Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-39677 | |
Entity Registrant Name | CONX CORP. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 85-2728630 | |
Entity Address, Address Line One | 5701 S | |
Entity Address, Address Line Two | Santa Fe Dr. | |
Entity Address, City or Town | Littleton | |
Entity Address State Or Province | CO | |
Entity Address, Postal Zip Code | 80120 | |
City Area Code | 303 | |
Local Phone Number | 472-1542 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Central Index Key | 0001823000 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | true | |
Amendment Description | Amendment No. 1 | |
Units | ||
Title of 12(b) Security | Units, each consisting of one share of Class A common stock and one-fourth of one redeemable warrant | |
Trading Symbol | CONXU | |
Security Exchange Name | NASDAQ | |
Class A - Common stock | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | CONX | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 75,030,000 | |
Warrants. | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | |
Trading Symbol | CONXW | |
Security Exchange Name | NASDAQ | |
Class B - Common stock | ||
Entity Common Stock, Shares Outstanding | 18,750,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 866,309 | $ 1,211,837 |
Prepaid expenses | 22,883 | 22,333 |
Other receivable | 3,508 | 3,508 |
Total current assets | 892,700 | 1,237,678 |
Cash held in trust account | 750,061,652 | 750,005,343 |
Total assets | 750,954,352 | 751,243,021 |
Current liabilities: | ||
Accounts payable | 1,983 | 112,500 |
Accrued expenses | 186,000 | 25,000 |
Income taxes payable | 9,082 | 1,122 |
Total current liabilities | 197,065 | 138,622 |
Deferred legal fees | 275,000 | 275,000 |
Deferred underwriting fee payable | 26,250,000 | 26,250,000 |
Derivative warrant liabilities | 34,595,832 | 45,726,666 |
Total liabilities | 61,317,897 | 72,390,288 |
Commitments and Contingencies | ||
Stockholders' Equity (Deficit): | ||
Preferred stock, $0.0001 par value; 20,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 0 | 0 |
Retained earnings (accumulated deficit) | (60,365,422) | (71,149,143) |
Total Stockholders' Equity (Deficit) | (60,363,545) | (71,147,267) |
Total Liabilities and Stockholders' Equity (Deficit) | 750,954,352 | 751,243,021 |
Class A Common Stock Subject to Redemption | ||
Current liabilities: | ||
Class A common stock subject to possible redemption, 75,000,000 and 75,000,000 shares, respectively at $10.00 per share | 750,000,000 | 750,000,000 |
Class B - Common stock | ||
Stockholders' Equity (Deficit): | ||
Common stock | $ 1,875 | $ 1,875 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A - Common stock | ||
Shares, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 20,000 | 10,000 |
Common stock, shares outstanding | 20,000 | 10,000 |
Class A Common Stock Not Subject to Redemption | ||
Common stock, shares issued | 20,000 | 10,000 |
Common stock, shares outstanding | 20,000 | 10,000 |
Class A Common Stock Subject to Redemption | ||
Shares subject to possible redemption | 75,000,000 | 75,000,000 |
Redemption price per share | $ 10 | $ 10 |
Class B - Common stock | ||
Shares, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,750,000 | 18,750,000 |
Common stock, shares outstanding | 18,750,000 | 18,750,000 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | |
General and administrative expenses | $ 8,525 | $ 92,765 | $ 389,537 |
Loss from operations | (8,525) | (92,765) | (389,537) |
Other income | |||
Change in fair value of derivative warrant liabilities | 6,016,667 | 11,130,834 | |
Interest income on investments held in Trust Account | 18,907 | 56,309 | |
Total other income | 59,428,109 | 10,797,606 | |
Income (loss) before income tax expense | (8,525) | 5,942,809 | 10,797,606 |
Income tax expense | 4,420 | 13,885 | |
Net income (loss) | $ (8,525) | $ 5,938,389 | $ 10,783,721 |
Class A - Common stock. | |||
Weighted average common shares outstanding, basic and diluted | |||
Weighted average common shares outstanding, basic | 75,020,000 | 75,015,699 | |
Weighted average common shares outstanding, diluted | 75,000,000 | ||
Basic net (loss) income per common share | $ 0.06 | $ 0.12 | |
Diluted net (loss) income per common share | $ 0.06 | $ 0.12 | |
Class B - Common stock | |||
Weighted average common shares outstanding, basic and diluted | |||
Weighted average common shares outstanding, basic | 18,750,000 | 18,750,000 | 18,750,000 |
Weighted average common shares outstanding, diluted | 18,750,000 | 18,750,000 | 18,750,000 |
Basic net (loss) income per common share | $ 0.06 | $ 0.12 | |
Diluted net (loss) income per common share | $ 0.06 | $ 0.12 |
UNAUDITED CONDENSED STATEMENT O
UNAUDITED CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY ( DEFICIT) - USD ($) | Common StockClass B - Common stockFounder | Common StockClass B - Common stock | Common StockClass A Common Stock Not Subject to RedemptionFounder | Common StockClass A Common Stock Not Subject to Redemption | Additional Paid-In CapitalFounder | Additional Paid-In Capital | Accumulated Deficit | Founder | Total |
Balance at the beginning at Aug. 25, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Balance at the beginning (in shares) at Aug. 25, 2020 | 0 | 0 | |||||||
Stock Issued During Period, Value, New Issues | $ 2,156 | $ 0 | $ 22,844 | $ 25,000 | |||||
Stock Issued During Period, Shares, New Issues | 21,562,500 | ||||||||
Net income (loss) | $ 0 | (8,525) | (8,525) | ||||||
Balance at the ending at Sep. 30, 2020 | $ 2,156 | $ 0 | 22,844 | (8,525) | 16,475 | ||||
Balance at the ending (in shares) at Sep. 30, 2020 | 21,562,500 | 0 | |||||||
Balance at the beginning at Dec. 31, 2020 | $ 1,875 | $ 1 | 0 | (71,149,143) | (71,147,267) | ||||
Balance at the beginning (in shares) at Dec. 31, 2020 | 18,750,000 | 10,000 | |||||||
Stock Issued During Period, Value, New Issues | $ 1 | 1 | |||||||
Stock Issued During Period, Shares, New Issues | 10,000 | ||||||||
Net income (loss) | 8,671,529 | 8,671,529 | |||||||
Balance at the ending at Mar. 31, 2021 | $ 1,875 | $ 2 | (62,477,614) | (62,475,737) | |||||
Balance at the ending (in shares) at Mar. 31, 2021 | 18,750,000 | 20,000 | |||||||
Balance at the beginning at Dec. 31, 2020 | $ 1,875 | $ 1 | $ 0 | (71,149,143) | (71,147,267) | ||||
Balance at the beginning (in shares) at Dec. 31, 2020 | 18,750,000 | 10,000 | |||||||
Net income (loss) | 10,783,721 | ||||||||
Balance at the ending at Sep. 30, 2021 | $ 1,875 | $ 2 | (60,365,422) | (60,363,545) | |||||
Balance at the ending (in shares) at Sep. 30, 2021 | 18,750,000 | 20,000 | |||||||
Balance at the beginning at Mar. 31, 2021 | $ 1,875 | $ 2 | (62,477,614) | (62,475,737) | |||||
Balance at the beginning (in shares) at Mar. 31, 2021 | 18,750,000 | 20,000 | |||||||
Net income (loss) | (3,826,197) | (3,826,197) | |||||||
Balance at the ending at Jun. 30, 2021 | $ 1,875 | $ 2 | (66,303,811) | (66,301,934) | |||||
Balance at the ending (in shares) at Jun. 30, 2021 | 18,750,000 | 20,000 | |||||||
Net income (loss) | 5,938,389 | 5,938,389 | |||||||
Balance at the ending at Sep. 30, 2021 | $ 1,875 | $ 2 | $ (60,365,422) | $ (60,363,545) | |||||
Balance at the ending (in shares) at Sep. 30, 2021 | 18,750,000 | 20,000 |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY ( DEFICIT) (Parenthetical) | Sep. 30, 2020$ / shares |
Founder | |
Common Stock, Par or Stated Value Per Share | $ 0.001 |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | |
Cash flows from Operating Activities: | |||
Net income (loss) | $ (8,525) | $ 10,783,721 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Interest earned on investments held in Trust Account | $ (18,907) | (56,309) | |
Change in fair value of derivative warrant liabilities | (6,016,667) | (11,130,834) | |
Changes in operating assets and liabilities: | |||
Prepaid expenses | (550) | ||
Accounts payable | (110,516) | ||
Accrued expenses | 8,525 | 161,000 | |
Income tax payable | 7,960 | ||
Net cash used in operating activities | (345,528) | ||
Financing Activities | |||
Proceeds from sale of common stock to founder | 25,000 | ||
Proceeds from promissory note - related party | 200,000 | ||
Deferred offering cost paid | (5,000) | ||
Net cash provided by financing activities | 220,000 | ||
Net change in cash | 220,000 | (345,528) | |
Cash-beginning of the year | 0 | 1,211,837 | |
Cash-end of the period | 220,000 | $ 866,309 | $ 866,309 |
Supplemental Disclosure of Non-cash Financing Activities: | |||
Deferred offering costs included in promissory note - related party | 173,000 | ||
Deferred offering costs included in accrued expenses | $ 180,000 |
Description of Organization, Bu
Description of Organization, Business Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Description of Organization, Business Operations and Basis of Presentation | |
