Cover Page
Cover Page - shares | 9 Months Ended | |
Dec. 31, 2020 | May 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | true | |
Entity Registrant Name | View, Inc. | |
Entity Central Index Key | 0001811856 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Amendment Description | RESTATEMENT This Amendment No. 1 on Form 10-Q/A (this “Amendment” or “Form 10-Q/A”) amends the CF Finance Acquisition Corp. II (“CFII,” now known as View, Inc. as of March 8, 2021, “View” or the “Company”) Quarterly Report on Form 10-Q for the quarter ended December 31, 2020 originally filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2021 by the Company (the “Original Filing”). This Amendment restates the Company’s previously issued quarterly unaudited financial statements as of and for the quarter ended December 31, 2020. See Note 3, Restatement of Previously Issued Financial Statements,in Item 1, Financial Statements, for such restated information. | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 217,076,712 | |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | VIEW | |
Security Exchange Name | NASDAQ | |
Warrant | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 17,033,303 | |
Title of 12(b) Security | Redeemable warrants, exercisable for Class A common stock at an exercise price of $11.50 per share | |
Trading Symbol | VIEWW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | |
Current assets: | |||
Cash | $ 31,906 | $ 25,000 | |
Prepaid expenses | 395,833 | ||
Total current assets | 427,739 | ||
Cash equivalents held in Trust Account | 500,012,467 | ||
Total Assets | 500,440,206 | 25,000 | |
Current liabilities: | |||
Accrued expenses | 31,556 | 505 | |
Payables to related party | 150,000 | ||
Sponsor loan - promissory notes | 160,000 | ||
Franchise tax payable | 66,667 | ||
Income tax payable | 50 | ||
Total current liabilities | 408,273 | 505 | |
Derivative warrant liabilities | 41,059,977 | ||
Total liabilities | 41,468,250 | 505 | |
Commitments and Contingencies (Note 6) | |||
Class A common stock, 49,503,193 and -0- shares subject to possible redemption at $10.00 per share at December 31, 2020 and March 31, 2020, respectively | 453,971,950 | ||
Stockholders' Equity: | |||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |||
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 5,702,805 and -0- shares issued and outstanding (excluding 45,397,195 and -0- shares subject to possible redemption) at December 31, 2020 and March 31, 2020, respectively | 570 | ||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 12,500,000 and 14,375,000(1) shares issued and outstanding at December 31, 2020 and March 31, 2020, respectively | [1] | 1,250 | 1,438 |
Additional paid-in capital | 15,811,135 | 23,562 | |
Accumulated deficit | (10,812,949) | (505) | |
Total Stockholders' Equity | 5,000,006 | 24,495 | |
Total Liabilities and Stockholders' Equity | $ 500,440,206 | $ 25,000 | |
[1] | Includes an aggregate of up to 1,875,000 shares subject to forfeiture if the over-allotment option is not exercised in full by the underwriter (see Note 8). This number has been retroactively restated to reflect the recapitalization of the Company in the form of a 1.3125-for-1 stock split and a cancellation of 718,750 Founder Shares (see Note 8). On October 10, 2020, upon the expiration of the 45-day over-allotment period and the underwriters not exercising the over-allotment option, 1,875,000 shares of Class B common stock were forfeited by the Sponsor (see Note 8). |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Mar. 31, 2020 |
Preferred shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Class A Common Stock | ||
Common stock subject to possible redemption (in Dollars per share) | $ 10 | $ 10 |
Common stock subject to possible redemption per share | 45,397,195 | 0 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,702,805 | 0 |
Common stock, share outstanding | 5,702,805 | 0 |
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,500,000 | 14,375,000 |
Common stock, share outstanding | 12,500,000 | 14,375,000 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | ||
General and administrative costs | $ 265,855 | $ 969,802 | |
Franchise tax expense | 50,000 | 66,667 | |
Loss from operations | (315,855) | (1,036,469) | |
Change in fair value of warrant liability | (8,116,036) | (9,788,366) | |
Interest income on investments held in Trust Account | 12,467 | 12,467 | |
Loss before income tax expense | (8,419,424) | (10,812,368) | |
Income tax expense | 50 | 76 | |
Net loss | $ (8,419,474) | $ (10,812,444) | |
Common Stock Class A Public Shares [Member] | |||
Weighted average number of common stock outstanding (in Shares) | 50,000,000 | 50,000,000 | |
Basic and diluted net income (loss) per share (in Dollars per share) | $ 0 | $ 0 | |
Common Stock Class A Private Placement [Member] | |||
Weighted average number of common stock outstanding (in Shares) | 1,100,000 | 1,100,000 | |
Basic and diluted net income (loss) per share (in Dollars per share) | $ (0.62) | $ (0.80) | |
Common Stock Class B [Member] | |||
Weighted average number of common stock outstanding (in Shares) | [1] | 12,500,000 | 12,500,000 |
Basic and diluted net income (loss) per share (in Dollars per share) | $ (0.62) | $ (0.80) | |
[1] | Excludes an aggregate of up to 1,875,000 shares that were subject to forfeiture if the over-allotment option is not exercised in full by the underwriter (see Note 8). This number has been retroactively restated to reflect the recapitalization of the Company in the form of a 1.3125-for-1 stock split and a cancellation of 718,750 Founder Shares (see Note 8). On October 10, 2020, upon the expiration of the 45-day over-allotment period and the underwriters not exercising the over-allotment option, 1,875,000 shares of Class B common stock were forfeited by the Sponsor (see Note 8) |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Accumulated Deficit | ||
Balance at Sep. 26, 2019 | |||||||
Balance (in Shares) at Sep. 26, 2019 | [1] | ||||||
Issuance of Class B common stock to Sponsor | 25,000 | $ 1,438 | 23,562 | ||||
Issuance of Class B common stock to Sponsor (in Shares) | [1] | 14,375,000 | |||||
Balance at Dec. 31, 2019 | 25,000 | $ 1,438 | 23,562 | ||||
Balance (in Shares) at Dec. 31, 2019 | [1] | 14,375,000 | |||||
Balance at Mar. 31, 2020 | 24,495 | $ 1,438 | 23,562 | (505) | |||
Balance (in Shares) at Mar. 31, 2020 | [1] | 14,375,000 | |||||
Net loss | |||||||
Balance at Jun. 30, 2020 | 24,495 | $ 1,438 | 23,562 | (505) | |||
Balance (in Shares) at Jun. 30, 2020 | [1] | 14,375,000 | |||||
Sale of units in initial public offering, less fair value of public warrants | 469,333,388 | $ 5,000 | 446,328,388 | ||||
Sale of units in initial public offering, less fair value of public warrants (in Shares) | 50,000,000 | ||||||
Offering costs | (9,968,484) | (9,968,484) | |||||
Sale of private placement units to Sponsor in private placement, less fair value of private warrants | 10,395,010 | $ 110 | 10,394,891 | ||||
Sale of private placement units to Sponsor in private placement, less fair value of private warrants (in Shares) | 1,100,000 | ||||||
Class A common stock subject to possible redemption | (462,393,420) | $ (4,624) | (462,386,796) | ||||
