Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2021 | |
Document Information Line Items | |
Entity Registrant Name | Alpha Healthcare Acquisition Corp. |
Document Type | S-4/A |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 4 |
Entity Central Index Key | 0001818382 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | DE |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash | $ 513,059 | $ 1,094,761 |
Prepaid expenses | 124,582 | 148,977 |
Total current assets | 637,641 | 1,243,738 |
Cash Held in Trust account | 100,029,852 | 100,016,161 |
Total assets | 100,667,493 | 101,259,899 |
Liabilities and Stockholders’ Equity | ||
Accounts payable and accrued expenses | 5,000 | 5,000 |
Franchise tax payable | 113,475 | 113,475 |
Due to related party | 10,000 | 34,334 |
Promissory Note – Related Party | 7,172 | 95,136 |
Total current liabilities | 135,647 | 247,945 |
Warrant Liabilities | 14,993,775 | 6,038,351 |
Deferred underwriters’ discount | 2,127,821 | 1,959,758 |
Total liabilities | 17,257,243 | 8,246,054 |
Commitments | ||
Class A common stock subject to possible redemption | 78,410,240 | 88,013,840 |
Stockholders’ Equity: | ||
Preferred stock value | ||
Class A common stock, value | 252 | 156 |
Class B common stock, value | 250 | 250 |
Additional paid-in capital | 13,015,395 | 3,579,954 |
Accumulated earnings (deficit) | (8,015,887) | 1,419,645 |
Total stockholders’ equity | 5,000,010 | 5,000,005 |
Total liabilities and stockholders’ equity | $ 100,667,493 | $ 101,259,899 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, 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 | ||
Class A common stock subject to possible redemption shares | 7,841,024 | 8,801,384 |
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 | 2,513,976 | 1,553,616 |
Common stock, shares outstanding | 2,513,976 | 1,553,616 |
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,500,000 | 2,500,000 |
Common stock, shares outstanding | 2,500,000 | 2,500,000 |
Condensed Statement of Operatio
Condensed Statement of Operations - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Formation and operating costs | $ 493,818 | $ 249,524 |
Loss from operations | (493,818) | (249,524) |
Other Income | ||
Interest income | 19 | 16,191 |
Interest income on marketable securities held in Trust account | 13,691 | |
Change in fair value of warrant liabilities | (8,955,424) | 1,970,001 |
Offering expenses related to warrant issuance | (317,023) | |
Total other income (loss) | (8,941,714) | 1,669,169 |
Net loss | $ (9,435,532) | $ 1,419,645 |
Weighted average shares outstanding, Class A common stock subject to possible redemption (in Shares) | 10,350,000 | |
Basic and diluted net income per share, Class A common stock subject to possible redemption (in Dollars per share) | $ 0 | |
Weighted average shares outstanding, Non-redeemable common stock (in Shares) | 8,625,000 | |
Basic and diluted net loss per share, Non-redeemable (in Dollars per share) | $ (0.20) | |
Class A Common Stock | ||
Other Income | ||
Weighted average shares outstanding (in Shares) | 6,338,515 | |
Basic and diluted net loss per share (in Dollars per share) | $ 0 | |
Class B Common Stock | ||
Other Income | ||
Weighted average shares outstanding (in Shares) | 2,500,000 | |
Basic and diluted net loss per share (in Dollars per share) | $ 0.56 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders’ Equity - USD ($) | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Accumulated Earnings (Deficit) | Total |
Balance at Jul. 01, 2020 | |||||
Balance (in Shares) at Jul. 01, 2020 | |||||
Class B common stock issued to Sponsor | $ 288 | 24,712 | 25,000 | ||
Class B common stock issued to Sponsor (in Shares) | 2,875,000 | ||||
Sale of Units in Initial Public Offering, net of underwriter fee and fair value of public warrants | $ 1,000 | 99,999,000 | 100,000,000 | ||
Sale of Units in Initial Public Offering, net of underwriter fee and fair value of public warrants (in Shares) | 10,000,000 | ||||
Underwriter fee | (2,000,000) | (2,000,000) | |||
Fair value of warrants | (8,008,352) | (8,008,352) | |||
Reclassification of offering cost related to warrant issuance | 317,023 | 317,023 | |||
Sale of Private Placement Units | $ 36 | 3,549,964 | 3,550,000 | ||
Sale of Private Placement Units (in Shares) | 355,000 | ||||
Forfeiture of 375,000 shares by initial stockholders | $ (38) | 38 | |||
Forfeiture of 375,000 shares by initial stockholders (in Shares) | (375,000) | ||||
Change in deferred underwriter discount | (1,959,758) | (1,959,758) | |||
Other offering costs charged to the stockholders’ equity | (329,713) | (329,713) | |||
Change in Class A common stock subject to possible redemption | $ (880) | (88,012,960) | (88,013,840) | ||
Change in Class A common stock subject to possible redemption (in Shares) | (8,801,384) | ||||
Net income (loss) | 1,419,645 | 1,419,645 | |||
Balance at Dec. 31, 2020 | $ 156 | $ 250 | 3,579,954 | 1,419,645 | 5,000,005 |
Balance (in Shares) at Dec. 31, 2020 | 1,553,616 | 2,500,000 | |||
Change in deferred underwriter discount | (168,063) | (168,063) | |||
Change in Class A common stock subject to possible redemption | $ 96 | 9,603,504 | 9,603,600 | ||
Change in Class A common stock subject to possible redemption (in Shares) | 960,360 | ||||
Net income (loss) | (9,435,532) | (9,435,532) | |||
Balance at Mar. 31, 2021 | $ 252 | $ 250 | $ 13,015,395 | $ (8,015,887) | $ 5,000,010 |
Balance (in Shares) at Mar. 31, 2021 | 2,513,976 | 2,500,000 |
Condensed Statement of Change_2
Condensed Statement of Changes in Stockholders’ Equity (Parentheticals) | 6 Months Ended |
Dec. 31, 2020shares | |
Statement of Stockholders' Equity [Abstract] | |
Forfeiture of shares by initial stockholders | 375,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net income | $ (9,435,532) | $ 1,419,645 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Income on trust account | (13,691) | (16,161) |
Change in fair value of warrant liabilities | 8,955,424 | (1,970,001) |
Offering costs allocated to warrants | 317,023 | |
Changes in current assets and current liabilities: | ||
Prepaid assets | 24,395 | (148,977) |
Due to related party | (24,334) | 34,334 |
Franchise tax payable | 113,475 | |
Accounts payable | 5,000 | |
Net cash used in operating activities | (493,738) | (245,662) |
Cash Flows from Investing Activities: | ||
Investment of cash into trust account | (100,000,000) | |
Net cash used in investing activities | (100,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from Initial Public Offering, net of underwriters’ discount | 98,000,000 | |
Proceeds from private placement | 3,550,000 | |
Proceeds from issuance of founder shares | 25,000 | |
Proceeds from issuance of promissory note to related party | 52,627 | 95,136 |
Repayment of promissory note to related party | (140,591) | |
Payments of offering costs | (329,713) | |
Net cash used in financing activities | (87,964) | 101,340,423 |
Net Change in Cash | (581,702) | 1,094,761 |
Cash - Beginning | 1,094,761 | |
Cash - Ending | 513,059 | 1,094,761 |
Supplemental Disclosure of Non-cash Financing Activities: | ||
Initial value of Class A common stock subject to possible redemption | 86,243,120 | |
Initial value of warrant liabilities | 8,008,352 | |
Change in value of Class A common stock subject to possible redemption | (9,603,600) | 1,770,720 |
Change in deferred underwriter discount payable charged to additional paid in capital | $ 168,063 | $ 1,959,758 |
Organization and Business Opera
Organization and Business Operations | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Organization and Business Operations | Note 1 — Organization and Business Operations Organization and General Alpha Healthcare Acquisition Corp. (the “Company”) was incorporated as a Delaware corporation on July 1, 2020. The Company was incorporated 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”). The Company has not selected any specific business combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. The Company has selected December 31 as its fiscal year end. As of March -operating Financing The registration statement for the Company’s IPO was declared effective on September Simultaneously with the closing of the IPO, the Company consummated the sale of 355,000 Units (the “Private Placement Units”) the Sponsor, Oppenheimer & Co. Inc. (“Oppenheimer”) and Northland Securities, Inc. (“Northland”) at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $3,550,000, which is described in Note 4. Transaction costs amounted to $4,197,388 consisting of $2,000,000 of underwriting fee, $1,959,758 of deferred underwriting fee and $329,713 of other offering costs. Of the total transaction cost $317,023 was expensed as non -operating Trust Account Following the closing of the IPO on September -ended -7 Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds are intended to be generally applied toward consummating a business combination. The Company’s business combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (net of taxes payable) at the time of the signing an agreement to enter into a business combination. However, the Company will only complete a business combination if the post -business The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The shares of common stock subject to redemption is recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, 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 consummation of a business combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the business combination. The Company will have 24 The Company’s sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the completion of the initial business combination, (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares if the Company fails to complete the initial business combination within the Combination Period. The Company’s sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its sponsor would be able to satisfy those obligations. Liquidity As of March Through March The Company anticipates that the $513,059 outside of the Trust Account as of March The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the Company’s estimates of the costs of undertaking in -depth Risks and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID -19 -19 -19 -19 -19 measures being implemented to contain the COVID -19 -19 | Note 1 — Organization and Business Operations Organization and General Alpha Healthcare Acquisition Corp. (the “Company”) was incorporated as a Delaware corporation on July The Company has selected December 31 as its fiscal year end. As of December -operating Financing The registration statement for the Company’s IPO was declared effective on September Simultaneously with the closing of the IPO, the Company consummated the sale of 355,000 Units (the “Private Placement Units”) the Sponsor, Oppenheimer & Co. Inc. (“Oppenheimer”) and Northland Securities, Inc. (“Northland”) at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $3,550,000, which is described in Note 5. Transaction costs amounted to $4,197,388 consisting of $2,000,000 of underwriting fee, $1,959,758 of deferred underwriting fee and $329,713 of other offering costs. Of the total transaction cost $317,023 was expensed as non -operating Trust Account Following the closing of the IPO on September -ended -7 Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO, although substantially all of the net proceeds are intended to be generally applied toward consummating a business combination. The Company’s business combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (net of taxes payable) at the time of the signing an agreement to enter into a business combination. However, the Company will only complete a business combination if the post -business The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The shares of common stock subject to redemption is recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, 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 consummation of a business combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the business combination. The Company will have 24 The Company’s sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder shares, private placement shares and public shares in connection with the completion of the initial business combination, (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares if the Company fails to complete the initial business combination within the Combination Period. The Company’s sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its sponsor would be able to satisfy those obligations. Liquidity As of December Through December The Company anticipates that the $1,094,761 outside of the Trust Account as of December The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the Company’s estimates of the costs of undertaking in -depth Risks and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID -19 -19 -19 -19 -19 -19 -19 |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 6 Months Ended |
