Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39524 | |
Entity Registrant Name | Joby Aviation, Inc. | |
Entity Central Index Key | 0001819848 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-1548118 | |
Entity Address, Address Line One | 2155 Delaware Avenue | |
Entity Address, Address Line Two | Suite #225 | |
Entity Address, City or Town | Santa Cruz | |
Entity Address, Postal Zip Code | 95060 | |
City Area Code | 831 | |
Local Phone Number | 426-3733 | |
Title of 12(b) Security | Common stock, par value$0.0001 per share | |
Trading Symbol | JOBY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 603,887,944 | |
Entity Address, State or Province | CA | |
Redeemable warrants | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share ofcommon stock at an exercise priceof $11.50 | |
Trading Symbol | JOBY WS | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 479,196 | $ 1,694,679 |
Prepaid expenses | 353,274 | 507,465 |
Total current assets | 832,470 | 2,202,144 |
Cash and investments held in Trust Account | 690,045,877 | 690,171,366 |
Total Assets | 690,878,347 | 692,373,510 |
Current liabilities: | ||
Accounts payable | 240,888 | 15,775 |
Accrued expenses | 383,066 | 361,100 |
Due to related party | 492,533 | 44,697 |
Total current liabilities | 1,116,487 | 421,572 |
Deferred legal fees | 239,161 | 239,161 |
Deferred underwriting commissions | 24,150,000 | 24,150,000 |
Derivative warrant liability | 56,314,870 | 99,938,040 |
Total liabilities | 81,820,518 | 124,748,773 |
Commitments and Contingencies | ||
Class A ordinary shares; 60,405,782 and 56,262,473 shares subject to possible redemption at $10.00 per share at June 30, 2021 and December 31, 2020, respectively | 604,057,820 | 562,624,730 |
Shareholders' Equity: | ||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 27,466,918 | 68,899,593 |
Accumulated deficit | (22,469,493) | (63,902,585) |
Total shareholders' equity | 5,000,009 | 5,000,007 |
Total Liabilities and Shareholders' Equity | 690,878,347 | 692,373,510 |
Class A Ordinary Shares | ||
Shareholders' Equity: | ||
Common stock, value | 859 | 1,274 |
Total shareholders' equity | 859 | 1,274 |
Class B Ordinary Shares | ||
Shareholders' Equity: | ||
Common stock, value | 1,725 | 1,725 |
Total shareholders' equity | $ 1,725 | $ 1,725 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Ordinary Shares | ||
Per Share, price (in Dollars per share) | $ 10 | $ 10 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 500,000,000 | 500,000,000 |
Common stock, issued | 8,594,218 | 12,737,527 |
Common stock, outstanding | 8,594,218 | 12,737,527 |
Shares subject to possible redemption | 60,405,782 | 56,262,473 |
Class B Ordinary Shares | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 50,000,000 | 50,000,000 |
Common stock, issued | 17,250,000 | 17,250,000 |
Common stock, outstanding | 17,250,000 | 17,250,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
General and administrative expenses | $ 1,002,670 | $ 2,294,589 |
Loss from operations | (1,002,670) | (2,294,589) |
Other income | ||
Unrealized gain on investments held in Trust Account | 24,664 | 104,511 |
Change in fair value of derivative warrant liabilities | 1,804,620 | 43,623,170 |
Total other income | 1,829,284 | 43,727,681 |
Net income | 826,614 | 41,433,092 |
Class A Ordinary Shares | ||
Other income | ||
Net income | $ 0 | $ 0 |
Basic and diluted weighted average shares outstanding | 69,000,000 | 69,000,000 |
Basic and diluted net income per ordinary share | $ 0 | $ 0 |
Class B Ordinary Shares | ||
Other income | ||
Net income | $ 826,614 | $ 41,433,092 |
Basic and diluted weighted average shares outstanding | 17,250,000 | 17,250,000 |
Basic and diluted net income per ordinary share | $ 0.05 | $ 2.40 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Shareholders' Equity - USD ($) | Total | Additional Paid-in Capital | Accumulated Deficit | Class A Ordinary Shares | Class B Ordinary Shares |
Balance at Dec. 31, 2020 | $ 5,000,007 | $ 68,899,593 | $ (63,902,585) | $ 1,274 | $ 1,725 |
Balance (in Shares) at Dec. 31, 2020 | 12,737,527 | 17,250,000 | |||
Shares subject to possible redemption | (40,606,480) | (40,606,074) | $ (406) | ||
Shares subject to possible redemption (in Shares) | (4,060,648) | ||||
Net income | 40,606,478 | 40,606,478 | |||
Balance at Mar. 31, 2021 | 5,000,005 | 28,293,519 | (23,296,107) | $ 868 | $ 1,725 |
Balance (in Shares) at Mar. 31, 2021 | 8,676,879 | 17,250,000 | |||
Balance at Dec. 31, 2020 | 5,000,007 | 68,899,593 | (63,902,585) | $ 1,274 | $ 1,725 |
Balance (in Shares) at Dec. 31, 2020 | 12,737,527 | 17,250,000 | |||
Net income | 41,433,092 | $ 0 | $ 41,433,092 | ||
Balance at Jun. 30, 2021 | 5,000,009 | 27,466,918 | (22,469,493) | $ 859 | $ 1,725 |
Balance (in Shares) at Jun. 30, 2021 | 8,594,218 | 17,250,000 | |||
Balance at Mar. 31, 2021 | 5,000,005 | 28,293,519 | (23,296,107) | $ 868 | $ 1,725 |
Balance (in Shares) at Mar. 31, 2021 | 8,676,879 | 17,250,000 | |||
Shares subject to possible redemption | (826,610) | (826,601) | $ (9) | ||
Shares subject to possible redemption (in Shares) | (82,661) | ||||
Net income | 826,614 | 826,614 | $ 0 | $ 826,614 | |
Balance at Jun. 30, 2021 | $ 5,000,009 | $ 27,466,918 | $ (22,469,493) | $ 859 | $ 1,725 |
Balance (in Shares) at Jun. 30, 2021 | 8,594,218 | 17,250,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Cash Flows from Operating Activities: | |
Net income | $ 41,433,092 |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Unrealized gain on investments held in Trust Accounts | (104,511) |