Description of Organization, Business Operations and Basis of Presentation | Note 1—Description of Organization, Business Operations and Basis of Presentation (as restated) CONX Corp. (the “Company”) was incorporated in Nevada on August 26, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets (the “Business Combination”). While the Company may pursue an acquisition opportunity in any industry or geographic region, the Company intends to focus its search on identifying a prospective target that can benefit from its operational expertise in the technology, media and telecommunications (“TMT”) industries, including the wireless communications industry. As of September 30, 2021, the Company had not commenced operations. All activity for the period from August 26, 2020 (inception) through September 30, 2021 relates to the Company’s initial public offering and subsequent search for a potential Business Combination target. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on marketable investments held in a Trust Account (as defined below) from the net proceeds derived from the Initial Public Offering (as defined below). The Company recognizes changes in the fair value of warrant liability as other income (expense). The Company’s Sponsor is nXgen Opportunities, LLC, a Colorado limited liability company (the “Sponsor”). The registration statement for the Initial Public Offering was declared effective on October 29, 2020. On November 3, 2020, the Company consummated the Initial Public Offering of 75,000,000 Units (the “Units” and the shares of Class A common stock included in the Units, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $750.0 million (the “Initial Public Offering”), and incurring offering costs of approximately $42.3 million, inclusive of approximately $26.3 million in deferred underwriting commissions (Note 5). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 11,333,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) to the Sponsor, each exercisable to purchase one share of Class A common stock at $11.50 per share, at a price of $1.50 per Private Placement Warrant, generating gross proceeds to the Company of $17.0 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, a total of $750.0 million ($10.00 per Unit), consisting of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement, was placed in a trust account (“Trust Account”), located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and is invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of (i) the completion of a Business Combination or (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company will provide holders of the Company’s outstanding shares of Class A common stock, par value $0.0001 per share, sold in the Initial Public Offering (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares (as defined below) upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). In accordance with Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to possible redemption to be classified outside of permanent equity. The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Articles of Incorporation (the “Articles of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4), the independent directors have agreed to vote the shares granted to them as compensation (the “Independent Director Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders and independent directors have agreed to waive their redemption rights with respect to their Founder Shares, the Independent Director Shares and Public Shares in connection with the completion of a Business Combination. The Articles of Incorporation provide that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Sponsor, Messrs. Charles W. Ergen and Jason Kiser (the “initial stockholders”) have agreed not to propose an amendment to the Articles of Incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination by November 3, 2022 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten The initial stockholders and independent directors have agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares and Independent Director Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders or independent directors acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to the deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target with which the Company has entered into a letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”), 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 Public 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 Target that 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 Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective targets or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in the unaudited condensed financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s annual report on Form 10-K/A (Amendment No. 2), as filed with the SEC on February 4, 2022. The interim results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the period ended December 31, 2021 or for any future periods. Restatement of Previously issued Financial Statements The Company historically classified a portion of the Public Shares as permanent equity to maintain stockholders’ equity in excess of $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. In connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 (the “Original Form 10-Q”), management re-evaluated the Company’s application of Accounting Standards Codification (“ASC”) 480-10-S99 with respect to the accounting classification of Public Shares and determined that the Public Shares include redemption provisions that require classification of all Public Shares as temporary equity, regardless of the minimum net tangible asset requirement discussed above. After further consideration, subsequent to the filing of the Original Form 10-Q, management re-evaluated the impact of the reclassification of a portion of the Public Shares on the Company’s previously issued financial statements and, in consultation with the Company’s audit committee, concluded that such reclassification was material with respect to certain of the Company’s previously issued financial statements and the financial statements should be restated, as further described below. In connection with the restatement, the Company is also correcting its earnings per share calculation to allocate income and losses shared pro rata between the Company’s two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of stock share pro rata in the income and losses of the Company. As a result, the Company is restating in this Note 1: (i) the Company’s previously issued unaudited condensed financial statements as of and for the three months ended March 31, 2021, (ii) the Company’s previously issued unaudited condensed financial statements as of and for the three and six months ended June 30, 2021, and (iii) Note 1 to the Company’s previously issued unaudited condensed financial statements as of and for the three and nine months ended September 30, 2021, included in the Original Form 10-Q, to correct the classification error described above. The Company’s previously issued audited financial statements as of December 31, 2020 and for the period from August 26, 2020 (inception) through December 31, 2020, and the Company’s previously issued audited balance sheet as of as of November 3, 2020 were restated in Amendment No. 2 on Form 10-K/A to the Company’s Annual Report on Form 10-K as of December 31, 2020 and for the period from August 26, 2020 (inception) through December 31, 2020, filed with the SEC on February 4, 2022. The restatement does not have an impact on the Company’s cash position and cash held in the trust account established in connection with the IPO (the “Trust Account”). There has been no change in the Company’s total assets, liabilities, operating results or cash flows. The following tables summarize the effects of the restatement on each financial statement line item as of the dates, and for the period, indicated: As Reported (As Previously Reported in Balance Sheet as of March 31, 2021 (unaudited) Form 10-Q) Adjustment As Restated Class A ordinary shares subject to possible redemption $ 682,524,260 $ 67,475,740 $ 750,000,000 Class A ordinary shares $ 676 $ (674) $ 2 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,997,453 $ (67,475,067) $ (62,477,614) Total shareholders’ equity (deficit) $ 5,000,004 $ (67,475,741) $ (62,475,737) Number of shares subject to possible redemption 68,252,426 6,747,574 75,000,000 Balance Sheet as of June 30, 2021(unaudited) Class A ordinary shares subject to possible redemption $ 678,698,060 $ 71,301,940 $ 750,000,000 Class A ordinary shares $ 715 $ (713) $ 2 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,997,415 $ (71,301,226) $ (66,303,811) Total shareholders’ equity (deficit) $ 5,000,005 $ (71,301,939) $ (66,301,934) Number of shares subject to possible redemption 67,869,806 