Dec. 31, 2020 | |
Restatement Of Previously Issued Financial Statements Disclosure [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements On April -evaluated -40 Derivatives and Hedging — Contracts in Entity’s Own Equity -40 Accordingly, the Company has restated the value and classification of the Warrants in the Company’s financial statements included herein (“Restatement”). The following summarizes the effect of the Restatement on each financial statement line item for each period presented herein, each prior interim period of the current fiscal year, and as of the date of the Company’s consummation of its IPO. As of December 31, 2020 As Reported Adjustment As Adjusted Balance Sheet — Warrant Liabilities $ — $ 6,038,351 $ 6,038,351 Deferred underwriting fee 1,847,788 111,970 1,959,758 Total Liabilities 2,095,733 6,150,321 8,246,054 Shares Subject to Redemption 94,164,160 (6,150,321 ) 88,013,840 Class A Common Stock 94 62 156 Class B Common Stock 250 — 250 Additional Paid in Capital 5,232,995 (1,653,041 ) 3,579,954 (Accumulated Deficit)/Retained Earnings (233,333 ) 1,652,978 1,419,645 Total Stockholders’ Equity $ 5,000,006 $ (1 ) $ 5,000,005 For the from July 1, 2020 (inception) to December 31, 2020 As Reported Adjustment As Adjusted Statement of Operations: Loss from operations $ (249,524 ) $ — $ (249,524 ) Other (expense) income: Change in fair value of warrant liabilities — 1,970,001 1,970,001 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Interest income 16,191 — 16,191 Total other (expense) income 16,191 1,652,978 1,669,169 Net (loss)/income (233,333 ) 1,652,978 1,419,645 Weighted average shares outstanding – basic and diluted 3,060,308 (3,060,308 ) — Basic and Diluted net (loss)/income per share $ (0.08 ) $ 0.08 $ — Weighted average shares outstanding, Class A ordinary shares subject to possible redemption — 6,338,515 6,338,515 Basic and diluted net income per share, Class A ordinary shares subject to possible redemption — $ 0.00 $ 0.00 Weighted average shares outstanding, Non-redeemable ordinary shares — 2,500,000 2,500,000 Basic and diluted net loss per share, Non-redeemable ordinary shares — $ 0.56 $ 0.56 For the period from July 1, 2020 (inception) to December 31, 2020 As Reported Adjustment As Adjusted Statement of Cash Flows: Net (loss)/income $ (233,333 ) $ 1,652,978 $ 1,419,645 Change in fair value of warrant liabilities — 1,970,001 1,970,001 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Adjustments to reconcile net loss to net cash used in Net cash used in operating activities (245,662 ) — (245,662 ) Net cash used in investing activities (100,000,000 ) — (100,000,000 ) Net cash provided by financing activities 101,340,423 — 101,340,423 Net change in cash $ 1,094,761 $ — $ 1,094,761 Supplemental Non-cash financing activities disclosure Initial value of Class A common stock subject to possible redemption $ 94,394,110 $ (8,150,990 ) $ 86,243,120 Initial value of warrant liabilities $ — $ 8,008,352 $ 8,008,352 Change in value of Class A common stock subject to possible redemption $ (229,950 ) $ 2,000,670 $ 1,770,720 Deferred underwriters’ discount payable charged to additional paid-in-capital $ 1,847,788 $ 111,970 $ 1,959,758 As of September 30, 2020 As Reported Adjustment As Adjusted Balance Sheet Warrant Liabilities $ — $ 7,790,373 $ 7,790,373 Deferred underwriting fee 1,846,265 140,937 1,987,202 Total Liabilities 1,966,737 7,931,310 9,898,047 Shares Subject to Redemption 94,358,060 (7,931,310 ) 86,426,750 Class A Common Stock 92 80 172 Class B Common Stock 288 288 Additional Paid in Capital 5,040,582 98,964 5,139,546 (Accumulated Deficit) (40,952 ) (99,044 ) (139,996 ) Total Stockholders’ Equity 5,000,010 — 5,000,010 For the period from July 1, 2020 (inception) to September 30, 2020 As Reported Adjustment As Adjusted Statement of Operations: Loss from operations $ (18,775 ) $ — $ (18,775 ) Other (expense) income: Change in fair value of warrant liabilities — 217,979 217,979 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Interest income (22,177 ) — (22,177 ) Total other (expense) income (22,177 ) (99,044 ) (121,221 ) Loss $ (40,952 ) $ — $ (139,996 ) Weighted average shares outstanding – basic and diluted 2,888,352 (2,888,352 ) — Basic and Diluted net (loss)/income per share $ (0.01 ) 0.01 $ — Weighted average shares outstanding, Class A ordinary shares subject to possible redemption — 910,330 910,330 Basic and diluted net income per share, Class A ordinary shares subject to possible redemption — $ (0.02 ) $ (0.02 ) Weighted average shares outstanding, Non-redeemable ordinary shares — 1,978,022 1,978,022 Basic and diluted net loss per share, Non-redeemable ordinary shares — $ (0.06 ) $ (0.06 ) For the period from July 1, 2020 (inception) to September 30, 2020 As Reported Adjustment As Adjusted Statement of Cash Flows: Net loss (40,952 ) (99,044 ) (139,996 ) Adjustments to reconcile net loss to net cash used in operating activities — — — Change in fair value of warrant liabilities — 217,979 217,979 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Net cash used in operating activities (18,049 ) — (18,049 ) Net cash used in investing activities (100,000,000 ) — (100,000,000 ) Net cash provided by financing activities 101,334,363 — 101,334,363 Net change in cash $ 1,316,314 $ — $ 1,316,314 Supplemental Non-cash financing activities disclosure Initial value of Class A common stock subject to possible redemption $ 94,394,110 $ (8,150,990 ) $ 86,243,120 Initial value of warrant liabilities $ — $ 8,008,352 $ 8,008,352 Change in value of Class A common stock subject to possible redemption $ (36,050 ) $ 219,680 $ 183,630 Deferred underwriters’ discount payable charged to additional paid-in-capital $ 1,846,265 $ 140,937 $ 1,987,202 As of September 22, 2020 As Reported Adjustment As Adjusted Balance Sheet Warrant Liabilities $ — $ 8,008,352 $ 8,008,352 Deferred underwriting fee 1,848,103 142,642 1,990,745 Total Liabilities 2,177,082 8,150,994 10,328,076 Shares Subject to Redemption 94,394,110 (8,150,990 ) 86,243,120 Class A Common Stock 92 82 174 Class B Common Stock 288 288 Additional Paid in Capital 5,002,694 316,937 5,319,631 (Accumulated Deficit) (3,066 ) (317,023 ) (320,089 ) Total Stockholders’ Equity $ 5,000,008 $ (4 ) $ 5,000,004 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Significant Accounting Policies | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10 -Q -X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10 -K -K Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (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 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging Use of Estimates The preparation of financial statements in conformity with US GAAP requires 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 and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short -term Marketable Securities Held in Trust Account At March Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At March Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including 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, common stock are classified as stockholders’ equity. The Company’s 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, as of March Net Loss per Common Stock Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two -class Below is a reconciliation of the net income per common share: For the three Numerator Earnings allocable to Class A common stock Interest income on Trust account $ 13,691 Class A common stock net earnings $ 13,691 Denominator: Weighted average Class A shares Class A Common stock, basic and diluted 10,355,000 Earnings/basic and diluted per share Class A common stock $ 0.00 Numerator: Net income minus Earnings allocable to Class A common stock Net income (loss) $ (9,435,532 ) Less: Earnings allocable to Class A common stock 13,691 Class B net income $ (9,449,223 ) Denominator: weighted average Class B common stock Class B common stock, basic and diluted 2,500,000 Income/Basic and diluted per share Class B common stock $ (3.78 ) Offering Costs The Company complies with the requirements of the ASC 340 -10-S99-1 -operating Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. Derivative warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815 -15 -assessed The Company accounts for its 5,177,500 common stock warrants issued in connection with its Initial Public Offering (5,000,000) and Private Placement (177,500) as derivative warrant liabilities in accordance with ASC 815 -40 -measurement -Carlo Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March The Company has identified the United States as its only “major” tax jurisdiction. The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. | Note 3 — Significant Accounting Policies Basis of Presentation The accompanying financial statements of the Company is presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the financial position, and the results of its operations and its cash flows. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (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 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging Use of Estimates The preparation of financial statements in conformity with US GAAP requires 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 and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short -term Marketable Securities Held in Trust Account At December The Company classifies its United States Treasury securities as held -to-maturity -to-maturity -to-maturity A decline in the market value of held -to-maturity -end Premiums and discounts are amortized or accreted over the life of the related held -to-maturity -interest Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At December Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including 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, common stock are classified as stockholders’ equity. The Company’s 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, as of December Net Loss per Common Stock Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two -class Below is a reconciliation of the net income per common share: For the period Numerator Earnings allocable to Class A common stock subject to possible redemption Interest income on Trust account $ 16,161 Class A common stock subject to possible redemption net earnings $ 16,161 Denominator: Weighted average Class A shares subject to possible redemption Class A Common stock subject to possible redemption, basic and diluted 6,338,515 Earnings/basic and diluted per share Class A common stock subject to possible redemption $ 0.00 Numerator: Net income minus Earnings allocable to Class A common stock subject to possible redemption Net income (loss) $ 1,419,645 Less: Earnings allocable to Class A common stock subject to possible redemption 16,161 Non-redeemable ordinary shares net income $ 1,403,484 Denominator: weighted average Non-redeemable ordinary shares Non-redeemable ordinary shares, basic and diluted 2,500,000 Income/Basic and diluted per share Non-redeemable ordinary shares $ 0.56 Offering Costs The Company complies with the requirements of the ASC 340 -10-S99-1 -operating Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. Derivative warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815 -15 -assessed The Company accounts for its 5,152,500 common stock warrants issued in connection with its Initial Public Offering (5,000,000) and Private Placement (152,500) as derivative warrant liabilities in accordance with ASC 815 -40 -measurement -Carlo Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December The Company has identified the United States as its only “major” tax jurisdiction. The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Proposed Public Offering Policy [Abstract] | ||
Initial Public Offering | Note 3 — Initial Public Offering Pursuant to the IPO on September -half | Note 4 — Initial Public Offering Pursuant to the IPO on September -half |
Private Placement
Private Placement | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Private Placement Disclosure [Abstract] | ||
Private Placement | Note 4 — Private Placement Simultaneously with the closing of the IPO, the Company consummated the Private Placement with the Company’s Sponsor, AHAC Sponsor LLC, Oppenheimer, the representative of the underwriters, who is referred to as the representative, and Northland purchased an aggregate of 355,000 placement units at a price of $10.00 per unit, for an aggregate purchase price of $3,550,000. Each placement unit is identical to the units sold in the IPO. The private placement warrants will be non -redeemable The Company’s sponsor, the representative and Northland have agreed to (i) waive their redemption rights with respect to their private placement shares in connection with the completion of the Company’s initial business combination, (ii) waive their redemption rights with respect to their private placement shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 -initial | Note 5 — Private Placement Simultaneously with the closing of the IPO, the Company consummated the Private Placement with the Company’s Sponsor, AHAC Sponsor LLC, Oppenheimer, the representative of the underwriters, who is referred to as the representative, and Northland purchased an aggregate of 355,000 placement units at a price of $10.00 per unit, for an aggregate purchase price of $3,550,000. Each placement unit is identical to the units sold in the IPO. The private placement warrants will be non -redeemable The Company’s sponsor, the representative and Northland have agreed to (i) waive their redemption rights with respect to their private placement shares in connection with the completion of the Company’s initial business combination, (ii) waive their redemption rights with respect to their private placement shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 -initial |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On July -allotment -allotment -day Promissory Note — Related Party On July -interest Administrative Service Fee The Company has agreed, commencing on the effective date of the prospectus, to pay an affiliate of the Company’s sponsor a monthly fee of an aggregate of $10,000 for general and administrative services including office space, utilities and secretarial and administrative support. This arrangement will terminate upon completion of a business combination or the liquidation of the Company. For the three months ended March Related Party Loans In addition, in order to finance transactions costs in connection with a business combination, the sponsor, or certain of the Company’s officers, directors, or their affiliates 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 Working Capital Loans would either be repaid upon consummation of a business combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be converted into units of the post business combination entity at a price of $10.00 per unit. | Note 6 — Related Party Transactions Founder Shares On July -allotment -allotment -day Promissory Note — Related Party On July -interest Administrative Service Fee The Company has agreed, commencing on the effective date of the prospectus, to pay an affiliate of the Company’s sponsor a monthly fee of an aggregate of $10,000 for general and administrative services including office space, utilities and secretarial and administrative support. This arrangement will terminate upon completion of a business combination or the liquidation of the Company. For the period July Related Party Loans In addition, in order to finance transactions costs in connection with a business combination, the sponsor, or certain of the Company’s officers, directors, or their affiliates 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 Working Capital Loans would either be repaid upon consummation of a business combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be converted into units of the post business combination entity at a price of $10.00 per unit. |
Commitments & Contingencies
Commitments & Contingencies | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments & Contingencies | Note 6 — Commitments & Contingencies Registration Rights The holders of the founder shares, placement units (including securities contained therein) and units (including securities contained therein) that may be issued upon conversion of working capital loans, and any shares of Class A common stock issuable upon the exercise of the placement warrants and any shares of Class A common stock and warrants (and underlying Class A common stock) that may be issued upon conversion of the units issued as part of the working capital loans and Class A common stock issuable upon conversion of the founder shares, will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to September -back Underwriters Agreement On September In addition, the underwriters are entitled to a deferred underwriting fee of three and a half percent (3.5%) of the gross proceeds of the IPO upon the completion of the Company’s initial business combination. The underwriters have agreed that up to 1% of the deferred underwriting fee may be re -directed The Company may reduce the deferred underwriting fee by up to 50% based on stockholders redeeming their shares for their pro -rata Legal Matters The Company has engaged a law firm to assist the Company with its legal matters in identifying, negotiating, and consummating a Business Combination, as well as assisting with other legal matters. In the event of a successful Business Combination, the amount of fees to be paid will be agreed upon between the Company and the law firm in light of all the facts and circumstances at that point in time. If a Business Combination does not occur, the Company will not be required to pay this contingent fee. Management is unable to determine the amount of the legal fees to be paid at this time. There can be no assurance that the Company will complete a Business Combination. | Note 7 — Commitments & Contingencies Registration Rights The holders of the founder shares, placement units (including securities contained therein) and units (including securities contained therein) that may be issued upon conversion of working capital loans, and any shares of Class A common stock issuable upon the exercise of the placement warrants and any shares of Class A common stock and warrants (and underlying Class A common stock) that may be issued upon conversion of the units issued as part of the working capital loans and Class A common stock issuable upon conversion of the founder shares, will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to September -back Underwriters Agreement On September In addition, the underwriters are entitled to a deferred underwriting fee of three and a half percent (3.5%) of the gross proceeds of the IPO upon the completion of the Company’s initial business combination. The underwriters have agreed that up to 1% of the deferred underwriting fee may be re -directed The Company may reduce the deferred underwriting fee by up to 50% based on stockholders redeeming their shares for their pro -rata -allotment Legal Matters The Company has engaged a law firm to assist the Company with its legal matters in identifying, negotiating, and consummating a Business Combination, as well as assisting with other legal matters. In the event of a successful Business Combination, the amount of fees to be paid will be agreed upon between the Company and the law firm in light of all the facts and circumstances at that point in time. If a Business Combination does not occur, the Company will not be required to pay this contingent fee. Management is unable to determine the amount of the legal fees to be paid at this time. There can be no assurance that the Company will complete a Business Combination. |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Stockholder's Deficit | Note 7 — Stockholder’s Equity Preferred Stock Class A Common Stock Class B Common Stock Both Class A and B stockholders vote together as a single class on all matters submitted to a vote of the Company stockholders, with each share of common stock entitling the holder to one vote. Class B shares are identical to the Class A shares except that Class B shares (founder shares) automatically convert into shares of Class A common stock at the time of the consummation of our initial business combination, on a one -for-one -linked -converted -linked -linked -equivalent -linked The holders of the founder shares have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the reported last sale price of our 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 | Note 8 — Stockholder’s Deficit Preferred Stock Class A Common Stock Class B Common Stock Both Class A and B stockholders vote together as a single class on all matters submitted to a vote of the Company stockholders, with each share of common stock entitling the holder to one vote. Class B shares are identical to the Class A shares except that Class B shares (founder shares) automatically convert into shares of Class A common stock at the time of the consummation of our initial business combination, on a one -for-one -linked will equal, in the aggregate, on an as -converted -linked -linked -equivalent -linked The holders of the founder shares have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the reported last sale price of our 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 |
