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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Information about Assets and Liabilities that are Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy of Valuation Inputs Utilized

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

Description		Level	December 31, 2021				Level	December 31, 2020
Assets:
Marketable securities held in Trust Account		1		345,048,888			1	$	345,026,104
Liabilities:
Warrant Liability – Public Warrants		1		9,177,000			1	$	19,665,000
Warrant Liability – Private Placement Warrants		2		4,734,800			3	$	10,146,000
Forward Purchase Agreement Liability		3		1,600,000			3	$	2,900,000

Schedule of Reconciliation of Level 3 Derivative Liabilities

Transfers to/from Levels 1, 2, and 3 are recognized at the ending of the reporting period. The estimated fair value of the Private Warrants was transferred from a Level 3 measurement to a Level 2 fair value measurement as of September 30, 2021, as the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant. As of December 31, 2021, total of $4.7 million warrant liabilities related to private placement warrants had been transferred from Level 3 to Level 2. Besides what had been disclosed above, there were no other transfers to/from Levels 1,2, and 3 during the three and nine months ended December 31, 2021. As of December 31, 2020, total of $19.7 million warrant liabilities related to public warrants had been transferred from Level 3 to Level 1 because the Public Warrants started separately trading on NASDAQ on September 14, 2020.

The following table presents the roll forward for the Level 3 Derivative liabilities as of December 31, 2021:

Level 3 Derivative liabilities at May 22, 2020 (inception)		$	-
Initial measurement at July 27, 2020 (including overallotment)			22,227,500
Change in fair value of public and private warrants			7,583,500
Initial measurement at July 27, 2020 of forward purchase agreement			1,000,000
Change in fair value of forward purchase agreement			1,900,000
Transfer from Level 3 to Level 1 derivative - Public warrants			(19,665,000	)
Level 3 Derivative liabilities at December 31, 2020		$	13,046,000
Change in fair value of private warrants			(5,411,200	)
Change in fair value of forward purchase agreement			(1,300,000	)
Transfer from Level 3 to Level 2 derivative - Private warrants			(4,734,800	)
Level 3 Derivative liabilities at September 30, 2021		$	1,600,000

Summary of Changes in Fair Value of Warrant Liabilities and Forward Purchase Agreement Liability

The following table presents the changes in the fair value of warrant liabilities:

​		Private Placement				Public				Warrant Liabilities
Fair value as of May 22, 2020 (inception)		$	-			$	-			$	-
Initial measurement on July 27, 2020 (including overallotment)		$	7,565,000			$	14,662,500			$	22,227,500
Change in valuation inputs or other assumptions		$	2,581,000			$	5,002,500			$	7,583,500
Fair value as December 31, 2020		$	10,146,000			$	19,665,000			$	29,811,000
Change in valuation inputs or other assumptions		$	(5,411,200	)		$	(10,488,000	)		$	(15,899,200	)
Fair value as of December 31, 2021		$	4,734,800			$	9,177,000			$	13,911,800

The following table presents the changes in the fair value of the forward purchase agreement liability:

Fair value as of May 22, 2020 (inception)		$	-
Initial measurement on July 27, 2020			1,000,000
Change in fair value			1,900,000
Fair value as of December 31, 2020			2,900,000
Change in fair value			(1,300,000	)
Fair value as of December 31, 2021		$	1,600,000

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements of Forward Purchase Agreement

The following table presents the quantitative information regarding Level 3 fair value measurements of the forward purchase agreement:

		December 31, 2021				December 31, 2020
Unit price		$	10.31			$	10.15
Term to initial business combination (in years)			0.5				1.0
Risk-free rate			0.19	%			0.51	%
Dividend yield			0.0	%			0.0	%

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

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-Topic 820
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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.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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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
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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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