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Fair Value Measurements on a Recurring Basis (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value on a recurring basis
   September 30, 2021 
Description  Quoted Prices
in Active
Markets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant   Other
Unobservable
Inputs
(Level 3)
   Total 
Assets:                
Assets held in Trust Account - U.S. Treasury Securities  $300,015,536   $
   $
   $300,015,536 
Liabilities:                    
Warrant liability  $
   $6,140,000   $
   $6,140,000 
FPS liability   
    
    2,645,660    2,645,660 
Total Liabilities  $
   $6,140,000   $2,645,660   $8,785,660 

 

Schedule of Level 3 fair value measurements
   February 23,
2021
(initial measurement)
 
Risk-free interest rate   0.76%
Expected term (years)   5 
Expected volatility   17.5%
Exercise price  $11.50 
Stock price  $10.00 
Dividend yield   0.0%

 

Schedule of changes in fair value of warrant liability
   Private
Placement
   Public   Warrant
Liability
 
Fair value as of February 23, 2021  $217,437   $9,318,750   $9,536,187 
Change in valuation inputs or other assumptions (1)   4,533    194,250    198,783 
Fair value as of March 31, 2021   221,970    9,513,000    9,734,970 
Change in valuation inputs or other assumptions(1)   (55,720)   (2,388,000)   (2,443,720)
Fair value as of June 30, 2021   166,250    7,125,000    7,291,250 
Change in valuation inputs or other assumptions(1)   (26,250)   (1,125,000)   (1,151,250)
Fair value as of September 30, 2021(2)  $140,000   $6,000,000   $6,140,000 

 

(1)Changes in valuation inputs or other assumptions are recognized in Change in fair value of warrant liability in the statement of operations.

 

(2)Due to the use of quoted prices in an inactive market and the use of observable inputs for similar assets or liabilities (Level 2) for Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $7.3 million during the nine months ended September 30, 2021. The Company did not have any transfers out of Level 3 during the three months ended September 30, 2021.

 

   FPS
Liability
 
Fair value as of February 23, 2021  $3,859,558 
Change in valuation inputs or other assumptions(1)   (1,070,164)
Fair value as of March 31, 2021  $2,789,394 
Change in valuation inputs or other assumptions(1)   234,372 
Fair value as of June 30, 2021  $3,023,766 
Change in valuation inputs or other assumptions(1)   (378,106)
Fair value as of September 30, 2021  $2,645,660 

(1)Changes in valuation inputs or other assumptions are recognized in Change in fair value of FPS liability in the statement of operations.