Annual report pursuant to Section 13 and 15(d)

Recurring Fair Value Measurements (Tables)

v3.22.0.1
Recurring Fair Value Measurements (Tables)
 5 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Assets And Liabilities Measured At Fair Value
The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

    
December 31,
2021
     
Quoted

Prices In
Active
Markets
(Level 1)
     
Significant
Other
Observable
Inputs

(Level 2)
     
Significant
Other
Unobservable
Inputs
(Level 3)
  
    
 
 
     
 
 
     
 
 
     
 
 
  
Assets:
                                    
Money Market Funds held in Trust Account
    $ 300,000,082      $ 300,000,082      $ —        $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 300,000,082      $ 300,000,082      $ —        $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Warrant Liability
    $ 33,807,463      $ —        $ —        $ 33,807,463  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 33,807,463      $ —        $ —        $ 33,807,463  
    
 
 
     
 
 
     
 
 
     
 
 
  
The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 11, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
 
    
December 31,
2021
     
Quoted

Prices In

Active

Markets

(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Other
Unobservable
Inputs

(Level 3)
  
    
 
 
     
 
 
     
 
 
     
 
 
  
Assets:
                                    
Cash held in Trust Account
    $ 300,000,000      $ 300,000,000      $ —        $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 300,000,000      $ 300,000,000      $ —        $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Warrant Liability
    $ 30,858,552      $ —        $ —        $ 30,858,552  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 30,858,552      $ —        $ —        $ 30,858,552  
    
 
 
     
 
 
     
 
 
     
 
 
  
Summary of the Monte Carlo simulation model for the Private Placement Warrants
The key inputs into the Monte Carlo simulation model for the warrants were as follows at initial measurement:
 
Input
   
December 11,
2020

(Initial
Measurement)
  
Expected term (years)
      5.90  
Expected volatility
      24.2 % 
Risk-free interest rate
      0.49 % 
Fair value of the common stock price
    $ 9.34  
The key inputs into the Monte Carlo simulation model for the warrants were as follows at December 31, 2020:
 
Input
   
December 31,
2020
 
Expected term (years)
      5.85  
Expected volatility
      24.2 % 
Risk-free interest rate
      0.48 % 
Fair value of the common stock price
    $ 9.63  
Summary of the changes in the fair value of the Level 3 warrant liability
The following table sets forth a summary of the changes in the fair value of the warrant liability for the period from August 12, 2020 (inception) through December 31, 2020:
 
    
Warrant
Liability
 
Fair value as of August 12, 2020
    $ —    
Initial fair value of warrant liability upon issuance at IPO
      30,858,552  
Revaluation of warrant liability included in other expense within the statement of operations for the period from August 12, 2020 (inception) through December 31, 2020
      2,948,911  
    
 
 
  
Fair value as of December 31, 2020
    $ 33,807,463