Change in fair value of derivative warrant liability | (43,623,170) |
Changes in operating assets and liabilities: | |
Prepaid expenses | 154,191 |
Accounts payable | 225,113 |
Accrued expenses | 21,966 |
Due to related party | 447,836 |
Net cash used in operating activities | (1,445,483) |
Cash Flows from Investing Activities: | |
Cash withdrawn from Trust Account | 230,000 |
Net cash provided by investing activities | 230,000 |
Net decrease in cash | (1,215,483) |
Cash—beginning of the period | 1,694,679 |
Cash—end of the period | 479,196 |
Supplemental disclosure of noncash investing and financing activities: | |
Change in value of Class A ordinary shares subject to possible redemption | $ 41,433,090 |
Description of Organization, Bu
Description of Organization, Business Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Organization, Business Operations and Basis of Presentation | Note 1—Description of Organization, Business Operations and Basis of Presentation Joby Aviation, Inc., formerly known as Reinvent Technology Partners (the “Company”), was incorporated as a Cayman Islands exempted company on July 3, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). On February 23, 2021, RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company was formed . Joby Business Combination On August 10, 2021, subsequent to the fiscal quarter ended June 30, 2021, the fiscal quarter to which the accompanying financial statements relate, the Company consummated its initial business combination (“Joby Business Combination”) with Joby Aero, Inc., a Delaware corporation (“Joby”), and RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (“Merger Sub”), pursuant to an Agreement and Plan of Merger dated February 23, 2021 (the “Merger Agreement”), by and among the Company, Joby and Merger Sub. Upon the consummation of the Joby Business Combination: (i) Merger Sub merged with and into Joby (the “Merger”) and the separate corporate Prior to the consummation of the Joby Business Combination, following the approval of the Company’s shareholders, and in accordance with the General Corporation Law of the State of Delaware, as amended (the “DGCL”), Cayman Islands Companies Act (as revised) (the “CICA”) and the Company’ amended and restated memorandum and articles of association, the Company effected a deregistration under the CICA and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation was changed from the Cayman Islands to the State of Delaware (the “Domestication”). In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $ 0.0001 one-for-one one-for-one one-for-one one-fourth rrant . On February 23, 2021, concurrently with the execution of the Merger Agreement, the Company entered into subscription agreements with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors collectively subscribed for 83.5 million shares of RTP Common Stock for an aggregate purchase price equal to $835 million (the “PIPE Investment”), $115 million of which was to be funded in the aggregate by Reinvent Technology SPV I LLC and Reinvent Capital Fund LP. The PIPE Investment was consummated substantially concurrently with the consummation of the Joby Business Combination. Business Prior to the Joby Business Combination All activity for the period from July 3, 2020 (inception) through June 30, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, the search for a target company for a Business Combination, and the negotiation and execution of the Joby Business Combination. The Company has selected December 31 as its fiscal year end. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. Following the consummation of the Initial Public Offering, the Company generated non-operating The registration statement for the Company’s Initial Public Offering was declared effective on September 16, 2020. On September 21, 2020, the Company consummated its Initial Public Offering of 69,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares”), including 9,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.8 million, inclusive of approximately $24.2 million in deferred underwriting commissions (Note 5). Substantially concurrently with the closing of the Initial Public Offering, the Company consummated the private placement (the “Private Placement”) of 11,533,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant to Reinvent Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”), generating gross proceeds of $17.3 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, $690.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, or the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company was required to provide its holders of Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company was to seek shareholder approval of a Business Combination or conduct a tender offer was made by the Company. The Public Shareholders were entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account. The per-share have been recorded at a redemption value and classified as temporary equity upon and following the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or for any future period. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Going Concern As of June 30, 2021, the Company had approximately $479,000 in its operating bank account, and negative working capital of approximately $284,000. The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from the Sponsor to cover for certain expenses in exchange for the issuance of the Founder Shares, the loan of approximately $194,000 from the Sponsor pursuant to the promissory note (see Note 4), and the proceeds from the consummation of the Initial Public Offering and Private Placement not held in the Trust Account. The Company fully repaid the promissory note as of September 21, 2020 (see Note 4). In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 4). As of June 30, 2021, there were no amounts outstanding under any Working Capital Loan. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, about the Company’s ability to continue as a going concern until the earlier of the consummation of the Business Combination or the date the Company is required to liquidate, September 25, 2022. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern . Risk 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 COVID-19 COVID-19 COVID-19 COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. 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. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Investments Held in Trust Account As of June 30, 2021, the Company’s portfolio of investments was comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the condensed consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in unrealized gain on investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account were determined using available market information . Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At June 30, 2021 and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximates the carrying amounts represented in the condensed consolidated balance sheets. 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. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of June 30, 2021, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of June 30, 2021, the Company’s portfolio of investments held in the Trust Account was comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities were determined using quoted market prices in active markets. 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. re-assessed The warrants issued in the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued in connection with the Initial Public Offering and Private Placement were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Warrants issued in connection with our Initial Public Offering have subsequently been measured based on the listed market price of such warrants. Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares 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, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 60,405,782 and 56,262,473, respectively, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Income Taxes FASB Topic ASC 740, “Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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 to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction as of June 30, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes were not levied on the Company through June 30, 2021. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. Net Income (Loss) Per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 28,783,333, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. The Company’s unaudited condensed consolidated statement of operations includes a presentation of net income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class available to be withdrawn from the Trust Account, by the weighted average number of Class A ordinary shares outstanding for the period. Net income (loss) per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less net income (loss) attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period. The Company calculation of net income (loss) per ordinary share for the three and six month ended June 30, 2021 as follows: For the three months For the six months Class A ordinary shares Numerator: Earnings allocable to Class A ordinary shares Income from investments held in Trust Account $ 24,664 $ 104,511 Less: Company’s portion available to be withdrawn to pay taxes (24,664 ) (104,511 ) Net income attributable to Class A ordinary shares $ — $ — Denominator: Weighted average Class A ordinary shares Basic and diluted weighted average Class A shares outstanding 69,000,000 69,000,000 Basic and diluted net income per share, Class A ordinary shares $ — $ — Class B ordinary shares Numerator: Net Income minus Net Earnings Net income $ 826,614 $ 41,433,092 Net income allocable to Class A ordinary shares — — Net income attributable to Class B ordinary shares $ 826,614 $ 41,433,092 Denominator: weighted average Class B ordinary shares Basic and diluted weighted average Class B shares outstanding 17,250,000 17,250,000 Basic and diluted net income per share, Class B ordinary shares $ 0.05 $ 2.40 Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt (Subtopic 470-20) and (Subtopic 815-40): Accounting Equity” (“ASU 2020-06”), which ASU 2020-06 on The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s unaudited condensed consolidated financial statements. |
Initial Public Offering
Initial Public Offering | 6 Months Ended |
Jun. 30, 2021 | |
Public Offering [Abstract] | |
Initial Public Offering | Note 3—Initial Public Offering On September 21, 2020, the Company consummated its Initial Public Offering of 69,000,000 Units, including 9,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $690.0 million, and incurring offering costs of approximately $38.8 million, inclusive of approximately $24.2 million in deferred underwriting commissions. Each Unit consisted of one Class A ordinary share and one-quarter |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4—Related Party Transactions Founder Shares On August 4, 2020, the Sponsor paid an aggregate of $25,000 to cover certain expenses on behalf of the Company in exchange for issuance of 14,375,000 Class B ordinary shares (the “Founder Shares”). On August 28, 2020, the Company effected a share capitalization resulting in the Sponsor holding an aggregate of 17,250,000 Founder Shares. All shares and the associated amounts in the accompanying unaudited condensed consolidated financial statements and notes thereto have been retroactively restated to reflect the share capitalization. Subsequent to the share capitalization, on August 28, 2020, the Sponsor transferred 30,000 Founder Shares to each of the Company’s independent director nominees. The Sponsor agreed to forfeit up to an aggregate of 2,250,000 Founder Shares to the extent that the option to purchase Over-Allotment Units was not exercised in full by the underwriters, so that the Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters fully exercised their over-allotment option on September 17, 2020; thus, those Founder Shares were no longer subject to forfeiture. Private Placement Warrants Substantially concurrently with the closing of the Initial Public Offering, the Company consummated the Private Placement of 11,533,333 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of $17.3 million. Each Private Placement Warrant will be exercisable for one Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. The Private Placement Warrants will be non-redeemable The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. Related Party Loans On August 4, 2020, the Sponsor agreed to loan the Company up to $300,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates could have, but were not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completed 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 have been repaid only out of funds held outside the Trust Account. In the event that a Business Combination did not close, the Company may have used 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,500,000 of such Working Capital Loans may have been convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would have been identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, were not determined and no written agreements existed with respect to such loans. As of June 30, 2021, the Company had no borrowings under the Working Capital Loans . Support Services Agreement The Company entered into a support services agreement (the “Support Services Agreement”) that provided that, commencing on the date that the Company’s securities were first listed on the NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company would pay Support Services Fees to Reinvent Capital LLC (“Reinvent Capital”) that total $1,875,000 per year for support and administrative services, as well as reimburse Reinvent Capital for any out-of-pocket r million, respectively, in the condensed consolidated statement of operations for the three and six months ended June 30, 2021. The company ceased paying these quarterly fees and periodic cost reimbursements following the consummation of the Joby Business Combination. In addition, the Sponsor, officers and directors, or any of their respective affiliates were reimbursed for any out-of-pocket |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5—Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate was payable to the underwriters for deferred underwriting commissions. The deferred fee would become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completed a Business Combination, subject to the terms of the underwriting agreement. Legal Update On April 19, 2021, Cody Reese (“Reese”), a purported shareholder of the Company, filed a lawsuit in the Supreme Court of the State of New York, County of New York, captioned Cody Reese v. Reinvent Technology Partners, et al., case number 652603/2021, against the Company and the members of its board of directors (the “Reese Complaint”). The Reese Complaint asserts a breach of fiduciary duty claim against the individual defendants and an aiding and abetting claim against RTP. The Reese Complaint alleges, among other things, that (i) the merger consideration is unfair, and (ii) the registration statement on Form S-4 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 6—Shareholders’ Equity Class A Ordinary Shares Class B Ordinary Shares Class A ordinary shareholders and Class B ordinary shareholders of record were entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that, prior to the initial Business Combination, holders of Class B ordinary shares had the right to appoint all of the Company’s directors and remove members of the board of directors for any reason, and holders of Class A ordinary shares were not entitled to vote on the appointment of directors during such time. The Class B ordinary shares were automatically convertible into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one sub-divisions, t % of the sum of all ordinary shares issued and outstanding upon the completion of the Initial Public Offering plus all Class A ordinary sh a res 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. In no event were the Class B ordinary shares convertible into Class A ordinary shares at a rate of less than one to one. Preference Shares |
Derivative Warrant Liabilities
