Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40219 | |
Entity Registrant Name | FORTRESS VALUE ACQUISITION CORP. IV | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-3271127 | |
Entity Address, Address Line One | 1345 Avenue of the Americas | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10105 | |
City Area Code | 212 | |
Local Phone Number | 798-6100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001828183 | |
Current Fiscal Year End Date | --12-31 | |
Units, each consisting of one share of Class A common stock and one-eighth of one redeemable warrant | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one share of Class A common stock and one-eighth of one redeemable warrant | |
Trading Symbol | FVIV.U | |
Security Exchange Name | NYSE | |
Class A common stock, par value $0.0001 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | FVIV | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 65,000,000 | |
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | |
Trading Symbol | FVIV WS | |
Security Exchange Name | NYSE | |
Class F common stock, par value $0.0001 per share | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,250,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash | $ 2,001,508 | $ 4,875 | |
Prepaid expenses | 410,350 | 0 | |
Total current assets | 2,411,858 | 4,875 | |
Investments held in Trust Account | 650,034,969 | 0 | |
Deferred offering costs | 0 | 82,659 | |
Total Assets | 652,446,827 | 87,534 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 565,019 | 67,334 | |
Franchise tax payable | 149,589 | 0 | |
Total current liabilities | 714,608 | 67,334 | |
Deferred underwriting commissions payable | 22,750,000 | 0 | |
Warrant liabilities | 17,540,438 | 0 | |
Total Liabilities | 41,005,046 | 67,334 | |
Commitments and Contingencies | |||
Stockholders’ Equity: | |||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 0 | 0 | |
Additional paid-in capital | 0 | 23,275 | |
Accumulated deficit | (38,559,844) | (4,800) | |
Total Stockholders’ Equity | (38,558,219) | 20,200 | |
Total Liabilities and Stockholders’ Equity | 652,446,827 | 87,534 | |
Common Class A | |||
Current liabilities: | |||
Class A common stock subject to possible redemption; 65,000,000 and no shares issued and outstanding at redemption value as of September 30, 2021 and December 31, 2020, respectively | 650,000,000 | 0 | |
Stockholders’ Equity: | |||
Common stock | 0 | 0 | |
Common Class F | |||
Stockholders’ Equity: | |||
Common stock | [1] | $ 1,625 | $ 1,725 |
[1] | In April 2021, the Sponsor forfeited 1,000,000 shares of Class F common stock (See Note 3). |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) | Apr. 30, 2021shares |
Common Class F | |
Common stock, shares forfeited (in shares) | 1,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
General and administrative expenses | $ 195,621 | $ 573,637 |
Franchise tax expense | 50,411 | 149,838 |
Loss from operations | (246,032) | (723,475) |
Other income (loss): | ||
Interest income | 8,365 | 34,969 |
Decrease in fair value of warrant liabilities | 6,779,562 | 15,999,574 |
Fair value in excess of cash received for Private Placement Warrants | 0 | (1,667,551) |
Offering costs related to warrant liabilities | 0 | (903,175) |
Total other income (loss) | 6,787,927 | 13,463,817 |
Net income | 6,541,895 | 12,740,342 |
Common Class A | ||
Other income (loss): | ||
Net income | $ 5,233,516 | $ 10,192,473 |
Weighted average shares outstanding, diluted (in shares) | 65,000,000 | 64,111,675 |
Weighted average shares outstanding, basic (in shares) | 65,000,000 | 64,111,675 |
Basic and diluted net income per share (in usd per share) | $ 0.08 | $ 0.16 |
Basic and diluted net income per share (in usd per share) | $ 0.08 | $ 0.16 |
Common Class F | ||
Other income (loss): | ||
Net income | $ 1,308,379 | $ 2,547,869 |
Weighted average shares outstanding, diluted (in shares) | 16,250,000 | 15,741,758 |
Weighted average shares outstanding, basic (in shares) | 16,250,000 | 15,741,758 |
Basic and diluted net income per share (in usd per share) | $ 0.08 | $ 0.16 |
Basic and diluted net income per share (in usd per share) | $ 0.08 | $ 0.16 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Additional Paid-In Capital | Accumulated Deficit | Common Class A | Common Class ACommon stock | Common Class F | Common Class FCommon stock |
Beginning balance (in shares) at Dec. 31, 2020 | 0 | 0 | 17,250,000 | 17,250,000 | |||
Beginning balance at Dec. 31, 2020 | $ 20,200 | $ 23,275 | $ (4,800) | $ 0 | $ 1,725 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accretion of Class A common stock to redemption value | (47,451,355) | (23,275) | (47,428,080) | ||||
Net income | 50,550 | 50,550 | |||||
Ending balance (in shares) at Mar. 31, 2021 | 0 | 17,250,000 | |||||
Ending balance at Mar. 31, 2021 | (47,380,605) | 0 | (47,382,330) | $ 0 | $ 1,725 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 0 | 0 | 17,250,000 | 17,250,000 | |||
Beginning balance at Dec. 31, 2020 | 20,200 | 23,275 | (4,800) | $ 0 | $ 1,725 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 12,740,342 | $ 10,192,473 | $ 2,547,869 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 16,250,000 | 16,250,000 | ||||
Ending balance at Sep. 30, 2021 | (38,558,219) | 0 | (38,559,844) | $ 0 | $ 1,625 | ||
Beginning balance (in shares) at Mar. 31, 2021 | 0 | 17,250,000 | |||||
Beginning balance at Mar. 31, 2021 | (47,380,605) | 0 | (47,382,330) | $ 0 | $ 1,725 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accretion of Class A common stock to redemption value | (3,867,406) | (100) | (3,867,306) | ||||
Forfeiture of Sponsor shares (in shares) | (1,000,000) | ||||||
Forfeiture of Sponsor shares | 0 | 100 | $ (100) | ||||
Net income | 6,147,897 | 6,147,897 | |||||
Ending balance (in shares) at Jun. 30, 2021 | 0 | 16,250,000 | |||||
