Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021 | |
Document Information [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Offerpad Solutions Inc. |
Entity Central Index Key | 0001825024 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEET - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 283,067 | $ 1,079,633 |
Due from related party | 7,713 | |
Prepaid expenses | 279,849 | 405,522 |
Total current assets | 570,629 | 1,485,155 |
Investments held in Trust Account | 402,685,072 | 402,578,522 |
Total Assets | 403,255,701 | 404,063,677 |
Current liabilities: | ||
Accounts payable | 187,720 | 38,915 |
Accrued expenses | 4,821,109 | 215,097 |
Due to related party | 21,049 | |
Income tax payable | 6,764 | 4,749 |
Franchise tax payable | 74,742 | 61,264 |
Total current liabilities | 5,111,384 | 320,025 |
Deferred legal fees | 100,000 | 100,000 |
Deferred underwriting commissions | 14,087,500 | 14,087,500 |
Derivative liabilities | 33,263,670 | 49,674,170 |
Total Liabilities | 52,562,554 | 64,181,695 |
Commitments and Contingencies | ||
Class A common stock, subject to possible redemption | 345,693,140 | 334,881,980 |
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 19,568,146 | 30,379,198 |
Accumulated deficit | (14,569,713) | (25,380,878) |
Total stockholders' equity | 5,000,007 | 5,000,002 |
Total Liabilities and Stockholders' Equity | 403,255,701 | 404,063,677 |
Class A Common Stock | ||
Current liabilities: | ||
Class A common stock, subject to possible redemption | 334,881,980 | |
Stockholders' Equity: | ||
Common stock value | 568 | 676 |
Total stockholders' equity | 568 | 676 |
Class B Common Stock | ||
Stockholders' Equity: | ||
Common stock value | 1,006 | 1,006 |
Total stockholders' equity | $ 1,006 | $ 1,006 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEET (Parenthetical) - $ / shares | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 09, 2020 | Aug. 30, 2020 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | |||
Preferred stock, outstanding | 0 | 0 | 0 | 0 | |||
Common stock shares subject to possible redemption | 33,488,198 | 34,569,314 | 33,488,198 | ||||
Class A Common Stock | |||||||
Temporary equity, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Temporary equity, shares subject to possible redemption price per share | 10 | $ 10 | $ 10 | 10 | |||
Temporary equity, shares subject to possible redemption | 33,488,198 | 34,569,314 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||
Common stock, issued | 5,680,686 | 6,761,802 | 5,680,686 | 6,761,802 | |||
Common stock, outstanding | 5,680,686 | 6,245,350 | 6,761,802 | 5,680,686 | 6,761,802 | 0 | |
Common stock shares subject to possible redemption | 564,664 | 516,452 | 33,488,198 | 34,569,314 | |||
Class B Common Stock | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |||
Common stock, issued | 10,062,500 | 10,062,500 | 10,062,500 | 10,062,500 | 11,500,000 | ||
Common stock, outstanding | 10,062,500 | 10,062,500 | 10,062,500 | 10,062,500 | 10,062,500 | 0 |
UNAUDITED CONSOLIDATED CONDENSE
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
General and administrative expenses | $ 2,312,921 | $ 229,377 | $ 5,604,642 |
Franchise tax expenses | 49,863 | 61,264 | 99,228 |
Loss from operations | (2,362,784) | (5,703,870) | |
Loss from operations | (290,641) | ||
Other income | |||
Change in fair value of derivative liabilities | 7,988,160 | (24,193,170) | 16,410,500 |
Financing costs - derivative liabilities | (970,840) | ||
Income on investments held in Trust Account | 10,410 | 78,522 | 106,550 |
Income before income tax expense | 5,635,786 | (25,376,129) | 10,813,180 |
Income tax expense | (10,856) | 4,749 | 2,015 |
Net income (loss) | $ 5,646,642 | $ (25,380,878) | $ 10,811,165 |
Class A Common Stock | |||
Other income | |||
Weighted average shares outstanding of common stock | 35,891,064 | ||
Basic and diluted net income per share | $ 0 | ||
Non-redeemable Class A and Class B Common Stock | |||
Other income | |||
Weighted average shares outstanding of common stock | 16,301,645 | 12,232,461 | 16,558,676 |
Basic and diluted net income per share | $ 0.35 | $ (2.08) | $ 0.65 |
Common Stock Subject to Possible Redemption | Class A Common Stock | |||
Other income | |||
Weighted average shares outstanding of common stock | 34,010,855 | 35,891,064 | 33,753,824 |
Basic and diluted net income per share | $ 0 | $ 0 | $ 0 |
UNAUDITED CONSOLIDATED CONDEN_2
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Beginning balance at Aug. 30, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Beginning balance at Aug. 30, 2020 | 0 | 0 | |||
Issuance of Class B common stock to Sponsor | 25,000 | $ 1,006 | 23,994 | ||
Issuance of common stock to sponsor, shares | 10,062,500 | ||||
Sale of units in initial public offering, less fair value of public warrants | 385,595,000 | $ 4,025 | 385,590,975 | ||
Sale of units in initial public offering, less fair value of public warrants , shares | 40,250,000 | ||||
Offering costs | (21,831,140) | (21,831,140) | |||
Excess of cash received over fair value of private placement warrants | 1,474,000 | 1,474,000 | |||
Common stock subject to possible redemption | $ (334,881,980) | $ (3,349) | (334,878,631) | ||
Common stock subject to possible redemption, shares | (33,488,198) | (33,488,198) | |||
Net income (loss) | $ (25,380,878) | (25,380,878) | |||
Ending balance at Dec. 31, 2020 | 5,000,002 | $ 676 | $ 1,006 | 30,379,198 | (25,380,878) |
Ending balance at Dec. 31, 2020 | 6,761,802 | 10,062,500 | |||
Common stock subject to possible redemption | (5,164,520) | $ (51) | (5,164,469) | ||
Common stock subject to possible redemption, shares | (516,452) | ||||
Net income (loss) | 5,164,523 | 5,164,523 | |||
Ending balance at Mar. 31, 2021 | 5,000,005 | $ 625 | $ 1,006 | 25,214,729 | (20,216,355) |
Ending balance at Mar. 31, 2021 | 6,245,350 | 10,062,500 | |||
Beginning balance at Dec. 31, 2020 | $ 5,000,002 | $ 676 | $ 1,006 | 30,379,198 | (25,380,878) |
Beginning balance at Dec. 31, 2020 | 6,761,802 | 10,062,500 | |||
Common stock subject to possible redemption, shares | (34,569,314) | (34,569,314) | |||
Net income (loss) | $ 10,811,165 | ||||
Ending balance at Jun. 30, 2021 | 5,000,007 | $ 568 | $ 1,006 | 19,568,146 | (14,569,713) |
Ending balance at Jun. 30, 2021 | 5,680,686 | 10,062,500 | |||
Beginning balance at Mar. 31, 2021 | 5,000,005 | $ 625 | $ 1,006 | 25,214,729 | (20,216,355) |
Beginning balance at Mar. 31, 2021 | 6,245,350 | 10,062,500 | |||
Common stock subject to possible redemption | (5,646,640) | $ (57) | (5,646,583) | ||
Common stock subject to possible redemption, shares | (564,664) | ||||
Net income (loss) | 5,646,642 | 5,646,642 | |||
Ending balance at Jun. 30, 2021 | $ 5,000,007 | $ 568 | $ 1,006 | $ 19,568,146 | $ (14,569,713) |
Ending balance at Jun. 30, 2021 | 5,680,686 | 10,062,500 |
UNAUDITED CONSOLIDATED CONDEN_3
UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (25,380,878) | $ 10,811,165 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Change in fair value of derivative liabilities | $ (7,988,160) | 24,193,170 | (16,410,500) |
General and administrative expenses paid by Sponsor under note payable | 4,817 | ||
Financing costs - derivative liabilities | 970,840 | ||
Income on investments held in Trust Account | 10,410 | 78,522 | 106,550 |
Changes in operating assets and liabilities: | |||
Prepaid expenses | (405,522) | 125,673 | |
Due from related party | (7,713) | ||
Accounts payable | 31,490 | 148,805 | |
Accrued expenses | 106,922 | 4,606,012 | |
Due to related party | 21,049 | ||
Income tax payable | 4,749 | 2,015 | |
Franchise tax payable | 61,264 | 13,478 | |
Net cash used in operating activities | (491,670) | (796,566) | |
Cash Flows from Investing Activities | |||
Cash deposited in Trust Account | (402,500,000) | ||
Net cash used in investing activities | (402,500,000) | ||
Cash Flows from Financing Activities: | |||
Proceeds from note payable to related party | 177,840 | ||
Repayment of note payable to related party | (182,657) | ||
Proceeds received from initial public offering, gross | 402,500,000 | ||
Proceeds received from private placement | 10,050,000 | ||
Offering costs paid | (8,473,880) | ||
Net cash provided by financing activities | 404,071,303 | ||
Net change in cash | 1,079,633 | (796,566) | |
Cash - beginning of the period | 0 | 1,079,633 | |
Cash - end of the period | $ 283,067 | 1,079,633 | 283,067 |
Supplemental disclosure of noncash activities: | |||
Offering costs paid by Sponsor in exchange for issuance of Class B common stock | 25,000 | ||
Offering costs included in accrued expenses | 108,175 | ||
Offering costs included in accounts payable | 7,425 | ||
Deferred underwriting commissions in connection with the initial public offering | 14,087,500 | ||
Deferred legal fees in connection with the initial public offering | 100,000 | ||
Initial value of common stock subject to possible redemption | 359,258,880 | ||
Change in value of common stock subject to possible redemption | $ (24,376,900) | $ (10,811,160) |
Description of Organization and
Description of Organization and Business Operations | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Description of Organization and Business Operations | Note 1—Description of Organization and Business Operations Organization and General Supernova Partners Acquisition Company, Inc. (the “Company”) is a blank check company incorporated in Delaware on August 31, 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 (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from August 31, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below. 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 Sponsor and Financing The Company’s sponsor is Supernova Partners LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on October 20, 2020. On October 23, 2020, the Company consummated its Initial Public Offering of 40,250,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including 5,250,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $402.5 million, and incurring offering costs of approximately $22.8 million, inclusive of approximately $14.1 million in deferred underwriting commissions (Note 6). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 6,700,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $10.1 million (Note 5). Trust Account Upon the closing of the Initial Public Offering and the Private Placement, $402.5 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was held in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Initial Business Combination 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 (excluding any deferred underwriters fees and taxes payable on the income earned on the Trust Account) 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 outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). The Company will provide the holders (the “Public Stockholders”) of the Company’s Public Shares per share, sold in the Initial Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, subject to applicable law and stock exchange listing requirements. 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- The Certificate of Incorporation will 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”)), will be 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 and the Company’s officers and directors (the “initial stockholders”) will agree not to propose an amendment to the Certificate of Incorporation to modify the substance or timing of the Company’s obligation to allow redemptions in connection with its initial Business Combination or redeem 100% of the Public Shares if the Company does not complete a Business Combination within the initial Combination Period (as defined below) or with respect to any other provisions relating to stockholders’ rights or pre-initial If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or October 23, 2022 (as such period may be extended by the Company’s stockholders in accordance with the Certificate of Incorporation, the “Combination Period”), the Company will (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to the deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in 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 or potentially less. 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 business 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) not 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, prospective target businesses and 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. Affiliates of the Company’s Co-Chairs (the Proposed Business Combination As more fully described in Note 11, on March 17, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Supernova, Orchids Merger Sub, Inc., a Delaware corporation and direct, wholly owned subsidiary of Supernova (“First Merger Sub”), Orchids Merger Sub, LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Supernova (“Second Merger Sub”), and OfferPad, Inc., a Delaware corporation (“Offerpad”). In connection with the Closing, Supernova will change its name to “Offerpad Solutions Inc.” Also, in connection with the execution of the Merger Agreement, certain investors (the “PIPE Investors”) entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors have committed to purchase in a private placement 20,000,000 shares of our Class A common stock (the “PIPE Shares”) at a purchase price of $10.00 per share and an aggregate purchase price of $200,000,000 (the “PIPE Investment”). The purchase of the PIPE Shares is conditioned upon, among other things, the consummation of the transactions and will be consummated concurrently with the closing. The shares of Class A common stock to be issued pursuant to the PIPE Subscription Agreements have not been registered under the Securities Act and will be issued in reliance on the availability of an exemption from such registration. In addition, in connection with the execution of the Merger Agreement we entered into a sponsor support agreement with our sponsor, Offerpad and our directors and officers. The proposed Business Combination is expected to be consummated after receipt of the required approvals by the stockholders of the Company and Offerpad and the satisfaction or waiver of certain other customary conditions. For full details and the filed agreements, refer to our Current Report on 8-K Liquidity and Capital Resources As of December 31, 2020, the Company had approximately $1.1 million in its operating bank accounts and working capital of approximately $1.2 million (not taking into account approximately $66,000 of taxes that may be paid using investment income from the Trust Account). The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor to cover for certain offering costs on behalf of the Company in exchange for issuance of Founders Shares (as defined in Note 5), and loan proceeds from the Sponsor of approximately $183,000 under the Note (Note 5). The Company repaid the Note in full on October 23, 2020. Subsequent from the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. | Note 1—Description of Organization and Business Operations Organization and General Supernova Partners Acquisition Company, Inc. (the “Company”) is a blank check company incorporated in Delaware on August 31, 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 (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of June 30, 2021, the Company had not commenced any operations. All activity for the period from August 31, 2020 (inception) through June 30, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below, and since the closing of the Initial Public Offering, the search for a target for its initial Business Combination. 