XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.2

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

FAIR VALUE MEASUREMENTS [Abstract]

Gross Holding Gains (Loss) Fair Value of Held-to-maturity Securities

The following table presents the gross holding gain and loss and fair value of held-to-maturity securities at September 30, 2021 and December 31, 2020:

	Held-To-Maturity		Level				Amortized Cost				Gross Holding Gain/(Loss)				Fair Value (i)
September 30, 2021	U.S. Treasury Securities (Mature on 10/07/21)			1			$	281,588,786			$	1,214			$	281,590,000
December 31, 2020	U.S. Treasury Securities (Mature on 2/25/2021)			1			$	278,773,543			$	(1,423	)		$	278,772,120

(i)
Fair value of securities does not include cash held in trust in the amount of $3,963 and $1,103, as of September 30, 2021 and December 31, 2020, respectively.

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2021 and December 31,2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

		Level				September 30, 2021				Level				December 31, 2020
Assets:
Cash and Investments held in Trust Account			1			$	281,592,750				1			$	278,774,646
Liabilities:
Warrant liability – public warrants			1			$	9,660,000				3			$	22,364,221
Warrant liability – private placement warrants			3			$	9,349,781				3			$	16,867,946
FPA liability – committed			3			$	2,416,311				3			$	2,947,167
FPA liability – optional			3			$	3,051,451				3			$	3,810,610

Level 3 Fair Value Measurement Inputs

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

		As of September 30, 2021				As of December 31, 2020
Warrants- private placement
Common stock price		$	10.13			$	9.77
Volatility			10.50	%			22.59	%
Expected life of the options to convert		5.58 years				5.95 years
Risk free rate			1.08	%			0.50	%
Dividend yield			0	%			0	%
FPA-committed
Common stock price		$	10.13			$	9.77
Time to maturity		0.58 year				0.95 year
Risk Free rate			0.06	%			0.10	%
FPA-optional
Common stock price		$	10.13			$	9.77
Volatility			10	%			10	%
Time to maturity		0.58 year				0.95 year
Risk Free rate			0.06	%			0.10	%

Change in Fair Value of Warrants and FPA Liabilities

The following table presents the changes in the fair value of the Warrants and the FPA liabilities:

		Public Warrants				Private Placement Warrants				Total Warrant Liability				Committed FPA				Optional FPA				Total FPA Liability
Fair value as of December 31, 2020		$	22,364,221			$	16,867,946			$	39,232,167			$	2,947,167			$	3,810,610			$	6,757,777
Additional Private Placement Warrants May 27, 2021			—				2,760,000				2,760,000				—				—				—
Fair Value of Private Placement Warrants in excess of  purchase price			—				(79,548	)			(79,548	)			—				—				—
Change in fair value			(12,704,221	)			(10,198,617	)			(22,902,838	)			(530,856)				(759,159	)			(1,290,015	)
Fair value as of September 30, 2021		$	9,660,000			$	9,349,781			$	19,009,781			$	2,416,311			$	3,051,451			$	5,467,762

X

- Definition

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

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ 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 (c)
-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 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269820-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563

+ Details

Name:	us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-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://www.xbrl.org/2003/role/disclosureRef
-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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration