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Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary Fair Value of 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 March 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description Level March 31,
2021

Assets:
Marketable securities held in Trust Account		1		$	254,382,396
Liabilities:
Warrant Liability – Public Warrants		1		$	25,519,782
Warrant Liability – Private Placement Warrants		3		$	15,953,000

Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placemnets Warrnts And Public Warrants at Intial Measurement

The key inputs into the Monte Carlo simulation model and the Black-Scholes model were as follows at initial measurement:

Initial Measurement –
Monte Carlo and
Black-Scholes

Risk-free rate			0.6	%
Remaining term in years			5.75
Expected volatility			19.0	%
Exercise price		$	11.50
Fair value of common stock		$	9.65
Expected probability to consummate a business combination			88.3	%

Input March 31,
2021

Risk-free rate			0.95	%
Remaining term in years			5.13
Expected volatility			40.2	%
Exercise price		$	11.50
Fair value of common stock		$	11.12
Expected probability to consummate a business combination			88.3	%

Schedule Of 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 July 8, 2020 (inception)		$	—			$	—			$	—
Initial fair value – November 13,2020			4,922,640				8,987,033				13,909,673
Change in fair value			1,030,360				16,532,749				27,563,109
Fair value as of March 31, 2021		$	15,953,000			$	25,519,782			$	41,472,782

(2) Due to the use of quoted prices in an active market (Level 1) to measure the fair values of the Public Warrants, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $9.0 million during the period from November 13, 2020 through March 31, 2021.

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- Definition

Schedule of changes in the fair value of warrant liabilities.

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

+ References

Reference 1: 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=117815213&loc=d3e19279-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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