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 Sponsor and Financing The Company’s sponsor is Supernova Partners LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on October 20, 2020. On October 23, 2020, the Company consummated its Initial Public Offering of 40,250,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including 5,250,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $402.5 million, and incurring offering costs of approximately $22.8 million, inclusive of approximately $14.1 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 6,700,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $10.1 million (Note 4). Trust Account Upon the closing of the Initial Public Offering and the Private Placement, $402.5 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was held in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 Initial Business Combination 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 (excluding any deferred underwriters fees and taxes payable on the income earned on the Trust Account) 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 outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). The Company will provide the holders (the “Public Stockholders”) of the Company’s Public Shares per share, sold in the Initial Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, subject to applicable law and stock exchange listing requirements. 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- The Certificate of Incorporation will 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”)), will be 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 and the Company’s officers and directors (the “initial stockholders”) will agree not to propose an amendment to the Certificate of Incorporation to modify the substance or timing of the Company’s obligation to allow redemptions in connection with its initial Business Combination or redeem 100% of the Public Shares if the Company does not complete a Business Combination within the initial Combination Period (as defined below) or with respect to any other provisions relating to stockholders’ rights or pre-initial 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 within 24 months from the closing of the Initial Public Offering, or October 23, 2022 (as such period may be extended by the Company’s stockholders in accordance with the Certificate of Incorporation, the “Combination Period”), the Company will (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. 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 in 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 or potentially less. 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 business 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) not 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, prospective target businesses and 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. Affiliates of the Company’s Co-Chairs one-third identical to the warrants sold as part of the units in the initial public offering. The obligations under the forward purchase agreements do not depend on whether any shares of Class A common stock are redeemed by the Company’s public stockholders. Proposed Business Combination On March 17, 2021, the Company entered into the Merger Agreement by and among Supernova, Orchids Merger Sub, Inc., a Delaware corporation and a newly formed direct, wholly owned subsidiary of Supernova (“First Merger Sub”), Orchids Merger Sub, LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Supernova (“Second Merger Sub”), and OfferPad, Inc., a Delaware corporation (“Offerpad”). Pursuant to the Merger Agreement, the parties will enter into a business combination transaction (the “Business Combination”) by which (i) First Merger Sub will merge with and into Offerpad, with Offerpad being the surviving entity in the merger (the “First Merger”), and (ii) Offerpad will merge with and into Second Merger Sub, with Second Merger Sub being the surviving entity in the merger (the “Second Merger” and, together with the First Merger, the “Mergers” and, together with the other transactions contemplated by the Merger Agreement, the “Transactions” and the closing of the Transactions, the “Closing”). In connection with the Closing, Supernova will change its name to “Offerpad Solutions, Inc.” The value of the aggregate equity consideration to be paid to Offerpad’s stockholders and optionholders in the Transactions will be equal to $2,250,000,000 (the “Equity Value”). At the Closing, each share of common stock and preferred stock of Offerpad that is issued and outstanding immediately prior to the effective time of the First Merger (other than “Excluded Shares”, as defined in the Merger Agreement) will be cancelled and converted into the right to receive a number of shares of Supernova common stock equal to an exchange ratio determined by dividing the Equity Value by the “Aggregate Fully Diluted Company Common Stock” (as defined in the Merger Agreement). At the Closing, each option to purchase Offerpad common stock, whether vested or unvested, will be assumed and converted into an option to purchase a number of shares of Supernova Class A common stock in the manner set forth in the Merger Agreement. Concurrently with the execution of the Merger Agreement, certain investors (the “PIPE Investors”) entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors have committed to purchase in a private placement 20,000,000 shares of Supernova Class A common stock (the “PIPE Shares”) at a purchase price of $10.00 per share and an aggregate purchase price of $200,000,000 (the “PIPE Investment”). The purchase of the PIPE Shares is conditioned upon, among other things, the consummation of the Transactions and will be consummated concurrently with the Closing. The shares of Class A common stock to be issued pursuant to the PIPE Subscription Agreements have not been registered under the Securities Act and will be issued in reliance on the availability of an exemption from such registration. In connection with the execution of the Merger Agreement, the Company entered into a sponsor support agreement (the “Sponsor Support Agreement”) with the Sponsor, Offerpad and the Company’s directors and officers. Pursuant to the Sponsor Support Agreement, the Sponsor and the Company’s directors and officers have, among other things, agreed to vote all of their shares of the Company’s capital stock in favor of the approval of the Transactions. In addition, the Sponsor has agreed that 20% of its shares of Class B common stock issued in connection with the initial public offering (the “Sponsor Shares”) will be unvested and subject to forfeiture as of the Closing and will only vest if, during the five year period following the Closing, (i) the volume weighted average price of the Company’s Class A common stock equals or exceeds $12.00 for any twenty thirty Any Sponsor Shares that remain unvested after the fifth anniversary of the Closing will be forfeited. The Sponsor Support Agreement will terminate upon the termination of the Merger Agreement if the Closing does not occur. The proposed Business Combination is expected to be consummated after receipt of the required approvals by the stockholders of the Company and Offerpad and the satisfaction or waiver of certain other customary conditions. For full details and the filed agreements, refer to our Current Report on 8-K S-4 Liquidity and Going Concern As of June 30, 2021, the Company had approximately $0.3 million in its operating bank accounts and a working capital deficit of approximately $4.5 million (not taking into account approximately $82,000 of taxes that may be paid using investment income from the Trust Account). The Company has incurred and expects to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to consummate a Business Combination or raise additional funds will be successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management continues to evaluate the impact of the COVID-19 |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 4 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 2—Restatement of Previously Issued Financial Statements On May 13 2021, the Audit Committee of the Company, in consultation with management, concluded that, because of a misapplication of the accounting guidance related to its public and private placement warrants to purchase shares of Class A common stock that the Company issued in October 2020 (the “Warrants”) and the forward purchase agreements, the Company’s previously issued financial statements for the Affected Periods should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods included in this Annual Report. On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on October 23, 2020, the Company’s warrants and forward purchase agreements were accounted for as equity within the Company’s previously reported balance sheets. After discussion and evaluation, including with the Company’s independent registered public accounting firm and the Company’s audit committee, management concluded that the Warrants as well as the forward purchase agreements should be presented as liabilities with subsequent fair value remeasurement. Historically, the Warrants and forward purchase agreements were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent non-cash 815-40, 815-40). 815-40 Impact of the Restatement The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. As of December 31, 2020 As Previously Restatement As Restated Balance Sheet Total assets $ 404,063,677 $ — $ 404,063,677 Liabilities and stockholders’ equity Total current liabilities $ 320,025 $ — $ 320,025 Deferred legal fees 100,000 — 100,000 Deferred underwriting commissions 14,087,500 — 14,087,500 Derivative liabilities — 49,674,170 49,674,170 Total liabilities 14,507,525 49,674,170 64,181,695 Class A common stock, $0.0001 par value; shares subject to possible redemption 384,556,150 (49,674,170 ) 334,881,980 Stockholders’ equity Preferred stock - $0.0001 par value — — — Class A common stock - $0.0001 par value 179 497 676 Class B common stock - $0.0001 par value 1,006 — 1,006 Additional paid-in-capital 5,215,685 25,163,513 30,379,198 Accumulated deficit (216,868 ) (25,164,010 ) (25,380,878 ) Total stockholders’ equity 5,000,002 — 5,000,002 Total liabilities and stockholders’ equity $ 404,063,677 $ — $ 404,063,677 Period From August 31, 2020 (Inception) Through December 31, 2020 As Previously Restatement As Restated Statement of Operations Loss from operations $ (290,641 ) $ — $ (290,641 ) Other (expense) income: Change in fair value of derivative liabilities — (24,193,170 ) (24,193,170 ) Financing costs - derivative liabilities — (970,840 ) (970,840 ) Net gain from investments held in Trust Account 78,522 — 78,522 Total other (expense) income 78,522 (25,164,010 ) (25,085,488 ) Loss before income tax expense (212,119 ) (25,164,010 ) (25,376,129 ) Income tax expense 4,749 — 4,749 Net loss $ (216,868 ) $ (25,164,010 ) $ (25,380,878 ) Basic and Diluted weighted-average Class A common shares subject to possible redemption outstanding 38,473,726 (2,582,662 ) 35,891,064 Basic and Diluted net loss per Class A common shares subject to possible redemption $ — $ — $ — Basic and Diluted weighted-average non-redeemable 10,646,616 1,585,845 12,232,461 Basic and Diluted net loss per non-redeemable $ (0.02 ) $ 2.10 $ (2.08 ) Period From August 31, 2020 (Inception) Through December 31, 2020 As Previously Reported Restatement Adjustment As Restated Statement of Cash Flows Net cash used in operating activities (491,670 ) — (491,670 ) Net cash used in investing activities (402,500,000 ) — (402,500,000 ) Net cash provided by financing activities 404,071,303 404,071,303 Net change in cash $ 1,079,633 $ — $ 1,079,633 In addition, the impact to the balance sheet dated October 23, 2020, filed on Form 8-K paid-in-capital, |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Summary of Significant Accounting Policies | Note 3—Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period as of December 31, 2020, and the period from August 31, 2020 (inception) through December 31, 2020, (collectively, the “Affected Periods”), are restated in this Annual Report on Form 10-K/A 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 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ 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 as of December 31, 2020. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of December 31, 2020 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. Investments Held in the Trust Account The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of December 31, 2020, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, income tax payable and franchise tax payable approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities is determined using quoted market prices in active markets. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants. Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1 The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed 825-10 Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, 33,488,198 shares of common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Net Income (Loss) Per Common Share Net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 20,116,667 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income (loss) per common share for Class A common shares subject to possible redemption in a manner similar to the two-class Net income (loss) per common share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share: For The Period From August 31, 2020 (inception) through December 31, 2020 (Restated) Class A Common stock subject to possible redemption Numerator: Earnings allocable to common stock subject to possible redemption Income from investments held in Trust Account $ 65,330 Less: Company’s portion available to be withdrawn to pay taxes $ (54,923 ) Net income attributable to Class A common stock subject to possible redemption $ 10,407 Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding 35,891,064 Basic and diluted net income per share $ 0.00 Non-Redeemable Numerator: Net Loss minus Net Earnings Net loss $ (25,380,878 ) Net income allocable to Class A Common stock subject to possible redemption 10,407 Non-Redeemable $ (25,370,471 ) Denominator: Weighted average Non-redeemable Basic and diluted weighted average shares outstanding, Non-redeemable 12,232,461 Basic and diluted net loss per share, Non-redeemable $ (2.08 ) Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The 13,416,667 issued in connection with the Initial Public Offering (the “Public Warrants”) and the 6,700,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement In connection with the closing of our initial public offering, the Company entered into forward purchase agreements to which its Sponsors committed to purchase the Company’s Class A common stock in an aggregate amount equal to 5,000,000 shares of our common stock, plus an aggregate of 1,666,667 warrants to purchase one share of Class A common stock at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third upon, and will be consummated concurrently with, the Closing. The forward purchase agreements are recognized as derivative liabilities in accordance with ASC 815-40. Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities at currently enacted tax rates. These temporary differences primarily relate to net operating loss carryforwards available to offset future taxable income. Valuation allowances are established, if necessary, to reduce a deferred tax asset to the amount that will more likely than not be realized. The Company recognizes tax liabilities from an uncertain tax position only if it is more likely than not that the tax position will not be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that have been recognized in the accompanying financial statements. The Company is required to file tax returns in the U.S. federal jurisdiction and in the state of District of Columbia. The Company’s policy is to recognize interest and penalties related to uncertain tax benefits, if any, as part of income tax expense. No such interest and penalties have been accrued as of December 31, 2020. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements. | Note 2—Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited consolidated condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future period. The consolidated condensed consolidated financial statements of the Company include its wholly-owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K/A filed 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 shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of unaudited consolidated condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ 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 as of June 30, 2021 and December 31, 2020. Investments Held in the Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in income on investments held in the Trust Account in the accompanying unaudited condensed statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of June 30, 2021 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximate the carrying amounts represented in the consolidated condensed balance sheets. Fair Value of Financial Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The 13,416,667 issued in connection with the Initial Public Offering (the “Public Warrants”) and the 6,700,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement and any change in fair value is recognized in the Company’s unaudited consolidated condensed statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants. In connection with the closing of our initial public offering, the Company entered into forward purchase agreements to which its Sponsors committed to purchase the Company’s Class A common stock in an aggregate amount equal to 5,000,000 shares of our common stock, plus an aggregate of 1,666,667 warrants to purchase one share of Class A common stock at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third 815-40. Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, accounting, underwriting fees and other costs directly related to the Initial Public Offering . Offering costs were 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 derivative warrant liabilities were expensed as incurred and presented as non-operating non-current Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2021 and December 31, 2020, 34,569,314 and 33,488,198 shares of common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s consolidated condensed balance sheets, respectively. Net Income (Loss) Common Net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 20,116,667 shares in the calculation of diluted income (loss) per share, since the exercise price of the warrants is in excess of the average stock price for the period and therefore the inclusion of such warrants would be anti-dilutive. The Company’s unaudited consolidated condensed statement of operations includes a presentation of income (loss ) per common share for Class A common stock subject to possible redemption in a manner similar to the two-class Net income (loss) per common share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share: For the Three Months June 30, 2021 For the Six Months June 30, 2021 Class A common stock subject to possible redemption Numerator: Earnings allocable to Class A common stock subject to possible redemption Income on investments held in Trust Account $ 8,941 $ 91,516 Less: Company’s portion available to be withdrawn to pay taxes $ (8,941 ) $ (86,958 ) Net income attributable to Class A common stock subject to possible redemption $ — $ 4,558 Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 34,010,855 33,753,824 Basic and diluted net income per share, Class A common stock subject to possible redemption $ — $ 0.00 Non-redeemable Numerator: Net income minus net earnings Net income $ 5,646,642 $ 10,811,165 Net income allocable to Class A common stock subject to possible redemption — (4,558 ) Non-redeemable $ 5,646,642 $ 10,806,607 Denominator: Weighted average non-redeemable Basic and diluted weighted average shares outstanding, non-redeemable 16,301,645 16,558,676 Basic and diluted net income per share, non-redeemable $ 0.35 $ 0.65 Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes . Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities at currently enacted tax rates. These temporary differences primarily relate to net operating loss carryforwards available to offset future taxable income. Valuation allowances are established, if necessary, to reduce a deferred tax asset to the amount that will more likely than not be realized. The Company recognizes tax liabilities from an uncertain tax position only if it is more likely than not that the tax position will not be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that have been recognized in the accompanying unaudited consolidated condensed financial statements. The Company is required to file tax returns in the U.S. federal jurisdiction and in the District of Columbia. The Company’s policy is to recognize interest and penalties related to uncertain tax benefits, if any, as part of income tax expense. No such interest and penalties have been accrued as of June 30, 2021 and December 31, 2020. 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—Debt (Subtopic 470-20) and (Subtopic 815-40): Accounting 2020-06”), which ASU 2020-06 on January 1, The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying unaudited consolidated condensed financial statements. |
Initial Public Offering
Initial Public Offering | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Initial Public Offering | Note 4—Initial Public Offering On October 23, 2020, the Company consummated its Initial Public Offering of 40,250,000 Units, including 5,250,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $402.5 million, and incurring offering costs of approximately $22.8 million, inclusive of approximately $14.1 million in deferred underwriting commissions. Each Unit consists of one share of Class A common stock, and one-third of one redeemable | Note 3—Initial Public Offering On October 23, 2020, the Company consummated its Initial Public Offering of 40,250,000 Units, including 5,250,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $402.5 million, and incurring offering costs of approximately $22.8 million, inclusive of approximately $14.1 million in deferred underwriting commissions. Each Unit consists of one share of Class A common stock, and one-third |
Related Party Transactions
Related Party Transactions | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 5—Related Party Transactions Founder Shares On September 9, 2020, the Sponsor paid $25,000 to cover for certain offering costs on behalf of the Company in exchange for issuance of 11,500,000 shares of the Company’s Class B common stock, par value $0.0001 per share, (the “Founder Shares”). On September 14, 2020, the Company effectuated an 0.75-for-1 reverse split a 6-for-7 The initial stockholders agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (1) one year after the completion of the initial Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the initial Business Combination that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the common stock shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period from the lock-up. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 6,700,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $10.1 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 (except 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 September 9, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan is non-interest bearing and payable In addition, in order to fund working capital deficiencies or 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 may 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1.5 million 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. 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. As of December 31, 2020, the Company had no borrowings under the Working Capital Loans. Forward Purchase Agreements In connection with the closing of the Company’s initial public offering, the Company entered into forward purchase agreements to which the Company’s Sponsors committed to purchase our Class A common stock in an aggregate amount equal to 5,000,000 shares of our common stock, plus an aggregate of 1,666,667 warrants to purchase one share of Class A common stock at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third | Note 4—Related Party Transactions Founder Shares On September 9, 2020, the Sponsor paid $25,000 to cover for certain offering costs on behalf of the Company in exchange for issuance of 11,500,000 shares of the Company’s Class B common stock, par value $0.0001 per share, (the “Founder Shares”). On September 14, 2020, the Company effectuated an 0.75-for-1 6-for- The initial stockholders agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (1) one year after the completion of the initial Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the initial Business Combination that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the common stock shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading lock-up. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 6,700,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $10.1 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 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 September 9, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest In addition, in order to fund working capital deficiencies or 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 may 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. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1.5 million 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. 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. As of June 30, 2021 and December 31, 2020, the Company had no borrowings under the Working Capital Loans. Forward Purchase Agreements In connection with the closing of the Company’s Initial Public Offering, the Company entered into forward purchase agreements to which the Company’s Sponsors committed to purchase the Company’s Class A common stock in an aggregate amount equal to 5,000,000 1,666,667 one 11.50 50,000,000 10.00 one-third |
Commitments and Contingencies
Commitments and Contingencies | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 6—Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants 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 rights agreement. 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. Underwriting Agreement The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $8.1 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $14.1 million 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. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic | Note 5—Commitments and Contingencies Registration rights The holders of Founder Shares, Private Placement Warrants 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 rights agreement. 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. Underwriting agreement The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $8.1 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $14.1 million 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. Stockholder Complaint On April 21, 2021 a stockholder complaint was filed in the Supreme Court of the State of New York against us and the individual members of our Board, captioned Muir v. Supernova Partners Acquisition Company, Inc., et al. (the “Muir Complaint”). The complaint asserts that the individual members of the Company’s Board breached their fiduciary duties, and that the Company aided and abetted that breach of fiduciary duties, by allegedly failing to disclose material information and disclosing materially misleading information in the Proxy Statement, including allegations relating to the background of the Merger, financial projections, and analyses of financial advisors. The Company has also received certain demands from stockholders making similar allegations. Management believes that the estimated loss associated with the Muir Complaint is not reasonably probable or estimable. Risks and uncertainties Management continues to evaluate the impact of the COVID-19 the date of these unaudited consolidated condensed financial statements. The unaudited consolidated condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Derivative Liabilities