7,130,194 75,000,000 Statement of Operations for the three months ended March 31, 2021 (unaudited) Weighted average shares outstanding, Class A ordinary shares 75,000,000 — 75,017,111 Basic and diluted net income per share, Class A ordinary shares $ 0.00 $ 0.09 $ 0.09 Weighted average shares outstanding, Class B ordinary shares 18,750,000 — 18,750,000 Basic and diluted net income per share, Class B ordinary shares $ 0.46 $ (0.37) $ 0.09 Statement of Operations for the three months ended June 30, 2021 (unaudited) Weighted average shares outstanding, Class A ordinary shares 75,000,000 — 75,020,000 Basic and diluted net income (loss) per share, Class A ordinary shares $ 0.00 $ (0.04) $ (0.04) Weighted average shares outstanding, Class B ordinary shares 18,750,000 — 18,750,000 Basic and diluted net loss per share, Class B ordinary shares $ (0.20) $ 0.16 $ (0.04) Statement of Operations for the six months ended June 30, 2021 (unaudited) Weighted average shares outstanding, Class A ordinary shares 75,000,000 — 75,018,564 Basic and diluted net income per share, Class A ordinary shares $ 0.00 $ 0.05 $ 0.05 Weighted average shares outstanding, Class B ordinary shares 18,750,000 — 18,750,000 Basic and diluted net income per share, Class B ordinary shares $ 0.26 $ (0.21) $ 0.05 Statement of Cash Flows for the three months ended March 31, 2021 (unaudited) Change in value of common stock subject to possible redemption $ 8,671,530 $ (8,671,530) — Statement of Cash Flows for the six months ended June 30, 2021 (unaudited) Change in value of common stock subject to possible redemption $ 4,845,330 $ (4,845,330) — 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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with those of 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 Subsequent to the consummation of the Initial Public Offering and Private Placement, the Company’s liquidity needs have been satisfied with the proceeds from the consummation of the Private Placement not held in the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor may, but is not obligated to, provide the Company Working Capital Loans (see Note 4). To date, there were no amounts outstanding under any Working Capital Loan. If the Business Combination is not consummated, the Company will need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through one year from the date of these financial statements if a Business Combination is not consummated. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. Lastly, the Company will be required to liquidate and dissolve if the Business Combination is not completed by November 3, 2022. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that the specific impact is not readily determinable as of the date of the balance sheet. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies 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 Corporation coverage limit of $250,000. At September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the condensed Balance Sheets. See Note 8 for additional information on assets and liabilities measured at fair value. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, “Derivatives and Hedging”. The Company’s derivative instruments are recorded at fair value as of the IPO (November 3, 2020) and re-valued at each reporting date, with changes in the fair value reported in the condensed Statements of Operations. Derivative assets and liabilities are classified on the Balance Sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the Balance Sheet date. The Company has determined the Warrants are a derivative instrument. As the Warrants meet the definition of a derivative the Warrants are measured at fair value at issuance and at each reporting date in accordance with ASC 820, “Fair Value Measurements and Disclosures,” with changes in fair value recognized in the Statement of Operations in the period of change. Investments Held in Trust Account Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be invested in 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 in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account. Investments held in the Trust Account are classified as trading securities, which are presented on the condensed Balance Sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in gain on marketable investments, dividends and interest held in the Trust Account in the accompanying condensed Statement of Operations. The estimated fair values of investments held in the Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit. Use of Estimates The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting period. The determination of the fair value of the warrant liabilities is a significant accounting estimate included in these financial statements. Such estimates may be subject to change as more current information becomes available and 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. The Company had no cash equivalents held outside the Trust Account as of September 30, 2021, and December 31, 2020. Offering Costs Associated with The Initial Public Offering Offering costs consist of legal, accounting, underwriting commissions 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 expenses in the condensed statements of operations. Offering costs associated with the Class A common stock were charged against the carrying value of the shares of Class A common stock upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Common Stock Subject to Possible Redemption The Company will provide holders of the Company’s outstanding shares of Class A common stock, par value $0.0001 per share, sold in the Initial Public Offering with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either: (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Articles of Incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders have agreed to vote their Founder Shares (as defined below in Note 4), the independent directors have agreed to vote the Independent Director Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders and independent directors have agreed to waive their redemption rights with respect to their Founder Shares, the Independent Director Shares and Public Shares in connection with the completion of a Business Combination. The Articles of Incorporation provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount. The change in the carrying value of Class A common stock subject to possible redemption resulted in charges against additional paid-in capital and accumulated deficit. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Net Income (Loss) Per Share of Common Stock Net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. The Company applies the two-class method in calculating the net income (loss) per common share. Shares of Class A common stock subject to possible redemption as of the three- and nine month periods ended September 30, 2021 have been excluded from the calculation of the basic net income per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. When calculating its diluted net income (loss) per share, the Company has not considered the effect of the incremental number of shares of common stock to settle Warrants sold in the Initial Public Offering and Private Placement, as calculated using the treasury stock method. The calculation of diluted net income (loss) per share does not consider the effect of the Warrants issued in connection with the (i) Initial Public Offering, and (ii) the Private Placement since the exercise of the Warrants is contingent upon the occurrence of future events. The calculation excludes 18,750,000 Public Warrants and 11,333,333 Private Placement Warrants for the three - and nine-month periods ended September 30, 2021. Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income per share Numerator: Allocation of net income $ 4,750,711 $ 1,187,678 $ 8,626,977 $ 2,156,744 Denominator: Basic and diluted weighted average shares outstanding 75,020,000 18,750,000 75,015,699 18,750,000 Basic and diluted net income per share $ 0.06 $ 0.06 $ 0.12 $ 0.12 Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed de minimis as of September 30, 2021 and December 31, 2020. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed financial statements 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 September 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 September 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. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt — — Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited condensed financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2021 | |
Initial Public Offering | |