Warrants
Warrants | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Warrants Disclosure [Abstract] | ||
Warrants | Note 8 — Warrants Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of the IPO and 30 days after the completion of our initial business combination and will expire five years after the completion of the Company’s initial business combination, or earlier upon redemption or liquidation. The Company may redeem outstanding warrants (excluding the warrants contained in the private units) at a price of $0.01 per warrant i) at any time while the warrants are exercisable; ii) upon a minimum of 30 days prior written notice of redemption; iii) if, and only if, the reported last sale price of the common stock equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period commencing once the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders and iv) if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants at the time of redemption and for the entire 30 -day If the Company calls the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. If the Company (x) issues additional shares of Class A common stock or equity -linked | Note 9 — Warrants Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 The Company may redeem outstanding warrants (excluding the warrants contained in the private units) at a price of $0.01 per warrant i) at any time while the warrants are exercisable; ii) upon a minimum of 30 days prior written notice of redemption; iii) if, and only if, the reported last sale price of the common stock equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period commencing once the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders and iv) if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants at the time of redemption and for the entire 30 -day If the Company calls the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. If the Company (x) issues additional shares of Class A common stock or equity -linked business combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price. |
Investment Held in Trust Accoun
Investment Held in Trust Account | 6 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Held in Trust Account | Note 10 — Investment Held in Trust Account As of December -to-maturity -to-maturity -term -term Carrying Gross Fair Value as of Mutual Funds $ 29,851 $ — $ 29,851 U.S. Treasury Securities 99,986,310 (3,310 ) 99,983,000 $ 100,016,161 $ (3,310 ) $ 100,012,851 |
Income Tax
Income Tax | 6 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 11 — Income Tax The Company’s net deferred tax assets are as follows: December 31, Deferred tax asset Organizational costs/Startup expenses $ 28,570 Federal Net Operating loss 20,430 Total deferred tax asset 49,000 Valuation allowance (49,000 ) Deferred tax asset, net of allowance $ — The income tax provision consists of the following: December 31, 2020 Federal Current $ — Deferred (49,000 ) State Current — Deferred — Change in valuation allowance (49,000 ) Income tax provision $ — The Company’s net operating loss carryforward as of December In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the period from July A reconciliation of the federal income tax rate to the Company’s effective tax rate at December Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Change in fair value of warrant liabilities (29.1 )% Offering expenses 4.6% Change in valuation allowance 3.5% Income tax provision — % The Company files income tax returns in the U.S. federal jurisdiction in various state and local jurisdictions and is subject to examination by the various taxing authorities, since inception. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | 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 • • • The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March March 31, Quoted Prices Significant Significant Description Warrant liabilities – Public Warrants 14,550,000 14,550,000 — — Warrant liabilities – Private Warrants 443,775 443,775 $ 14,993,775 $ 14,550,000 $ — $ 443,775 The Company utilizes a Monte Carlo simulation model to value the warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share -price -free -free -coupon The aforementioned warrant liabilities are not subject to qualified hedge accounting. There were no transfers between Levels The following table provides quantitative information regarding Level 3 fair value measurements: At At Stock price $ 10.83 $ 10.17 Strike price $ 11.50 $ 11.50 Term (in years) 4.89 5.13 Volatility 24.4 % 24.4 % Risk-free rate 0.84 % 0.38 % Dividend yield 0.0 % 0.0 % | Note 12 — 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 • • • The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December December 31, Quoted Prices Significant Significant Description Assets: Mutual Funds held in Trust Account $ 29,851 $ 29,851 $ — $ — U.S. Treasury Securities held in Trust Account 99,983,000 99,983,000 — — Liabilities: Warrant liabilities (Restated) 6,038,351 — — 6,038,351 $ 106,051,202 $ 100,012,851 $ — $ 6,038,351 The Company utilizes a Monte Carlo simulation model to value the warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share -price -free -free -coupon The aforementioned warrant liabilities are not subject to qualified hedge accounting. There were no transfers between Levels The following table provides quantitative information regarding Level 3 fair value measurements: At At At December 31, Stock price $ 9.26 $ 9.14 $ 10.17 Strike price $ 11.50 $ 11.50 $ 11.50 Term (in years) 5.42 5.38 5.13 Volatility 24.4 % 24.4 % 24.4 % Risk-free rate 0.33 % 0.32 % 0.38 % Dividend yield 0.0 % 0.0 % 0.0 % The following table presents the changes in the fair value of warrant liabilities: Public Private Warrant Fair value as of July 1, 2020 $ — $ — $ — Initial measurement on September 18, 2020 7,770,722 237,630 8,008,352 Change in valuation inputs or other assumptions (215,870 ) (7,056 ) (217,979 ) Fair value as of September 30, 2020 7,554,852 230,574 7,790,373 Change in valuation inputs or other assumptions (1,804,852 ) 52,830 (1,752,022 ) Fair value as of December 31, 2020 $ 5,750,000 $ 288,351 $ 6,038,351 |
Subsequent Events
Subsequent Events | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements were issued. Based upon this review, other than as described above, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. | Note 13 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements were issued. Based upon this review, other than as described above, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying financial statements of the Company is presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the financial position, and the results of its operations and its cash flows. | |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (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 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (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 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires 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 and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with US GAAP requires 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 and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short -term | Cash and Cash Equivalents The Company considers all short -term |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At March | Marketable Securities Held in Trust Account At December The Company classifies its United States Treasury securities as held -to-maturity -to-maturity -to-maturity A decline in the market value of held -to-maturity -end Premiums and discounts are amortized or accreted over the life of the related held -to-maturity -interest |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At March | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At December |
Common Stock Subject to Possible Redemption | Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including 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, common stock are classified as stockholders’ equity. The Company’s 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, as of March | Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including 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, common stock are classified as stockholders’ equity. The Company’s 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, as of December |
Net Loss per Common Stock | Net Loss per Common Stock Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two -class Below is a reconciliation of the net income per common share: For the three Numerator Earnings allocable to Class A common stock Interest income on Trust account $ 13,691 Class A common stock net earnings $ 13,691 Denominator: Weighted average Class A shares Class A Common stock, basic and diluted 10,355,000 Earnings/basic and diluted per share Class A common stock $ 0.00 Numerator: Net income minus Earnings allocable to Class A common stock Net income (loss) $ (9,435,532 ) Less: Earnings allocable to Class A common stock 13,691 Class B net income $ (9,449,223 ) Denominator: weighted average Class B common stock Class B common stock, basic and diluted 2,500,000 Income/Basic and diluted per share Class B common stock $ (3.78 ) | Net Loss per Common Stock Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two -class Below is a reconciliation of the net income per common share: For the period Numerator Earnings allocable to Class A common stock subject to possible redemption Interest income on Trust account $ 16,161 Class A common stock subject to possible redemption net earnings $ 16,161 Denominator: Weighted average Class A shares subject to possible redemption Class A Common stock subject to possible redemption, basic and diluted 6,338,515 Earnings/basic and diluted per share Class A common stock subject to possible redemption $ 0.00 Numerator: Net income minus Earnings allocable to Class A common stock subject to possible redemption Net income (loss) $ 1,419,645 Less: Earnings allocable to Class A common stock subject to possible redemption 16,161 Non-redeemable ordinary shares net income $ 1,403,484 Denominator: weighted average Non-redeemable ordinary shares Non-redeemable ordinary shares, basic and diluted 2,500,000 Income/Basic and diluted per share Non-redeemable ordinary shares $ 0.56 |
Offering Costs | Offering Costs The Company complies with the requirements of the ASC 340 -10-S99-1 -operating | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. |