Derivative Liabilities | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liabilities | Note 7—Derivative Liabilities As of December 31, 2020, the Company had 13,416,667 and 6,700,000 Public Warrants and Private Warrants outstanding, respectively. Public Warrants may only be exercised in whole and only for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the issuance of the 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 20 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC and have an effective registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Company’s shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elect, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable 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. The warrants have an exercise price of $11.50 per share, subject to adjustments. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities (excluding the potential forward purchase securities as described in the prospectus) for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation 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 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 salable 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 Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities as described above) for any 20 trading days within a 30-trading day period The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of common stock is available throughout the 30-day redemption period, Redemption of warrants for when the price per share of Class A common stock equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A common stock; • if, and only if, the closing price of the Class A common stock equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and • if and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of Class A common stock shall mean the volume-weighted average price of Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment). 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. | Note 6— Derivative Warrant Liabilities As of June 30, 2021 and December 31, 2020, the Company 13,416,667 and 6,700,000 Public Warrants and Private Warrants outstanding, respectively. Public Warrants may only be exercised in whole and only 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 The warrants have an exercise price of $11.50 per share, subject to adjustments. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities (excluding the potential forward purchase securities as described in the prospectus) for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation 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 consummated the initial business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price 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 salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities as described above) for any 20 trading days within a 30-trading The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of common stock is available throughout the 30-day Redemption of warrants for when the price per share of Class A common stock equals or exceeds $10.00 : Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A common stock; • if, and only if, the closing price of the Class A common stock equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and • if and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of Class A common stock shall mean the volume-weighted average price of Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment). 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. |
Stockholders' Equity
Stockholders' Equity | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Stockholders' Equity | Note 8—Stockholders’ Equity Class A Common Stock Class B Common Stock effectuated an 0.75-for-1 reverse split a 6-for-7 stock stockholders for no consideration to the extent that the underwriter’s over-allotment option is not exercised in full or in part, so that the number of shares of Class B common stock would collectively equal 20% of the Company’s issued and outstanding common stock after the Initial Public Offering. The underwriter exercised its over-allotment option in full on October 23, 2020; thus, these 1,312,500 shares of Class B common stock were no longer subject to forfeiture. Only holders of Class B common stock will have the right to elect directors or remove directors prior to the completion of the initial Business Combination. These provisions in the amended and restated certificate of incorporation may only be amended by a resolution passed by the holders of a majority of the Class B common stock. Holders of the Class A common stock and holders of the Class B common stock of record are entitled to one vote for each share held on all other matters to be voted on by stockholders, including any vote in connection with the initial Business Combination, and vote together as a single class, except as required by law or the applicable rules of the NYSE. 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 on an as-converted basis, 20% Preferred Stock | Note 7 Stockholders’ Equity Preferred Stock Class A Common Stock Class B Common Stock an 0.75-for-1 a 6-for-7 stock Only holders of Class B common stock will have the right to elect directors or remove directors prior to the completion of the initial Business Combination. These provisions in the amended and restated certificate of incorporation may only be amended by a resolution passed by the holders of a majority of the Class B common stock. Holders of the Class A common stock and holders of the Class B common stock of record are entitled to one vote for each share held on all other matters to be voted on by stockholders, including any vote in connection with the initial Business Combination, and vote together as a single class, except as required by law or the applicable rules of the NYSE. The Class B one-for-one as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amount issued in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted |
Fair Value Measurements
Fair Value Measurements | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | Note 9—Fair Value Measurements The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Description Quoted Prices in Significant Other Significant Other Assets: Investments held in Trust Account $ 402,578,522 $ — $ — Liabilities: Derivative liabilities warrant $ 27,504,170 $ — $ 14,070,000 Deriviative liabilities - Forward purchase agreements $ — $ — $ 8,100,000 Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in December 2020, when the Public Warrants were separately listed and traded. Level 1 instruments include investments in mutual funds invested in government securities and Public Warrants. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially and subsequently measured at fair value using a Monte Carlo simulation model. The fair value of the forward purchase agreements is determined as the estimated unit value less the net present value of the forward purchase agreements. For the period from August 31, 2020 (inception) through December 31, 2020, the Company recognized a non-cash The estimated fair value of the Private Placement Warrants, forward purchase agreements and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants: As of October 23, As of December 31, Volatility 21.00 % 21.75 % Stock price $ 10.00 $ 11.00 Expected life of the options to convert 5.833 5.647 Risk-free rate 0.460 % 0.469 % Dividend yield 0.0 % 0.0 % The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreement: As of October 23, As of December 31, Risk-free rate 0.117 % 0.93 % Term 0.833 0.647 The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the period from August 31, 2020 (inception) through December 31, 2020 is summarized as follows: Derivative liabilities at August 31, 2020 (inception) $ — Issuance of Public and Private Warrants and forward purchase agreements - Level 3 25,481,000 Transfer of Public Warrants to Level 1 measurement (16,905,000 ) Change in fair value of derivative liabilities - Level 3 13,594,000 Derivative liabilities at Level 3, December 31, 2020 $ 22,170,000 | Note 8—Fair Value Measurements The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. June 30, 2021 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Investments held in Trust Account $ 402,685,072 $ — $ — Liabilities: Derivative liabilities—Public Warrants $ 20,661,670 $ — $ — Derivative liabilities—Private Placement Warrants $ — $ — $ 10,452,000 Derivative liabilities—Forward Purchase Agreements $ — $ — $ 2,150,000 December 31, 2020 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Investments held in Trust Account $ 402,578,522 $ — $ — Liabilities: Derivative liabilities—Public Warrants $ 27,504,170 $ — $ — Derivative liabilities—Private Placement Warrants $ 14,070,000 Derivative liabilities—Forward Purchase Agreements $ — $ — $ 8,100,000 Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Levels 1,2, and 3 for the three and six months ended June 30, 2021. Level 1 instruments include investments in mutual funds invested in government securities and Public Warrants. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The fair value of warrants issued in connection with the Initial Public Offering and Private Placement were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Warrants issued in connection with the Company’s Initial Public Offering have subsequently been measured based on the listed market price of such warrants. The fair value of the forward purchase agreements is determined as the estimated unit value less the net present value of the forward purchase agreements. For the three and six months ended June 30, 2021, the Company recognized a non-cash The estimated fair value of the Private Placement Warrants, forward purchase agreements and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants: As of 2020 As of 2021 As of 2021 Volatility 21.75 % 24.25 % 22.13 % Stock price $ 11.00 $ 10.11 $ 9.93 Expected life of the options to convert 5.647 5.297 5.047 Risk-free rate 0.469 % 0.980 % 0.870 % Dividend yield 0.00 % 0.00 % 0.00 % The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreements: As of 2020 As of 2021 As of 2021 Risk-free rate 0.093 % 0.037 % 0.050 % Term 0.647 0.297 0.047 The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the three and six months ended June 30, 2021 is summarized as follows: Derivative liabilities at Level 3 at December 31, 2020 $ 22,170,000 Change in fair value of Private Placement Warrants (1,139,000 ) Change in fair value of Forward Purchase Agreements (4,600,000 ) Derivative liabilities at Level 3 at March 31, 2021 $ 16,431,000 Change in fair value of Private Placement Warrants (2,479,000 ) Change in fair value of Forward Purchase Agreements (1,350,000 ) Derivative liabilities at Level 3 at June 30, 2021 $ 12,602,000 |
Income Taxes
Income Taxes | 4 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10—Income Taxes The components of the provision for income taxes are as follows: For the Period from August 31, 2020 (inception) Through December 31, 2020 Current expense (benefit): Federal $ 3,325 State 1,424 Total current expense (benefit): $ 4,749 Deferred expense (benefit): Federal $ — State — Total deferred expense (benefit): $ — Total income tax expense (benefit): $ 4,749 A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows: For the Period from August 31, 2020 (inception) Through December 31, 2020 Income at US statutory rate 21.00 % State Taxes, net of federal benefit 0.05 % Financing cost – derivative liabilities (0.80 )% Change in fair value of derivative liabilities (20.02 )% Change in valuation allowance (0.25 )% (0.02 )% The net deferred income tax asset balance related to the following: For the Period from August 31, 2020 (inception) Through December 31, 2020 Capitalized start-up $ 63,119 Total deferred tax assets $ 63,119 Valuation allowance $ (63,119 ) Net deferred tax assets (liability) $ — Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2020, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of December 31, 2020. The Company’s valuation allowance for the period from August 31, 2020 (inception) through December 31, 2020 is as follows: For the Period from August 31, 2020 (inception) Through December 31, 2020 Valuation allowance at beginning of year $ — Increases recorded to income tax provision $ 63,119 Valuation allowance at end of year $ (63,119 ) The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which the Company operates or does business in. ASC 740-10 We record uncertain tax positions as liabilities in accordance with ASC 740-10 The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations as required. As of December 31, 2020, there were no significant accrued interest or penalties. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company’s tax years are still open under statute from inception. The resolution of tax matters is not expected to have a material effect on the Company’s consolidated financial statements. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in the United States. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits. The Company evaluated the provisions of the CARES Act and does not anticipate the associated impacts, if any, will have a material effect on the Company’s provision for income taxes for the year ended December 31, 2020. |
Subsequent Events
Subsequent Events | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 11—Subsequent Events On March 17, 2021, the Company entered into the Merger Agreement by and among Supernova, Orchids Merger Sub, Inc., a Delaware corporation and a newly formed direct, wholly owned subsidiary of Supernova (“First Merger Sub”), Orchids Merger Sub, LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Supernova (“Second Merger Sub”), and OfferPad, Inc., a Delaware corporation (“Offerpad”). Pursuant to the Merger Agreement, the parties will enter into a business combination transaction (the “Business Combination”) by which (i) First Merger Sub will merge with and into Offerpad, with Offerpad being the surviving entity in the merger (the “First Merger”), and (ii) Offerpad will merge with and into Second Merger Sub, with Second Merger Sub being the surviving entity in the merger (the “Second Merger” and, together with the First Merger, the “Mergers” and, together with the other transactions contemplated by the Merger Agreement, the “Transactions” and the closing of the Transactions, the “Closing”). In connection with the Closing, Supernova will change its name to “Offerpad Solutions Inc.” The value of the aggregate equity consideration to be paid to Offerpad’s stockholders and optionholders in the Transactions will be equal to $2,250,000,000 (the “Equity Value”). At the Closing, each share of common stock and preferred stock of Offerpad that is issued and outstanding immediately prior to the effective time of the First Merger (other than “Excluded Shares”, as defined in the Merger Agreement) will be cancelled and converted into the right to receive a number of shares of Supernova common stock equal to an exchange ratio determined by dividing the Equity Value by the “Aggregate Fully Diluted Company Common Stock” (as defined in the Merger Agreement). At the Closing, each option to purchase Offerpad common stock, whether vested or unvested, will be assumed and converted into an option to purchase a number of shares of Supernova Class A common stock in the manner set forth in the Merger Agreement. Concurrently with the execution of the Merger Agreement, certain investors (the “PIPE Investors”) entered into subscription agreements (the “PIPE Subscription Agreements”) pursuant to which the PIPE Investors have committed to purchase in a private placement 20,000,000 shares of Supernova Class A common stock (the “PIPE Shares”) at a purchase price of $10.00 per share and