Initial Public Offering | Note 3—Initial Public Offering On November 3, 2020, the Company consummated the Initial Public Offering of 75,000,000 Units at $10.00 per Unit, generating gross proceeds of $750.0 million, and incurring offering costs of approximately $42.3 million, inclusive of approximately $26.3 million in deferred underwriting commissions. Each Unit consists of one share of Class A common stock, par value $0.0001 per share, and one |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 4—Related Party Transactions Founder Shares On August 28, 2020, Charles W. Ergen (the “Founder”) purchased an aggregate of 28,750,000 shares of the Company’s Class B common stock (the “Founder Shares”) for $25,000, or approximately $0.001 per share and transferred 2,875,000 Founder Shares to Jason Kiser, the Company’s Chief Executive Officer, for approximately the same per-share price initially paid by the Founder. On October 21, 2020, the Founder and Mr. Kiser contributed their Founder Shares to the Sponsor, in return for proportionate equity interests, resulting in the Sponsor holding 28,750,000 Founder Shares. On October 23, 2020, the Sponsor forfeited 7,187,500 Founder Shares, resulting in the Sponsor holding 21,562,500 Founder Shares. All share and per share amounts have been restated to reflect the forfeited shares. On December 14, 2020, as a result of the underwriters not exercising the over-allotment option, the Sponsor forfeited 2,812,500 Founder Shares, resulting in the Sponsor holding 18,750,000 Founder Shares. The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (i) 180 days after the completion of the initial Business Combination and (ii) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their common stock for cash, securities or other property. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 11,333,333 Private Placement Warrants to the Sponsor, each exercisable to purchase one share of Class A common stock at $11.50 per share, at a price of $1.50 per Private Placement Warrant, generating gross proceeds to the Company of $17.0 million. Each whole Private Placement Warrant is exercisable for one whole share of Class A common stock 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 to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. 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 28, 2020, the Founder agreed to loan the Company an aggregate of up to $1,000,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). Prior to November 3, 2020, the Company borrowed $373,000 under the Note. This loan was non-interest bearing, unsecured and due at the earlier of December 31, 2021 or the completion of the Initial Public Offering. The loan was repaid upon the closing of the Initial Public Offering out of the offering proceeds. No future borrowings are permitted. 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, 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 or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of September 30, 2021 and December 31, 2020, the Company had no borrowings under the Working Capital Loans. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 5—Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants, Independent Director Shares and warrants that may be issued upon conversion of Working Capital Loans, if any (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration and stockholder rights agreement signed at the effective date of the Initial Public Offering. These holders are entitled to certain demand and “piggyback” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements. The registration and stockholder rights agreement neither provides for any maximum cash penalties nor any penalties connected with delays in registering the Company’s common stock. Underwriting Agreement The underwriters received an underwriting discount of $0.20 per unit, or $15,000,000 in the aggregate, upon the closing of the Initial Public Offering. $0.35 per unit, or $26,250,000 in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Deferred Legal Fees The Company obtained legal advisory services in connection with the Initial Public Offering and agreed to pay approximately $275,000 of such fees upon the consummation of the initial Business Combination, which was recorded as deferred legal fees in the condensed Balance Sheet as of September 30, 2021 and December 31, 2020. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity (Deficit) | |
Stockholders' Equity (Deficit) | Note 6—Stockholders’ Equity (Deficit) Class A Common Stock outstanding outstanding On October 23, 2020, the Company granted 10,000 Independent Director Shares to Gerald Gorman, and on January 27, 2021, the Company granted 10,000 Independent Director Shares to Adrian Steckel. The Independent Director Shares will vest on the date of the consummation of a Business Combination, subject to continued service on the Company’s board of directors until that date. The Company’s independent directors have entered or, in the case of independent directors subsequently appointed, will enter into a letter agreement with the Company pursuant to which they will be subject to the same transfer restrictions and waivers as the Company’s initial stockholders, Sponsor, officers and directors with respect to their Founder Shares, as discussed in Note 1 and Note 4. Class B Common Stock Holders of record of Class A common stock and holders of record of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each share of stock entitling the holder to one vote, except as required by law or stock exchange rule, and except that prior to the Business Combination, only holders of the Founder Shares will have the right to vote on the appointment of directors. Holders of the Public Shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of a Business Combination, holders of two The Class B common stock will automatically convert into Class A common stock at the time of the initial Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as described herein. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of shares of Class A common stock issuable upon conversion of the shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion (excluding Independent Director Shares and after giving effect to any redemptions of shares of Class A common stock by Public Stockholders), including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis. Preferred Stock |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Warrants | |
Warrants | Note 7—Warrants As of September 30, 2021, the Company had 18,750,000 Public Warrants and 11,333,333 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 or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless” basis, and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but the Company will be required to use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. If the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its 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 the Company’s board of directors and, in the case of any such issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by the initial stockholders or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 50% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 10 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Warrants will 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 of the Warrants 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 of the Warrants will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may call the Public Warrants for redemption: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; and ● if, and only if, the last sales price (the “closing price”) of the Class A common stock equals or exceeds $18.00 per share on each of 20 trading days within the 30 - trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. In addition, the Company may call the Public Warrants for redemption: ● in whole and not in part; ● at $0.10 per warrant provided that holders will be able to exercise their warrants, but only on a cashless basis, prior to redemption and receive a certain number of shares of Class A common stock, based on the fair market value of the Class A common stock; ● if, and only if, the closing price of Class A common stock equals or exceeds $10.00 per share for any 20 trading days within the 30 - trading day period ending three trading days before the notice of redemption is sent to the warrant holders; and ● if the closing price of Class A common stock for any 20 trading days within a 30 - trading day period ending on the third trading day prior to the date on which the notice of redemption is sent to the warrant holders is less than $18.00 per share, the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | Note 8—Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs which are supported by little or no market activity and which are significant to the fair value of the assets or liabilities. The following table presents information about the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Significant deviations from these estimates and