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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of financial Asset measured at fair value on recurring basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021 by level within the fair value hierarchy:

Description		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account—U.S. Treasury Securities (1)		$	345,097,744			$	—			$	—
Liabilities:
Derivative warrant liabilities		$	13,110,000			$	—			$	21,360,000

(1) Excludes $914 of cash balance held within the Trust Account

Summary of fair value measurements inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

		As of September 30, 2021
Exercise price		$	11.50
Stock price		$	9.91
Volatility			26.6% - 45.2	%
Term			5.17
Risk-free rate			1.0	%
Dividend yield			0.0	%

Summary of change in the fair value of the derivative warrant liabilities

The change in the fair value of the derivative warrant liabilities at level 3 for the nine months ended September 30, 2021 is summarized as follows:

Level 3—Derivative warrant liabilities at January 1, 2021		$	—
Issuance of Public and Private Warrants			35,175,000
Change in fair value of derivative warrant liabilities			(495,335	)
Level 3—Derivative warrant liabilities at March 31, 2021		$	34,679,665
Transfer to Level 1			(12,489,000	)
Change in fair value of derivative warrant liabilities			(237,333	)
Level 3—Derivative warrant liabilities at June 30, 2021		$	21,953,332
Change in fair value of derivative warrant liabilities			(593,332	)
Level 3—Derivative warrant liabilities at September 30, 2021		$	21,360,000

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- Definition

Schedule of changes in the fair value of warrant liabilities.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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