an aggregate purchase price of $200,000,000 (the “PIPE Investment”). The purchase of the PIPE Shares is conditioned upon, among other things, the consummation of the Transactions and will be consummated concurrently with the Closing. The shares of Class A common stock to be issued pursuant to the PIPE Subscription Agreements have not been registered under the Securities Act and will be issued in reliance on the availability of an exemption from such registration. In connection with the execution of the Merger Agreement, the Company entered into a sponsor support agreement (the “Sponsor Support Agreement”) with the Sponsor, Offerpad and the Company’s directors and officers. Pursuant to the Sponsor Support Agreement, the Sponsor and the Company’s directors and officers have, among other things, agreed to vote all of their shares of the Company’s capital stock in favor of the approval of the Transactions. In addition, the Sponsor has agreed that 20% of its shares of Class B common stock issued in connection with the initial public offering (the “Sponsor Shares”) will be unvested and subject to forfeiture as of the Closing and will only vest if, during the five year period following the Closing, (i) the volume weighted average price of the Company’s Class A common stock equals or exceeds $12.00 for any twenty thirty The proposed Business Combination is expected to be consummated after receipt of the required approvals by the stockholders of the Company and Offerpad and the satisfaction or waiver of certain other customary conditions. For full details and the filed agreements, refer to our Current Report on 8-K On April 21, 2021 a stockholder complaint was filed in the Supreme Court of the State of New York against us and the individual members of our Board, captioned Muir v. Supernova Partners Acquisition Company, Inc., et al. (the “Muir Complaint”). The complaint asserts that the individual members of our Board breached their fiduciary duties, and that we aided and abetted that breach of fiduciary duties, by allegedly failing to disclose material information and disclosing materially misleading information in the Proxy Statement, including allegations relating to the background of the Merger, financial projections, and analyses of financial advisors. We have also received certain demands from stockholders making similar allegations. We believe that the estimated loss associated with the Muir Complaint is not reasonably probable or estimable. Management has evaluated subsequent events to determine if events or transactions occurring through the date the financial statements were issued required potential adjustment to or disclosure in the financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed. | Note 9—Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through the date the financial statements were issued required potential adjustment to or disclosure in the financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed . |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period as of December 31, 2020, and the period from August 31, 2020 (inception) through December 31, 2020, (collectively, the “Affected Periods”), are restated in this Annual Report on Form 10-K/A | Basis of Presentation The accompanying unaudited consolidated condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited consolidated condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future period. The consolidated condensed consolidated financial statements of the Company include its wholly-owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K/A filed |
Emerging Growth Company | 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 | 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 shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. | Use of Estimates The preparation of unaudited consolidated condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2020. | 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 as of June 30, 2021 and December 31, 2020. |
Investments Held in the Trust Account | Investments Held in the Trust Account The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. | Investments Held in the Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in income on investments held in the Trust Account in the accompanying unaudited condensed statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of December 31, 2020 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of June 30, 2021 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of December 31, 2020, the carrying values of cash, prepaid expenses, accounts payable, accrued expenses, income tax payable and franchise tax payable approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities is determined using quoted market prices in active markets. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants. | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximate the carrying amounts represented in the consolidated condensed balance sheets. |
Fair Value of Financial Measurements | Fair Value of Financial Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. | |
Derivative Liabilities | Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The 13,416,667 issued in connection with the Initial Public Offering (the “Public Warrants”) and the 6,700,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement In connection with the closing of our initial public offering, the Company entered into forward purchase agreements to which its Sponsors committed to purchase the Company’s Class A common stock in an aggregate amount equal to 5,000,000 shares of our common stock, plus an aggregate of 1,666,667 warrants to purchase one share of Class A common stock at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third upon, and will be consummated concurrently with, the Closing. The forward purchase agreements are recognized as derivative liabilities in accordance with ASC 815-40. | Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The 13,416,667 issued in connection with the Initial Public Offering (the “Public Warrants”) and the 6,700,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement and any change in fair value is recognized in the Company’s unaudited consolidated condensed statement of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants. In connection with the closing of our initial public offering, the Company entered into forward purchase agreements to which its Sponsors committed to purchase the Company’s Class A common stock in an aggregate amount equal to 5,000,000 shares of our common stock, plus an aggregate of 1,666,667 warrants to purchase one share of Class A common stock at $11.50 per share, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third 815-40. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, accounting, underwriting fees and other costs directly related to the Initial Public Offering . Offering costs were 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 derivative warrant liabilities were expensed as incurred and presented as non-operating non-current | |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1 The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed 825-10 | |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, 33,488,198 shares of common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2021 and December 31, 2020, 34,569,314 and 33,488,198 shares of common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of the Company’s consolidated condensed balance sheets, respectively. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 20,116,667 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income (loss) per common share for Class A common shares subject to possible redemption in a manner similar to the two-class Net income (loss) per common share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share: For The Period From August 31, 2020 (inception) through December 31, 2020 (Restated) Class A Common stock subject to possible redemption Numerator: Earnings allocable to common stock subject to possible redemption Income from investments held in Trust Account $ 65,330 Less: Company’s portion available to be withdrawn to pay taxes $ (54,923 ) Net income attributable to Class A common stock subject to possible redemption $ 10,407 Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding 35,891,064 Basic and diluted net income per share $ 0.00 Non-Redeemable Numerator: Net Loss minus Net Earnings Net loss $ (25,380,878 ) Net income allocable to Class A Common stock subject to possible redemption 10,407 Non-Redeemable $ (25,370,471 ) Denominator: Weighted average Non-redeemable Basic and diluted weighted average shares outstanding, Non-redeemable 12,232,461 Basic and diluted net loss per share, Non-redeemable $ (2.08 ) | Net Income (Loss) Common Net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 20,116,667 shares in the calculation of diluted income (loss) per share, since the exercise price of the warrants is in excess of the average stock price for the period and therefore the inclusion of such warrants would be anti-dilutive. The Company’s unaudited consolidated condensed statement of operations includes a presentation of income (loss ) per common share for Class A common stock subject to possible redemption in a manner similar to the two-class Net income (loss) per common share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share: For the Three Months June 30, 2021 For the Six Months June 30, 2021 Class A common stock subject to possible redemption Numerator: Earnings allocable to Class A common stock subject to possible redemption Income on investments held in Trust Account $ 8,941 $ 91,516 Less: Company’s portion available to be withdrawn to pay taxes $ (8,941 ) $ (86,958 ) Net income attributable to Class A common stock subject to possible redemption $ — $ 4,558 Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 34,010,855 33,753,824 Basic and diluted net income per share, Class A common stock subject to possible redemption $ — $ 0.00 Non-redeemable Numerator: Net income minus net earnings Net income $ 5,646,642 $ 10,811,165 Net income allocable to Class A common stock subject to possible redemption — (4,558 ) Non-redeemable $ 5,646,642 $ 10,806,607 Denominator: Weighted average non-redeemable Basic and diluted weighted average shares outstanding, non-redeemable 16,301,645 16,558,676 Basic and diluted net income per share, non-redeemable $ 0.35 $ 0.65 |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities at currently enacted tax rates. These temporary differences primarily relate to net operating loss carryforwards available to offset future taxable income. Valuation allowances are established, if necessary, to reduce a deferred tax asset to the amount that will more likely than not be realized. The Company recognizes tax liabilities from an uncertain tax position only if it is more likely than not that the tax position will not be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that have been recognized in the accompanying financial statements. The Company is required to file tax returns in the U.S. federal jurisdiction and in the state of District of Columbia. The Company’s policy is to recognize interest and penalties related to uncertain tax benefits, if any, as part of income tax expense. No such interest and penalties have been accrued as of December 31, 2020. | Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes . Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities at currently enacted tax rates. These temporary differences primarily relate to net operating loss carryforwards available to offset future taxable income. Valuation allowances are established, if necessary, to reduce a deferred tax asset to the amount that will more likely than not be realized. The Company recognizes tax liabilities from an uncertain tax position only if it is more likely than not that the tax position will not be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that have been recognized in the accompanying unaudited consolidated condensed financial statements. The Company is required to file tax returns in the U.S. federal jurisdiction and in the District of Columbia. The Company’s policy is to recognize interest and penalties related to uncertain tax benefits, if any, as part of income tax expense. No such interest and penalties have been accrued as of June 30, 2021 and December 31, 2020. 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 Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements. | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt (Subtopic 470-20) and (Subtopic 815-40): Accounting 2020-06”), which ASU 2020-06 on January 1, The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying unaudited consolidated condensed financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Impact of Restatement on Financial Statements | The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. As of December 31, 2020 As Previously Restatement As Restated Balance Sheet Total assets $ 404,063,677 $ — $ 404,063,677 Liabilities and stockholders’ equity Total current liabilities $ 320,025 $ — $ 320,025 Deferred legal fees 100,000 — 100,000 Deferred underwriting commissions 14,087,500 — 14,087,500 Derivative liabilities — 49,674,170 49,674,170 Total liabilities 14,507,525 49,674,170 64,181,695 Class A common stock, $0.0001 par value; shares subject to possible redemption 384,556,150 (49,674,170 ) 334,881,980 Stockholders’ equity Preferred stock - $0.0001 par value — — — Class A common stock - $0.0001 par value 179 497 676 Class B common stock - $0.0001 par value 1,006 — 1,006 Additional paid-in-capital 5,215,685 25,163,513 30,379,198 Accumulated deficit (216,868 ) (25,164,010 ) (25,380,878 ) Total stockholders’ equity 5,000,002 — 5,000,002 Total liabilities and stockholders’ equity $ 404,063,677 $ — $ 404,063,677 Period From August 31, 2020 (Inception) Through December 31, 2020 As Previously Restatement As Restated Statement of Operations Loss from operations $ (290,641 ) $ — $ (290,641 ) Other (expense) income: Change in fair value of derivative liabilities — (24,193,170 ) (24,193,170 ) Financing costs - derivative liabilities — (970,840 ) (970,840 ) Net gain from investments held in Trust Account 78,522 — 78,522 Total other (expense) income 78,522 (25,164,010 ) (25,085,488 ) Loss before income tax expense (212,119 ) (25,164,010 ) (25,376,129 ) Income tax expense 4,749 — 4,749 Net loss $ (216,868 ) $ (25,164,010 ) $ (25,380,878 ) Basic and Diluted weighted-average Class A common shares subject to possible redemption outstanding 38,473,726 (2,582,662 ) 35,891,064 Basic and Diluted net loss per Class A common shares subject to possible redemption $ — $ — $ — Basic and Diluted weighted-average non-redeemable 10,646,616 1,585,845 12,232,461 Basic and Diluted net loss per non-redeemable $ (0.02 ) $ 2.10 $ (2.08 ) Period From August 31, 2020 (Inception) Through December 31, 2020 As Previously Reported Restatement Adjustment As