inputs could result in a material change in fair value. September 30, Description Level 2021 Assets: Investments held in Trust Account(1) 1 $ 750,061,652 Liabilities: Private Placement Warrants(2) 2 $ 13,033,332 Public Warrants(2) 1 $ 21,562,500 December 31, Description Level 2020 Assets: Investments held in Trust Account(1) 1 $ 750,005,343 Liabilities: Private Placement Warrants(2) 2 $ 17,226,666 Public Warrants(2) 1 $ 28,500,000 (1) (2) Warrant Liabilities At September 30, 2021 and December 31, 2020, the Company’s derivative warrant liability was valued at $34,595,832 and $45,726,666, respectively. The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within derivative warrant liabilities on the condensed Balance Sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed Statement of Operations. Measurement The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public Warrants as of September 30, 2021 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker CONXW. As the transfer of Private Placement Warrants to anyone outside of a small group of individuals who are permitted transferees would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant, with an insignificant adjustment for short-term marketability restrictions. As such, the Private Placement Warrants are classified as Level 2. The following table presents the changes in the fair value of warrant liabilities during the nine months ended September 30, 2021: Private Warrants Public Warrants Aggregate Warrant Liability Fair value as of December 31, 2020 $ 17,226,666 $ 28,500,000 $ 45,726,666 Change in fair value(1)(2) (4,193,334) (6,937,500) (11,130,834) Fair value as of September 30, 2021 $ 13,033,332 $ 21,562,500 $ 34,595,832 (1) (2) transfers into |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | Note 9—Subsequent Events The Company evaluated events that have occurred after the balance sheet date through November 5, 2021, which is the date on which the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements, except as described below and Note 2 as to which date is February 4, 2022. On October 29, 2021, Mr. David K. Moskowitz was appointed as a new director to the board of directors of the Company and was granted 10,000 Independent Director Shares. The Independent Director Shares will vest on the date of the consummation of a Business Combination, subject to continued service on the Company’s board of directors until that date. In connection with Mr. Moskowitz’s appointment to the board of directors, among other agreements, the Company and Mr. Moskowitz entered into a joinder agreement pursuant to which Mr. Moskowitz became subject to the same transfer restrictions and waivers as the Company’s initial stockholders, Sponsor, officers and other directors with respect to their Founder Shares or Independent Director Shares, respectively, as discussed in Note 1 and Note 4. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
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 Corporation coverage limit of $250,000. At September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the condensed Balance Sheets. See Note 8 for additional information on assets and liabilities measured at fair value. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, “Derivatives and Hedging”. The Company’s derivative instruments are recorded at fair value as of the IPO (November 3, 2020) and re-valued at each reporting date, with changes in the fair value reported in the condensed Statements of Operations. Derivative assets and liabilities are classified on the Balance Sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the Balance Sheet date. The Company has determined the Warrants are a derivative instrument. As the Warrants meet the definition of a derivative the Warrants are measured at fair value at issuance and at each reporting date in accordance with ASC 820, “Fair Value Measurements and Disclosures,” with changes in fair value recognized in the Statement of Operations in the period of change. |
Investments Held in Trust Account | Investments Held in Trust Account Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be invested in 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 in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account. Investments held in the Trust Account are classified as trading securities, which are presented on the condensed Balance Sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in the Trust Account are included in gain on marketable investments, dividends and interest held in the Trust Account in the accompanying condensed Statement of Operations. The estimated fair values of investments held in the Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting period. The determination of the fair value of the warrant liabilities is a significant accounting estimate included in these financial statements. Such estimates may be subject to change as more current information becomes available and 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. The Company had no cash equivalents held outside the Trust Account as of September 30, 2021, and December 31, 2020. Offering Costs Associated with The Initial Public Offering Offering costs consist of legal, accounting, underwriting commissions 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 expenses in the condensed statements of operations. Offering costs associated with the Class A common stock were charged against the carrying value of the shares of Class A common stock upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
Common Stock Subject to Possible Redemption | Common Stock Subject to Possible Redemption The Company will provide holders of the Company’s outstanding shares of Class A common stock, par value $0.0001 per share, sold in the Initial Public Offering with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either: (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Articles of Incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders have agreed to vote their Founder Shares (as defined below in Note 4), the independent directors have agreed to vote the Independent Director Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders and independent directors have agreed to waive their redemption rights with respect to their Founder Shares, the Independent Director Shares and Public Shares in connection with the completion of a Business Combination. The Articles of Incorporation provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount. The change in the carrying value of Class A common stock subject to possible redemption resulted in charges against additional paid-in capital and accumulated deficit. Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. |
Offering Costs Associated with The Initial Public Offering | Offering Costs Associated with The Initial Public Offering Offering costs consist of legal, accounting, underwriting commissions 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 expenses in the condensed statements of operations. Offering costs associated with the Class A common stock were charged against the carrying value of the shares of Class A common stock upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
Net Income (Loss) Per Share of Common Stock | Net Income (Loss) Per Share of Common Stock Net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. The Company applies the two-class method in calculating the net income (loss) per common share. Shares of Class A common stock subject to possible redemption as of the three- and nine month periods ended September 30, 2021 have been excluded from the calculation of the basic net income per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. When calculating its diluted net income (loss) per share, the Company has not considered the effect of the incremental number of shares of common stock to settle Warrants sold in the Initial Public Offering and Private Placement, as calculated using the treasury stock method. The calculation of diluted net income (loss) per share does not consider the effect of the Warrants issued in connection with the (i) Initial Public Offering, and (ii) the Private Placement since the exercise of the Warrants is contingent upon the occurrence of future events. The calculation excludes 18,750,000 Public Warrants and 11,333,333 Private Placement Warrants for the three - and nine-month periods ended September 30, 2021. Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income per share Numerator: Allocation of net income $ 4,750,711 $ 1,187,678 $ 8,626,977 $ 2,156,744 Denominator: Basic and diluted weighted average shares outstanding 75,020,000 18,750,000 75,015,699 18,750,000 Basic and diluted net income per share $ 0.06 $ 0.06 $ 0.12 $ 0.12 |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed de minimis as of September 30, 2021 and December 31, 2020. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed financial statements 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 September 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 September 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt — — Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited condensed financial statements. |