Class A common stock subject to possible redemption (in Shares) | (46,239,142) | ||||||
Net loss | (2,392,970) | (2,392,970) | |||||
Balance at Sep. 30, 2020 | 5,000,010 | $ 486 | $ 1,438 | 7,391,561 | (2,393,475) | ||
Balance (in Shares) at Sep. 30, 2020 | 4,860,858 | 14,375,000 | [1] | ||||
Class A common stock subject to possible redemption | 8,419,470 | $ 84 | 8,419,386 | ||||
Class A common stock subject to possible redemption (in Shares) | 841,947 | ||||||
Forfeiture of Class B common stock | $ (188) | 188 | |||||
Forfeiture of Class B common stock (in Shares) | (1,875,000) | ||||||
Net loss | (8,419,474) | (8,419,474) | |||||
Balance at Dec. 31, 2020 | $ 5,000,006 | $ 570 | $ 1,250 | $ 15,811,135 | $ (10,812,949) | ||
Balance (in Shares) at Dec. 31, 2020 | 5,702,805 | 12,500,000 | |||||
[1] | Includes an aggregate of up to 1,875,000 shares subject to forfeiture if the over-allotment option is not exercised in full by the underwriter (see Note 8). This number has been retroactively restated to reflect the recapitalization of the Company in the form of a 1.3125-for-1 stock split and a cancellation of 718,750 Founder Shares (see Note 8). On October 10, 2020, upon the expiration of the 45-day over-allotment period and the underwriters not exercising the over-allotment option, 1,875,000 shares of Class B common stock were forfeited by the Sponsor (see Note 8). |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statement Of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (10,812,444) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of derivative warrant liabilities | 9,788,366 | |
Offering costs allocated to derivative warrant liabilities | 651,349 | |
General and administrative expenses paid by related party | 187,696 | |
Interest income on investments held in Trust Account | (12,467) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 79,167 | |
Accrued expenses | 31,051 | |
Franchise tax payable | 66,667 | |
Income tax payable | 50 | |
Net cash used in operating activities | (20,565) | |
Cash Flows from Investing Activities: | ||
Cash deposited in Trust Account | (500,000,000) | |
Net cash used in investing activities | (500,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from note payable to related parties | 160,000 | |
Repayment of note payable to related party | (697,575) | |
Proceeds from issuance of Class B common stock to Sponsor | 25,000 | |
Proceeds received from initial public offering, gross | 500,000,000 | |
Proceeds received from private placement | 11,000,000 | |
Offering costs paid | (10,434,954) | |
Net cash provided by financing activities | 25,000 | 500,027,471 |
Net change in cash | 25,000 | 6,906 |
Cash - beginning of the period | 25,000 | |
Cash - end of the period | 25,000 | 31,906 |
Supplemental disclosure of noncash activities: | ||
Offering costs included in note payable | 184,879 | |
Initial derivative warrant liabilities in connection with initial public offering and Sponsor private placement | 31,271,611 | |
Initial classification of Class A common stock subject to possible redemption | 464,133,020 | |
Change in Class A common stock subject to possible redemption | $ (10,161,070) |
Description of Organization, Bu
Description of Organization, Business Operations and Basis of Presentation | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Organization, Business Operations and Basis of Presentation | Note 1—Description of Organization, Business Operations and Basis of Presentation CF Finance Acquisition Corp. II (“CFII,” now known as View, Inc. as of March 8, 2021, “View” or the “Company”) was incorporated in Delaware on September 27, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited in its search for target businesses to a particular industry or sector for the purpose of consummating a Business Combination, the Company intends to focus its search on companies operating in the financial services, healthcare, real estate services, technology and software industries. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced operations. All activity through December 31, 2020 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below, and since the Initial Public Offering, relates to the Company’s efforts toward locating and completing a suitable Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating The Company’s sponsor is CF Finance Holdings II, LLC (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on August 26, 2020. On August 31, 2020, the Company consummated the Initial Public Offering of 50,000,000 units (each, a “Unit” and with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”) at a purchase price of $10.00 per Unit, generating gross proceeds of $500,000,000, which is described in Note 4. Each Unit consists of one share of Class A common stock and one-third 45-day Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 1,100,000 Units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to the Sponsor, generating gross proceeds of $11,000,000, which is described in Note 5. Transaction costs amounted to approximately $10,600,000, consisting of $10,100,000 of underwriting fees and approximately $500,000 of other costs. In addition, approximately $500,000 of cash from the Initial Public Offering was held outside of the Trust Account and was available for working capital purposes. Following the closing of the Initial Public Offering on August 31, 2020, and the concurrent sale of Private Placement Units, an amount of $500,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units (see Note 5) was placed in a trust account (“Trust Account”) located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, which may be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 Initial Business Combination The Company will provide the holders of the Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per Public Share). The per share amount to be distributed to public stockholders who redeem the Public Shares will not be reduced by the Marketing Fee (as defined below in Note 5). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transactions is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed Business Combination. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 5), their shares underlying the Private Placement Units and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and any Public Shares held by the initial stockholders in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A common stock sold in the Initial Public Offering, without the prior consent of the Company. The Sponsor and the Company’s officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) that would affect the substance or timing of the Company’s obligation to allow redemption in connection with its initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-business On November 30, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among PVMS Merger Sub, Inc., a Delaware corporation and a wholly-owned direct subsidiary of the Company (“Merger Sub”), and View, Inc., a Delaware corporation (“View”). Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, upon the closing of the transactions contemplated thereby (the “Closing’), Merger Sub will merge with and into View (the “Merger”), whereby the separate corporate existence of Merger Sub will cease and View will be the surviving corporation of the Merger and become a wholly owned subsidiary of the Company. At the Closing, the Company will amend its charter to, among other matters, change its name to “View, Inc.” For more information about the business combination, see the Company’s Registration Statement on Form S-4 8-K In connection with the execution of the Merger Agreement, on November 30, 2020, the Company entered into Subscription Agreements with certain investors (the “PIPE Investors”), including the Sponsor, pursuant to which, contemporaneously with the Closing, such PIPE Investors will purchase an aggregate of 30,000,000 shares of the Company’s Class A common stock (the “PIPE Shares”) at $10.00 per share for an aggregate purchase price of $300,000,000 (the “PIPE Investments”), with the Sponsor’s Subscription Agreement accounting for $50,000,000 of such aggregate PIPE Investments. Failure to Consummate a Business Combination per-share The initial stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Basis of Presentation The unaudited condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of December 31, 2020 and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K as well as the Company’s filings made with the SEC subsequent to the filing of the Original Filing, including any amendments to those filings. As described in Note 3—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the quarter ended December 31, 2020 10-Q/A December 31, 2020 . Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Liquidity and Capital Resources As of December 31, 2020, the Company had approximately $32,000 in its operating bank account, and working capital of approximately $19,000. The Company’s liquidity needs through December 31, 2020 have been satisfied through a contribution of $25,000 from the Sponsor in exchange for the issuance of the Founder Shares, the pre-IPO “Pre-IPO Pre-IPO Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective target businesses, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased, and interests in certain money market funds regulated pursuant to Rule 2a-7 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and cash equivalents held in the Trust Account. At December 31, 2020 and March 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Derivative Warrant Liabilities The Company accounts for the Warrants in accordance with the guidance contained in Accounting Standard Codification (“ASC”) 815 under which the Warrants do not meet the criteria for equity treatment and must be recorded as derivative liabilities. Accordingly, the Company classifies the warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Merger Sub, at December 31, 2020. The Merger Sub had no assets or liabilities as of December 31, 2020. All significant inter-company transactions and balances have been eliminated in consolidation. Fair Value of Financial Instruments As of December 31, 2020 and March 31, 2020, the carrying values of cash, cash equivalents held in Trust Account, accrued expenses, notes payable – related party, and franchise tax payable approximate their fair values due to the short-term nature of the instruments. See Note 9 for further information. Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering. . A portion of such costs allocated to the issuance of the derivative warrant liabilities in conjunction with the Initial Public Offering were immediately expensed and the remaining amount was charged to shareholders’ equity upon the completion of the Initial Public Offering. Class A Common Stock Subject to Possible Redemption The Company accounts for its shares of Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, 45,397,195 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Income Taxes Income taxes are accounted for under ASC Topic 740, Income Taxes, using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. To the extent that it is more likely than not that deferred tax assets will not be recognized, a valuation allowance would be established to offset their benefit. ASC Topic 740 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company provides for uncertain tax positions, based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties related to unrecognized tax benefits as provision for income taxes on the statement of operations. Net Income (Loss) Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,033,303, of the Company’s Class A common stock in the calculation of diluted loss per share, since their inclusion would be anti-dilutive under the treasury stock method. The Company’s unaudited condensed consolidated statements of operations include a presentation of income (loss) per share for Class A common stock subject to redemption in a manner similar to the two-class Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 3—Restatement of Previously Issued Financial Statements On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies ( 'SPACs' 815-40 In May 2021, the Company reassessed its accounting for Warrants issued in August 2020, in light of the SEC Staff’s published views. and after discussion and evaluation management concluded that the warrants should be presented as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in the Condensed Statement of Operations at each reporting period. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements for the quarters ended September 30, 2020 and December 31, 2020 should be restated because of a misapplication in the guidance around accounting for certain of our outstanding warrants to purchase common stock (the “Warrants”) and should no longer be relied upon. Since the Company classified the Public Warrants as derivative liabilities, offering costs totaling $651,349 that were previously allocated to the reported amount of the Public Warrants are now reflected as an expense in the Condensed Statement of Operations as general and administrative costs. Impact of the Restatement The impact of the restatement on the unaudited condensed consolidated balance sheets, unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of cash flows for the quarter ended December 31, 2020 is presented below: As of December 31, 2020 As Previously Reported Restatement Adjustment As Restated BALANCE SHEET Derivative warrant liability $ — $ 41,059,977 $ 41,059,977 Total liabilities 408,273 41,059,977 41,468,250 Class A common stock subject to possible redemption 495,031,930 (41,059,980 ) 453,971,950 Class A common stock - $0.0001 par value 160 410 570 Additional paid-in 5,371,827 10,439,308 15,811,135 Accumulated deficit (373,234 ) (10,439,715 ) (10,812,949 ) Total stockholders’ equity/(deficit) 5,000,003 3 5,000,006 For the three months ended December 31, 2020 As Reported Restatement Adjustment As Restated STATEMENT OF OPERATIONS Change in fair value of warrant liability $ — $ 8,116,036 $ 8,116,036 Net loss 303,438 8,116,036 8,419,474 Basic and diluted net loss per share, Class A - Private (0.02 ) (0.62 ) Basic and diluted net loss per share, Class B – Common Stock (0.02 ) (0.62 ) For the nine months ended December 31, 2020 As Reported Restatement Adjustment As Restated STATEMENT OF OPERATIONS General and administrative expenses $ 318,453 $ 651,349 $ 969,802 Change in fair value of warrant liability — 9,788,366 9,788,366 