			159,629,470
Additional paid-in capital		1,525,445			1,525,445
Retained earnings		3,473,997			3,473,997
Total shareholders' deficit		$ 5,000,001			$ 5,000,001
Number of shares subject to redemption		15,962,947			15,962,947
Change in Class A ordinary shares subject to possible redemption		$ 1,525,460			$ (1,525,460)
As Previously Reported \| Class A Common Stock
Common stock		128			128
As Previously Reported \| Class B Common Stock
Common stock		$ 431			431
As Previously Reported \| Redeemable Shares
Basic weighted average shares outstanding		16,115,493
Diluted weighted average shares		16,115,493					2,404,988
Basic net income per share		$ 0.00
Diluted net income per share		$ 0.00
As Previously Reported \| Non Redeemable Shares
Basic weighted average shares outstanding		5,447,007
Diluted weighted average shares		5,447,007					4,648,608
Basic net income per share		$ (0.28)
Diluted net income per share		$ (0.28)					$ 1.78
As Previously Reported \| Restatement of redeemable common stock as temporary equity
Common stock subject to possible redemption							$ 161,154,930	151,176,360
Additional paid-in capital								5,338,840
Retained earnings							4,999,458	(339,303)
Total shareholders' deficit							$ 5,000,002	$ 5,000,181
Number of shares subject to redemption							16,115,493	15,117,636
As Previously Reported \| Restatement of redeemable common stock as temporary equity \| Class A Common Stock
Common stock							$ 113	$ 213
As Previously Reported \| Restatement of redeemable common stock as temporary equity \| Class B Common Stock
Common stock							$ 431	431
As Previously Reported \| Restatement of redeemable common stock as temporary equity \| Redeemable Shares
Basic weighted average shares outstanding							2,404,988
As Previously Reported \| Restatement of redeemable common stock as temporary equity \| Non Redeemable Shares
Basic weighted average shares outstanding							4,648,608
Basic net income per share							$ 1.78
Restatement
Common stock subject to possible redemption		$ 12,870,530			12,870,530
Additional paid-in capital		(1,525,445)			(1,525,445)
Retained earnings		(11,344,957)			(11,344,957)
Total shareholders' deficit		$ (12,870,530)			$ (12,870,530)
Number of shares subject to redemption		1,287,053			1,287,053
Change in Class A ordinary shares subject to possible redemption		$ (1,525,460)			$ 1,525,460
Restatement \| Class A Common Stock
Common stock		$ (128)			$ (128)
Restatement \| Redeemable Shares
Basic weighted average shares outstanding		1,134,507
Diluted weighted average shares		1,134,507					336,108
Basic net income per share		$ (0.07)
Diluted net income per share		$ (0.07)					$ 1.18
Restatement \| Non Redeemable Shares
Basic weighted average shares outstanding		(1,134,507)
Diluted weighted average shares		(1,134,507)					(336,108)
Basic net income per share		$ 0.21
Diluted net income per share		$ 0.21					$ (0.61)
Restatement \| Restatement of redeemable common stock as temporary equity
Common stock subject to possible redemption							$ 11,345,070	21,323,640
Additional paid-in capital								(5,338,840)
Retained earnings							(11,344,957)	(15,984,587)
Total shareholders' deficit							$ (11,345,070)	$ (21,323,640)
Number of shares subject to redemption							1,134,507	2,132,364
Restatement \| Restatement of redeemable common stock as temporary equity \| Class A Common Stock
Common stock							$ (113)	$ (213)
Restatement \| Restatement of redeemable common stock as temporary equity \| Redeemable Shares
Basic weighted average shares outstanding							336,108
Basic net income per share							$ 1.18
Restatement \| Restatement of redeemable common stock as temporary equity \| Non Redeemable Shares
Basic weighted average shares outstanding							(336,108)
Basic net income per share							$ (0.61)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	Feb. 02, 2021
Subsidiary, Sale of Stock [Line Items]
Federal Depository Insurance Coverage	$ 250,000
Unrecognized Tax Benefits	0
Unrecognized tax benefits accrued for interest and penalties	$ 0	$ 0
Warrants outstanding	13,800,000
Assets held in trust	$ 919		$ 172,500,000
Money Market Mutual Funds
Subsidiary, Sale of Stock [Line Items]
Assets held in trust	$ 172,515,145

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of basic and diluted Net Income Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income (loss)	$ (6,394,588)		$ (7,920,049)
Class A Common Stock
Net income (loss)	$ (5,115,670)		$ (6,336,039)
Class A Common Stock Subject to Possible Redemption
Basic weighted average shares outstanding	17,250,000	0	17,250,000	0
Diluted weighted average shares outstanding	17,250,000	0	17,250,000	0
Basic net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00
Diluted net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00
Class B Common Stock
Net income (loss)	$ (1,278,918)		$ (1,584,010)
Basic weighted average shares outstanding	4,312,500	4,312,500	4,312,500	4,312,500
Diluted weighted average shares outstanding	4,312,500	4,312,500	4,312,500	4,312,500
Basic net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00
Diluted net loss per share	$ (0.30)	$ 0.00	$ (0.37)	$ 0.00