Derivative warrant liabilities | Derivative warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815 -15 -assessed The Company accounts for its 5,177,500 common stock warrants issued in connection with its Initial Public Offering (5,000,000) and Private Placement (177,500) as derivative warrant liabilities in accordance with ASC 815 -40 -measurement -Carlo | Derivative warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815 -15 -assessed The Company accounts for its 5,152,500 common stock warrants issued in connection with its Initial Public Offering (5,000,000) and Private Placement (152,500) as derivative warrant liabilities in accordance with ASC 815 -40 -measurement -Carlo |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March The Company has identified the United States as its only “major” tax jurisdiction. The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. | Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December The Company has identified the United States as its only “major” tax jurisdiction. The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. | Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10 -Q -X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10 -K -K | |
Offering Costs | Offering Costs The Company complies with the requirements of the ASC 340 -10-S99-1 -operating |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Restatement Of Previously Issued Financial Statements Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2020 As Reported Adjustment As Adjusted Balance Sheet — Warrant Liabilities $ — $ 6,038,351 $ 6,038,351 Deferred underwriting fee 1,847,788 111,970 1,959,758 Total Liabilities 2,095,733 6,150,321 8,246,054 Shares Subject to Redemption 94,164,160 (6,150,321 ) 88,013,840 Class A Common Stock 94 62 156 Class B Common Stock 250 — 250 Additional Paid in Capital 5,232,995 (1,653,041 ) 3,579,954 (Accumulated Deficit)/Retained Earnings (233,333 ) 1,652,978 1,419,645 Total Stockholders’ Equity $ 5,000,006 $ (1 ) $ 5,000,005 As of September 30, 2020 As Reported Adjustment As Adjusted Balance Sheet Warrant Liabilities $ — $ 7,790,373 $ 7,790,373 Deferred underwriting fee 1,846,265 140,937 1,987,202 Total Liabilities 1,966,737 7,931,310 9,898,047 Shares Subject to Redemption 94,358,060 (7,931,310 ) 86,426,750 Class A Common Stock 92 80 172 Class B Common Stock 288 288 Additional Paid in Capital 5,040,582 98,964 5,139,546 (Accumulated Deficit) (40,952 ) (99,044 ) (139,996 ) Total Stockholders’ Equity 5,000,010 — 5,000,010 As of September 22, 2020 As Reported Adjustment As Adjusted Balance Sheet Warrant Liabilities $ — $ 8,008,352 $ 8,008,352 Deferred underwriting fee 1,848,103 142,642 1,990,745 Total Liabilities 2,177,082 8,150,994 10,328,076 Shares Subject to Redemption 94,394,110 (8,150,990 ) 86,243,120 Class A Common Stock 92 82 174 Class B Common Stock 288 288 Additional Paid in Capital 5,002,694 316,937 5,319,631 (Accumulated Deficit) (3,066 ) (317,023 ) (320,089 ) Total Stockholders’ Equity $ 5,000,008 $ (4 ) $ 5,000,004 |
Condensed Income Statement [Table Text Block] | For the from July 1, 2020 (inception) to December 31, 2020 As Reported Adjustment As Adjusted Statement of Operations: Loss from operations $ (249,524 ) $ — $ (249,524 ) Other (expense) income: Change in fair value of warrant liabilities — 1,970,001 1,970,001 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Interest income 16,191 — 16,191 Total other (expense) income 16,191 1,652,978 1,669,169 Net (loss)/income (233,333 ) 1,652,978 1,419,645 Weighted average shares outstanding – basic and diluted 3,060,308 (3,060,308 ) — Basic and Diluted net (loss)/income per share $ (0.08 ) $ 0.08 $ — Weighted average shares outstanding, Class A ordinary shares subject to possible redemption — 6,338,515 6,338,515 Basic and diluted net income per share, Class A ordinary shares subject to possible redemption — $ 0.00 $ 0.00 Weighted average shares outstanding, Non-redeemable ordinary shares — 2,500,000 2,500,000 Basic and diluted net loss per share, Non-redeemable ordinary shares — $ 0.56 $ 0.56 For the period from July 1, 2020 (inception) to September 30, 2020 As Reported Adjustment As Adjusted Statement of Operations: Loss from operations $ (18,775 ) $ — $ (18,775 ) Other (expense) income: Change in fair value of warrant liabilities — 217,979 217,979 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Interest income (22,177 ) — (22,177 ) Total other (expense) income (22,177 ) (99,044 ) (121,221 ) Loss $ (40,952 ) $ — $ (139,996 ) Weighted average shares outstanding – basic and diluted 2,888,352 (2,888,352 ) — Basic and Diluted net (loss)/income per share $ (0.01 ) 0.01 $ — Weighted average shares outstanding, Class A ordinary shares subject to possible redemption — 910,330 910,330 Basic and diluted net income per share, Class A ordinary shares subject to possible redemption — $ (0.02 ) $ (0.02 ) Weighted average shares outstanding, Non-redeemable ordinary shares — 1,978,022 1,978,022 Basic and diluted net loss per share, Non-redeemable ordinary shares — $ (0.06 ) $ (0.06 ) |
Schedule of restatement of previously issued statement of cash flows | For the period from July 1, 2020 (inception) to December 31, 2020 As Reported Adjustment As Adjusted Statement of Cash Flows: Net (loss)/income $ (233,333 ) $ 1,652,978 $ 1,419,645 Change in fair value of warrant liabilities — 1,970,001 1,970,001 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Adjustments to reconcile net loss to net cash used in Net cash used in operating activities (245,662 ) — (245,662 ) Net cash used in investing activities (100,000,000 ) — (100,000,000 ) Net cash provided by financing activities 101,340,423 — 101,340,423 Net change in cash $ 1,094,761 $ — $ 1,094,761 Supplemental Non-cash financing activities disclosure Initial value of Class A common stock subject to possible redemption $ 94,394,110 $ (8,150,990 ) $ 86,243,120 Initial value of warrant liabilities $ — $ 8,008,352 $ 8,008,352 Change in value of Class A common stock subject to possible redemption $ (229,950 ) $ 2,000,670 $ 1,770,720 Deferred underwriters’ discount payable charged to additional paid-in-capital $ 1,847,788 $ 111,970 $ 1,959,758 For the period from July 1, 2020 (inception) to September 30, 2020 As Reported Adjustment As Adjusted Statement of Cash Flows: Net loss (40,952 ) (99,044 ) (139,996 ) Adjustments to reconcile net loss to net cash used in operating activities — — — Change in fair value of warrant liabilities — 217,979 217,979 Offering expense related to warrant issuance — (317,023 ) (317,023 ) Net cash used in operating activities (18,049 ) — (18,049 ) Net cash used in investing activities (100,000,000 ) — (100,000,000 ) Net cash provided by financing activities 101,334,363 — 101,334,363 Net change in cash $ 1,316,314 $ — $ 1,316,314 Supplemental Non-cash financing activities disclosure Initial value of Class A common stock subject to possible redemption $ 94,394,110 $ (8,150,990 ) $ 86,243,120 Initial value of warrant liabilities $ — $ 8,008,352 $ 8,008,352 Change in value of Class A common stock subject to possible redemption $ (36,050 ) $ 219,680 $ 183,630 Deferred underwriters’ discount payable charged to additional paid-in-capital $ 1,846,265 $ 140,937 $ 1,987,202 |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three Numerator Earnings allocable to Class A common stock Interest income on Trust account $ 13,691 Class A common stock net earnings $ 13,691 Denominator: Weighted average Class A shares Class A Common stock, basic and diluted 10,355,000 Earnings/basic and diluted per share Class A common stock $ 0.00 Numerator: Net income minus Earnings allocable to Class A common stock Net income (loss) $ (9,435,532 ) Less: Earnings allocable to Class A common stock 13,691 Class B net income $ (9,449,223 ) Denominator: weighted average Class B common stock Class B common stock, basic and diluted 2,500,000 Income/Basic and diluted per share Class B common stock $ (3.78 ) | For the period Numerator Earnings allocable to Class A common stock subject to possible redemption Interest income on Trust account $ 16,161 Class A common stock subject to possible redemption net earnings $ 16,161 Denominator: Weighted average Class A shares subject to possible redemption Class A Common stock subject to possible redemption, basic and diluted 6,338,515 Earnings/basic and diluted per share Class A common stock subject to possible redemption $ 0.00 Numerator: Net income minus Earnings allocable to Class A common stock subject to possible redemption Net income (loss) $ 1,419,645 Less: Earnings allocable to Class A common stock subject to possible redemption 16,161 Non-redeemable ordinary shares net income $ 1,403,484 Denominator: weighted average Non-redeemable ordinary shares Non-redeemable ordinary shares, basic and diluted 2,500,000 Income/Basic and diluted per share Non-redeemable ordinary shares $ 0.56 |
Investment Held in Trust Acco_2
Investment Held in Trust Account (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | Carrying Gross Fair Value as of Mutual Funds $ 29,851 $ — $ 29,851 U.S. Treasury Securities 99,986,310 (3,310 ) 99,983,000 $ 100,016,161 $ (3,310 ) $ 100,012,851 |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, Deferred tax asset Organizational costs/Startup expenses $ 28,570 Federal Net Operating loss 20,430 Total deferred tax asset 49,000 Valuation allowance (49,000 ) Deferred tax asset, net of allowance $ — |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, 2020 Federal Current $ — Deferred (49,000 ) State Current — Deferred — Change in valuation allowance (49,000 ) Income tax provision $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Change in fair value of warrant liabilities (29.1 )% Offering expenses 4.6% Change in valuation allowance 3.5% Income tax provision — % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | December 31, Quoted Prices Significant Significant Description Assets: Mutual Funds held in Trust Account $ 29,851 $ 29,851 $ — $ — U.S. Treasury Securities held in Trust Account 99,983,000 99,983,000 — — Liabilities: Warrant liabilities (Restated) 6,038,351 — — 6,038,351 $ 106,051,202 $ 100,012,851 $ — $ 6,038,351 | |
Fair Value, Concentration of Risk [Table Text Block] | At At Stock price $ 10.83 $ 10.17 Strike price $ 11.50 $ 11.50 Term (in years) 4.89 5.13 Volatility 24.4 % 24.4 % Risk-free rate 0.84 % 0.38 % Dividend yield 0.0 % 0.0 % | At At At December 31, Stock price $ 9.26 $ 9.14 $ 10.17 Strike price $ 11.50 $ 11.50 $ 11.50 Term (in years) 5.42 5.38 5.13 Volatility 24.4 % 24.4 % 24.4 % Risk-free rate 0.33 % 0.32 % 0.38 % Dividend yield 0.0 % 0.0 % 0.0 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Public Private Warrant Fair value as of July 1, 2020 $ — $ — $ — Initial measurement on September 18, 2020 7,770,722 237,630 8,008,352 Change in valuation inputs or other assumptions (215,870 ) (7,056 ) (217,979 ) Fair value as of September 30, 2020 7,554,852 230,574 7,790,373 Change in valuation inputs or other assumptions (1,804,852 ) 52,830 (1,752,022 ) Fair value as of December 31, 2020 $ 5,750,000 $ 288,351 $ 6,038,351 | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, Quoted Prices Significant Significant Description Warrant liabilities – Public Warrants 14,550,000 14,550,000 — — Warrant liabilities – Private Warrants 443,775 443,775 $ 14,993,775 $ 14,550,000 $ — $ 443,775 |
Organization and Business Ope_2
Organization and Business Operations (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Sep. 22, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Organization and Business Operations (Details) [Line Items] | |||
Number of units issued in transaction (in Shares) | 10,000,000 | 355,000 | |