Derivative Warrant Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Warrant Liabilities | Note 7—Derivative Warrant Liabilities As of June 30, 2021 and December 31, 2020, the Company had 17,250,000 Public Warrants and 11,533,333 Private Placement Warrants outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement governing the Warrants). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, requires holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement. The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issued additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) Price”), (y) the aggregate gross proceeds from such issuances represented more than % of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) . The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants a non-redeemable, Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the last reported sale price of Class A ordinary shares for any 20 trading days within a 30-trading The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and • if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8—Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. June 30, 2021 Quoted Prices in Active Markets Significant Observable Significant Unobservable Description (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities $ 690,039,494 $ — $ — Liabilities: Derivative warrant liabilities—public warrants $ 33,749,790 $ — $ — Derivative warrant liabilities—private warrants $ — $ — $ 22,565,080 December 31, 2020 Description Quoted Prices in Active Markets (Level 1) Significant Observable Significant Unobservable (Level 3) Assets: U.S. Treasury Securities $ 690,167,879 $ — $ — Liabilities: Derivative warrant liabilities—public warrants $ 56,112,680 $ — $ — Derivative warrant liabilities—private warrants $ — $ — $ 43,825,360 The remainder of the balance in Investments held in Trust Account is comprised of cash equivalents. Level 1 instruments include investments in cash, money market funds and U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. There were no transfers from a Level 3 measurement to a Level 1 for the three and six months ended June 30, 2021. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since November 2020. For the three and six months ended June 30, 2021, the Company recognized a charge to the statement of operations resulting from a decrease in the fair value of liabilities of approximately $1.8 million and $43.6 million, respectively, presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations. The estimated fair value of the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, was determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: As of June 30, 2021 As of December 31, 2020 Stock price $ 9.98 $ 11.56 Volatility 27.3 % 40.4 % Expected life of the options to convert 5.10 5.46 Risk-free rate 0.88 % 0.43 % Dividend yield — — The change in the fair value of the Level 3 derivative warrant liabilities for six months ended June 30, 2021 is summarized as follows: Derivative warrant liabilities as of December 31, 2020 $ 48,825,360 Change in fair value of derivative warrant liabilities (21,260,280 ) Derivative warrant liabilities as of June 30, 2021 $ 22,565,080 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9—Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through August 13 As described in Note 1, the Company completed the Joby Business Combination on August 10, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. 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. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. |
Investments Held in Trust Account | Investments Held in Trust Account As of June 30, 2021, the Company’s portfolio of investments was comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the condensed consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in unrealized gain on investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account were determined using available market information . |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At June 30, 2021 and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
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 FASB ASC Topic 820, “Fair Value Measurements,” approximates the carrying amounts represented in the condensed consolidated balance sheets. |
Fair Value Measurements | 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. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of June 30, 2021, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of June 30, 2021, the Company’s portfolio of investments held in the Trust Account was comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities were determined using quoted market prices in active markets. |
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. re-assessed The warrants issued in the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued in connection with the Initial Public Offering and Private Placement were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Warrants issued in connection with our Initial Public Offering have subsequently been measured based on the listed market price of such warrants. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares 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, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 60,405,782 and 56,262,473, respectively, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. |
Income Taxes | Income Taxes FASB Topic ASC 740, “Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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 to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction as of June 30, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes were not levied on the Company through June 30, 2021. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 28,783,333, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events. The Company’s unaudited condensed consolidated statement of operations includes a presentation of net income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class available to be withdrawn from the Trust Account, by the weighted average number of Class A ordinary shares outstanding for the period. Net income (loss) per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less net income (loss) attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period. The Company calculation of net income (loss) per ordinary share for the three and six month ended June 30, 2021 as follows: For the three months For the six months Class A ordinary shares Numerator: Earnings allocable to Class A ordinary shares Income from investments held in Trust Account $ 24,664 $ 104,511 Less: Company’s portion available to be withdrawn to pay taxes (24,664 ) (104,511 ) Net income attributable to Class A ordinary shares $ — $ — Denominator: Weighted average Class A ordinary shares Basic and diluted weighted average Class A shares outstanding 69,000,000 69,000,000 Basic and diluted net income per share, Class A ordinary shares $ — $ — Class B ordinary shares Numerator: Net Income minus Net Earnings Net income $ 826,614 $ 41,433,092 Net income allocable to Class A ordinary shares — — Net income attributable to Class B ordinary shares $ 826,614 $ 41,433,092 Denominator: weighted average Class B ordinary shares Basic and diluted weighted average Class B shares outstanding 17,250,000 17,250,000 Basic and diluted net income per share, Class B ordinary shares $ 0.05 $ 2.40 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt (Subtopic 470-20) and (Subtopic 815-40): Accounting Equity” (“ASU 2020-06”), which ASU 2020-06 on The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s unaudited condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted net income (loss) per common share | For the three months For the six months Class A ordinary shares Numerator: Earnings allocable to Class A ordinary shares Income from investments held in Trust Account $ 24,664 $ 104,511 Less: Company’s portion available to be withdrawn to pay taxes (24,664 ) (104,511 ) Net income attributable to Class A ordinary shares $ — $ — Denominator: Weighted average Class A ordinary shares Basic and diluted weighted average Class A shares outstanding 69,000,000 69,000,000 Basic and diluted net income per share, Class A ordinary shares $ — $ — Class B ordinary shares Numerator: Net Income minus Net Earnings Net income $ 826,614 $ 41,433,092 Net income allocable to Class A ordinary shares — — Net income attributable to Class B ordinary shares $ 826,614 $ 41,433,092 Denominator: weighted average Class B ordinary shares Basic and diluted weighted average Class B shares outstanding 17,250,000 17,250,000 Basic and diluted net income per share, Class B ordinary shares $ 0.05 $ 2.40 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of assets that are measured at fair value on a recurring basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. June 30, 2021 Quoted Prices in Active Markets Significant Observable Significant Unobservable Description (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities $ 690,039,494 $ — $ — Liabilities: Derivative warrant liabilities—public warrants $ 33,749,790 $ — $ — Derivative warrant liabilities—private warrants $ — $ — $ 22,565,080 December 31, 2020 Description Quoted Prices in Active Markets (Level 1) Significant Observable Significant Unobservable (Level 3) Assets: U.S. Treasury Securities $ 690,167,879 $ — $ — Liabilities: Derivative warrant liabilities—public warrants $ 56,112,680 $ — $ — Derivative warrant liabilities—private warrants $ — $ — $ 43,825,360 |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: As of June 30, 2021 As of December 31, 2020 Stock price $ 9.98 $ 11.56 Volatility 27.3 % 40.4 % Expected life of the options to convert 5.10 5.46 Risk-free rate 0.88 % 0.43 % Dividend yield — — |
Summary of fair value of the derivative warrant liabilities | The change in the fair value of the Level 3 derivative warrant liabilities for six months ended June 30, 2021 is summarized as follows: Derivative warrant liabilities as of December 31, 2020 $ 48,825,360 Change in fair value of derivative warrant liabilities (21,260,280 ) Derivative warrant liabilities as of June 30, 2021 $ 22,565,080 |
Description of Organization, _2
Description of Organization, Business Operations and Basis of Presentation - Additional Information (Detail) - USD ($) | Feb. 23, 2021 | Sep. 21, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Proceeds from public offering | $ 690,000,000 | |||
Trust Account Per share | $ 10 | |||
Trust account, description | maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940 | |||
Amount held at bank | $ 690,045,877 | $ 690,171,366 | ||
Loan amount | $ 194,000 | |||
Common Class A [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common Class B [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
PIPE Subscription Agreement [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Shares subscribed | 83,500,000 | |||
Aggregate purchase price | $ 835,000,000 | |||
Aggregate funded amount of subscribed shares | $ 115,000,000 | |||
Domestication [Member] | Common Class A [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Common stock, par value | $ 0.0001 | |||
