Document And Entity Information - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2021 |
May 17, 2021 |
|
| Document Information Line Items | ||
| Entity Registrant Name | Revolution Acceleration Acquisition Corp | |
| Document Type | 10-Q/A | |
| Current Fiscal Year End Date | --12-31 | |
| Amendment Flag | true | |
| Amendment Description | Revolution Acceleration Acquisition Corp (the “Company,” “we,” “us” or “our”) is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2021 (this “Quarterly Report”) to amend and restate certain terms in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 originally filed with the Securities and Exchange Commission (the “SEC”) on May 20, 2021 (the “Original Report”). Subsequent to the Company’s filing of the Original Report, the Company became aware that its application of the guidance (the “Guidance”) in Accounting Standards Codification 480, Distinguishing Liabilities from Equity, may need to be modified to appropriately reflect the impact of the private investment in public equity transactions that are the subject of the subscription agreements (the “Subscription Agreements”) that the Company entered into with certain investors on February 23, 2021 (the “PIPE Investment”) in connection with the Company’s proposed business combination (the “Berkshire Grey Business Combination”) with Berkshire Grey, Inc., a Delaware corporation (“Berkshire Grey”), as previously disclosed in the Company’s Current Report on Form 8-K filed on February 24, 2021. The Guidance may require that the Company’s Class A common stock be reclassified from permanent equity to temporary equity in the form of common stock subject to possible redemption. Prior to filing this Quarterly Report, after consultation with Marcum LLP, the Company’s independent registered public accounting firm (the “Independent Accountants”), the Company’s management and the Audit Committee of our Board of Directors (the “Audit Committee”) concluded that, in light of the Guidance, the interim condensed financial statements as of and for the three months ended March 31, 2021 (collectively, the “Interim Financial Statements”) included in the Original Report should no longer be relied upon and should be restated and the Company’s Class A common stock should be reclassified between temporary and permanent equity, with resulting changes to the Company’s temporary equity, additional paid-capital, accumulated deficit and basic and diluted loss per share as reflected in the Interim Financial Statements. The restatement is more fully described in Note 2 of the notes to the financial statements included herein. We are filing this Quarterly Report to incorporate the restatement of the Interim Financial Statements in the Financial Statements included in Part I, Item 1 and to revise disclosures in connection to the restatement in Part I, Item 4 and Part II, Item 1A. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Part I, Item 1, Financial Statements, Part I, Item 4, Controls and Procedures of the Original Report and Part II, Item 1A, Risk Factors are hereby amended and restated in their entirety. In addition, as required by Rule 12b-15 under the Exchange Act, new certifications by the Company’s principal executive officer and principal financial officer are filed as exhibits (in Exhibits 31.1 to 32.2) to this Quarterly Report. This Quarterly Report should be read in conjunction with the Original Report and with our other filings with the SEC. This Quarterly Report does not reflect events occurring after the filing of the Original Report and, except as described above, does not modify or update any other disclosures in the Original Report. | |
| Entity Central Index Key | 0001824734 | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Document Period End Date | Mar. 31, 2021 | |
| Document Fiscal Year Focus | 2021 | |
| Document Fiscal Period Focus | Q1 | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | true | |
| Entity Shell Company | true | |
| Entity Ex Transition Period | false | |
| Entity Incorporation, State or Country Code | DE | |
| Entity File Number | 333-39768 | |
| Document Transition Report | false | |
| Entity Interactive Data Current | Yes | |
| Class A Common Stock | ||
| Document Information Line Items | ||
| Entity Common Stock, Shares Outstanding | 28,750,000 | |
| Class B Common Stock | ||
| Document Information Line Items | ||
| Entity Common Stock, Shares Outstanding | 3,833,333 | |
| Class C Common Stock | ||
| Document Information Line Items | ||
| Entity Common Stock, Shares Outstanding | 5,750,000 |