Annual report pursuant to Section 13 and 15(d)

Cover Page

v3.21.1
Cover Page
$ in Millions
4 Months Ended
Dec. 31, 2020
USD ($)
shares
Document Information [Line Items]  
Document Type 10-K/A
Document Period End Date Dec. 31, 2020
Entity Registrant Name ALTIMAR ACQUISITION CORP.
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 0001823945
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2020
Document Fiscal Period Focus FY
Amendment Flag true
Entity Address, State or Province NY
Entity Well-known Seasoned Issuer No
Entity Voluntary Filers No
Entity Public Float | $ $ 391
Entity Incorporation, State or Country Code E9
Amendment Description Altimar Acquisition Corporation (the “Company,” “Altimar,” “we”, “our” or “us”) is filing this Amendment No. 1 to its Annual Report on Form 10-K/A (this “Amendment”) to amend its Annual Report on Form 10-K for the period ended December 31, 2020, originally filed with the Securities and Exchange Commission, or the SEC, on February 24, 2021, or the Original Filing, to restate (i) its financial statements as of and for the period ended December 31, 2020 and (ii) its financial statements as of October 27, 2020 in the accompanying notes to the financial statements included in this Amendment, including describing the restatement and its impact on previously reported amounts.The restatement results from the Company’s prior accounting for its outstanding warrants issued in connection with its initial public offering in October 2020 as components of equity instead of as derivative liabilities. The warrant agreement governing the warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant.Upon review of the “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” promulgated by the SEC on April 12, 2021 (the “SEC Staff Statement”), the Company’s management further evaluated the warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management concluded that the Company’s warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815-40-15 because the characteristics of the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares.As a result of the above, the Company is required to measure the fair value of the warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period, and to restate its financial statements accordingly.The Company’s prior accounting for the warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported operating expenses, cash flows or cash.In connection with the restatement, the Company’s management reassessed the effectiveness of its disclosure controls and procedures as of December 31, 2020. As a result of that reassessment and in light of the SEC Staff Statement, the Company’s management determined that its disclosure controls and procedures as of December 31, 2020 were not effective solely as a result of its classification of the warrants as components of equity instead of as derivative liabilities. For more information, see Item 9A included in this Amendment.The Company has not amended its previously filed Current Report on Form 8-K or Quarterly Report on Form 10-Q for the periods affected by the restatement. The financial information that has been previously filed or otherwise reported for these periods is superseded by the information in this Amendment.The restatement is more fully described in Note 2 of the notes to the financial statements included herein.In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, 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 Amendment under Item 15 of Part IV hereof.Except as described above, this Amendment does not amend, update or change any other items or disclosures contained in the Original Filing, and accordingly, this Amendment does not reflect or purport to reflect any information or events occurring after the original filing date or modify or update those disclosures affected by subsequent events. Accordingly, this Amendment should be read in conjunction with the Original Filing and the Company’s other filings with the SEC. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Original Filing. Unless the context otherwise requires, references to “warrants” in this Amendment refers to both Altimar’s public warrants and Altimar’s Private Placement Warrants (as defined herein).
Class A common stock  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 27,500,000
Trading Symbol ATAC
Title of 12(b) Security Class A Ordinary Shares included as part of the units
Security Exchange Name NYSE
Class B common stock  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 6,875,000
Units Each Consisting Of One Share Of Class Common Stock And One Third Of One Redeemable Warrant  
Document Information [Line Items]  
Trading Symbol ATAC
Title of 12(b) Security Units, each consisting of one share of Class A Ordinary share, $0.0001 par value, and one-third of one redeemable warrant
Security Exchange Name NYSE
Redeemable warrants, each whole warrant exercisable  
Document Information [Line Items]  
Trading Symbol ATAC
Title of 12(b) Security Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50
Security Exchange Name NYSE