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Private Placement Warrants and Unvested Founder Shares | 9 Months Ended
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Sep. 30, 2021
Warrants and Rights Note Disclosure [Abstract] |
Private Placement Warrants and Unvested Founder Shares | Private Placement Warrants and Unvested Founder SharesThe Company classifies the Private Placement Warrants and unvested founder shares as a liability on its unaudited condensed consolidated balance sheets as these instruments are precluded from being indexed to our own stock given the terms allow for a settlement that does not meet the scope of the fixed-for-fixed exception in Accounting Standards Codification 815. The Private Placement Warrants and unvested founder shares were initially recorded at fair value on the date of consummation of the Transactions and are subsequently adjusted to fair value at each subsequent reporting date. The fair value of the unvested founder shares and unvested Private Placement Warrants is obtained using a Monte Carlo model and the fair value of the remaining Private Placement Warrants using a Black Scholes model, together referenced as the "option pricing" model. The Company will continue to adjust the liability for changes in fair value for the founder shares until the earlier of the re-vesting or forfeiture of these instruments. The Company will continue to adjust the liability for changes in fair value for the Private Placement Warrants until the warrant is equity classified. As of September 30, 2021 and December 31, 2020, the fair value of the Private Placement Warrants were $32.2 million and $44.5 million, respectively, and the fair value of the unvested founder shares were $38.9 million and $62.1 million, respectively. For the three and nine months ended September 30, 2021, and primarily as a result of the variations in the price of the Company's Class A common stock over those periods, the fair value of the Private Placement Warrants decreased by $30.0 million and $12.3 million, respectively, and the fair value of the unvested founder shares decreased by $46.6 million and $23.2 million, respectively. The corresponding gain is recognized within change in fair value of Private Placement Warrants and unvested founder shares in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss).

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