Net loss 372,729 10,439,715 10,812,444 Basic and diluted net loss per share, Class A - Private (0.03 ) (0.80 ) Basic and diluted net loss per share, Class B – Common Stock (0.03 ) (0.80 ) For the nine months ended December 31, 2020 As Previously Reported Restatement Adjustment As Restated STATEMENT OF CASH FLOWS Net loss $ 372,729 $ 10,439,715 $ 10,812,444 Change in fair value of derivative warrant liability — 9,788,366 9,788,366 Offering costs allocated to derivative warrant liabilities — 651,349 651,349 Supplemental disclosure of noncash activities: Initial derivative warrant liabilities in connection with initial public offering and Sponsor private placement — 31,271,611 31,271,611 Initial classification of Class A common stock subject to possible redemption 495,404,630 (31,271,610 ) 464,133,020 Change in Class A common stock subject to possible redemption 372,700 9,788,370 10,161,070 |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Initial Public Offering | Note 4—Initial Public Offering In the Initial Public Offering, the Company sold 50,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock, and one-third |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5—Related Party Transactions Founder Shares In September 2019, the Sponsor purchased 11,500,000 shares (the “Founder Shares”) of the Company’s Class B common stock, par value $0.0001 (“Class B common stock”) for an aggregate price of $25,000. On June 25, 2020, the Company effectuated a 1.3125-for-1 per-share 45-day The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading 30-trading Private Placement Units Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 1,100,000 Private Placement Units at a price of $10.00 per Private Placement Unit ($11,000,000 in the aggregate). Each Private Placement Unit consists of one share of Class A common stock (“Private Placement Shares”) and one-third " non-redeemable The Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Shares until 30 days after the completion of the initial Business Combination. The Sponsor and the Company’s officers and directors have further agreed to waive their redemption rights with respect to any Founder Shares or Private Placement Shares held by them and any public shares they may acquire during or after this offering in connection with the completion of our initial Business Combination or otherwise. Underwriter There were two underwriters involved in the Initial Public Offering. One of them is an affiliate of the Sponsor (see Note 6). Business Combination Marketing Agreement The Company has engaged Cantor Fitzgerald & Co., an affiliate of the Sponsor, as an advisor in connection with the Business Combination to assist the Company in holding meetings with its stockholders to discuss the Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay Cantor Fitzgerald & Co. a cash fee (the “Marketing Fee”) for such services upon the consummation of the Business Combination in an amount equal to $17,500,000 in the aggregate, which is equal to 3.5% of the gross proceeds of the Initial Public Offering. Related Party Loans In order to finance transaction costs in connection with an intended Business Combination, the Sponsor has committed up to $750,000 in the sponsor loan (“Sponsor Loan”) to be provided to the Company to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements after the Initial Public Offering and prior to the Business Combination. As of December 31, 2020, the Company had $160,000 outstanding under the Sponsor Loan. As of March 31, 2020, the Company had no outstanding amounts under the Sponsor Loan. Prior to the Initial Public Offering, the Sponsor agreed to make available to the Company, under the Pre-IPO Pre-IPO If the Sponsor Loan is insufficient to cover the working capital requirements of the Company, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Sponsor pays expenses on the Company’s behalf. The Company reimburses the Sponsor. The unpaid balance is included in Payables to related parties on the accompanying condensed consolidated balance sheets. As of December 31, 2020, the Company had accounts payable outstanding to the Sponsor for such expenses paid on the Company’s behalf of approximately $150,000. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6—Commitments and Contingencies Registration and Stockholder Rights Pursuant to a registration rights agreement entered into on August 26, 2020, the holders of Founder Shares and Private Placement Units (and component securities) will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock). These holders will be entitled to certain demand and “piggyback” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted Cantor Fitzgerald & Co., as representative of the underwriters of the Initial Public Offering, a 45-day 45-day The underwriters of the Initial Public Offering were paid a cash underwriting discount of $10,000,000. The Company also engaged a qualified independent underwriter to participate in the preparation of the registration statement and exercise the usual standards of “due diligence” in respect thereto. The Company paid the independent underwriter a fee of $100,000 upon the completion of the Initial Public Offering in consideration for its services and expenses as the qualified independent underwriter. The independent underwriter received no other compensation. Risks and Uncertainties Management is continuing to evaluate the impact of the COVID-19 Business Combination Marketing Agreement The Company has engaged Cantor Fitzgerald & Co. as an advisor in connection with the Business Combination. (see Note 5). |
Warrants
Warrants | 9 Months Ended |
Dec. 31, 2020 | |
Warrants [Abstract] | |
Warrants | Note 7- The Company issued 16,666,637 redeemable Public Warrants that were included in the units issued in its Initial Public Offering and 366,666 redeemable Private Warrants that were issued to the Company’s sponsor in a private placement that closed concurrently with the Initial Public Offering. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its commercially reasonable best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Private Warrants are identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Warrants and the Class A common stock issuable upon the exercise of the warrants included in the Private Placement Units are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, Private Warrants will be exercisable on a cashless basis and be non-redeemable The Company may redeem the Public Warrants (except with respect to the warrants included in the Private Placement Units): • in whole and not in part; • at a price of $0.01 per warrant; • at any time during the exercise period; • upon a minimum of 30 days’ prior written notice of redemption; • if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading 30-trading • if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis”, as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants will expire worthless. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 8—Stockholders’ Equity Class A Common Stock Class B Common Stock The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one as-converted On June 25, 2020, the Sponsor effectuated a recapitalization of the Company, which included a 1.3125-for-1 45-day Preferred stock |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9—Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. December 31, 2020 Description Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Total Assets held in Trust Account: U.S. Treasury Securities $ 500,012,467 — — $ 500,012,467 Derivative warrant liabilities $ 40,166,595 — $ 893,382 $ 41,059,977 Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. The Public Warrants were transferred from level 3 to level 1 on December 31, 2020 upon such warrants being separately listed and traded on October 15, 2020. Level 1 instruments include investments in money market funds and U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The estimated fair value of the Private Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its Warrants based on implied volatility from the Company’s trading activities of Warrants and from historical volatility of a group of peer companies’ common stock that matches the expected remaining life of the Warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs used for valuation of Private Warrants as of December 31, 2020: Stock price $ 11.02 Strike Price $ 11.50 Term (in years) 4.66 Volatility 27.30 % Risk-free rate 0.31 % Dividend yield 0.00 % The change in the fair value of the Private Warrants measured with Level 3 inputs during the nine months ended December 31, 2020 is as follows: Initial issuance of Public and Private Warrants with Level 3 measurements as of August 26, 2020 $ 31,271,611 Change in fair value of derivative warrant liability 9,788,366 Transfer of Private Warrants to Level 1 on December 31, 2020 (40,166,595 ) Derivative warrants liability as of December 31, 2020 measured utilizing Level 3 inputs $ 893,382 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10—Subsequent Events On January 11, 2021, the Company entered into a Subscription Agreement (the “Additional Subscription Agreement”) with GIC Private Ltd., Singapore’s sovereign wealth fund (the “Subscriber”), pursuant to which the Subscriber agreed to purchase, and the Company agreed to sell to the Subscriber a number of shares (the “Additional PIPE Shares”) equal to the lesser of (i) 17,777,778 shares of the Company’s Class A common stock, and (ii) a number of shares of the Company’s Class A common stock such that the Subscriber would own (together with any other shares of Class A common stock that it or its affiliates owned on the date of the Additional Subscription Agreement) 9.85% of the Company’s issued and outstanding shares of Class A common stock after completion of the Merger and the issuance and sale of the PIPE Shares and the Additional PIPE Shares (as further described in the Additional Subscription Agreement). The purchase price for the Additional PIPE Shares will be $11.25 per share, for a maximum aggregate purchase price of $200.0 million. On January 26, 2021, the Company established January 27, 2021 as the record date for the special meeting of stockholders that was held with respect to the previously announced business combination with View (see Note 1). On March 8, 2021, the Company consummated the previously announced merger pursuant to an Agreement and Plan of Merger, dated November 30, 2020 (the “Merger Agreement”), by and among CF II, PVMS Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and Legacy View, Inc. (hereinafter referred to as “Legacy View”). Pursuant to the Merger Agreement, a business combination between the Company and Legacy View was effected through the merger of Merger Sub with and into Legacy View, with Legacy View surviving as the surviving company and as a wholly-owned subsidiary of the Company (the “Merger” and collectively with the other transactions described in the Merger Agreement, the “Transactions”). On March 8, 2021, the Company changed its name from CF Finance Acquisition Corp. II to View, Inc. and Legacy View changed its name to View Operating Corporation. The Company evaluates subsequent events and transactions that occur after the unaudited condensed consolidated financial statements date through the date that the unaudited condensed consolidated financial statements are issued. Based upon this statements’ review, other than what is already disclosed, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased, and interests in certain money market funds regulated pursuant to Rule 2a-7 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and cash equivalents held in the Trust Account. At December 31, 2020 and March 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Derivative Warrant Liabilities | Derivative Warrant Liabilities The Company accounts for the Warrants in accordance with the guidance contained in Accounting Standard Codification (“ASC”) 815 under which the Warrants do not meet the criteria for equity treatment and must be recorded as derivative liabilities. Accordingly, the Company classifies the warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Merger Sub, at December 31, 2020. The Merger Sub had no assets or liabilities as of December 31, 2020. All significant inter-company transactions and balances have been eliminated in consolidation. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments As of December 31, 2020 and March 31, 2020, the carrying values of cash, cash equivalents held in Trust Account, accrued expenses, notes payable – related party, and franchise tax payable approximate their fair values due to the short-term nature of the instruments. See Note 9 for further information. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering. . A portion of such costs allocated to the issuance of the derivative warrant liabilities in conjunction with the Initial Public Offering were immediately expensed and the remaining amount was charged to shareholders’ equity upon the completion of the Initial Public Offering. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its shares of Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, 45,397,195 shares of Class A common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. |
Income Taxes | Income Taxes Income taxes are accounted for under ASC Topic 740, Income Taxes, using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. To the extent that it is more likely than not that deferred tax assets will not be recognized, a valuation allowance would be established to offset their benefit. ASC Topic 740 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company provides for uncertain tax positions, based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties related to unrecognized tax benefits as provision for income taxes on the statement of operations. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,033,303, of the Company’s Class A common stock in the calculation of diluted loss per share, since their inclusion would be anti-dilutive under the treasury stock method. The Company’s unaudited condensed consolidated statements of operations include a presentation of income (loss) per share for Class A common stock subject to redemption in a manner similar to the two-class |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Restatement of Unaudited Financial Statements | The impact of the restatement on the unaudited condensed consolidated balance sheets, unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of cash flows for the quarter ended December 31, 2020 is presented below: As of December 31, 2020 As Previously Reported Restatement Adjustment As Restated BALANCE SHEET Derivative warrant liability $ — $ 41,059,977 $ 41,059,977 Total liabilities 408,273 41,059,977 41,468,250 Class A common stock subject to possible redemption 495,031,930 (41,059,980 ) 453,971,950 Class A common stock - $0.0001 par value 160 410 570 Additional paid-in 5,371,827 10,439,308 15,811,135 Accumulated deficit (373,234 ) (10,439,715 ) (10,812,949 ) Total stockholders’ equity/(deficit) 5,000,003 3 5,000,006 For the three months ended December 31, 2020 As Reported Restatement Adjustment As Restated STATEMENT OF OPERATIONS Change in fair value of warrant liability $ — $ 8,116,036 $ 8,116,036 Net loss 303,438 8,116,036 8,419,474 Basic and diluted net loss per share, Class A - Private (0.02 ) (0.62 ) Basic and diluted net loss per share, Class B – Common Stock (0.02 ) (0.62 ) For the nine months ended December 31, 2020 As Reported Restatement Adjustment As Restated STATEMENT OF OPERATIONS General and administrative expenses $ 318,453 $ 651,349 $ 969,802 Change in fair value of warrant liability — 9,788,366 9,788,366 Net loss 372,729 10,439,715 10,812,444 Basic and diluted net loss per share, Class A - Private (0.03 ) (0.80 ) Basic and diluted net loss per share, Class B – Common Stock (0.03 ) (0.80 ) For the nine months ended December 31, 2020 As Previously Reported Restatement Adjustment As Restated STATEMENT OF CASH FLOWS Net loss $ 372,729 $ 10,439,715 $ 10,812,444 Change in fair value of derivative warrant liability — 9,788,366 9,788,366 Offering costs allocated to derivative warrant liabilities — 651,349 651,349 Supplemental disclosure of noncash activities: Initial derivative warrant liabilities in connection with initial public offering and Sponsor private placement — 31,271,611 31,271,611 Initial classification of Class A common stock subject to possible redemption 495,404,630 (31,271,610 ) 464,133,020 Change in Class A common stock subject to possible redemption 372,700 9,788,370 10,161,070 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value | Description Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Total Assets held in Trust Account: U.S. Treasury Securities $ 500,012,467 — — $ 500,012,467 Derivative warrant liabilities $ 40,166,595 — $ 893,382 $ 41,059,977 |
Summary of Quantitative Information Regarding Fair Value Measurements | The following table provides quantitative information regarding Level 3 fair value measurements inputs used for valuation of Private Warrants as of December 31, 2020: Stock price $ 11.02 Strike Price $ 11.50 Term (in years) 4.66 Volatility 27.30 % Risk-free rate 0.31 % Dividend yield 0.00 % |
Summary of Change in the Fair Value of Warrants | The change in the fair value of the Private Warrants measured with Level 3 inputs during the nine months ended December 31, 2020 is as follows: Initial issuance of Public and Private Warrants with Level 3 measurements as of August 26, 2020 $ 31,271,611 Change in fair value of derivative warrant liability 9,788,366 Transfer of Private Warrants to Level 1 on December 31, 2020 (40,166,595 ) Derivative warrants liability as of December 31, 2020 measured utilizing Level 3 inputs $ 893,382 |
Description of Organization, _2
Description of Organization, Business Operations and Basis of Presentation (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Nov. 30, 2020 | Dec. 31, 2020 | Aug. 31, 2020 | |
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Unit price per share (in Dollars per share) | $ 10 | ||
Business combination, description | Each warrant will become exercisable on the later of 30 days after the completion of the Business Combination or 12 months from the closing of the Initial Public Offering and will expire 5 years after the completion of the Business Combination, or earlier upon redemption or liquidation. | ||
Transaction costs | $ 10,600,000 | ||
Underwriting fees | 10,100,000 | ||
Other costs | 500,000 | ||
Cash | $ 500,000 | ||
Fair market value percentage | 80.00% | ||
Voting percentage | 50.00% | ||
Share price (in Dollars per share) | $ 10 | ||
Net tangible assets business combination | $ 5,000,001 | ||
Redemption percentage | 100.00% | ||
Purchase an aggregate shares (in Shares) | 50,000,000 | ||
Dissolution expenses | $ 100,000 | ||
Share price held in trust account (in Dollars per share) | $ 10 | ||
Operating bank account | $ 32,000 | ||
Working capital | 19,000 | ||
Outstanding under sponsor loan | $ 160,000 | ||
PIPE Investor [Member] | Subscription Agreements [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Unit price per share (in Dollars per share) | $ 10 | ||
Purchase an aggregate shares (in Shares) | 30,000,000 | ||
Aggregate purchase price | $ 300,000,000 | ||
Sponsor [Member] | Subscription Agreements [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Aggregate purchase price | $ 50,000,000 | ||
Initial Public Offering [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Unit offering (in Shares) | 50,000,000 | ||
Unit price per share (in Dollars per share) | $ 10 | ||
Gross proceeds from Initial public offering | $ 500,000,000 | ||
Over-Allotment Option [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Additional capital units (in Shares) | 7,500,000 | ||
Private Placement [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Unit price per share (in Dollars per share) | $ 10 | ||
Aggregate purchase price | $ 11,000,000 | ||
Private Placement [Member] | Sponsor [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Unit offering (in Shares) | 1,100,000 | ||
Unit price per share (in Dollars per share) | $ 10 | ||
Purchase price | $ 11,000,000 | ||
Sponsor [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Contribution | 25,000 | ||
Pre IPO loan amount | 185,000 | ||
Finance transaction costs | $ 750,000 | ||
Class A Common Stock [Member] | |||
Description of Organization, Business Operations and Basis of Presentation (Details) [Line Items] | |||
Common stock price per share (in Dollars per share) | $ 11.50 | ||
Redemption percentage | 15.00% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 9 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Assets Held-in-trust | $ 500,000,000 | $ 0 | |
Federal depository insurance coverage | $ 250,000 | ||
Description of common stock outstanding | The Company’s unaudited condensed consolidated statements of operations include a presentation of income (loss) per share for Class A common stock subject to redemption in a manner similar to the two-class method of income (loss) per share. Net income (loss) per share, basic and diluted for shares of Class A common stock are calculated by dividing the interest income on investments (net), dividends and interest earned on cash equivalents held in the Trust Account, net of applicable taxes available to be withdrawn from the Trust Account by the weighted average number of shares of Class A common stock outstanding for the period, excluding 1,100,000 shares of Class A common stock held by the Sponsor and the Company’s officers and directors, which is not subject to redemption. Net loss per share, basic and diluted for shares of Class B common stock is calculated by dividing the net loss, less income attributable to the shares of redeemable Class A common stock by the weighted average number of shares of Class B common stock and 1,100,000 shares of Class A common stock held by the Sponsor and the Company’s officers and directors outstanding for the period. | ||