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. The Company had no cash equivalents held outside the Trust Account as of September 30, 2021, and December 31, 2020. |
Description of Organization, _2
Description of Organization, Business Operations and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Description of Organization, Business Operations and Basis of Presentation | |
Schedule of impact of the revision on the financial statements | As Reported (As Previously Reported in Balance Sheet as of March 31, 2021 (unaudited) Form 10-Q) Adjustment As Restated Class A ordinary shares subject to possible redemption $ 682,524,260 $ 67,475,740 $ 750,000,000 Class A ordinary shares $ 676 $ (674) $ 2 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,997,453 $ (67,475,067) $ (62,477,614) Total shareholders’ equity (deficit) $ 5,000,004 $ (67,475,741) $ (62,475,737) Number of shares subject to possible redemption 68,252,426 6,747,574 75,000,000 Balance Sheet as of June 30, 2021(unaudited) Class A ordinary shares subject to possible redemption $ 678,698,060 $ 71,301,940 $ 750,000,000 Class A ordinary shares $ 715 $ (713) $ 2 Additional paid-in capital $ — $ — $ — Retained earnings (accumulated deficit) $ 4,997,415 $ (71,301,226) $ (66,303,811) Total shareholders’ equity (deficit) $ 5,000,005 $ (71,301,939) $ (66,301,934) Number of shares subject to possible redemption 67,869,806 7,130,194 75,000,000 Statement of Operations for the three months ended March 31, 2021 (unaudited) Weighted average shares outstanding, Class A ordinary shares 75,000,000 — 75,017,111 Basic and diluted net income per share, Class A ordinary shares $ 0.00 $ 0.09 $ 0.09 Weighted average shares outstanding, Class B ordinary shares 18,750,000 — 18,750,000 Basic and diluted net income per share, Class B ordinary shares $ 0.46 $ (0.37) $ 0.09 Statement of Operations for the three months ended June 30, 2021 (unaudited) Weighted average shares outstanding, Class A ordinary shares 75,000,000 — 75,020,000 Basic and diluted net income (loss) per share, Class A ordinary shares $ 0.00 $ (0.04) $ (0.04) Weighted average shares outstanding, Class B ordinary shares 18,750,000 — 18,750,000 Basic and diluted net loss per share, Class B ordinary shares $ (0.20) $ 0.16 $ (0.04) Statement of Operations for the six months ended June 30, 2021 (unaudited) Weighted average shares outstanding, Class A ordinary shares 75,000,000 — 75,018,564 Basic and diluted net income per share, Class A ordinary shares $ 0.00 $ 0.05 $ 0.05 Weighted average shares outstanding, Class B ordinary shares 18,750,000 — 18,750,000 Basic and diluted net income per share, Class B ordinary shares $ 0.26 $ (0.21) $ 0.05 Statement of Cash Flows for the three months ended March 31, 2021 (unaudited) Change in value of common stock subject to possible redemption $ 8,671,530 $ (8,671,530) — Statement of Cash Flows for the six months ended June 30, 2021 (unaudited) Change in value of common stock subject to possible redemption $ 4,845,330 $ (4,845,330) — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Net Loss Per Share of Common Stock (Tables) (Imported) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Schedule of basic and diluted net income per share of common share | Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Class A Class B Class A Class B Basic and diluted net income per share Numerator: Allocation of net income $ 4,750,711 $ 1,187,678 $ 8,626,977 $ 2,156,744 Denominator: Basic and diluted weighted average shares outstanding 75,020,000 18,750,000 75,015,699 18,750,000 Basic and diluted net income per share $ 0.06 $ 0.06 $ 0.12 $ 0.12 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Schedule of Company's assets and liabilities measured at fair value on a recurring basis | The following table presents information about the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Significant deviations from these estimates and inputs could result in a material change in fair value. September 30, Description Level 2021 Assets: Investments held in Trust Account(1) 1 $ 750,061,652 Liabilities: Private Placement Warrants(2) 2 $ 13,033,332 Public Warrants(2) 1 $ 21,562,500 December 31, Description Level 2020 Assets: Investments held in Trust Account(1) 1 $ 750,005,343 Liabilities: Private Placement Warrants(2) 2 $ 17,226,666 Public Warrants(2) 1 $ 28,500,000 (1) (2) |
Schedule of changes in the fair value of warrant liabilities | The following table presents the changes in the fair value of warrant liabilities during the nine months ended September 30, 2021: Private Warrants Public Warrants Aggregate Warrant Liability Fair value as of December 31, 2020 $ 17,226,666 $ 28,500,000 $ 45,726,666 Change in fair value(1)(2) (4,193,334) (6,937,500) (11,130,834) Fair value as of September 30, 2021 $ 13,033,332 $ 21,562,500 $ 34,595,832 (1) (2) transfers into |
Description of Organization, _3
Description of Organization, Business Operations and Basis of Presentation (Details) - USD ($) | Nov. 03, 2020 | Aug. 28, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||||
Deferred underwriting commissions | $ 26,300,000 | ||||
Percentage of business fair market value to net assets held in Trust Account | 80.00% | ||||
Minimum voting interest ownership of post-transaction company to effect business combination (as a percent) | 50.00% | ||||
Investment maturity period | 185 days | 185 days | 185 days | ||
Initial redemption price after business combination (in dollar per share) | $ 10 | ||||
Minimum percentage of shares that can be redeemed without prior consent of the Company | 15.00% | ||||
Percentage of shares of stock the Company is obligated to redeem without consummating a business combination | 100.00% | ||||
Threshold trading days to redeem the shares | 10 days | ||||
Minimum net tangible assets upon consummation of business combination | $ 5,000,001 | ||||
Sponsor | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Outstanding balance of related party note | $ 373,000 | ||||
Class A - Common stock | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares, par value per share | $ 0.0001 | $ 0.0001 | |||
Class B - Common stock | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares, par value per share | $ 0.0001 | $ 0.0001 | |||
IPO and Private Placement | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Unit price (in dollar per unit) | $ 10 | ||||
Gross proceeds | $ 750,000,000 | ||||
IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of units issued | 75,000,000 | ||||
Unit price (in dollar per unit) | $ 10 | ||||
Gross proceeds | $ 750,000,000 | ||||
Deferred offering costs paid | 42,300,000 | ||||
Deferred underwriting commissions | $ 26,300,000 | ||||
Minimum percentage of shares that can be redeemed without prior consent of the Company | 15.00% | ||||
Interest to pay dissolution expenses | $ 100,000 | ||||
Private Placement | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Unit price (in dollar per unit) | $ 10 | ||||
Proceeds from issuance of warrants | $ 17,000,000 | ||||
Number of warrants to purchase the shares issued (in shares) | 11,333,333 | 11,333,333 | |||
Price of warrants | $ 1.50 | ||||
Private Placement | Class A - Common stock | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Unit price (in dollar per unit) | $ 11.50 | ||||
Proceeds from issuance of warrants | $ 17,000,000 | ||||
Over-allotment option | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Deferred underwriting commissions | $ 26,250,000 |
Description of Organization, _4
Description of Organization, Business Operations and Basis of Presentation - Prior Period Financial Statement Correction of Immaterial Error (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Aug. 25, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Minimum net intangible assets required to redemption of common stock | $ 5,000,001 | $ 5,000,001 | ||||||
Reclassification of permanent equity into temporary equity | 5,000,000 | 5,000,000 | ||||||
Balance Sheet | ||||||||
Additional paid-in capital | 0 | 0 | $ 0 | |||||
Retained earnings (accumulated deficit) | (60,365,422) | (60,365,422) | (71,149,143) | |||||
Total stockholders' equity (deficit) | $ 16,475 | $ (60,363,545) | $ (66,301,934) | $ (62,475,737) | $ (66,301,934) | $ (60,363,545) | (71,147,267) | $ 0 |
Class A - Common stock | ||||||||
Statement of Operations | ||||||||
Weighted average common shares outstanding, basic | 75,020,000 | 75,015,699 | ||||||
Weighted average common shares outstanding, diluted | 75,020,000 | 75,015,699 | ||||||