Ending balance at Jun. 30, 2021 | (45,100,114) | 0 | (45,101,739) | $ 0 | $ 1,625 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 6,541,895 | 6,541,895 | $ 5,233,516 | $ 1,308,379 | |||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 16,250,000 | 16,250,000 | ||||
Ending balance at Sep. 30, 2021 | $ (38,558,219) | $ 0 | $ (38,559,844) | $ 0 | $ 1,625 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 6,541,895 | $ 12,740,342 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Interest income from investments held in Trust Account | (8,365) | (34,969) |
Decrease in fair value of warrant liabilities | (6,779,562) | (15,999,574) |
Fair value in excess of cash received for Private Placement Warrants | 0 | 1,667,551 |
Offering costs related to warrant liabilities | 0 | 903,175 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (410,350) | |
Accounts payable and accrued expenses | 206,468 | |
Franchise tax payable | 149,589 | |
Net cash used in operating activities | (777,768) | |
Cash Flows from Investing Activities: | ||
Cash deposited in Trust Account | (650,000,000) | |
Net cash used in investing activities | (650,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds received from Sponsor loan | 180,000 | |
Repayment of Sponsor loan | (180,000) | |
Proceeds received from Initial Public Offering of Units, net of underwriting commissions paid | 637,000,000 | |
Payment of offering costs | (225,599) | |
Proceeds received from issuance of Private Placement Warrants | 16,000,000 | |
Net cash provided by financing activities | 652,774,401 | |
Net change in cash | 1,996,633 | |
Cash - beginning of the period | 4,875 | |
Cash - end of the period | $ 2,001,508 | 2,001,508 |
Supplemental disclosure of non-cash financing activities: | ||
Deferred underwriting commissions payable in connection with the Initial Public Offering | $ 22,750,000 |
Description of Organization and
Description of Organization and Business Operations | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | Description of Organization and Business Operations Fortress Value Acquisition Corp. IV (the “Company”) is a blank check company incorporated in Delaware on October 1, 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 (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to capitalize on the ability of its management team to identify, acquire and operate a business that may provide opportunities for attractive risk-adjusted returns. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. All activity from October 1, 2020 (inception) through September 30, 2021 relates to the Company’s formation, the completion of the initial public offering (the “Initial Public Offering”), the exercise of the over-allotment option and, since the closing of the Initial Public Offering, the search for a Business Combination candidate. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on March 15, 2021. On March 18, 2021, the Company consummated its Initial Public Offering of 60,000,000 units (“Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $600,000,000 and incurring offering costs of $33,573,792, inclusive of $21,000,000 in deferred underwriting commissions. In April 2021, the underwriters exercised their over-allotment option and purchased 5,000,000 Units to cover over-allotments made in the Initial Public Offering generating additional gross proceeds of $50,000,000 and incurring additional offering costs of $2,775,683, inclusive of $1,750,000 in deferred underwriting commissions (see Note 4). Each Unit consists of one share of Class A common stock and one-eighth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment (see Note 5). Substantially concurrently with the closing of the Initial Public Offering, the Company consummated a private placement (“Private Placement”) of 7,500,000 warrants (the “Private Placement Warrants” and together with the “Public Warrants”, the “Warrants”), at a price of $2.00 per Private Placement Warrant, with the Company’s sponsor, Fortress Value Acquisition Sponsor IV LLC (the “Sponsor”), generating gross proceeds of $15,000,000 (see Note 3). The Private Placement Warrants had an estimated fair value of $16,642,551 as of the closing of the Initial Public Offering, resulting in a $1,642,551 non-cash loss to the Company equal to the fair value in excess of cash received for the Private Placement Warrants. In April 2021, substantially concurrently with the sale of the over-allotment Units, the Company completed a Private Placement with the Sponsor for an additional 500,000 warrants at a price of $2.00 per warrant, generating additional gross proceeds of $1,000,000 (see Note 3). These Private Placement Warrants had an estimated fair value of $1,025,000 as of the sale of the over-allotment Units, resulting in a $25,000 non-cash loss to the Company equal to the fair value in excess of cash received for the Private Placement Warrants. Upon the closing of the Initial Public Offering, the exercise of the over-allotment option and Private Placement, $650,000,000 ($10.00 per Unit) of the aggregate net cash proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in a U.S.-based trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company, acting as trustee. The cash proceeds held in the Trust Account were subsequently invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended, (“Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account as described below. As of September 30, 2021, the Company had $2,001,508 in cash held outside of the Trust Account. 