Restated Statement of Cash Flows Net cash used in operating activities (491,670 ) — (491,670 ) Net cash used in investing activities (402,500,000 ) — (402,500,000 ) Net cash provided by financing activities 404,071,303 404,071,303 Net change in cash $ 1,079,633 $ — $ 1,079,633 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Tables) | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Common Shares | The following table reflects the calculation of basic and diluted net income (loss) per common share: For The Period From August 31, 2020 (inception) through December 31, 2020 (Restated) Class A Common stock subject to possible redemption Numerator: Earnings allocable to common stock subject to possible redemption Income from investments held in Trust Account $ 65,330 Less: Company’s portion available to be withdrawn to pay taxes $ (54,923 ) Net income attributable to Class A common stock subject to possible redemption $ 10,407 Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding 35,891,064 Basic and diluted net income per share $ 0.00 Non-Redeemable Numerator: Net Loss minus Net Earnings Net loss $ (25,380,878 ) Net income allocable to Class A Common stock subject to possible redemption 10,407 Non-Redeemable $ (25,370,471 ) Denominator: Weighted average Non-redeemable Basic and diluted weighted average shares outstanding, Non-redeemable 12,232,461 Basic and diluted net loss per share, Non-redeemable $ (2.08 ) | The following table reflects the calculation of basic and diluted net income (loss) per common share: For the Three Months June 30, 2021 For the Six Months June 30, 2021 Class A common stock subject to possible redemption Numerator: Earnings allocable to Class A common stock subject to possible redemption Income on investments held in Trust Account $ 8,941 $ 91,516 Less: Company’s portion available to be withdrawn to pay taxes $ (8,941 ) $ (86,958 ) Net income attributable to Class A common stock subject to possible redemption $ — $ 4,558 Denominator: Weighted average Class A common stock subject to possible redemption Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 34,010,855 33,753,824 Basic and diluted net income per share, Class A common stock subject to possible redemption $ — $ 0.00 Non-redeemable Numerator: Net income minus net earnings Net income $ 5,646,642 $ 10,811,165 Net income allocable to Class A common stock subject to possible redemption — (4,558 ) Non-redeemable $ 5,646,642 $ 10,806,607 Denominator: Weighted average non-redeemable Basic and diluted weighted average shares outstanding, non-redeemable 16,301,645 16,558,676 Basic and diluted net income per share, non-redeemable $ 0.35 $ 0.65 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Summary of Information About Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Description Quoted Prices in Significant Other Significant Other Assets: Investments held in Trust Account $ 402,578,522 $ — $ — Liabilities: Derivative liabilities warrant $ 27,504,170 $ — $ 14,070,000 Deriviative liabilities - Forward purchase agreements $ — $ — $ 8,100,000 | The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. June 30, 2021 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Investments held in Trust Account $ 402,685,072 $ — $ — Liabilities: Derivative liabilities—Public Warrants $ 20,661,670 $ — $ — Derivative liabilities—Private Placement Warrants $ — $ — $ 10,452,000 Derivative liabilities—Forward Purchase Agreements $ — $ — $ 2,150,000 December 31, 2020 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Investments held in Trust Account $ 402,578,522 $ — $ — Liabilities: Derivative liabilities—Public Warrants $ 27,504,170 $ — $ — Derivative liabilities—Private Placement Warrants $ 14,070,000 Derivative liabilities—Forward Purchase Agreements $ — $ — $ 8,100,000 |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants: As of October 23, As of December 31, Volatility 21.00 % 21.75 % Stock price $ 10.00 $ 11.00 Expected life of the options to convert 5.833 5.647 Risk-free rate 0.460 % 0.469 % Dividend yield 0.0 % 0.0 % | The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants: As of 2020 As of 2021 As of 2021 Volatility 21.75 % 24.25 % 22.13 % Stock price $ 11.00 $ 10.11 $ 9.93 Expected life of the options to convert 5.647 5.297 5.047 Risk-free rate 0.469 % 0.980 % 0.870 % Dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Fair Value of the Derivative Liabilities Utilizing Level 3 Measurements | The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the period from August 31, 2020 (inception) through December 31, 2020 is summarized as follows: Derivative liabilities at August 31, 2020 (inception) $ — Issuance of Public and Private Warrants and forward purchase agreements - Level 3 25,481,000 Transfer of Public Warrants to Level 1 measurement (16,905,000 ) Change in fair value of derivative liabilities - Level 3 13,594,000 Derivative liabilities at Level 3, December 31, 2020 $ 22,170,000 | The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the three and six months ended June 30, 2021 is summarized as follows: Derivative liabilities at Level 3 at December 31, 2020 $ 22,170,000 Change in fair value of Private Placement Warrants (1,139,000 ) Change in fair value of Forward Purchase Agreements (4,600,000 ) Derivative liabilities at Level 3 at March 31, 2021 $ 16,431,000 Change in fair value of Private Placement Warrants (2,479,000 ) Change in fair value of Forward Purchase Agreements (1,350,000 ) Derivative liabilities at Level 3 at June 30, 2021 $ 12,602,000 |
Forward Purchase Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Summary of Fair Value Measurement Inputs and Valuation Techniques | The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreement: As of October 23, As of December 31, Risk-free rate 0.117 % 0.93 % Term 0.833 0.647 | The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreements: As of 2020 As of 2021 As of 2021 Risk-free rate 0.093 % 0.037 % 0.050 % Term 0.647 0.297 0.047 |
Income Taxes (Tables)
Income Taxes (Tables) | 4 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows: For the Period from August 31, 2020 (inception) Through December 31, 2020 Current expense (benefit): Federal $ 3,325 State 1,424 Total current expense (benefit): $ 4,749 Deferred expense (benefit): Federal $ — State — Total deferred expense (benefit): $ — Total income tax expense (benefit): $ 4,749 |
Reconciliation of Statutory income Tax Rate to Effective Income Tax Rate | A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows: For the Period from August 31, 2020 (inception) Through December 31, 2020 Income at US statutory rate 21.00 % State Taxes, net of federal benefit 0.05 % Financing cost – derivative liabilities (0.80 )% Change in fair value of derivative liabilities (20.02 )% Change in valuation allowance (0.25 )% (0.02 )% |
Summary of Net Deferred Income Tax Asset | The net deferred income tax asset balance related to the following: For the Period from August 31, 2020 (inception) Through December 31, 2020 Capitalized start-up $ 63,119 Total deferred tax assets $ 63,119 Valuation allowance $ (63,119 ) Net deferred tax assets (liability) $ — |
Summary of Valuation Allowance | The Company’s valuation allowance for the period from August 31, 2020 (inception) through December 31, 2020 is as follows: For the Period from August 31, 2020 (inception) Through December 31, 2020 Valuation allowance at beginning of year $ — Increases recorded to income tax provision $ 63,119 Valuation allowance at end of year $ (63,119 ) |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Details) - USD ($) | Mar. 17, 2021 | Oct. 23, 2020 | Dec. 31, 2020 | Jun. 30, 2021 |
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Proceeds received from initial public offering, gross | $ 402,500,000 | |||
Offering costs | $ 8,473,880 | |||
Exercise price of warrants | $ 11.50 | $ 11.50 | ||
Percentage of fair market value of acquisition required, of net assets held in Trust Account | 80.00% | 80.00% | ||
Minimum percentage of ownership required, post-transaction | 50.00% | 50.00% | ||
Percentage of restricted redeeming shares | 15.00% | 15.00% | ||
Business combination completion period from closing date of initial public offering | 24 months | 24 months | ||
Maximum per share value of residual assets available for distribution | $ 10 | $ 10 | ||
Cash | $ 1,079,633 | $ 283,067 | ||
Working Capital | 1,200,000 | 4,500,000 | ||
Amount of taxes that may be paid using investment income from the trust account | $ 66,000 | $ 82,000 | ||
Forward Purchase Agreements | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Exercise price of warrants | $ 11.50 | |||
Sale of stock, description of transaction | Company which provides for the purchase by the forward purchasers of shares of Class A common stock in an aggregate share amount equal to 5,000,000 shares of Class A common stock, plus an aggregate of 1,666,667 warrants exercisable to purchase one share of Class A common stock at $11.50 per share, subject to adjustment, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third of one warrant, in a private placement to occur concurrently with the closing of the initial Business Combination. | Company which provide for the purchase by the forward purchasers of shares of Class A common stock in an aggregate share amount equal to 5,000,000 shares of Class A common stock, plus an aggregate of 1,666,667 warrants exercisable to purchase one share of Class A common stock at $11.50 per share, subject to adjustment, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third of one warrant, in a private placement to occur concurrently with the closing of the initial business combination. | ||
Aggregate number of shares sold | 5,000,000 | |||
Aggregate warrants exercisable | 1,666,667 | 1,666,667 | ||
Warrant exercisable number of shares | 1 | 1 | ||
Aggregate purchase price | $ 50,000,000 | $ 50,000,000 | ||
Share price | $ 10 | |||
Maximum | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Interest to pay dissolution expenses | $ 100,000 | $ 100,000 | ||
Private Placement Warrants | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Number of warrants issued | 6,700,000 | |||
Exercise price of warrants | $ 1.50 | |||
Proceeds from issuance of warrants | $ 10,100,000 | |||
Class A Common Stock | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Redemption price per share | $ 10 | $ 10 | ||
Aggregate warrants exercisable | 1,666,667 | |||
Warrant exercisable number of shares | 1 | 1 | ||
Share price | $ 11.50 | $ 11.50 | ||
Class A Common Stock | Forward Purchase Agreements | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Aggregate number of shares sold | 5,000,000 | 5,000,000 | ||
Share price | $ 10 | $ 10 | ||
Public Shares | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Redemption price per share | $ 10 | $ 10 | ||
Maximum net tangible assets for business combination | $ 5,000,001 | $ 5,000,001 | ||
Redemption percentage of shares in case of not completing business combination within combination period | 100.00% | 100.00% | ||
Actual price per share held as of liquidation | $ 10 | $ 10 | ||
Class B Common Stock | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Issuance of common stock to sponsor, shares | 10,062,500 | |||
Initial Public Offering | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Stock issue price | $ 10 | |||
Proceeds received from initial public offering, gross | $ 402,500,000 | |||
Offering costs | 22,800,000 | |||
Payment of deferred underwriting commissions | 14,100,000 | |||
Initial Public Offering | Private Placement Warrants | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Assets held in trust | $ 402,500,000 | |||
Initial Public Offering | Class A Common Stock | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Issuance of common stock to sponsor, shares | 40,250,000 | |||
Over-Allotment Option | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Number of shares issued | 5,250,000 | |||
Over-Allotment Option | Class A Common Stock | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Issuance of common stock to sponsor, shares | 5,250,000 | |||
Number of shares issued | 5,250,000 | 5,250,000 | ||
PIPE Subscription Agreements | Merger Agreement | PIPE Investors | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Purchase price per share | $ 10 | |||
PIPE Subscription Agreements | Merger Agreement | Subsequent Event | PIPE Investors | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Purchase price per share | $ 10 | |||
PIPE Subscription Agreements | PIPE Shares | Merger Agreement | PIPE Investors | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Number of shares committed to purchase in private placement | 20,000,000 | |||
PIPE Subscription Agreements | PIPE Shares | Merger Agreement | Subsequent Event | PIPE Investors | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Number of shares committed to purchase in private placement | 20,000,000 | |||
PIPE Subscription Agreements | PIPE Investment | Merger Agreement | PIPE Investors | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Aggregate purchase price | $ 200,000,000 | |||
PIPE Subscription Agreements | PIPE Investment | Merger Agreement | Subsequent Event | PIPE Investors | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Aggregate purchase price | 200,000,000 | |||
OfferPad, Inc. | Merger Agreement | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Aggregate equity consideration | $ 2,250,000,000 | $ 2,250,000,000 | ||
Sponsor Support Agreement | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Weighted average price of stock | $ 12 | $ 12 | ||
Trading days | 20 days | 20 days | ||
Consecutive trading days | 30 days | 30 days | ||
Vesting period | 5 years | |||
Sponsor Support Agreement | Class B Common Stock | ||||
Description Of Organization Business Operations And Basis Of Presentation [Line Items] | ||||
Sale of stock, percentage of shares of common stock issued | 20.00% | 20.00% |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Additional Information (Details) - USD ($) | 4 Months Ended | |
Dec. 31, 2020 | Oct. 23, 2020 | |
Accounting Changes and Error Corrections [Abstract] | ||
Impact of restatement on net cash flows from operating, investing or financing activities | $ 0 | |
Increase in derivative liabilities | $ 25,500,000 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Schedule of Impact of Restatement on Balance Sheets (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 30, 2020 |
Statement of Financial Position [Abstract] | ||||
Total Assets | $ 403,255,701 | $ 404,063,677 | ||
Liabilities and stockholders' equity | ||||
Total current liabilities | 5,111,384 | 320,025 | ||
Deferred legal fees | 100,000 | 100,000 | ||
Deferred underwriting commissions | 14,087,500 | 14,087,500 | ||
Derivative liabilities | 33,263,670 | 49,674,170 | ||
Total Liabilities | 52,562,554 | 64,181,695 | ||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 345,693,140 | 334,881,980 | ||