Earnings Per Share, Basic | $ 0.06 | $ 0.12 | ||||||
Earnings Per Share, Diluted | $ 0.06 | $ 0.12 | ||||||
Class A Common Stock Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Class A common stock subject to possible redemption | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | |||||
Number of shares subject to possible redemption | 75,000,000 | 75,000,000 | 75,000,000 | |||||
Class A Common Stock Not Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Common stock | $ 2 | $ 2 | $ 1 | |||||
Class B - Common stock | ||||||||
Balance Sheet | ||||||||
Common stock | $ 1,875 | $ 1,875 | $ 1,875 | |||||
Statement of Operations | ||||||||
Weighted average common shares outstanding, basic | 18,750,000 | 18,750,000 | 18,750,000 | |||||
Weighted average common shares outstanding, diluted | 18,750,000 | 18,750,000 | 18,750,000 | |||||
Earnings Per Share, Basic | $ 0.06 | $ 0.12 | ||||||
Earnings Per Share, Diluted | $ 0.06 | $ 0.12 | ||||||
As Previously Reported | ||||||||
Balance Sheet | ||||||||
Retained earnings (accumulated deficit) | 4,997,453 | |||||||
Total stockholders' equity (deficit) | $ 5,000,004 | |||||||
Number of shares subject to possible redemption | 67,869,806 | 68,252,426 | 67,869,806 | |||||
Statement of Cash Flows | ||||||||
Change in value of common stock subject to possible redemption | $ 8,671,530 | $ 4,845,330 | ||||||
As Previously Reported | Class A - Common stock | ||||||||
Balance Sheet | ||||||||
Common stock | $ 715 | $ 676 | $ 715 | |||||
Statement of Operations | ||||||||
Weighted average common shares outstanding, basic | 75,000,000 | 75,000,000 | 75,000,000 | |||||
Weighted average common shares outstanding, diluted | 75,000,000 | 75,000,000 | 75,000,000 | |||||
Earnings Per Share, Basic | $ 0 | $ 0 | $ 0 | |||||
Earnings Per Share, Diluted | $ 0 | $ 0 | $ 0 | |||||
As Previously Reported | Class A Common Stock Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Class A common stock subject to possible redemption | $ 678,698,060 | $ 682,524,260 | $ 678,698,060 | |||||
As Previously Reported | Class A Common Stock Not Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Retained earnings (accumulated deficit) | 4,997,415 | 4,997,415 | ||||||
As Previously Reported | Class B - Common stock | ||||||||
Balance Sheet | ||||||||
Total stockholders' equity (deficit) | $ 5,000,005 | $ 5,000,005 | ||||||
Statement of Operations | ||||||||
Weighted average common shares outstanding, basic | 18,750,000 | 18,750,000 | 18,750,000 | |||||
Weighted average common shares outstanding, diluted | 18,750,000 | 18,750,000 | 18,750,000 | |||||
Earnings Per Share, Basic | $ (0.20) | $ 0.46 | $ 0.26 | |||||
Earnings Per Share, Diluted | $ (0.20) | $ 0.46 | $ 0.26 | |||||
Restatement Adjustment | ||||||||
Balance Sheet | ||||||||
Retained earnings (accumulated deficit) | $ (67,475,067) | |||||||
Total stockholders' equity (deficit) | $ (67,475,741) | |||||||
Number of shares subject to possible redemption | 7,130,194 | 6,747,574 | 7,130,194 | |||||
Statement of Cash Flows | ||||||||
Change in value of common stock subject to possible redemption | $ (8,671,530) | $ (4,845,330) | ||||||
Restatement Adjustment | Class A - Common stock | ||||||||
Balance Sheet | ||||||||
Common stock | $ (713) | $ (674) | $ (713) | |||||
Statement of Operations | ||||||||
Earnings Per Share, Basic | $ (0.04) | $ 0.09 | $ 0.05 | |||||
Earnings Per Share, Diluted | $ (0.04) | $ 0.09 | $ 0.05 | |||||
Restatement Adjustment | Class A Common Stock Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Class A common stock subject to possible redemption | $ 71,301,940 | $ 67,475,740 | $ 71,301,940 | |||||
Restatement Adjustment | Class A Common Stock Not Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Retained earnings (accumulated deficit) | (71,301,226) | (71,301,226) | ||||||
Restatement Adjustment | Class B - Common stock | ||||||||
Balance Sheet | ||||||||
Total stockholders' equity (deficit) | $ (71,301,939) | $ (71,301,939) | ||||||
Statement of Operations | ||||||||
Earnings Per Share, Basic | $ 0.16 | $ (0.37) | $ (0.21) | |||||
Earnings Per Share, Diluted | $ 0.16 | $ (0.37) | $ (0.21) | |||||
Restatement of redeemable common stock as temporary equity | ||||||||
Balance Sheet | ||||||||
Retained earnings (accumulated deficit) | $ (62,477,614) | |||||||
Total stockholders' equity (deficit) | $ (62,475,737) | |||||||
Number of shares subject to possible redemption | 75,000,000 | 75,000,000 | 75,000,000 | |||||
Restatement of redeemable common stock as temporary equity | Class A - Common stock | ||||||||
Balance Sheet | ||||||||
Common stock | $ 2 | $ 2 | $ 2 | |||||
Statement of Operations | ||||||||
Weighted average common shares outstanding, basic | 75,020,000 | 75,017,111 | 75,018,564 | |||||
Weighted average common shares outstanding, diluted | 75,020,000 | 75,017,111 | 75,018,564 | |||||
Earnings Per Share, Basic | $ (0.04) | $ 0.09 | $ 0.05 | |||||
Earnings Per Share, Diluted | $ (0.04) | $ 0.09 | $ 0.05 | |||||
Restatement of redeemable common stock as temporary equity | Class A Common Stock Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Class A common stock subject to possible redemption | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | |||||
Restatement of redeemable common stock as temporary equity | Class A Common Stock Not Subject to Redemption | ||||||||
Balance Sheet | ||||||||
Retained earnings (accumulated deficit) | (66,303,811) | (66,303,811) | ||||||
Restatement of redeemable common stock as temporary equity | Class B - Common stock | ||||||||
Balance Sheet | ||||||||
Total stockholders' equity (deficit) | $ (66,301,934) | $ (66,301,934) | ||||||
Statement of Operations | ||||||||
Weighted average common shares outstanding, basic | 18,750,000 | 18,750,000 | 18,750,000 | |||||
Weighted average common shares outstanding, diluted | 18,750,000 | 18,750,000 | 18,750,000 | |||||
Earnings Per Share, Basic | $ (0.04) | $ 0.09 | $ 0.05 | |||||
Earnings Per Share, Diluted | $ (0.04) | $ 0.09 | $ 0.05 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | Nov. 03, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||
Cash, FDIC Insured Amount | $ 250,000 | |||
Investment maturity period | 185 days | 185 days | 185 days | |
NAV per unit | $ 1 | |||
Initial redemption price after business combination (in dollar per share) | $ 10 | |||
Redemption Of Percentage Of Common Stock Included In Units Sold In Offering | 15.00% | |||
Unrecognized tax benefits | $ 0 | |||
Class A - Common stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares, par value per share | $ 0.0001 | $ 0.0001 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Net Loss Per Share of Common Stock (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | |
Public Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18,750,000 | ||
Private Placement Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,333,333 | ||
Class A - Common stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Allocation of net income | $ 4,750,711 | $ 8,626,977 | |
Weighted average common shares outstanding, basic | 75,020,000 | 75,015,699 | |
Weighted average common shares outstanding, diluted | 75,020,000 | 75,015,699 | |
Basic net (loss) income per common share | $ 0.06 | $ 0.12 | |
Diluted net (loss) income per common share | $ 0.06 | $ 0.12 | |
Class B - Common stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Allocation of net income | $ 1,187,678 | $ 2,156,744 | |
Weighted average common shares outstanding, basic | 18,750,000 | 18,750,000 | 18,750,000 |
Weighted average common shares outstanding, diluted | 18,750,000 | 18,750,000 | 18,750,000 |
Basic net (loss) income per common share | $ 0.06 | $ 0.12 | |
Diluted net (loss) income per common share | $ 0.06 | $ 0.12 |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 03, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||
Deferred underwriting commissions | $ 26.3 | ||
Class A - Common stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Shares, par value per share | $ 0.0001 | $ 0.0001 | |
Exercise price of warrants (in dollars per share) | $ 11.50 | ||
IPO | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued | 75,000,000 | ||
Unit price (in dollar per unit) | $ 10 | ||
Gross proceeds | $ 750 | ||
Deferred offering costs paid | 42.3 | ||
Deferred underwriting commissions | $ 26.3 | ||
Number of shares in a unit | 1 | ||
Number of warrants in a unit | 0.25 | ||
Number of shares issuable per warrant (in shares) | 1 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) - USD ($) | Oct. 21, 2020 | Aug. 28, 2020 | Sep. 30, 2020 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 14, 2020 | Oct. 23, 2020 |
Related Party Transaction [Line Items] | ||||||||
Aggregate purchase price | $ 1 | |||||||
Period founder shares could not be transferred from date of initial business combination | 180 days | |||||||