Common Class A [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Common Stock Subject to Possible Redemption (in Shares) | 45,397,195 | ||
Weighted-average number of shares (in Shares) | 17,033,303 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Schedule of Restatement of Unaudited Financial Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 26, 2019 | |
BALANCE SHEET | |||||||
Derivative warrant liability | $ 41,059,977 | $ 41,059,977 | |||||
Total liabilities | 41,468,250 | 41,468,250 | $ 505 | ||||
Class A common stock subject to possible redemption | 453,971,950 | 453,971,950 | |||||
Class A common stock - $0.0001 par value | 570 | 570 | |||||
Additional paid-in capital | 15,811,135 | 15,811,135 | 23,562 | ||||
Accumulated deficit | (10,812,949) | (10,812,949) | (505) | ||||
Total stockholders' equity/(deficit) | 5,000,006 | $ 25,000 | 5,000,006 | $ 5,000,010 | $ 24,495 | 24,495 | |
STATEMENT OF OPERATIONS | |||||||
General and administrative expenses | 265,855 | 969,802 | |||||
Change in fair value of warrant liability | 8,116,036 | 9,788,366 | |||||
Net loss | 8,419,474 | 10,812,444 | |||||
STATEMENT OF CASH FLOWS | |||||||
Net loss | 8,419,474 | 10,812,444 | |||||
Change in fair value of derivative warrant liabilities | $ 8,116,036 | 9,788,366 | |||||
Offering costs allocated to derivative warrant liabilities | 651,349 | ||||||
Supplemental disclosure of noncash activities: | |||||||
Initial derivative warrant liabilities in connection with initial public offering and Sponsor private placement | 31,271,611 | ||||||
Initial classification of Class A common stock subject to possible redemption | 464,133,020 | ||||||
Change in Class A common stock subject to possible redemption | $ 10,161,070 | ||||||
Common Stock Class A Private Placement [Member] | |||||||
STATEMENT OF OPERATIONS | |||||||
Basic and diluted net loss per share | $ (0.62) | $ (0.80) | |||||
Common Class B [Member] | |||||||
BALANCE SHEET | |||||||
Total stockholders' equity/(deficit) | $ 1,250 | $ 1,438 | $ 1,250 | $ 1,438 | $ 1,438 | $ 1,438 | |
STATEMENT OF OPERATIONS | |||||||
Basic and diluted net loss per share | $ (0.62) | $ (0.80) | |||||
As Previously Reported | |||||||
BALANCE SHEET | |||||||
Derivative warrant liability | $ 0 | $ 0 | |||||
Total liabilities | 408,273 | 408,273 | |||||
Class A common stock subject to possible redemption | 495,031,930 | 495,031,930 | |||||
Class A common stock - $0.0001 par value | 160 | 160 | |||||
Additional paid-in capital | 5,371,827 | 5,371,827 | |||||
Accumulated deficit | (373,234) | (373,234) | |||||
Total stockholders' equity/(deficit) | 5,000,003 | 5,000,003 | |||||
STATEMENT OF OPERATIONS | |||||||
General and administrative expenses | 318,453 | ||||||
Change in fair value of warrant liability | 0 | 0 | |||||
Net loss | 303,438 | 372,729 | |||||
STATEMENT OF CASH FLOWS | |||||||
Net loss | 303,438 | 372,729 | |||||
Change in fair value of derivative warrant liabilities | $ 0 | 0 | |||||
Offering costs allocated to derivative warrant liabilities | 0 | ||||||
Supplemental disclosure of noncash activities: | |||||||
Initial derivative warrant liabilities in connection with initial public offering and Sponsor private placement | 0 | ||||||
Initial classification of Class A common stock subject to possible redemption | 495,404,630 | ||||||
Change in Class A common stock subject to possible redemption | $ 372,700 | ||||||
As Previously Reported | Common Stock Class A Private Placement [Member] | |||||||
STATEMENT OF OPERATIONS | |||||||
Basic and diluted net loss per share | $ (0.02) | $ (0.03) | |||||
As Previously Reported | Common Class B [Member] | |||||||
STATEMENT OF OPERATIONS | |||||||
Basic and diluted net loss per share | $ (0.02) | $ (0.03) | |||||
Restatement Adjustment | |||||||
BALANCE SHEET | |||||||
Derivative warrant liability | $ 41,059,977 | $ 41,059,977 | |||||
Total liabilities | 41,059,977 | 41,059,977 | |||||
Class A common stock subject to possible redemption | (41,059,980) | (41,059,980) | |||||
Class A common stock - $0.0001 par value | 410 | 410 | |||||
Additional paid-in capital | 10,439,308 | 10,439,308 | |||||
Accumulated deficit | (10,439,715) | (10,439,715) | |||||
Total stockholders' equity/(deficit) | 3 | 3 | |||||
STATEMENT OF OPERATIONS | |||||||
General and administrative expenses | 651,349 | ||||||
Change in fair value of warrant liability | 8,116,036 | 9,788,366 | |||||
Net loss | 8,116,036 | 10,439,715 | |||||
STATEMENT OF CASH FLOWS | |||||||
Net loss | 8,116,036 | 10,439,715 | |||||
Change in fair value of derivative warrant liabilities | $ 8,116,036 | 9,788,366 | |||||
Offering costs allocated to derivative warrant liabilities | 651,349 | ||||||
Supplemental disclosure of noncash activities: | |||||||
Initial derivative warrant liabilities in connection with initial public offering and Sponsor private placement | 31,271,611 | ||||||
Initial classification of Class A common stock subject to possible redemption | (31,271,610) | ||||||
Change in Class A common stock subject to possible redemption | $ 9,788,370 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Offering Cost [Member] | Public Warrants [Member] | General and Administrative Expense [Member] | |
Offering costs reclassified to the income statement | $ 651,349 |
Initial Public Offering (Detail
Initial Public Offering (Details) | 9 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Initial Public Offering (Details) [Line Items] | |
Sale of units (in Shares) | shares | 50,000,000 |
Sale of stock price per unit | $ 10 |
Class A Common Stock [Member] | Public Warrant [Member] | |
Initial Public Offering (Details) [Line Items] | |
Sale of stock price per unit | $ 11.50 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Oct. 10, 2020 | Aug. 31, 2020 | Jun. 25, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Mar. 31, 2020 |
Related Party Transactions (Details) [Line Items] | ||||||
Sponsor purchased shares (in Shares) | 50,000,000 | |||||
Related party transaction, description of transaction | <tr><td></td></tr></table>" id="sjs-C4">In August 2020, the Sponsor transferred 20,000 Founder Shares to Mr. Robert Hochberg, an independent director (none of which were subject to forfeiture in the event that the underwriters’ over-allotment option was not exercised in full).<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |||||
Ownership percentage | 20.00% | |||||
Loan amount | $ 750,000 | |||||
Outstanding under sponsor loan | 160,000 | |||||
Sponsor pre-IPO loan | 300,000 | |||||
Accounts payable outstanding | $ 150,000 | |||||
Sponsor [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Shares outstanding and held by the sponsor (in Shares) | 14,375,000 | |||||
Mr. Hochberg [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Business combination shares transferred (in Shares) | 20,000 | |||||
Private Placement Unit [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Private placement warrants, shares (in Shares) | 1,100,000 | |||||
