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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2022
Assets Measured at Fair Value on Recurring Basis

Gross

Holding

    

Held-To-Maturity

    

Level

    

Amortized Cost

    

 Gain (loss)

    

Fair Value

June 30, 2022

U.S. Treasury Securities (Mature on 10/04/22)

1

$

691,261,497

$

(720,543)

$

690,540,954

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

    

    

June 30, 

    

December 31, 

Description

    

Level

    

2022

    

2021

Liabilities:

  

  

  

Derivative Liability – Public Warrants

 

1

$

1,794,000

$

11,730,000

Derivative Liability – Private Placement Warrants

2

$

1,274,000

$

8,330,000

Convertible Note – related party

 

3

$

2,382,292

$

1,934,656

Forward Purchase Agreement

 

3

$

4,669,749

$

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

Proceeds received through convertible note – related party

50,000

Change in fair value

112,747

Fair value as of June 30, 2022

$

2,382,292

Quantitative information regarding Level 3 fair value measurements

    

June 30, 

    

December 31, 

 

Input:

2022

2021

 

Risk-free interest rate

 

2.53

%

0.06

%

Expected term (years)

 

0.59

 

0.16

Expected volatility

 

51.0

%

69.80

%

Exercise price

$

1.50

$

1.50

Fair value of Units

$

0.13

$

0.17

Forward Purchase Agreement  
Changes in Fair Value of Securities

    

Private

    

Placement

    

Public

Fair value as of January 1, 2021

$

$

Initial measurement on March 23, 2021 (Initial Public Offering)

 

14,014,000

 

19,182,000

Transfers to Level 1

 

 

(18,906,000)

Transfers to Level 2

 

(13,426,000)

 

Change in fair value

 

(588,000)

 

(276,000)

Fair value as of June 30, 2021

$

$

    

Total

Fair value as of January 1, 2021

$

Change in fair value

 

4,669,749

Fair value as of June 30, 2022

$

4,669,749

Quantitative information regarding Level 3 fair value measurements

    

June 30, 

 

Input:

2022

 

Risk-free interest rate

 

2.56

%

Expected term (years)

 

0.59

Expected volatility

 

5.1

%

Exercise price

$

10.00

Fair value of Units

$

9.77

Redemption Proceeds Estimate

 

70

%