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

PUBLIC OFFERING (Details) - USD ($)		6 Months Ended
PUBLIC OFFERING (Details) - USD ($)	Feb. 02, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Share price		$ 10.00
Other offering costs		$ 824,946
Number of warrants in a unit	0.50
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Number of unit consists class A ordinary shares	1
Number of warrants in a unit	1
Shares issuable per warrant	1
Exercise price of warrants	$ 11.50
Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00
Subsidiary, Sale of Stock [Line Items]
Redemption Period		30 days
Threshold trading days for redemption of public warrants		30 days
Stock price trigger for redemption of public warrants (in dollars per share)		$ 18.00
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of units issued	17,250,000
Share price	$ 10.00
Gross proceeds	$ 172,500,000
Over-allotment
Subsidiary, Sale of Stock [Line Items]
Number of units issued	2,250,000
Share price	$ 10.00
Public Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants expiration term		5 years
Warrant exercise period condition one		30 days
Warrant exercise period condition two		12 months
Period of time with in which registration statement is expected to become effective		60 days
Maximum period after business combination in which to file registration statement		15 days
Public Warrants \| Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00
Subsidiary, Sale of Stock [Line Items]
Redemption price per public warrant (in dollars per share)		$ 0.01
Threshold consecutive trading days for redemption of public warrants		20 days
Minimum threshold written notice period for redemption of public warrants		30 days

PRIVATE PLACEMENT (Details) - Private Placement	Feb. 02, 2021 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Number of warrants issued \| shares	5,175,000
Gross proceeds \| $	$ 5,175,000

RELATED PARTY TRANSACTIONS - Founder Shares (Details)							1 Months Ended	3 Months Ended	6 Months Ended
RELATED PARTY TRANSACTIONS - Founder Shares (Details)	Jan. 29, 2021 shares	Jan. 07, 2021 shares	Aug. 14, 2020 USD ($) shares	Feb. 24, 2020 director shares	Jul. 01, 2012 shares	Apr. 30, 2010 USD ($) $ / shares shares	Jan. 31, 2021 shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 $ / shares shares	Jun. 30, 2021 $ / shares	Mar. 31, 2021 $ / shares shares	Feb. 02, 2021 $ / shares
Related Party Transaction [Line Items]
Number of shares issued					376,344
Aggregate purchase price \| $								$ 4,086
Recapitalization conversion ratio	1.2
Common stock, shares outstanding	4,312,500
Number of shares were forfeited				257,649
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences									60 days
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination									20 days
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination									30 days
Nautilus Carriers LLC and HB Strategies LLC [Member]
Related Party Transaction [Line Items]
Aggregate purchase price \| $			$ 4,086
HB Strategies
Related Party Transaction [Line Items]
Aggregate purchase price \| $			$ 2,043
Sponsor
Related Party Transaction [Line Items]
Number of shares issued						5,000,000
Par value per share \| $ / shares						$ 0.0001
Aggregate purchase price \| $						$ 25,000
Sponsor \| Founder Shares
Related Party Transaction [Line Items]
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
Class B Common Stock
Related Party Transaction [Line Items]
Par value per share \| $ / shares									$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Recapitalization conversion ratio				0.8425
Common stock, shares outstanding	4,312,500	3,593,750							4,312,500		4,312,500
Number of shares were forfeited		718,750					718,750
Class B Common Stock \| Founder Shares
Related Party Transaction [Line Items]
Common stock, shares outstanding				4,312,500
Shares subject to forfeiture				562,500
Class B Common Stock \| Founder Shares \| Director Member
Related Party Transaction [Line Items]
Number of shares issued				75,000
Number of independent directors \| director				3
Class B Common Stock \| Nautilus Carriers LLC
Related Party Transaction [Line Items]
Number of shares issued			1,379,167
Class B Common Stock \| Sponsor
Related Party Transaction [Line Items]
Number of shares were forfeited			2,833,333

RELATED PARTY TRANSACTIONS - Additional information (Details) - USD ($)		3 Months Ended	6 Months Ended
	Jan. 29, 2021	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2021
Related Party Transaction [Line Items]
Administrative expenses - related party	$ 5,750
Expenses incurred		$ 17,250	$ 34,500
Promissory Note With Related Party
Related Party Transaction [Line Items]
Maximum borrowing capacity of related party promissory note		300,000	300,000
Promissory notes payable - related parties		0	0	$ 0
Working Capital Loans
Related Party Transaction [Line Items]
Maximum loans converted into warrants		$ 1,500,000	$ 1,500,000
Exercise price of warrants		$ 1.00	$ 1.00