Warrants price per share (in Dollars per share) | $ 10 | |||||
Aggregate purchase price | $ 11,000,000 | |||||
Price per share (in Dollars per share) | $ 11.50 | |||||
Initial Public Offering [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Number of underwriters | 2 | |||||
Business combination, amount | $ 17,500,000 | |||||
Business combination gross proceeds, percentage | 3.50% | |||||
Founder Shares [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sponsor purchased shares (in Shares) | 11,500,000 | |||||
Common stock, par value (in Dollars per share) | $ 0.0001 | |||||
Aggregate price | $ 25,000 | |||||
Stock split, description | On June 25, 2020, the Company effectuated a 1.3125-for-1 stock split. | |||||
Aggregate of cancelled shares (in Shares) | 718,750 | |||||
Initial business combination, description | The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. | |||||
Common Class B [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Common Class B [Member] | Over-Allotment Option [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Shares outstanding and held by the sponsor (in Shares) | 1,875,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Business combination underwriting agreement | The Company granted Cantor Fitzgerald & Co., as representative of the underwriters of the Initial Public Offering, a 45-day option to purchase up to 7,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On October 10, 2020, the 45-day over-allotment option expired unexercised. |
Cash underwriting discount | $ 10,000,000 |
Underwriting fee | $ 100,000 |
Warrants (Details)
Warrants (Details) | 9 Months Ended |
Dec. 31, 2020shares | |
Warrants [Line Items] | |
Warrant expire period | 5 years |
Warrant for redemption, description | The Company may redeem the Public Warrants (except with respect to the warrants included in the Private Placement Units):   • in whole and not in part;   • at a price of $0.01 per warrant;   • at any time during the exercise period;   • upon a minimum of 30 days’ prior written notice of redemption;   • if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and   • if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. |
Public Warrants [Member] | |
Warrants [Line Items] | |
Warrants issued during period new units issued | 16,666,637 |
Private Warrants [Member] | |
Warrants [Line Items] | |
Warrants issued during period new units issued | 366,666 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 1 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Jun. 25, 2020 | Dec. 31, 2020 | Oct. 10, 2020 | Mar. 31, 2020 | |
Stockholders' Equity (Details) [Line Items] | |||||
Stock split, description | On June 25, 2020, the Sponsor effectuated a recapitalization of the Company, which included a 1.3125-for-1 stock split | ||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Founder Shares [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Shares returned by the sponsor | 718,750 | ||||
Common stock forfeited | 1,875,000 | ||||
Shares outstanding | 12,500,000 | ||||
Class A Common Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Common shares issued | 5,702,805 | 0 | |||
Common shares subject to possible redemption | 45,397,195 | ||||
Shares returned by the sponsor | 1,100,000 | ||||
Common stock, shares outstanding | 5,702,805 | 0 | |||
Common Class B [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Common shares issued | 12,500,000 | 14,375,000 | |||
Common stock, shares outstanding | 12,500,000 | 14,375,000 | |||
Common stock conversion basis | 20.00% | ||||
Common Class B [Member] | Business Combination [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Common stock, shares authorized | 20,000,000 | ||||
Common stock, par value (in Dollars per share) | $ 0.0001 | ||||
Common stock, shares outstanding | 12,500,000 |
Fair Value Measurements - Summ
Fair Value Measurements - Summary of Assets Measured at Fair Value (Details) | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative warrant liabilities | $ 41,059,977 |
U.S. Treasury Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets held in Trust Account | 500,012,467 |
Quoted Prices in Active Markets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative warrant liabilities | 40,166,595 |
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Treasury Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets held in Trust Account | 500,012,467 |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative warrant liabilities | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets held in Trust Account | |
Significant Other UnObservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative warrant liabilities | 893,382 |
Significant Other UnObservable Inputs (Level 3) [Member] | U.S. Treasury Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets held in Trust Account |
Fair Value Measurements -Summar
Fair Value Measurements -Summary of Quantitative Information Regarding Fair Value Measurements (Details) | Dec. 31, 2020yr$ / shares |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Stock price | $ 10 |
Private Warrants [Member] | Level 3 [Member] | Stock price [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Stock price | $ 11.02 |
Private Warrants [Member] | Level 3 [Member] | Strike Price [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 11.50 |
Private Warrants [Member] | Level 3 [Member] | Term (in years) [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | yr | 4.66 |
Private Warrants [Member] | Level 3 [Member] | Volatility [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 27.30 |
Private Warrants [Member] | Level 3 [Member] | Risk-free rate [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 0.31 |
Private Warrants [Member] | Level 3 [Member] | Dividend yield [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Change in the Fair Value of Warrants (Details) - Level 3 [Member] - Fair Value, Recurring [Member] - Private Warrants [Member] | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Initial issuance of Public and Private Warrants with Level 3 measurements as of August 26, 2020 | $ 31,271,611 |
Change in fair value of warrant liability | 9,788,366 |
Transfer of Private Warrants to Level 1 on December 31, 2020 | (40,166,595) |
Derivative warrants liability as of December 31, 2020 measured utilizing Level 3 inputs | $ 893,382 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 11, 2021 |
Subsequent Event [Member] | Subscription Agreements [Member] | |
Subsequent Events (Details) [Line Items] | |
Description of subsequent events | (i) 17,777,778 shares of the Company’s Class A common stock, and (ii) a number of shares of the Company’s Class A common stock such that the Subscriber would own (together with any other shares of Class A common stock that it or its affiliates owned on the date of the Additional Subscription Agreement) 9.85% of the Company’s issued and outstanding shares of Class A common stock after completion of the Merger and the issuance and sale of the PIPE Shares and the Additional PIPE Shares (as further described in the Additional Subscription Agreement). The purchase price for the Additional PIPE Shares will be $11.25 per share, for a maximum aggregate purchase price of $200.0 million. |