Founder | ||||||||
Related Party Transaction [Line Items] | ||||||||
Aggregate purchase price | $ 25,000 | |||||||
Issued price | $ 0.001 | |||||||
Class B - Common stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Issued price | $ 0.0001 | $ 0.0001 | ||||||
Class B - Common stock | Founder | ||||||||
Related Party Transaction [Line Items] | ||||||||
Issuance / Sale of common stock (in shares) | 28,750,000 | |||||||
Aggregate purchase price | $ 25,000 | |||||||
Issued price | $ 0.001 | |||||||
Shares forfeited | 7,187,500 | |||||||
Shares, Outstanding | 18,750,000 | 21,562,500 | ||||||
Common Stock, Shares Subject To Forfeiture | 2,812,500 | |||||||
Class B - Common stock | Founder | Jason Kiser | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares transferred (in shares) | 28,750,000 | 2,875,000 |
Related Party Transactions - Pr
Related Party Transactions - Private placement warrants (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 03, 2020 | Aug. 28, 2020 | Sep. 30, 2021 |
Related Party Transaction [Line Items] | |||
Threshold Period For Not To Transfer, Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination | 30 days | ||
Class A - Common stock | |||
Related Party Transaction [Line Items] | |||
Exercise price of warrants (in dollars per share) | $ 11.50 | ||
Private Placement | |||
Related Party Transaction [Line Items] | |||
Number of warrants to purchase the shares issued (in shares) | 11,333,333 | 11,333,333 | |
Proceeds from Issuance of Warrants | $ 17 | ||
Private Placement | Class A - Common stock | |||
Related Party Transaction [Line Items] | |||
Number of shares issuable per warrant (in shares) | 1 | ||
Exercise price of warrants (in dollars per share) | $ 11.50 | ||
Price of warrants (in dollars per share) | $ 1.50 | ||
Proceeds from Issuance of Warrants | $ 17 |
Related Party Transactions - Re
Related Party Transactions - Related party loans (Details) - USD ($) | Aug. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Nov. 03, 2020 |
Related Party Transaction [Line Items] | |||||
Proceeds from related party loan | $ 200,000 | ||||
Sponsor | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from related party loan | $ 1,000,000 | ||||
Outstanding balance of related party note | $ 373,000 | ||||
Working Capital Loans Member | |||||
Related Party Transaction [Line Items] | |||||
Maximum loans convertible into warrants | $ 1,500,000 | ||||
Price of warrants (in dollars per share) | $ 1.50 | ||||
Outstanding balance of related party note | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Nov. 03, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||
Cash underwriting discount per unit | $ 0.20 | ||
Payment of underwriter discount | $ 15,000,000 | ||
Deferred fee per unit | $ 0.35 | ||
Deferred underwriting commissions | $ 26,300,000 | ||
Deferred legal fees | $ 275,000 | $ 275,000 | |
Over-allotment option | |||
Subsidiary, Sale of Stock [Line Items] | |||
Deferred underwriting commissions | $ 26,250,000 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Common Stock (Details) - $ / shares | Jan. 27, 2021 | Oct. 23, 2020 | Aug. 28, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Class of Stock [Line Items] | ||||||
Percent of difference between Total Return and Price Threshold Multiplied | 20.00% | |||||
Class A - Common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||
Shares, par value per share | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 20,000 | 10,000 | ||||
Common stock, shares outstanding | 20,000 | 10,000 | ||||
Class A - Common stock | Director | ||||||
Class of Stock [Line Items] | ||||||
Number of securities upon exercise of over-allotment option | 10,000 | |||||
Class A - Common stock | Adrian Steckel | ||||||
Class of Stock [Line Items] | ||||||
Number of securities upon exercise of over-allotment option | 10,000 | |||||
Class B - Common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||||
Shares, par value per share | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 18,750,000 | 18,750,000 | ||||
Common stock, shares outstanding | 18,750,000 | 18,750,000 | ||||
Common stock, number of votes per share | $ 1 | |||||
Conversion ratio | 1 | |||||
Founder | ||||||
Class of Stock [Line Items] | ||||||
Shares, par value per share | $ 0.001 | |||||
Founder | Class B - Common stock | ||||||
Class of Stock [Line Items] | ||||||
Shares, par value per share | $ 0.001 | |||||
Number of securities upon exercise of over-allotment option | 28,750,000 | |||||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders | 20.00% | |||||
Common stock, number of votes per share | $ 0.67 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Preferred Stock (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity (Deficit) | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Warrants (Details)
Warrants (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days |
Class A - Common stock | |
Class of Warrant or Right [Line Items] | |
Exercise price of warrants (in dollars per share) | $ 11.50 |
Threshold minimum percentage of gross proceeds on total equity proceeds (as a percent) | 50.00% |
Class A - Common stock | Maximum | |
Class of Warrant or Right [Line Items] | |
Newly Issued Price (in dollars per share) | $ 9.20 |
Redemption Of Warrants Class Common Stock Underlying Warrants Commencing Five Business Days Prior 30Day Trading Period Member | Class A - Common stock | |
Class of Warrant or Right [Line Items] | |
Threshold trading days for calculating Market Value | 30 days |
Public Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding | shares | 18,750,000 |
Threshold trading days for calculating Market Value | 30 days |
Warrants exercisable term after the completion of a business combination | 30 days |
Warrants exercisable term from the closing of the public offering | 12 months |
Threshold maximum period for filing registration statement after business combination | 15 days |
Redemption price per warrant (in dollars per share) | $ 0.01 |
Threshold trading days for calculating volume-weighted average price | 10 days |
Public Warrants | Class A - Common stock | |
Class of Warrant or Right [Line Items] | |
Exercise price of warrants (in dollars per share) | $ 0.10 |
Public Warrants | Redemption Of Warrants When Price PerShare Of Class Common Stock Is Less Than Usd Eighteen Member | |
Class of Warrant or Right [Line Items] | |
Stock price trigger for redemption of warrants (in dollars per share) | $ 18 |
Threshold trading days for redemption of warrants | 20 days |
Threshold number of trading days before sending notice of redemption to warrant holders | 30 days |
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115.00% |
Public Warrants | Redemption Of Warrants When Price Per Share Of Class Common Stock Equals Or Exceeds Usd Ten Member | |
Class of Warrant or Right [Line Items] | |
Stock price trigger for redemption of warrants (in dollars per share) | $ 10 |
Threshold trading days for redemption of warrants | 20 days |
Threshold number of trading days before sending notice of redemption to warrant holders | 30 days |
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 180.00% |
Private Placement Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding | shares | 11,333,333 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative warrant liabilities | $ 34,595,832 | $ 45,726,666 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities held in trust account | 750,061,652 | 750,005,343 |
Private Placement Warrants | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative warrant liabilities | 13,033,332 | 17,226,666 |
Public Warrants | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative warrant liabilities | $ 21,562,500 | $ 28,500,000 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in fair value of warrant liabilities (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value assets level 1 to level 2 transfers | $ 0 |
Fair value assets level 2 to level 1 transfers | 0 |
Fair value assets transferred into (out of) level 3 | 0 |
Aggregate Warrant Liability | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value as of December 31, 2020 | 45,726,666 |
Change in fair value | (11,130,834) |
Fair value as of September 30, 2021 | 34,595,832 |
Public Warrants | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value as of December 31, 2020 | 28,500,000 |
Change in fair value | (6,937,500) |
Fair value as of September 30, 2021 | 21,562,500 |
Private Placement Warrants | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value as of December 31, 2020 | 17,226,666 |
Change in fair value | (4,193,334) |
Fair value as of September 30, 2021 | $ 13,033,332 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 29, 2021shares |
Director | Subsequent event | |
Subsequent Event [Line Items] | |
Issuance / Sale of common stock (in shares) | 10,000 |