Conversion of stock in connection with the Domestication | each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company, was converted automatically, on a one-for-one basis, into a share of common stock, par value $0.0001, of the Company (after its Domestication) (the “RTP Common Stock”), | |||
Domestication [Member] | Common Class B [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Common stock, par value | $ 0.0001 | |||
Conversion of stock in connection with the Domestication | each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company, was converted automatically, on a one-for-one basis, into a share of RTP Common Stock, | |||
Domestication [Member] | Warrant [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Conversion of stock in connection with the Domestication | each then issued and outstanding warrant of the Company was converted automatically into a warrant to acquire one share of RTP Common Stock (“Domesticated RTP Warrant”) | |||
Domestication [Member] | Cayman RTP Units [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Conversion of stock in connection with the Domestication | each then issued and outstanding unit of the Company was converted automatically into a share of RTP Common Stock, on a one-for-one basis, and one-fourth of one Domesticated RTP Warrant | |||
Joby Aero, Inc. [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Business combination, shares value | $ 5,000,000,000 | |||
Business combination, per share | $ 10 | |||
Business combination, number of additional share to be issued | 7,716,780 | |||
Liquidity [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Amount held at bank | $ 479,000 | |||
Working capital amount | 284,000 | |||
Proceeds from capital contribution | 25,000 | |||
IPO [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Issuance of initial public offering units | 69,000,000 | |||
Gross proceeds | $ 690,000,000 | |||
Deferred underwriting commissions | $ 24,200,000 | |||
Over-Allotment [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Issuance of initial public offering units | 9,000,000 | |||
Offering costs | $ 38,800,000 | |||
Gross proceeds | 690,000,000 | |||
Deferred underwriting commissions | $ 24,200,000 | |||
Share issued price per unit | $ 10 | |||
Private Placement [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Gross proceeds | $ 17,300,000 | |||
Warrants issued | 11,533,333 | |||
Price per warrant | $ 1.50 | |||
Private Placement [Member] | Common Class A [Member] | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Price per warrant | $ 11.50 |
Summary of Significant Accoun_4
Summary of Significant Accounting - Summary of basic and diluted net income (loss) per common share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | |
Class of Stock [Line Items] | |||
Income from investments held in Trust Account | $ 24,664 | $ 104,511 | |
Less: Company's portion available to be withdrawn to pay taxes | (24,664) | (104,511) | |
Net income | 826,614 | $ 40,606,478 | 41,433,092 |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Net income | $ 0 | $ 0 | |
Basic and diluted weighted average shares outstanding | 69,000,000 | 69,000,000 | |
Basic and diluted net loss per ordinary share | $ 0 | $ 0 | |
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Net income | $ 826,614 | $ 41,433,092 | |
Basic and diluted weighted average shares outstanding | 17,250,000 | 17,250,000 | |
Basic and diluted net loss per ordinary share | $ 0.05 | $ 2.40 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Federal depository insurance coverage | $ 250,000 | |
Working capital requirements | 500,000 | |
Unrecognized tax benefits income tax penalties and interest accrued | $ 0 | |
U.S. Treasury Securities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maturity period | 185 days | |
Class A Ordinary Shares | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Common stock subject to possible redemption (in Shares) | 60,405,782 | 56,262,473 |
Warrants outstanding (in Shares) | 28,783,333 |
Initial Public Offering (Detail
Initial Public Offering (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended |
Sep. 21, 2020 | Jun. 30, 2021 | |
Initial Public Offering (Details) [Line Items] | ||
Warrants to be issued, description | Each Unit consisted of one Class A ordinary share and one-quarter of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 6). | |
IPO [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Issuance of initial public offering (in Shares) | 69,000,000 | |
Sale of price per share (in Dollars per share) | $ 10 | |
Gross proceeds | $ 690 | |
Offering cost | 38.8 | |
Deferred underwriting commissions | $ 24.2 | |
Over-Allotment [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Issuance of initial public offering (in Shares) | 9,000,000 | |
Gross proceeds | $ 690 | |
Deferred underwriting commissions | $ 24.2 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) | Aug. 04, 2020 | Aug. 28, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions (Details) [Line Items] | ||||
Cash paid by sponsor | $ 25,000 | |||
Ordinary shares received (in Shares) | 14,375,000 | |||
Aggregate shares held by Sponsor (in Shares) | 17,250,000 | |||
Founder shares issued to directors (in Shares) | 30,000 | |||
Issuance of warrants (in Shares) | 11,533,333 | |||
Gross proceeds from sponsor | $ 17,300,000 | |||
Loan amount | $ 300,000 | |||
Borrowed amount | 194,000 | |||
Working capital loans | $ 2,500,000 | |||
Convertible price per unit (in Dollars per share) | $ 1.50 | |||
Working capital | 500,000 | |||
