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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2022
Assets Measured at Fair Value on Recurring Basis

    

Gross

Holding

Held-To-Maturity

    

Level

    

Amortized Cost

    

 Gain

    

Fair Value

March 31, 2022

U.S. Treasury Securities (Mature on 06/07/22)

1

$

690,299,230

$

16,773

$

690,316,003

December 31, 2021

U.S. Treasury Securities (Mature on 01/11/22)

1

$

690,144,171

$

6,829

$

690,151,000

Liabilities Measured at Fair Value on Recurring Basis

    

    

March 31,

    

December 31, 

Description

Level

    

2022

    

2021

Liabilities:

  

  

  

Derivative Liability – Public Warrants

 

1

$

5,796,000

$

11,730,000

Derivative Liability – Private Placement Warrants

2

$

4,116,000

$

8,330,000

Convertible Note – related party

 

3

$

2,219,545

$

1,934,656

Forward Purchase Agreement

 

3

$

5,900,179

$

Changes in Fair Value of Securities

    

Total

Fair value as of January 1, 2021

$

1,934,656

Proceeds received through convertible note – related party

 

650,000

Change in fair value

 

(365,111)

Fair value as of March 31, 2022

$

2,219,545

Quantitative information regarding Level 3 fair value measurements

    

March 31,

    

December 31,

 

Input:

2022

2021

 

Risk-free interest rate

 

2.38

1.27

%

Expected term (years)

 

5.84

 

5.17

Expected volatility

 

5.7

13.50

%

Exercise price

$

11.50

$

11.50

Fair value of Units

$

9.76

$

9.84

Forward Purchase Agreement  
Changes in Fair Value of Securities

    

Total

Fair value as of January 1, 2021

$

Change in fair value

 

5,900,179

Fair value as of March 31, 2022

$

5,900,179

Quantitative information regarding Level 3 fair value measurements

    

March 31,

 

Input:

2022

 

Risk-free interest rate

 

1.45

%

Expected term (years)

 

0.84

Expected volatility

 

5.7

%

Exercise price

$

10.00

Fair value of Units

$

9.76

Redemption Proceeds Estimate

 

70

%