Price per unit (in Dollars per share) | $ 10 | $ 10 | |
Net proceeds | $ 100,000,000 | $ 100,000,000 | |
Gross proceeds | 98,000,000 | ||
Transaction costs | 4,197,388 | 4,197,388 | |
Underwriting fees | 2,000,000 | 2,000,000 | |
Deferred underwriting fees | 1,959,758 | 1,959,758 | |
Other offering costs | 329,713 | 329,713 | |
Total non-operating expenses | $ 317,023 | $ 317,023 | |
Percentage of trust account | 80.00% | 80.00% | |
Business acquisition, percentage | 50.00% | 50.00% | |
Share price (in Dollars per share) | $ 10 | $ 10 | |
Net tangible assets | $ 5,000,001 | $ 5,000,001 | |
Percentage of redeem outstanding public shares | 100.00% | 100.00% | |
Business combination agreement, description | (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its sponsor would be able to satisfy those obligations. | (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its sponsor would be able to satisfy those obligations. | |
Cash held outside of trust account | $ 1,094,761 | ||
Anticipated outside of trust account | $ 1,094,761 | ||
Trust account for working capital | $ 513,059 | ||
Liquidity amount | 25,000 | ||
Aggregate amount | 147,763 | ||
Trust account | $ 513,059 | ||
IPO [Member] | |||
Organization and Business Operations (Details) [Line Items] | |||
Number of units issued in transaction (in Shares) | 10,000,000 | 10,000,000 | |
Price per unit (in Dollars per share) | $ 10 | $ 10 | |
Net proceeds | $ 100,000,000 | ||
Private Placement Units [Member] | |||
Organization and Business Operations (Details) [Line Items] | |||
Number of units issued in transaction (in Shares) | 355,000 | 355,000 | |
Price per unit (in Dollars per share) | $ 10 | $ 10 | |
Gross proceeds | $ 3,550,000 | $ 3,550,000 | |
Founder shares [Member] | |||
Organization and Business Operations (Details) [Line Items] | |||
Sale of stock | 25,000 | ||
Sponsor [Member] | |||
Organization and Business Operations (Details) [Line Items] | |||
Sale of stock | $ 95,136 | ||
Common Class A [Member] | IPO [Member] | |||
Organization and Business Operations (Details) [Line Items] | |||
Net proceeds | $ 100,000,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) - Schedule of restatement of previously issued balance sheet - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 22, 2020 |
As Reported [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Warrant Liabilities | |||
Deferred underwriting fee | 1,847,788 | 1,846,265 | 1,848,103 |
Total Liabilities | 2,095,733 | 1,966,737 | 2,177,082 |
Shares Subject to Redemption | 94,164,160 | 94,358,060 | 94,394,110 |
Additional Paid in Capital | 5,232,995 | 5,040,582 | 5,002,694 |
(Accumulated Deficit)/Retained Earnings | (233,333) | (40,952) | (3,066) |
Total Stockholders' Equity | 5,000,006 | 5,000,010 | 5,000,008 |
As Reported [Member] | Class A Common Stock [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Class A Common Stock | 94 | 92 | 92 |
As Reported [Member] | Class B Common Stock [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Class B Common Stock | 250 | 288 | 288 |
Adjustments [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Warrant Liabilities | 6,038,351 | 7,790,373 | 8,008,352 |
Deferred underwriting fee | 111,970 | 140,937 | 142,642 |
Total Liabilities | 6,150,321 | 7,931,310 | 8,150,994 |
Shares Subject to Redemption | (6,150,321) | (7,931,310) | (8,150,990) |
Additional Paid in Capital | (1,653,041) | 98,964 | 316,937 |
(Accumulated Deficit)/Retained Earnings | 1,652,978 | (99,044) | (317,023) |
Total Stockholders' Equity | (1) | (4) | |
Adjustments [Member] | Class A Common Stock [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Class A Common Stock | 62 | 80 | 82 |
Adjustments [Member] | Class B Common Stock [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Class B Common Stock | |||
As Adjusted [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Warrant Liabilities | 6,038,351 | 7,790,373 | 8,008,352 |
Deferred underwriting fee | 1,959,758 | 1,987,202 | 1,990,745 |
Total Liabilities | 8,246,054 | 9,898,047 | 10,328,076 |
Shares Subject to Redemption | 88,013,840 | 86,426,750 | 86,243,120 |
Additional Paid in Capital | 3,579,954 | 5,139,546 | 5,319,631 |
(Accumulated Deficit)/Retained Earnings | 1,419,645 | (139,996) | (320,089) |
Total Stockholders' Equity | 5,000,005 | 5,000,010 | 5,000,004 |
As Adjusted [Member] | Class A Common Stock [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Class A Common Stock | 156 | 172 | 174 |
As Adjusted [Member] | Class B Common Stock [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Class B Common Stock | $ 250 | $ 288 | $ 288 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of restatement of previously issued statement of operations - USD ($) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
As Reported [Member] | ||
Statement of Operations: | ||
Loss from operations | $ (18,775) | $ (249,524) |
Other (expense) income: | ||
Change in fair value of warrant liabilities | ||
Offering expense related to warrant issuance | ||
Interest income | (22,177) | 16,191 |
Total other (expense) income | (22,177) | 16,191 |
Net (loss)/income | $ (40,952) | $ (233,333) |
Weighted average shares outstanding – basic and diluted (in Shares) | 2,888,352 | 3,060,308 |
Basic and Diluted net (loss)/income per share (in Dollars per share) | $ (0.01) | $ (0.08) |
Weighted average shares outstanding, Non-redeemable ordinary shares (in Shares) | ||
Basic and diluted net loss per share, Non-redeemable ordinary shares (in Dollars per share) | ||
As Reported [Member] | Class A Common Stock [Member] | ||
Other (expense) income: | ||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares) | ||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption (in Dollars per share) | ||
Adjustment [Member] | ||
Statement of Operations: | ||
Loss from operations | ||
Other (expense) income: | ||
Change in fair value of warrant liabilities | 217,979 | 1,970,001 |
Offering expense related to warrant issuance | (317,023) | (317,023) |
Interest income | ||
Total other (expense) income | (99,044) | 1,652,978 |
Net (loss)/income | $ 1,652,978 | |
Weighted average shares outstanding – basic and diluted (in Shares) | (2,888,352) | (3,060,308) |
Basic and Diluted net (loss)/income per share (in Dollars per share) | $ 0.01 | $ 0.08 |
Weighted average shares outstanding, Non-redeemable ordinary shares (in Shares) | 1,978,022 | 2,500,000 |
Basic and diluted net loss per share, Non-redeemable ordinary shares (in Dollars per share) | $ (0.06) | $ 0.56 |
Adjustment [Member] | Class A Common Stock [Member] | ||
Other (expense) income: | ||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares) | 910,330 | 6,338,515 |
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption (in Dollars per share) | $ (0.02) | $ 0 |
As Adjusted [Member] | ||
Statement of Operations: | ||
Loss from operations | $ (18,775) | $ (249,524) |
Other (expense) income: | ||
Change in fair value of warrant liabilities | 217,979 | 1,970,001 |
Offering expense related to warrant issuance | (317,023) | (317,023) |
Interest income | (22,177) | 16,191 |
Total other (expense) income | (121,221) | 1,669,169 |
Net (loss)/income | $ (139,996) | $ 1,419,645 |
Weighted average shares outstanding – basic and diluted (in Shares) | ||
Basic and Diluted net (loss)/income per share (in Dollars per share) | ||
Weighted average shares outstanding, Non-redeemable ordinary shares (in Shares) | 1,978,022 | 2,500,000 |
Basic and diluted net loss per share, Non-redeemable ordinary shares (in Dollars per share) | $ (0.06) | $ 0.56 |
As Adjusted [Member] | Class A Common Stock [Member] | ||
Other (expense) income: | ||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares) | 910,330 | 6,338,515 |
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption (in Dollars per share) | $ (0.02) | $ 0 |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements (Details) - Schedule of restatement of previously issued statement of cash flows - USD ($) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
As Reported [Member] | ||
Statement of Cash Flows: | ||
Net (loss) / income | $ (40,952) | $ (233,333) |
Change in fair value of warrant liabilities | ||
Offering expense related to warrant issuance | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||
Net cash used in operating activities | (18,049) | (245,662) |
Net cash used in investing activities | (100,000,000) | (100,000,000) |
Net cash provided by financing activities | 101,334,363 | 101,340,423 |
Net change in cash | 1,316,314 | 1,094,761 |
Supplemental Non-cash financing activities disclosure | ||
Initial value of Class A common stock subject to possible redemption | 94,394,110 | 94,394,110 |
Initial value of warrant liabilities | ||
Change in value of Class A common stock subject to possible redemption | (36,050) | (229,950) |
Deferred underwriters’ discount payable charged to additional paid-in-capital | 1,846,265 | 1,847,788 |
Adjustment [Member] | ||
Statement of Cash Flows: | ||
Net (loss) / income | (99,044) | 1,652,978 |
Change in fair value of warrant liabilities | 217,979 | 1,970,001 |
Offering expense related to warrant issuance | (317,023) | (317,023) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Net cash used in operating activities | ||
Net cash used in investing activities | ||
Net cash provided by financing activities | ||
Net change in cash | ||
Supplemental Non-cash financing activities disclosure | ||
Initial value of Class A common stock subject to possible redemption | (8,150,990) | (8,150,990) |
Initial value of warrant liabilities | 8,008,352 | 8,008,352 |
Change in value of Class A common stock subject to possible redemption | 219,680 | 2,000,670 |
Deferred underwriters’ discount payable charged to additional paid-in-capital | 140,937 | 111,970 |
As Adjusted [Member] | ||
Statement of Cash Flows: | ||
Net (loss) / income | (139,996) | 1,419,645 |
Change in fair value of warrant liabilities | 217,979 | 1,970,001 |
Offering expense related to warrant issuance | (317,023) | (317,023) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Net cash used in operating activities | (18,049) | (245,662) |
Net cash used in investing activities | (100,000,000) | (100,000,000) |
Net cash provided by financing activities | 101,334,363 | 101,340,423 |
Net change in cash | 1,316,314 | 1,094,761 |
Supplemental Non-cash financing activities disclosure | ||
Initial value of Class A common stock subject to possible redemption | 86,243,120 | 86,243,120 |
Initial value of warrant liabilities | 8,008,352 | 8,008,352 |
Change in value of Class A common stock subject to possible redemption | 183,630 | 1,770,720 |
Deferred underwriters’ discount payable charged to additional paid-in-capital | $ 1,987,202 | $ 1,959,758 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies (Details) [Line Items] | ||
Federal depository insurance coverage limit | $ 250,000 | $ 250,000 |
Shares subject to possible redemption (in Shares) | 7,841,024 | 8,801,384 |
Offering costs | $ 4,289,471 | $ 4,289,471 |
Accrued underwriting fees | 2,000,000 | 2,000,000 |
Deferred underwriting fee | 1,959,758 | 1,959,758 |
Other offering costs | 329,713 | 329,713 |
Total operating expenses | 317,023 | 317,023 |
Trust Account held in marketable securities | $ 100,029,852 | $ 29,851 |