Reimbursable expenses paid by the Sponsor | 550,000 | $ 1,100,000 | ||
Support Services Agreement [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Due to related party | 493,000 | $ 45,000 | ||
Reinvent Capital LLC [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Service fee | $ 1,875,000 | |||
Founder Shares [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Shares forfeited (in Shares) | 2,250,000 | |||
Private Placement [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Warrants price per share (in Dollars per share) | $ 1.50 | |||
Private Placement [Member] | Class A Ordinary Shares | ||||
Related Party Transactions (Details) [Line Items] | ||||
Warrants price per share (in Dollars per share) | $ 11.50 | |||
Founder Shares [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Issued and outstanding shares, percentage | 20.00% |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | 6 Months Ended |
Jun. 30, 2021shares | |
Commitments and Contingencies Disclosure [Abstract] | |
Additional sale of stock | 9,000,000 |
Underwriting agreement description | The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13.8 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $24.2 million in the aggregate was payable to the underwriters for deferred underwriting commissions. The deferred fee would become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completed a Business Combination, subject to the terms of the underwriting agreement. |
Shareholders' Equity (Detail)
Shareholders' Equity (Detail) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Shareholder's Equity (Details) [Line Items] | ||
Share conversion percentage | 20.00% | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Class A Ordinary Shares | ||
Shareholder's Equity (Details) [Line Items] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, issued | 69,000,000 | 69,000,000 |
Common stock, outstanding | 69,000,000 | 69,000,000 |
Subject to possible redemption | 60,405,782 | 56,262,473 |
Class B Ordinary Shares | ||
Shareholder's Equity (Details) [Line Items] | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, issued | 17,250,000 | 17,250,000 |
Common stock, outstanding | 17,250,000 | 17,250,000 |
Derivative Warrant Liabilities
Derivative Warrant Liabilities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Warrant expire term | 5 years |
Gross proceeds price percentage | 60.00% |
Warrants description | the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial business Combination (such price, the “Market Value”) was below $9.20 per share, the exercise price of the warrants would be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price |
Private Placement [Member] | |
Warrant exercise price (in Dollars per share) | $ 1.50 |
Warrants [Member] | |
Warrant exercise price (in Dollars per share) | 11.50 |
Share issued price per share (in Dollars per share) | $ 9.20 |
Public Warrants [Member] | |
Class of Warrant or Right, Outstanding | shares | 17,250,000 |
Private Placement Warrants [Member] | |
Class of Warrant or Right, Outstanding | shares | 11,533,333 |
Class A Ordinary Shares | Private Placement [Member] | |
Warrant exercise price (in Dollars per share) | $ 11.50 |
Warrants for redemption, description | Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and • if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of Class A ordinary shares shall mean the volume-weighted average price of Class A ordinary shares for the 10 trading days following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of fair value hierarchy of valuation techniques (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Investment held in Trust Account | $ 690,045,877 | $ 690,171,366 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 33,749,790 | 56,112,680 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Private Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Investment held in Trust Account | 690,039,494 | 690,167,879 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Investment held in Trust Account | ||
Fair Value, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Public Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | ||
Fair Value, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Private Warrants [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 22,565,080 | $ 43,825,360 |
Fair Value, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Investment held in Trust Account |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Adjustment of Warrants | $ (1,804,620) | $ (43,623,170) |
Transfers from Level 3 measurement to a Level 1 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) - Fair Value, Inputs, Level 3 [Member] | Jun. 30, 2021yrd | Dec. 31, 2020yrd |
Stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 9.98 | 11.56 |
Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurement Input | 27.30% | 40.40% |
Expected life of the options to convert | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | yr | 5.10 | 5.46 |
Risk-free rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurement Input | 0.88% | 0.43% |
Dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | d | 0 | 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of fair value of the derivative warrant liabilities (Detail) - Warrants [Member] | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative warrant liabilities, Beginning balance | $ 48,825,360 |
Change in fair value of derivative warrant liabilities | (21,260,280) |
Derivative warrant liabilities, Ending Balance | $ 22,565,080 |