RECURRING FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Liabilities
Warrant liability	$ 13,989,750	$ 7,141,500
Recurring \| Level 1
Assets:
Investments held in Trust Account	172,516,064
Liabilities
Warrant liability	8,711,250
Recurring \| Level 3
Liabilities
Warrant liability	5,278,500
Money Market Mutual Funds \| Recurring \| Level 1
Assets:
Investments held in Trust Account	172,516,064
Public Warrants \| Recurring \| Level 1
Liabilities
Warrant liability	8,711,250
Private Warrants \| Recurring \| Level 3
Liabilities
Warrant liability	$ 5,278,500

RECURRING FAIR VALUE MEASUREMENTS - Black Scholes Option Pricing Model (Details)	Sep. 30, 2021 $ / shares Y	Mar. 31, 2021 $ / shares Y
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	1.1	1.2
Expected term (years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input \| Y	5.29	5.58
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	15.4	10.0
Stock Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	9.88	9.70
Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	11.50	11.50
Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Measurement Input	0.0	0.0

FAIR VALUE MEASUREMENTS - summary of the changes in the fair value (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from level 1 to level 2	$ 0		$ 0
Transfers from level 2 to level 1	0		0
Transfers into level 3	0		0
Level 3 \| Private Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value at the beginning	3,260,250	$ 2,742,750	2,742,750
Change in fair value	2,018,250	517,500
Fair value at the end	$ 5,278,500	$ 3,260,250	$ 5,278,500

COMMITMENTS (Details)	6 Months Ended
COMMITMENTS (Details)	Sep. 30, 2021 USD ($) item
Other Commitments [Line Items]
Number of demands \| item	3
Period of demand rights	5 years
Period of Registration Rights, Effective After Registration Statement in Connection with Business Combination	7 years
Cash fee (in percent)	3.50%
Cash fee	$ 6,037,500
Fee on Non completion of Business combination	0
Cepton \| Subscription Agreements \| PIPE Investment \| Class A Common Stock
Other Commitments [Line Items]
Issuance of stock	59,500,000
Maximum \| Unpaid Expenses and Lock-Up Agreement \| Cepton
Other Commitments [Line Items]
Unpaid or contingent liabilities	$ 10,000,000

SHAREHOLDER'S EQUITY - Preferred Stock (Details) - $ / shares	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
SHAREHOLDERS' EQUITY
Preferred shares, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0

SHAREHOLDER'S EQUITY - Common Stock (Details)							1 Months Ended	6 Months Ended
SHAREHOLDER'S EQUITY - Common Stock (Details)	Jan. 29, 2021 shares	Jan. 07, 2021 shares	Aug. 14, 2020 shares	Feb. 24, 2020 shares	Jul. 01, 2012 shares	Apr. 30, 2010 $ / shares shares	Jan. 31, 2021 USD ($) shares	Sep. 30, 2021 Vote $ / shares shares	Jun. 30, 2021 $ / shares shares	Mar. 31, 2021 $ / shares shares	Feb. 02, 2021 $ / shares	Sep. 30, 2020 shares
Class of Stock [Line Items]
Conversion basis	1.2
Common stock, shares outstanding	4,312,500
Number of shares forfeited				257,649
Number of shares issued					376,344
Number of shares subject to redemption									17,250,000
Number of Class A common stock issued upon conversion of each share (in shares)								1
Number of voting rights of common stock \| Vote								1
Sponsor
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share \| $ / shares						$ 0.0001
Number of shares issued						5,000,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized								100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares								$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares outstanding								0		0
Common stock, shares issued								0		0		0
Class A Common Stock Subject to Possible Redemption
Class of Stock [Line Items]
Number of shares subject to redemption								17,250,000		17,250,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized								10,000,000		10,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares								$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Conversion basis				0.8425
Percentage of issued and outstanding shares held by initial stockholders								20.00%
Common stock, shares outstanding	4,312,500	3,593,750						4,312,500		4,312,500
Number of shares forfeited		718,750					718,750
Common stock, shares issued								4,312,500		4,312,500
Consideration for shares surrender \| $							$ 0
Class B Common Stock \| Founder Shares
Class of Stock [Line Items]
Common stock, shares outstanding				4,312,500			3,593,750
Class B Common Stock \| Sponsor
Class of Stock [Line Items]
Number of shares forfeited			2,833,333
Class B Common Stock \| Nautilus Carriers LLC
Class of Stock [Line Items]
Number of shares issued			1,379,167