Common Stock [Member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Aggregate of common stok loss per share (in Shares) | 5,177,500 | 5,177,500 |
Warrant [Member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Common stock share issued (in Shares) | 5,177,500 | |
Note Warrant [Member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Common stock share issued (in Shares) | 5,152,500 | |
IPO [Member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Common stock share issued (in Shares) | 5,000,000 | 5,000,000 |
Private Placement [Member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Common stock share issued (in Shares) | 177,500 | 152,500 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of basic and diluted loss per common shares - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Numerator Earnings allocable to Class A common stock subject to possible redemption | ||
Interest income on Trust account | $ 13,691 | $ 16,161 |
Class A common stock net earnings | $ 13,691 | $ 16,161 |
Denominator: Weighted average Class A shares subject to possible redemption | ||
Class A common stock net earnings (in Shares) | 10,355,000 | 6,338,515 |
Earnings/basic and diluted per share Class A common stock (in Dollars per share) | $ 0 | $ 0 |
Numerator: Net income minus Earnings allocable to Class A common stock subject to possible redemption | ||
Net income (loss) | $ (9,435,532) | $ 1,419,645 |
Less: Earnings allocable to Class A common stock | 13,691 | 16,161 |
Class B net income | $ (9,449,223) | $ 1,403,484 |
Denominator: weighted average Non-redeemable ordinary shares | ||
Class B common stock, basic and diluted (in Shares) | 2,500,000 | 2,500,000 |
Income/Basic and diluted per share Non-redeemable ordinary shares (in Dollars per share) | $ (3.78) | $ 0.56 |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | 1 Months Ended | 3 Months Ended |
Sep. 22, 2020 | Mar. 31, 2021 | |
Initial Public Offering (Details) [Line Items] | ||
Number of shares sold | 10,000,000 | 355,000 |
Purchase price | $ 10 | $ 10 |
Sale of stock, description | Each unit that the Company is offering has a price of $10.00 and consists of one share of Class A common stock and one-half of one redeemable warrant. Only whole warrants are exercisable. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share (see Note 8). | |
IPO [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Number of shares sold | 10,000,000 | 10,000,000 |
Purchase price | $ 10 | $ 10 |
Sale of stock, description | Each unit that the Company is offering has a price of $10.00 and consists of one share of Class A common stock and one-half of one redeemable warrant. Only whole warrants are exercisable. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share |
Private Placement (Details)
Private Placement (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Sep. 22, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Private Placement (Details) [Line Items] | |||
Placement units | 10,000,000 | 355,000 | |
Price per unit | $ 10 | $ 10 | |
Proceeds from Issuance Initial Public Offering | $ 98,000,000 | ||
Proceed from Issuance Initial Public Offering | $ 3,550,000 | ||
Effective date | 5 years | ||
Private Placement [Member] | |||
Private Placement (Details) [Line Items] | |||
Placement units | 355,000 | 355,000 | |
Price per unit | $ 10 | $ 10 | |
Proceeds from Issuance Initial Public Offering | $ 3,550,000 | $ 3,550,000 | |
Business combination in private placement shares, description | The Company’s sponsor, the representative and Northland have agreed to (i) waive their redemption rights with respect to their private placement shares in connection with the completion of the Company’s initial business combination, (ii) waive their redemption rights with respect to their private placement shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 months from the closing of the IPO or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity and (iii) waive their rights to liquidating distributions from the trust account with respect to their private placement shares if the Company fails to complete its initial business combination within 24 months from the closing of the IPO. | The Company’s sponsor, the representative and Northland have agreed to (i) waive their redemption rights with respect to their private placement shares in connection with the completion of the Company’s initial business combination, (ii) waive their redemption rights with respect to their private placement shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 months from the closing of the IPO or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity and (iii) waive their rights to liquidating distributions from the trust account with respect to their private placement shares if the Company fails to complete its initial business combination within 24 months from the closing of the IPO. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jul. 20, 2020 | Sep. 22, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2020 |
Related Party Transactions (Details) [Line Items] | |||||
Number of unit issued (in Shares) | 10,000,000 | 355,000 | |||
Common stock price per share (in Dollars per share) | $ 10 | $ 10 | |||
Over-allotment option Description | The over-allotment option was not exercised by the underwriters during the 45-day option period; thus, 375,000 shares were forfeited accordingly as of November 1, 2020. | ||||
Price per share (in Dollars per share) | $ 10 | $ 10 | |||
Sponsor [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
General and administrative services | $ 10,000 | $ 10,000 | |||
Administrative service fee | $ 30,000 | $ 34,334 | |||
Founder Shares [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Common stock, shares issued (in Shares) | 2,500,000 | 2,500,000 | |||
Common stock, shares outstanding (in Shares) | 2,500,000 | 2,500,000 | |||
Founder Shares [Member] | Common Stock [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Shares subject to forfeiture | $ 375,000 | ||||
Common stock, shares issued (in Shares) | 2,500,000 | ||||
Common stock, shares outstanding (in Shares) | 2,500,000 | ||||
IPO [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Number of unit issued (in Shares) | 10,000,000 | 10,000,000 | |||
Common stock, shares issued (in Shares) | 5,000,000 | 5,000,000 | |||
Aggregate principal amount | $ 300,000 | ||||
Borrowings outstanding under the promissory note | $ 7,172 | $ 95,136 | |||
Price per share (in Dollars per share) | $ 10 | $ 10 | |||
IPO [Member] | Related Party Loans [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Working capital loans converted value | $ 1,500,000 | $ 1,500,000 | |||
Price per share (in Dollars per share) | $ 10 | $ 10 | |||
Common Class B [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Number of unit issued (in Shares) | 2,875,000 | ||||
Value of common stock holders | $ 25,000 | ||||
Common stock price per share (in Dollars per share) | $ 0.01 | ||||
Shares subject to forfeiture | $ 375,000 | ||||
Over-allotment option Description | The over-allotment option was not exercised by the underwriters during the 45-day option period; thus, 375,000 shares were forfeited accordingly as of November 1, 2020. | ||||
Common stock, shares issued (in Shares) | 2,500,000 | 2,500,000 | |||
Common stock, shares outstanding (in Shares) | 2,500,000 | 2,500,000 | |||
Common Class B [Member] | Founder Shares [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Number of unit issued (in Shares) | 2,875,000 | ||||
Value of common stock holders | $ 25,000 | ||||
Common stock price per share (in Dollars per share) | $ 0.01 |
Commitments & Contingencies (De
Commitments & Contingencies (Details) - USD ($) | 1 Months Ended | 6 Months Ended |
Sep. 22, 2020 | Dec. 31, 2020 | |
Commitments & Contingencies (Details) [Line Items] | ||
Underwriting discount rate, percentage | 2.00% | |
Deferred underwriting fees percentage | 3.50% | |
Description of underwriters agreement | The Company may reduce the deferred underwriting fee by up to 50% based on stockholders redeeming their shares for their pro-rata amount of the proceeds in the Trust Account; provided, however, that (a) the underwriters’ maximum deferred underwriting fee reduction based on stockholder redemptions will be 50% regardless of whether stockholder redemptions exceed 50%; and (b) any sums paid to other advisors as discussed above, will be credited against the reduction of and added back to the deferred underwriting fee payable to the underwriters; and (c) under no circumstance will the deferred underwriting fee be less than 1.75% of the gross proceeds of the IPO. As March 31, 2021, the Company accrued a deferred underwriting fee of $2,127,821. | |
FINRA Member | ||
Commitments & Contingencies (Details) [Line Items] | ||
Deferred underwriting fees percentage | 1.00% | |
Deferred underwriting fees percentage | 1.00% | |
IPO [Member] | ||
Commitments & Contingencies (Details) [Line Items] | ||
Gross proceed of IPO (in Dollars) | $ 2,000,000 | |
Description of underwriters agreement | The Company may reduce the deferred underwriting fee by up to 50% based on stockholders redeeming their shares for their pro-rata amount of the proceeds in the Trust Account; provided, however, that (a) the underwriters’ maximum deferred underwriting fee reduction based on stockholder redemptions will be 50% regardless of whether stockholder redemptions exceed 50%; and (b) any sums paid to other advisors as discussed above, will be credited against the reduction of and added back to the deferred underwriting fee payable to the underwriters; and (c) under no circumstance will the deferred underwriting fee be less than 1.75% of the gross proceeds of the IPO. | |
Over-Allotment Option [Member] | ||
Commitments & Contingencies (Details) [Line Items] | ||
Deferred underwriting fees (in Dollars) | $ 1,959,758 |
Stockholder's Equity (Details)
Stockholder's Equity (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Stockholder's Equity (Details) [Line Items] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Business combination, description | (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the reported last sale price of our 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 our 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 our stockholders having the right to exchange their shares of common stock for cash, securities or other. Any permitted transferees will be subject to the same restrictions and other agreements of our initial stockholders with respect to any founder shares. | (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the reported last sale price of our 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 our 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 our stockholders having the right to exchange their shares of common stock for cash, securities or other. Any permitted transferees will be subject to the same restrictions and other agreements of our initial stockholders with respect to any founder shares |
Warrant [Member] | ||
Stockholder's Equity (Details) [Line Items] | ||
Common stock, shares issued | 5,177,500 | |
