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Fair value measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
Summary financial assets measured at fair value on a recurring basis | The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Description |  | Amount at Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments held in Trust Account: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market investments |  | $ | 317,582,318 |  |  | $ | 317,582,318 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability – Public Warrants |  | $ | 4,365,625 |  |  | $ | 4,365,625 |  |  | $ | — |  |  | $ | — |
Warrant liability – Private Placement Warrants |  | $ | 3,061,666 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,061,666 |
Convertible promissory note - related party |  | $ | 72,800 |  |  | $ | — |  |  | $ | — |  |  | $ | 72,800 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments held in Trust Account: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market investments |  | $ | 317,581,791 |  |  | $ | 317,581,791 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability – Public Warrants |  | $ | 5,715,000 |  |  | $ | 5,715,000 |  |  | $ | — |  |  | $ | — |
Warrant liability – Private Placement Warrants |  | $ | 4,063,666 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,063,666 |
Summary of changes in the fair value of warrant liabilities | The following table presents the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value:
Fair value as of December 31, 2020 |  | $ | — |
Initial measurement of Public Warrants and Private Placement Warrants as of March 4, 2021 |  |  | 27,185,000 |
Additional warrants issued in over-allotment |  |  | 1,420,125 |
Transfer of Public Warrants to Level 1 measurement |  |  | (16,748,125 | )
Change in valuation inputs or other assumptions |  |  | (7,793,334 | )
Fair value as of December 31, 2021 |  |  | 4,063,666 |
Initial measurement of draw on convertible promissory note - related party on February 4, 2022 |  |  | 29,600 |
Initial measurement of draw on convertible promissory note - related party on February 9, 2022 |  |  | 27,600 |
Initial measurement of draw on convertible promissory note - related party on February 14, 2022 |  |  | 14,800 |
Change in valuation inputs or other assumptions |  |  | (1,001,200 | )
Fair value as of March 31, 2022 |  | $ | 3,134,466 |
Convertible Promissory Note [Member] |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
Summary of the significant inputs to the Monte Carlo Simulation for the fair value of the Public Warrants |
|  | As of March 31, 2022 |  |  | As of February 14, 2022 (Initial Measurement) |  |  | As of February 9, 2022 (Initial Measurement) |  |  | As of February 4, 2022 (Initial Measurement) |
Warrant price |  | $ | 0.55 |  |  | $ | 0.36 |  |  | $ | 0.44 |  |  | $ | 0.47 |
Conversion price |  | $ | 1.50 |  |  | $ | 1.50 |  |  | $ | 1.50 |  |  | $ | 1.50 |
Expected term |  |  | 0.3 |  |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.4 |
Warrant volatility |  |  | 123.0 | % |  |  | 91.0 | % |  |  | 89.0 | % |  |  | 89.0 | %
Risk free rate |  |  | 0.5 | % |  |  | 0.6 | % |  |  | 0.4 | % |  |  | 0.4 | %
Discount rate |  |  | 9.9 | % |  |  | 9.8 | % |  |  | 9.9 | % |  |  | 9.9 | %
Probability of completing initial Business Combination |  |  | 35 | % |  |  | 35 | % |  |  | 35 | % |  |  | 35 | %
Fair value convertible promissory note - related party |  | $ | 72,800 |  |  | $ | 14,800 |  |  | $ | 27,600 |  |  | $ | 29,600 |
Public Warrants |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
Summary of the significant inputs to the Monte Carlo Simulation for the fair value of the Public Warrants | The following table provides the significant inputs to the Monte Carlo Simulation for the fair value of the Public Warrants:
|  | At March 4, 2021 (Initial Measurement) |
Stock Price on Valuation Date |  | $ | 10.00 |
Strike price (Exercise Price per Share) |  | $ | 11.50 |
Probability of completing a Business Combination |  |  | 85.0 | %
Term (in years) |  |  | 6.6 |
Volatility |  |  | 4% pre-merger/34% post-merger |
Risk-free rate |  |  | 1.1 | %
Fair value per warrant |  | $ | 2.11 |
The following table provides the significant inputs to the Modified Black Scholes model for the fair value of the Private Placement Warrants:
|  | As of March 31, 2022 |  |  | As of December 31, 2021 |
Stock price |  | $ | 9.88 |  |  | $ | 9.80 |
Strike price |  | $ | 11.50 |  |  | $ | 11.50 |
Probability of completing a Business Combination |  |  | N/A | * |  |  | N/A | *
Dividend yield |  |  | — | % |  |  | — | %
Term (in years) |  |  | 5.3 |  |  |  | 5.8 |
Volatility |  |  | 7.3 | % |  |  | 11.3 | %
Risk-free rate |  |  | 2.4 | % |  |  | 1.3 | %
Fair value per warrant |  | $ | 0.55 |  |  | $ | 0.73 |

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- 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
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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 + Details
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