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Subsequent Events
7 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS


The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.


In February and March of 2021, the Sponsor advanced Working Capital Loans to the Company in an aggregate amount of $3,000,000, and the Company issued a non-convertible, unsecured promissory note to the Sponsor in respect of such Working Capital Loans. The note is non-interest bearing and payable on the earlier to occur of (i) the completion of an initial Business Combination or (ii) liquidation of the Company. If the proposal described in the Lion Registration Statement to amend the Company’s certificate of incorporation is approved by its stockholders, it is expected that the Sponsor will promptly thereafter tender such promissory note to the Company as an advance payment for Working Capital Warrants to be issued immediately prior to the Company’s initial Business Combination (regardless of when that occurs).


The Company has received three demand letters from putative stockholders of the Company dated January 19, 2021, February 10, 2021 and March 2, 2021 (together, the “Demands”) alleging that the Company and the Company’s board of directors have breached their fiduciary duties and violated federal securities laws on the basis that the Lion Registration Statement allegedly is materially misleading and/or omits material information concerning the Proposed Lion Transaction. The Demands seek the issuance of corrective disclosures in an amendment or supplement to the Lion Registration Statement.


We believe that the disclosures set forth in the Lion Registration Statement comply fully with applicable law. However, the Company and Lion are assessing whether to voluntarily supplement the disclosure contained in the Lion Registration Statement for purposes of avoiding expenses associated with any claims that could be made based on such Demands and provide additional information to our respective stockholders. The foregoing, and any supplement to such disclosure that may be made, is not intended to be an admission of the legal necessity or materiality under applicable laws of any such disclosures. We specifically deny all allegations that any additional disclosure is required and we reserve all defenses in connection with the Demands