Stockholders' equity | ||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | 0 | ||
Additional paid-in capital | 19,568,146 | 30,379,198 | ||
Accumulated deficit | (14,569,713) | (25,380,878) | ||
Total stockholders' equity | 5,000,007 | $ 5,000,005 | 5,000,002 | $ 0 |
Total Liabilities and Stockholders' Equity | 403,255,701 | 404,063,677 | ||
Common Class A [Member] | ||||
Liabilities and stockholders' equity | ||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 334,881,980 | |||
Stockholders' equity | ||||
Common stock | 568 | 676 | ||
Total stockholders' equity | 568 | 625 | 676 | 0 |
Common Class B [Member] | ||||
Stockholders' equity | ||||
Common stock | 1,006 | 1,006 | ||
Total stockholders' equity | $ 1,006 | $ 1,006 | 1,006 | $ 0 |
As Previously Reported | ||||
Statement of Financial Position [Abstract] | ||||
Total Assets | 404,063,677 | |||
Liabilities and stockholders' equity | ||||
Total current liabilities | 320,025 | |||
Deferred legal fees | 100,000 | |||
Deferred underwriting commissions | 14,087,500 | |||
Derivative liabilities | 0 | |||
Total Liabilities | 14,507,525 | |||
Stockholders' equity | ||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | |||
Additional paid-in capital | 5,215,685 | |||
Accumulated deficit | (216,868) | |||
Total stockholders' equity | 5,000,002 | |||
Total Liabilities and Stockholders' Equity | 404,063,677 | |||
As Previously Reported | Common Class A [Member] | ||||
Liabilities and stockholders' equity | ||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 384,556,150 | |||
Stockholders' equity | ||||
Common stock | 179 | |||
As Previously Reported | Common Class B [Member] | ||||
Stockholders' equity | ||||
Common stock | 1,006 | |||
Restatement Adjustment | ||||
Statement of Financial Position [Abstract] | ||||
Total Assets | 0 | |||
Liabilities and stockholders' equity | ||||
Total current liabilities | 0 | |||
Deferred legal fees | 0 | |||
Deferred underwriting commissions | 0 | |||
Derivative liabilities | 49,674,170 | |||
Total Liabilities | 49,674,170 | |||
Stockholders' equity | ||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | |||
Additional paid-in capital | 25,163,513 | |||
Accumulated deficit | (25,164,010) | |||
Total stockholders' equity | 0 | |||
Total Liabilities and Stockholders' Equity | 0 | |||
Restatement Adjustment | Common Class A [Member] | ||||
Liabilities and stockholders' equity | ||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | (49,674,170) | |||
Stockholders' equity | ||||
Common stock | 497 | |||
Restatement Adjustment | Common Class B [Member] | ||||
Stockholders' equity | ||||
Common stock | $ 0 |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements - Schedule of Impact of Restatement on Balance Sheets (Parenthetical) (Details) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Common Class A [Member] | ||
Statement of Financial Position [Abstract] | ||
Temporary equity, par value | 0.0001 | 0.0001 |
Common stock, par value | 0.0001 | 0.0001 |
Common Class B [Member] | ||
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Restatement of Previously Iss_6
Restatement of Previously Issued Financial Statements - Schedule of Impact of Restatement on Statements of Operations (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Loss from operations | $ (290,641) | |||
Other (expense) income: | ||||
Change in fair value of derivative liabilities | (24,193,170) | |||
Financing costs - derivative liabilities | (970,840) | |||
Net gain from investments held in Trust Account | $ 10,410 | 78,522 | $ 106,550 | |
Total other (expense) income | (25,085,488) | |||
Loss before income tax expense | 5,635,786 | (25,376,129) | 10,813,180 | |
Income tax expense | (10,856) | 4,749 | 2,015 | |
Net income (loss) | $ 5,646,642 | $ 5,164,523 | $ (25,380,878) | $ 10,811,165 |
Common Class A [Member] | ||||
Other (expense) income: | ||||
Basic and diluted weighted average shares outstanding | 35,891,064 | |||
Basic and diluted net income per share | $ 0 | |||
Non Redeemable Class A And Class B Common Stock [Member] | ||||
Other (expense) income: | ||||
Basic and diluted weighted average shares outstanding | 16,301,645 | 12,232,461 | 16,558,676 | |
Basic and diluted net income per share | $ 0.35 | $ (2.08) | $ 0.65 | |
As Previously Reported | ||||
Income Statement [Abstract] | ||||
Loss from operations | $ (290,641) | |||
Other (expense) income: | ||||
Change in fair value of derivative liabilities | 0 | |||
Financing costs - derivative liabilities | 0 | |||
Net gain from investments held in Trust Account | 78,522 | |||
Total other (expense) income | 78,522 | |||
Loss before income tax expense | (212,119) | |||
Income tax expense | 4,749 | |||
Net income (loss) | $ (216,868) | |||
As Previously Reported | Common Class A [Member] | ||||
Other (expense) income: | ||||
Basic and diluted weighted average shares outstanding | 38,473,726 | |||
Basic and diluted net income per share | $ 0 | |||
As Previously Reported | Non Redeemable Class A And Class B Common Stock [Member] | ||||
Other (expense) income: | ||||
Basic and diluted weighted average shares outstanding | 10,646,616 | |||
Basic and diluted net income per share | $ (0.02) | |||
Restatement Adjustment | ||||
Other (expense) income: | ||||
Change in fair value of derivative liabilities | $ (24,193,170) | |||
Financing costs - derivative liabilities | (970,840) | |||
Net gain from investments held in Trust Account | 0 | |||
Total other (expense) income | (25,164,010) | |||
Loss before income tax expense | (25,164,010) | |||
Income tax expense | 0 | |||
Net income (loss) | $ (25,164,010) | |||
Restatement Adjustment | Common Class A [Member] | ||||
Other (expense) income: | ||||
Basic and diluted weighted average shares outstanding | (2,582,662) | |||
Basic and diluted net income per share | $ 0 | |||
Restatement Adjustment | Non Redeemable Class A And Class B Common Stock [Member] | ||||
Other (expense) income: | ||||
Basic and diluted weighted average shares outstanding | 1,585,845 | |||
Basic and diluted net income per share | $ 2.10 |
Restatement of Previously Iss_7
Restatement of Previously Issued Financial Statements - Schedule of Impact of Restatement on Statements of Cash Flows (Details) - USD ($) | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net cash used in operating activities | $ (491,670) | $ (796,566) |
Net cash used in investing activities | (402,500,000) | |
Net cash provided by financing activities | 404,071,303 | |
Net increase in cash | 1,079,633 | $ (796,566) |
As Previously Reported | ||
Statement of Cash Flows [Abstract] | ||
Net cash used in operating activities | (491,670) | |
Net cash used in investing activities | (402,500,000) | |
Net cash provided by financing activities | 404,071,303 | |
Net increase in cash | 1,079,633 | |
Restatement Adjustment | ||
Statement of Cash Flows [Abstract] | ||
Net cash used in operating activities | 0 | |
Net cash used in investing activities | 0 | |
Net increase in cash | $ 0 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Oct. 23, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Exercise price of warrants | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | ||
Cash equivalents | $ 0 | $ 0 | $ 0 | $ 0 | ||
Federal depository insurance coverage | 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | ||
Original maturity investment term | 185 days or less | 185 days or less | ||||
Common stock shares subject to possible redemption | 33,488,198 | 34,569,314 | 33,488,198 | |||
Interest and penalties accrued | $ 0 | $ 0 | ||||
Offering costs | 21,831,140 | |||||
Unrecognized tax benefits income tax penalties and interest accrued | $ 0 | $ 0 | $ 0 | $ 0 | ||
ASU 2020-06 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 | Jan. 1, 2021 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | ||||
Initial Public Offering and Private Placement | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of shares purchased in calculation of diluted loss per share | 20,116,667 | 20,116,667 | ||||
Class A Common Stock | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Warrant exercisable number of shares | 1 | 1 | 1 | 1 | ||
Aggregate warrants exercisable | 1,666,667 | |||||
Share price | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | ||
Common stock shares subject to possible redemption | 564,664 | 516,452 | 33,488,198 | 34,569,314 | ||
Forward Purchase Agreements | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Warrant exercisable number of shares | 1 | 1 | 1 | 1 | ||
Exercise price of warrants | $ 11.50 | $ 11.50 | ||||
Aggregate warrants exercisable | 1,666,667 | 1,666,667 | ||||
Aggregate purchase price | $ 50,000,000 | $ 50,000,000 | ||||
Share price | $ 10 | 10 | ||||
Aggregate number of shares sold | 5,000,000 | |||||
Forward Purchase Agreements | Class A Common Stock | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Share price | $ 10 | $ 10 | $ 10 | $ 10 | ||
Aggregate number of shares sold | 5,000,000 | 5,000,000 | ||||
Private Placement Warrants | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Exercise price of warrants | $ 1.50 | |||||
Private Placement Warrants | IPO [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Class of warrant or right issued during the period shares | 6,700,000 | 6,700,000 | 6,700,000 | 6,700,000 | ||
Public Warrants [Member] | IPO [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Class of warrant or right issued during the period shares | 13,416,667 | 13,416,667 | 13,416,667 | 13,416,667 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Common Shares (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Numerator: Earnings allocable to common stock subject to possible redemption | ||||
Income on investments held in Trust Account | $ 8,941 | $ 65,330 | $ 91,516 | |
Less: Company's portion available to be withdrawn to pay taxes | (8,941) | (54,923) | (86,958) | |
Net income attributable to Class A common stock subject to possible redemption | 0 | 10,407 | 4,558 | |
Numerator: Net Loss minus Net Earnings | ||||
Net income | 5,646,642 | $ 5,164,523 | (25,380,878) | 10,811,165 |
Net income allocable to Class A Common stock subject to possible redemption | 0 | 10,407 | (4,558) | |
Non-Redeemable Net | $ 5,646,642 | $ (25,370,471) | $ 10,806,607 | |
Class A Common Stock | ||||
Denominator: Weighted average subject to possible redemption and nonredeemable common stock | ||||
Basic and diluted weighted average shares outstanding | 35,891,064 | |||
Basic and diluted net income per share | $ 0 | |||
Non-redeemable Class A and Class B Common Stock | ||||
Denominator: Weighted average subject to possible redemption and nonredeemable common stock | ||||
Basic and diluted weighted average shares outstanding | 16,301,645 | 12,232,461 | 16,558,676 | |
Basic and diluted net income per share | $ 0.35 | $ (2.08) | $ 0.65 | |
Common Stock Subject to Mandatory Redemption [Member] | Class A Common Stock | ||||
Denominator: Weighted average subject to possible redemption and nonredeemable common stock | ||||
Basic and diluted weighted average shares outstanding | 34,010,855 | 35,891,064 | 33,753,824 | |
Basic and diluted net income per share | $ 0 | $ 0 | $ 0 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Details) - USD ($) | Oct. 23, 2020 | Dec. 31, 2020 | Jun. 30, 2021 |
Payment of stock issue costs | $ 8,473,880 | ||
Description of public warrant | Each Unit consists of one share of Class A common stock, and one-third of one redeemable warrant | Each Unit consists of one share of Class A common stock, and one-third of one redeemable warrant | |
Class A Common Stock | |||
Warrant exercisable number of shares | 1 | 1 | |
Share price | $ 11.50 | $ 11.50 | |
Initial Public Offering | |||
Stock issue price | $ 10 | ||
Proceeds from issue of stock | $ 402,500,000 | ||
Payment of stock issue costs | 22,800,000 | ||
Payment of deferred underwriting commissions | $ 14,100,000 | ||
Initial Public Offering | Class A Common Stock | |||
Number of shares issued | 40,250,000 | ||
Over-Allotment Option | |||
Number of shares issued | 5,250,000 | ||
Over-Allotment Option | Class A Common Stock | |||
Number of shares issued | 5,250,000 | ||
Number of shares issued | 5,250,000 | 5,250,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Oct. 23, 2020USD ($)shares | Oct. 20, 2020shares | Sep. 14, 2020shares | Sep. 09, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2021shares | Aug. 30, 2020shares |
Related Party Transaction [Line Items] | ||||||||
Issuance of common stock to Sponsor, value | $ | $ 25,000 | |||||||
Stock split ratio | 0.857 | |||||||
Underwriter options exercised | 1,312,500 | |||||||
Exercise price of warrants | $ / shares | $ 11.50 | $ 11.50 | ||||||
Note payable - related party | $ | $ 21,049 | |||||||
Working Capital Loans | ||||||||
Related Party Transaction [Line Items] | ||||||||
Exercise price of warrants | $ / shares | $ 1.50 | $ 1.50 | ||||||
Borrowing outstanding | $ | $ 0 | $ 0 | ||||||
Working Capital Loans | Warrants | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt conversion converted instrument amount | $ | $ 1,500,000 | $ 1,500,000 | ||||||
Private Placement Warrants | ||||||||
Related Party Transaction [Line Items] | ||||||||
Period to issue warrant after completion of initial business combination | 30 days | |||||||
Founder | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of stock, description of transaction | (1) one year after the completion of the initial Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the initial Business Combination that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the common stock shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, the Founder Shares will be released from the lock-up. | (1) one year after the completion of the initial Business Combination and(2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the initial Business Combination that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the common stock shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, the Founder Shares will be released from the lock-up. | ||||||
Founder | Minimum [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of stock, required price per share | $ / shares | $ 12 | |||||||
Sponsor | Private Placement Warrants | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of warrants issued | 6,700,000 | 6,700,000 | ||||||
Warrants price | $ / shares | $ 1.50 | $ 1.50 | ||||||
Proceeds from issuance of warrants | $ | $ 10,100,000 | $ 10,100,000 | ||||||
Exercise price of warrants | $ / shares | $ 11.50 | $ 11.50 | ||||||
Sponsor | Initial Public Offering | Note | ||||||||
Related Party Transaction [Line Items] | ||||||||
Note payable - related party | $ | $ 183,000 | |||||||
Sponsor | Initial Public Offering | Maximum | Note | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt face amount | $ | $ 300,000 | |||||||
Class B Common Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Issuance of common stock to Sponsor, value | $ | $ 1,006 | |||||||
