Quarterly report pursuant to Section 13 or 15(d)

Recurring Fair Value Measurements (Tables)

v3.21.2
Recurring Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
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 June 30, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
 
 
  
June 30,

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
    $ 300,013,157      $ 300,013,157      $ —        $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 300,013,157      $ 300,013,157      $ —        $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Warrant Liability – Public Warrants
    $ 12,715,500      $ 12,715,500      $ —        $ —  
Warrant Liability – Private Placement Warrants
  
$
7,646,274
 
  
$
—  
 
  
$
—  
 
  
$
 7,646,274
 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 20,361,774      $ 12,715,500      $ —        $ 7,646,274  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
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,

2020
 
  
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 – Public Warrants
    $ 21,995,964      $ —        $ —        $ 21,995,964  
Warrant Liability – Private Placement Warrants
  
$
11,811,499
 
  
$
—  
  
  
$
—  
  
  
$
 11,811,499
 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 33,807,463      $ —        $ —        $ 33,807,463  
    
 
 
     
 
 
     
 
 
     
 
 
  
Summary of the Monte Carlo simulation model for the Private Placement Warrants
The key inputs into the Monte Carlo simulation model for the Private Placement Warrants were as follows at June 30, 2021:
 
Input
   
June 30,

2021
  
Expected term (years)
      5.54  
Expected volatility
      15.50 %
Risk-free interest rate
      0.96 %
Fair value of the common stock price
    $ 9.79  
The key inputs into the Monte Carlo simulation model for the Public Warrants and Private Placement 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 Level 3 warrant liability for the six months ended June 30, 2021:
 
    
Warrant

Liability
  
Fair value as of December 31, 2020
    $ 33,807,463  
Transfer out of Level 3 to Level 1
      (12,715,500 ) 
Revaluation of warrant liability included in other income within the statement of operations for the six months ended June 30, 2021
      (13,445,689 ) 
    
 
 
  
Fair value as of June 30, 2021
    $ 7,646,274