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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | 4 Months Ended
--- | --- | ---
Mar. 31, 2021 | Dec. 31, 2020
Fair Value Disclosures [Abstract] |  |
Schedule of Value Assets Measured 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 each of March 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 |  |  | March 31, 2021 |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and marketable securities held in trust account |  |  | 1 |  |  | $ | 250,109,441 |  |  | $ | 250,052,906 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability – public warrants |  |  | 1 |  |  |  | 9,833,333 |  |  |  | 9,583,333 |
Warrant liability – private placement warrants |  |  | 3 |  |  |  | 5,693,334 |  |  |  | 5,506,667 |
Forward purchase agreement liability |  |  | 3 |  |  |  | 1,750,000 |  |  |  | 2,050,000 |
| 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, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Description |  | Level |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |  |  |
Cash and marketable securities held in trust account |  |  | 1 |  |  | $ | 250,052,906 |
Liabilities: |  |  |  |  |  |  |  |
Warrant liability – public warrants |  |  | 1 |  |  |  | 9,583,333 |
Warrant liability – private placement warrants |  |  | 3 |  |  |  | 5,506,667 |
Forward purchase agreement liability |  |  | 3 |  |  |  | 2,050,000 |
Changes in the fair value of warrant liabilities | The following table presents the changes in the fair value of warrant liabilities:
|  | Private Placement |  |  | Public |  |  | Warrant Liabilities |
Fair value as of December 31, 2020 |  | $ | 5,506,667 |  |  | $ | 9,583,333 |  |  | $ | 15,090,000 |
Change in valuation inputs or other assumptions |  |  | 186,667 |  |  |  | 250,000 |  |  |  | 436,667 |
Fair value as of March 31, 2021 |  | $ | 5,693,334 |  |  | $ | 9,833,333 |  |  | $ | 15,526,667 |
| The following table presents the changes in the fair value of warrant liabilities:
|  | Private Placement |  |  | Public |  |  | Warrant Liabilities |
Fair value as of August 19, 2020 |  | $ | — |  |  | $ | — |  |  | $ | — |
Initial measurement on October 9, 2020 |  |  | 4,900,000 |  |  |  | 8,500,000 |  |  |  | 13,400,000 |
Change in valuation inputs or other assumptions |  |  | 606,667 |  |  |  | 1,083,333 |  |  |  | 1,690,000 |
Fair value as of December 31, 2020 |  | $ | 5,506,667 |  |  | $ | 9,583,333 |  |  | $ | 15,090,000 |
Schedule of Changes in Fair Value of FPA Liability | The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.
|  | FPA Liability |
Fair value, December 31, 2020 |  | $ | 2,050,000 |
Recognized gain on change in fair value (1) |  |  | (300,000 | )
Fair value, March 31, 2021 |  | $ | 1,750,000 |
| The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.
|  | FPA Liability |
Fair value, October 6, 2020 |  | $ | 50,000 |
Recognized loss on change in fair value (1) |  |  | 2,000,000 |
Fair value, December 31, 2020 |  | $ | 2,050,000 |
(1) | Represents the non-cash loss on change in valuation of the FPA liability and is included in Recognized loss on change in fair value of FPA liability on the statement of operations.
Schedule of Private Placement Warrants and Public Warrants at Initial Measurement and For Private Placement Warrants | The key inputs into the models for the Private Placement Warrants and FPA at March 31, 2021 and December 31, 2020 were as follows:
Input |  | March 31, 2021 |  |  | December 31, 2020 |
Risk-free interest rate |  |  | 0.98 | % |  |  | 0.51 | %
Trading days per year |  |  | 252 |  |  |  | 252 |
Expected volatility |  |  | 17.4 | % |  |  | 16.5 | %
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Stock Price |  | $ | 9.98 |  |  | $ | 10.01 |
| The key inputs into the models for the Private Placement Warrants, Public Warrants and FPA at initial measurement and for the Private Placement Warrants and FPA at December 31, 2020 were as follows:
Input |  | October 9, 2020 |  |  | December 31, 2020 |
Risk-free interest rate |  |  | 0.45 | % |  |  | 0.51 | %
Trading days per year |  |  | 252 |  |  |  | 252 |
Expected volatility |  |  | 17.5 | % |  |  | 16.5 | %
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Stock price |  | $ | 9.54 |  |  | $ | 10.01 |

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- 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=117815213&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=117815213&loc=d3e19207-110258 + Details
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