Issuance of common stock to sponsor, shares | 10,062,500 | |||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Common stock, outstanding | 10,062,500 | 10,062,500 | 10,062,500 | 0 | ||||
Class B Common Stock | Founder | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reverse split description | Company effectuated a 6-for-7 stock split of the founder shares | Company effectuated an 0.75-for-1 reverse split of the Founder Shares | ||||||
Stock split ratio | 0.857 | 0.75 | ||||||
Common stock, outstanding | 10,062,500 | 8,625,000 | 10,062,500 | |||||
Ownership percentage on common stock issued and outstanding | 20.00% | 20.00% | 20.00% | |||||
Class B Common Stock | Founder | Over-Allotment Option | ||||||||
Related Party Transaction [Line Items] | ||||||||
Underwriter options exercised | 1,312,500 | |||||||
Class B Common Stock | Founder | Over-Allotment Option | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares forfeited | 1,312,500 | |||||||
Class B Common Stock | Sponsor | Founder | ||||||||
Related Party Transaction [Line Items] | ||||||||
Issuance of common stock to Sponsor, value | $ | $ 25,000 | |||||||
Issuance of common stock to sponsor, shares | 11,500,000 | |||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||
Class A Common Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Share price | $ / shares | $ 11.50 | $ 11.50 | ||||||
Aggregate Warrants Exercisable | 1,666,667 | |||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Common stock, outstanding | 6,761,802 | 5,680,686 | 6,245,350 | 0 | ||||
Warrant exercisable number of shares | 1 | 1 | ||||||
Class A Common Stock | Over-Allotment Option | ||||||||
Related Party Transaction [Line Items] | ||||||||
Issuance of common stock to sponsor, shares | 5,250,000 | |||||||
Class A Common Stock | Initial Public Offering | ||||||||
Related Party Transaction [Line Items] | ||||||||
Issuance of common stock to sponsor, shares | 40,250,000 | |||||||
Class A Common Stock | Sponsor | Private Placement Warrants | ||||||||
Related Party Transaction [Line Items] | ||||||||
Warrant exercisable number of shares | 1 | |||||||
Forward Purchase Agreements | ||||||||
Related Party Transaction [Line Items] | ||||||||
Aggregate number of shares sold | 5,000,000 | |||||||
Share price | $ / shares | $ 10 | |||||||
Aggregate Warrants Exercisable | 1,666,667 | 1,666,667 | ||||||
Aggregate purchase price | $ | $ 50,000,000 | $ 50,000,000 | ||||||
Sale of stock, description of transaction | Company which provides for the purchase by the forward purchasers of shares of Class A common stock in an aggregate share amount equal to 5,000,000 shares of Class A common stock, plus an aggregate of 1,666,667 warrants exercisable to purchase one share of Class A common stock at $11.50 per share, subject to adjustment, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third of one warrant, in a private placement to occur concurrently with the closing of the initial Business Combination. | Company which provide for the purchase by the forward purchasers of shares of Class A common stock in an aggregate share amount equal to 5,000,000 shares of Class A common stock, plus an aggregate of 1,666,667 warrants exercisable to purchase one share of Class A common stock at $11.50 per share, subject to adjustment, for an aggregate purchase price of $50,000,000, or $10.00 for one share of Class A common stock and one-third of one warrant, in a private placement to occur concurrently with the closing of the initial business combination. | ||||||
Warrant exercisable number of shares | 1 | 1 | ||||||
Exercise price of warrants | $ / shares | $ 11.50 | |||||||
Forward Purchase Agreements | Class A Common Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Aggregate number of shares sold | 5,000,000 | 5,000,000 | ||||||
Share price | $ / shares | $ 10 | $ 10 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 4 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Underwriting discount per unit | $ 0.20 | $ 0.20 |
Payments for underwriting discount | $ 8.1 | $ 8.1 |
Deferred underwriting commission per unit | $ 0.35 | $ 0.35 |
Deferred underwriting commissions payable | $ 14.1 | $ 14.1 |
Derivative Liabilities - Additi
Derivative Liabilities - Additional Information (Detail) - $ / shares | 4 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2021 | Oct. 23, 2020 | |
Derivative Warrant Liabilities [Line Items] | |||
Warrants exercisable period after completion of business combination | 30 days | ||
Warrants expiration period after completion of business combination or earlier upon redemption or liquidation | 5 years | 5 years | |
Exercise price of warrants | $ 11.50 | $ 11.50 | |
Public Warrants [Member] | |||
Derivative Warrant Liabilities [Line Items] | |||
Class of warrant or right outstanding | 13,416,667 | 13,416,667 | |
Private Placement Warrants [Member] | |||
Derivative Warrant Liabilities [Line Items] | |||
Class of warrant or right outstanding | 6,700,000 | 13,416,667 | |
Exercise price of warrants | $ 1.50 | ||
Redemption of Warrants When the Price Per Share of Class A Common Stock Equals or Exceeds $18.00 | |||
Derivative Warrant Liabilities [Line Items] | |||
Exercise price of warrants | $ 0.01 | $ 0.01 | |
Trading day period | 20 days | 20 days | |
Percentage adjustment of exercise price of warrants to higher of market value and newly issued price | 180.00% | 180.00% | |
Redemption price per share | $ 18 | $ 18 | |
Minimum period prior written notice of redemption | 30 days | 30 days | |
Overall trading period | 30 days | 30 days | |
Redemption of Warrants for Shares of Class A Common Stock | |||
Derivative Warrant Liabilities [Line Items] | |||
Redemption price per share | $ 10 | $ 10 | |
Redemption of Warrants When the Price Per Share of Class A Common Stock Equals or Exceeds $10.00 | |||
Derivative Warrant Liabilities [Line Items] | |||
Exercise price of warrants | 0.10 | 0.10 | |
Redemption price per share | $ 10 | $ 10 | |
Minimum period prior written notice of redemption | 30 days | 30 days | |
Overall trading period | 10 days | 10 days | |
Minimum [Member] | |||
Derivative Warrant Liabilities [Line Items] | |||
Percentage of aggregate gross proceeds from issuances to overall equity proceeds | 60.00% | 60.00% | |
Minimum [Member] | Redemption of Warrants When the Price Per Share of Class A Common Stock Equals or Exceeds $10.00 | |||
Derivative Warrant Liabilities [Line Items] | |||
Warrants exercisable in connection with redemption feature per share | $ 0.361 | $ 0.361 | |
Class A Common Stock | |||
Derivative Warrant Liabilities [Line Items] | |||
Trading day period | 10 days | ||
Percentage adjustment of exercise price of warrants to higher of market value and newly issued price | 115.00% | 115.00% | |
Redemption price per share | $ 10 | $ 10 | |
Class A Common Stock | Maximum | |||
Derivative Warrant Liabilities [Line Items] | |||
Initial business combination share price | $ 9.20 | $ 9.20 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | Oct. 23, 2020shares | Oct. 20, 2020shares | Sep. 14, 2020shares | Dec. 31, 2020$ / sharesshares | Jun. 30, 2021$ / sharesshares | Mar. 31, 2021shares | Sep. 09, 2020shares | Aug. 30, 2020shares |
Stock split ratio | 0.857 | |||||||
Underwriter options exercised | 1,312,500 | |||||||
Stock split, description | 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 increase in respect of the issuance of certain securities, as provided herein | 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 increase in respect of the issuance of certain securities, as provided herein. | ||||||
Preferred stock, authorized | 1,000,000 | 1,000,000 | ||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Preferred stock, shares issued | 0 | 0 | ||||||
Preferred stock, outstanding | 0 | 0 | ||||||
Class A Common Stock | ||||||||
Common stock, authorized | 100,000,000 | 100,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Common stock, outstanding | 40,250,000 | 40,250,000 | ||||||
Common stock, issued | 40,250,000 | 40,250,000 | ||||||
Common stock shares, possible redemption | 33,488,198 | 34,569,314 | ||||||
Common stock, issued | 6,761,802 | 5,680,686 | ||||||
Common stock, outstanding | 6,761,802 | 5,680,686 | 6,245,350 | 0 | ||||
Class B Common Stock | ||||||||
Common stock, authorized | 20,000,000 | 20,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Common stock, outstanding | 10,062,500 | |||||||
Common stock, issued | 10,062,500 | 10,062,500 | 11,500,000 | |||||
Common stock, outstanding | 10,062,500 | 10,062,500 | 10,062,500 | 0 | ||||
Class B Common Stock | Founder | ||||||||
Reverse split description | Company effectuated a 6-for-7 stock split of the founder shares | Company effectuated an 0.75-for-1 reverse split of the Founder Shares | ||||||
Stock split ratio | 0.857 | 0.75 | ||||||
Common stock, outstanding | 10,062,500 | 8,625,000 | 10,062,500 | |||||
Ownership percentage on common stock issued and outstanding | 20.00% | 20.00% | 20.00% | |||||
Class B Common Stock | Founder | Over-Allotment Units | ||||||||
Underwriter options exercised | 1,312,500 | |||||||
Class B Common Stock | Founder | Over-Allotment Units | Maximum | ||||||||
Shares forfeited | 1,312,500 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Information About Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Investments held in Trust Account | $ 402,685,072 | $ 402,578,522 |
Quoted Prices in Active Markets (Level 1) | ||
Assets: | ||
Investments held in Trust Account | 402,685,072 | 402,578,522 |
Derivative [Member] | Quoted Prices in Active Markets (Level 1) | ||
Liabilities: | ||
Derivative liabilities | 27,504,170 | |
Derivative [Member] | Significant Other Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative liabilities | 14,070,000 | |
Public Warrants [Member] | Derivative [Member] | Quoted Prices in Active Markets (Level 1) | ||
Liabilities: | ||
Derivative liabilities | 20,661,670 | 27,504,170 |
Private Placement Warrants [Member] | Derivative [Member] | Significant Other Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative liabilities | 10,452,000 | 14,070,000 |
Forward Purchase Agreements [Member] | Derivative [Member] | Significant Other Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative liabilities | $ 2,150,000 | $ 8,100,000 |
Fair Value Measurements - Summ
Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) - Fair Value Level 3 [Member] | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 23, 2020 |
Volatility [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Warrants and Rights Outstanding | 22.13 | 24.25 | 21.75 | 21 |
Stock price [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Warrants and Rights Outstanding | 9.93 | 10.11 | 11 | 10 |
Expected life of the options to convert [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Warrants and Rights Outstanding | 5.047 | 5.297 | 5.647 | 5.833 |
Risk-free rate [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Warrants and Rights Outstanding | 0.870 | 0.980 | 0.469 | 0.460 |
Dividend yield [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Warrants and Rights Outstanding | 0 | 0 | 0 | 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs for Forward Purchase Agreement (Details) - Fair Value Level 3 [Member] - Forward Purchase Agreements [Member] | Jun. 30, 2021yr | Mar. 31, 2021yr | Dec. 31, 2020yr | Oct. 23, 2020yr |
Risk-free Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input of forward purchase agreement | 0.00050 | 0.00037 | 0.00093 | 0.00117 |
Term | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input of forward purchase agreement | 0.047 | 0.297 | 0.647 | 0.833 |
Fair Value Measurements - Su_2
Fair Value Measurements - Summary of Fair Value of the Derivative Liabilities Utilizing Level 3 Measurements (Detail) - Warrants [Member] - Fair Value Level 3 [Member] - USD ($) | 3 Months Ended | 4 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liabilities at Level 3, Beginning Balance | $ 16,431,000 | $ 22,170,000 | $ 0 |
Issuance of Public and Private Warrants and forward purchase agreements - Level 3 | 25,481,000 | ||
Transfer of Public Warrants to Level 1 measurement | (16,905,000) | ||
Change in fair value of derivative liabilities | 13,594,000 | ||
Derivative liabilities at Level 3, Ending Balance | 12,602,000 | 16,431,000 | $ 22,170,000 |
Private Placement Warrants [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Change in fair value of derivative liabilities | (2,479,000) | (1,139,000) | |
Forward Purchase Agreements [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Change in fair value of derivative liabilities | $ (1,350,000) | $ (4,600,000) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |||
Change in fair value of derivative warrant liabilities | $ (7,988,160) | $ 24,193,170 | $ (16,410,500) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 3,325 | ||
State | 1,424 | ||
Total current expense (benefit): | 4,749 | ||
Total income tax expense (benefit): | $ (10,856) | $ 4,749 | $ 2,015 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory income Tax Rate to Effective Income Tax Rate (Details) | 4 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income at US Statutory Rate | 21.00% |
State Taxes, net of Federal benefit | 0.05% |
Financing cost – derivative liabilities | (0.80%) |
Change in fair value of derivative liabilities | (20.02%) |
Change in Valuation Allowance | (0.25%) |
Effective Income Tax Rate Reconciliation, Percent | (0.02%) |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Income Tax Asset (Details) - USD ($) | Dec. 31, 2020 | Aug. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Capitalized start-up Costs | $ 63,119 | |
Total deferred tax assets | 63,119 | |
Valuation Allowance | (63,119) | $ 0 |
Net deferred tax assets (liability) | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) | 4 Months Ended |
Dec. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Valuation allowance at beginning of year | $ 0 |
Increases recorded to income tax provision | 63,119 |
Valuation allowance at end of year | $ (63,119) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits income tax penalties and interest accrued | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Mar. 17, 2021 | Jun. 30, 2021 |
Supernova Class A Common Stock | Private Placement | PIPE Investors | ||
Subsequent Event [Line Items] | ||
Number of shares committed to purchase in private placement | 20,000,000 | |
Purchase price per share | $ 10 | |
Aggregate purchase price | $ 200,000,000 | |
Sponsor Support Agreement | ||
Subsequent Event [Line Items] | ||
Vesting period | 5 years | |
Weighted average price of stock | $ 12 | $ 12 |
Trading days | 20 days | 20 days |
Consecutive trading days | 30 days | 30 days |
Sponsor Support Agreement | Class B Common Stock | ||
Subsequent Event [Line Items] | ||
Sale of stock, percentage of shares of common stock issued | 20.00% | 20.00% |
Merger Agreement | OfferPad, Inc. | ||
Subsequent Event [Line Items] | ||
Aggregate equity consideration | $ 2,250,000,000 | $ 2,250,000,000 |