Business combination, description | In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial business combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the IPO (excluding the placement units and underlying securities) plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business combination or any private placement-equivalent units and their underlying securities issued to our sponsor or its affiliates upon conversion of loans made to us). The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for shares of Class A common stock issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt. Securities could be “deemed issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities. | In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial business combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the IPO (excluding the placement units and underlying securities) plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business combination or any private placement-equivalent units and their underlying securities issued to our sponsor or its affiliates upon conversion of loans made to us). The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for shares of Class A common stock issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt. Securities could be “deemed issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities. |
Class A Common Stock [Member] | ||
Stockholder's 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 stock, shares issued | 2,513,976 | 1,553,616 |
Common stock subject to possible redemption | 7,841,024 | 8,801,384 |
Common stock, shares outstanding | 2,513,976 | 1,553,616 |
Class B Common Stock [Member] | ||
Stockholder's Equity (Details) [Line Items] | ||
Common stock shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 2,500,000 | 2,500,000 |
Common stock, shares outstanding | 2,500,000 | 2,500,000 |
Conversion of common stock percentage | 20.00% | 20.00% |
Warrants (Details)
Warrants (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 22, 2020 | |
Warrants (Details) [Line Items] | |||
Warrant of class A common stock | $ 0.01 | $ 0.01 | |
Warrants and rights term | 5 years | 5 years | |
Sale price of per share | $ 10 | $ 10 | |
Business combinations related to equity, description | If the Company (x) issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price. | If the Company (x) issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price. | |
Warrant [Member] | |||
Warrants (Details) [Line Items] | |||
Sale price of per share | $ 18 | $ 18 | |
Class A Common Stock [Member] | |||
Warrants (Details) [Line Items] | |||
Warrant of class A common stock | $ 11.50 | $ 11.50 |
Investment Held in Trust Acco_3
Investment Held in Trust Account (Details) | 6 Months Ended |
Dec. 31, 2020USD ($) | |
Investment Held in Trust Account (Details) [Line Items] | |
Investments maturity, Description | The Company considers all investments with original maturities of more than three months but less than one year to be short-term investments. |
Mutual Funds [Member] | |
Investment Held in Trust Account (Details) [Line Items] | |
Investment held in trust account | $ 29,851 |
US Treasury Securities [Member] | |
Investment Held in Trust Account (Details) [Line Items] | |
Investment held in trust account | $ 99,986,310 |
Investment Held in Trust Acco_4
Investment Held in Trust Account (Details) - Schedule of carrying value, excluding gross unrealized losses and fair value of held to maturity securities | Dec. 31, 2020USD ($) |
Marketable Securities [Line Items] | |
Carrying Value | $ 100,016,161 |
Gross Unrealized Losses | (3,310) |
Fair Value | 100,012,851 |
Mutual Funds [Member] | |
Marketable Securities [Line Items] | |
Carrying Value | 29,851 |
Gross Unrealized Losses | |
Fair Value | 29,851 |
U.S. Treasury Securities [Member] | |
Marketable Securities [Line Items] | |
Carrying Value | 99,986,310 |
Gross Unrealized Losses | (3,310) |
Fair Value | $ 99,983,000 |
Income Tax (Details)
Income Tax (Details) | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforward | $ 102,284 |
Change in valuation allowance | $ 49,000 |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of net deferred tax assets | Dec. 31, 2020USD ($) |
Deferred tax asset | |
Organizational costs/Startup expenses | $ 28,570 |
Federal Net Operating loss | 20,430 |
Total deferred tax asset | 49,000 |
Valuation allowance | (49,000) |
Deferred tax asset, net of allowance |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of income tax provision | 6 Months Ended |
Dec. 31, 2020USD ($) | |
Federal | |
Current | |
Deferred | (49,000) |
State | |
Current | |
Deferred | |
Change in valuation allowance | (49,000) |
Income tax provision |
Income Tax (Details) - Schedu_3
Income Tax (Details) - Schedule of effective reconciliation of the federal income tax rate | 6 Months Ended |
Dec. 31, 2020 | |
Schedule of effective reconciliation of the federal income tax rate [Abstract] | |
Statutory federal income tax rate | 21.00% |
State taxes, net of federal tax benefit | 0.00% |
Change in fair value of warrant liabilities | (29.10%) |
Offering expenses | 4.60% |
Change in valuation allowance | 3.50% |
Income tax provision |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of fair value on a recurring basis - USD ($) | 6 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Fair Value Measurements (Details) - Schedule of fair value on a recurring basis [Line Items] | ||
Mutual Funds held in Trust Account | $ 29,851 | $ 100,029,852 |
U.S. Treasury Securities held in Trust Account | 99,983,000 | |
Warrant liabilities (Restated) | 6,038,351 | |
Total | 106,051,202 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements (Details) - Schedule of fair value on a recurring basis [Line Items] | ||
Mutual Funds held in Trust Account | 29,851 | |
U.S. Treasury Securities held in Trust Account | 99,983,000 | |
Warrant liabilities (Restated) | ||
Total | 100,012,851 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements (Details) - Schedule of fair value on a recurring basis [Line Items] | ||
Mutual Funds held in Trust Account | ||
U.S. Treasury Securities held in Trust Account | ||
Warrant liabilities (Restated) | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements (Details) - Schedule of fair value on a recurring basis [Line Items] | ||
Mutual Funds held in Trust Account | ||
U.S. Treasury Securities held in Trust Account | ||
Warrant liabilities (Restated) | 6,038,351 | |
Total | $ 6,038,351 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of fair value measurements - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2020 | Sep. 22, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Stock price (in Dollars per share) | $ 9.14 | $ 10.83 | $ 10.17 | |
Strike price (in Dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 | |
Term (in years) | 5 years 138 days | 4 years 324 days | 5 years 47 days | |
Volatility | 24.40% | 24.40% | 24.40% | |
Risk-free rate | 0.32% | 0.84% | 0.38% | |
Dividend yield | 0.00% | 0.00% | 0.00% | |
Intial Measurement [Member] | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Stock price (in Dollars per share) | $ 9.26 | |||
Strike price (in Dollars per share) | $ 11.50 | |||
Term (in years) | 5 years 153 days | |||
Volatility | 24.40% | |||
Risk-free rate | 0.33% | |||
Dividend yield | 0.00% |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of value of warrant liabilities - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Public [Member] | ||
Fair Value Measurements (Details) - Schedule of value of warrant liabilities [Line Items] | ||
Fair value as of July 1, 2020 | $ 7,554,852 | |
Initial measurement on September 18, 2020 | 7,770,722 | |
Change in valuation inputs or other assumptions | (1,804,852) | (215,870) |
Fair value | 5,750,000 | 7,554,852 |
Private Placement [Member] | ||
Fair Value Measurements (Details) - Schedule of value of warrant liabilities [Line Items] | ||
Fair value as of July 1, 2020 | 230,574 | |
Initial measurement on September 18, 2020 | 237,630 | |
Change in valuation inputs or other assumptions | 52,830 | (7,056) |
Fair value | 288,351 | 230,574 |
Warrant Liabilities [Member] | ||
Fair Value Measurements (Details) - Schedule of value of warrant liabilities [Line Items] | ||
Fair value as of July 1, 2020 | 7,790,373 | |
Initial measurement on September 18, 2020 | 8,008,352 | |
Change in valuation inputs or other assumptions | (1,752,022) | (217,979) |
Fair value | $ 6,038,351 | $ 7,790,373 |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of basic and diluted loss per common shares - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Numerator Earnings allocable to Class A common stock | ||
Interest income on Trust account | $ 13,691 | $ 16,161 |
Class A common stock net earnings | $ 13,691 | $ 16,161 |
Denominator: Weighted average Class A shares | ||
Class A Common stock, basic and diluted (in Shares) | 10,355,000 | 6,338,515 |
Earnings/basic and diluted per share Class A common stock (in Dollars per share) | $ 0 | $ 0 |
Numerator: Net income minus Earnings allocable to Class A common stock | ||
Net income (loss) | $ (9,435,532) | $ 1,419,645 |
Less: Earnings allocable to Class A common stock | 13,691 | 16,161 |
Class B net income | $ (9,449,223) | $ 1,403,484 |
Denominator: weighted average Class B common stock | ||
Class B common stock, basic and diluted (in Shares) | 2,500,000 | 2,500,000 |
Income/Basic and diluted per share Class B common stock (in Dollars per share) | $ (3.78) | $ 0.56 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of measured at fair value on a recurring basis - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Description | ||
Warrant liabilities | $ 14,993,775 | $ 6,038,351 |
Public Warrants [Member] | ||
Description | ||
Warrant liabilities | 14,550,000 | |
Private Warrants [Member] | ||
Description | ||
Warrant liabilities | 443,775 | |
Quoted Prices In Active Markets (Level 1) [Member] | ||
Description | ||
Warrant liabilities | 14,550,000 | |
Quoted Prices In Active Markets (Level 1) [Member] | Public Warrants [Member] | ||
Description | ||
Warrant liabilities | 14,550,000 | |
Quoted Prices In Active Markets (Level 1) [Member] | Private Warrants [Member] | ||
Description | ||
Warrant liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Description | ||
Warrant liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | Public Warrants [Member] | ||
Description | ||
Warrant liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | Private Warrants [Member] | ||
Description | ||
Warrant liabilities | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Description | ||
Warrant liabilities | 443,775 | |
Significant Other Unobservable Inputs (Level 3) [Member] | Public Warrants [Member] | ||
Description | ||
Warrant liabilities | ||
Significant Other Unobservable Inputs (Level 3) [Member] | Private Warrants [Member] | ||
Description | ||
Warrant liabilities | $ 443,775 |
Fair Value Measurements (Deta_5
Fair Value Measurements (Details) - Schedule of fair value measurements - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Sep. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of fair value measurements [Abstract] | |||
Stock price (in Dollars per share) | $ 9.14 | $ 10.83 | $ 10.17 |
Strike price (in Dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 |
Term (in years) | 5 years 138 days | 4 years 324 days | 5 years 47 days |
Volatility | 24.40% | 24.40% | 24.40% |
Risk-free rate | 0.32% | 0.84% | 0.38% |
Dividend yield | 0.00% | 0.00% | 0.00% |