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’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if any, and excluding the amount of any deferred underwriting discount held in trust) at the time of the Company signing a definitive agreement in connection with its 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 sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its stockholders of Public Shares (“Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirement, or the Company decides to obtain stockholder approval for business or other reasons, it will: (i) conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and (ii) file proxy materials with the Securities and Exchange Commission (“SEC”). The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount in the Trust Account (approximately $10.00 per share as of September 30, 2021), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay for the Company’s tax obligations, calculated as of two business days prior to the consummation of the Business Combination. The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 4). The Company’s amended and restated certificate of incorporation provides that in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 upon consummation of the initial business combination and after payment of the deferred underwriting commissions. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined in Note 3) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Company’s amended and restated certificate of incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A common stock sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Company’s amended and restated certificate of incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their Class A common stock in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months (March 2023) from the closing of the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses). The initial stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders should 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 their deferred underwriting commissions (see Note 4) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s 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 per share initially held in the Trust Account (or less than that in certain circumstances). 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 for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all third parties, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and capital resources As of September 30, 2021, the Company had $2,001,508 in its operating bank account, $34,969 of interest income available in the Trust Account to pay for taxes and working capital surplus of $1,697,250. In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”) (see Note 3). Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet the Company’s needs through the earlier of the consummation of a Business Combination and a minimum of one year from the date of issuance of these unaudited condensed financial statements. Over this time period, the Company will be using these funds for paying existing accounts payable and accrued expenses. Separate trading of Class A common shares and Public Warrants On May 3, 2021, the Company announced that, commencing May 6, 2021, the holders of the Company’s Units may elect to separately trade the Class A common stock and Public Warrants comprising the Units. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Those Units not separated will continue to trade on the New York Stock Exchange under the symbol “FVIV.U,” and each of the shares of Class A common stock and Public Warrants that are separated will trade on the New York Stock Exchange under the symbols “FVIV” and “FVIV WS,” respectively. COVID-19 An outbreak of respiratory disease which caused a global pandemic continues to impact global markets. This coronavirus has resulted in enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to markets, supply chains and customer activity, as well as general concern and uncertainty. Although a number of vaccines for COVID-19 have been developed and are in the process of being deployed in certain countries, including the United States, the timing for widespread vaccination is uncertain, and these vaccines may be less effective against new mutated strains of the virus. The impact of this coronavirus continues to evolve and is affecting the economies of many nations, individual companies and markets in general and may continue to last for an extended period of time. Management will continue to evaluate the impact of the COVID-19 pandemic and while the virus could have an adverse effect on the future financial results, cash flows and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Revision of previously issued financial statements The Company revised certain line items related to the previously filed financial statements for June 30, 2021 and March 31, 2021 on Form 10-Q filed with the SEC on August 9, 2021 and May 17, 2021, respectively, and the previously audited balance sheet as of March 18, 2021 on Form 8-K filed with the SEC on March 24, 2021, to classify all Class A common stock in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”), paragraph 10-S99-3A, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified 5,010,012 shares, 5,238,061 shares, 2,360,172 shares as of June 30, 2021, March 31, 2021 and March 18, 2021, respectively, in permanent equity. Although the Company did not specify a maximum redemption threshold, its amended and restated certificate of incorporation provides that the Company will not redeem its Public Shares in an amount that will cause its net tangible assets to be less than $5,000,001. Upon re-evaluation, the Company determined that the Class A common stock includes certain provisions that require classification of the Class A common stock as temporary equity regardless of the minimum net tangible assets threshold. As a result, the Company revised its previously filed financial statements to classify all Class A common stock as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The change in the carrying value of redeemable shares of Class A common stock resulted in charges against Additional paid-in capital and Accumulated deficit, as described below in more detail. In connection with the change in presentation for the Class A common stock subject to redemption, the Company also revised its earnings per share calculation to allocate net income (loss) pro-rata to Class A and Class F common stock. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of common shares share pro rata in the income (loss) of the Company. There has been no change in the Company’s total assets, liabilities or operating results. The following balance sheet items as of June 30, 2021 were impacted: (i) an increase in Class A common stock subject to possible redemption of $50,100,120, (ii) a decrease in Class A common stock of $501, (iii) an increase in Additional paid-in capital of $1,195,767, (iv) an increase in Accumulated deficit of $51,295,386 and (v) a decrease in Stockholders’ equity of $50,100,120. The following balance sheet items as of March 31, 2021 were impacted: (i) an increase in Class A common stock subject to possible redemption of $52,380,610, (ii) a decrease in Class A common stock of $524, (iii) a decrease in Additional paid-in capital of $4,952,006, (iv) an increase in Accumulated deficit of $47,428,080 and (v) a decrease in Stockholders’ equity of $52,380,610. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future periods. These unaudited condensed financial statements should be read in conjunction with the Company’s financial statements for the period from October 1, 2020 through December 31, 2020 and footnotes thereto included in the Company’s March 15, 2021 Prospectus filed with the SEC on March 17, 2021. Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of estimates The preparation of the unaudited condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 as of September 30, 2021, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2021 and December 31, 2020, respectively. Investments held in trust account The Company had $650,034,969 and no investments held in the Trust Account as of September 30, 2021 and December 31, 2020, respectively. Offering costs Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that are directly related to the Initial Public Offering of Units and exercise of the over-allotment option and totaled $36,349,475, inclusive of $22,750,000 in deferred underwriting commissions and $354,306 in unpaid offering costs. Offering costs of $35,446,300 were related to the issuance of Class A common stock and charged to temporary equity and $903,175 of the offering costs were related to the warrant liabilities and charged to the unaudited condensed statement of operations. Income taxes The Company complies with the accounting and reporting requirements of FASB ASC Topic 740, “Income Taxes,” (“ASC 740”) which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the United States of America is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021 and December 31, 2020, respectively. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Class A common stock subject to possible redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with ASC 480. Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A 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 September 30, 2021, 65,000,000 shares of Class A common stock subject to possible redemption at the redemption value were presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets (see Note 6). As of December 31, 2020, there were no shares of Class A common stock issued and outstanding. Net income (loss) per common share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company’s unaudited condensed statements of operations includes a presentation of net income (loss) per share for common stock subject to redemption in a manner similar to the two-class method of net income (loss) per common share. Earnings and losses are shared pro rata between the two classes of shares. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value. Net income (loss) per common share, basic and diluted for Class A common stock for the three and nine months ended September 30, 2021 were calculated by dividing (i) the allocation of net income of $5,233,516 and $10,192,473, respectively, by (ii) the weighted average number of shares of Class A common stock outstanding for the respective periods. Net income (loss) per common share, basic and diluted for Class F common stock for the three and nine months ended September 30, 2021 were calculated by dividing (i) the allocation of net income of $1,308,379 and $2,547,869, respectively, by (ii) the weighted average number of shares of Class F common stock outstanding for the respective periods. The Company has not considered the effect of the Warrants sold in the Initial Public Offering (including the exercise of the over-allotment option) and Private Placement to purchase an aggregate of 16,125,000 shares of Class A common stock in the calculation of diluted net income (loss) per share, since the exercise of the Warrants into Class A common shares is contingent upon the occurrence of future events (see Note 5). As a result, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the periods presented. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which at times may exceed the Federal depository insurance coverage of $250,000. As of September 30, 2021 and December 31, 2020, respectively, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair value measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: • Level 1, defined as observable inputs such as quoted prices (unadjusted) 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. Warrant liabilities The Company accounts for its outstanding Public Warrants and Private Placement Warrants in accordance with the guidance contained in FASB ASC Subtopic 815-40 “Derivatives and Hedging - Contracts in Entity’s Own Equity” (“ASC 815-40”) and determined that the Warrants do not meet the criteria for equity treatment thereunder. As such, each warrant must be recorded as a liability and is subject to re-measurement at each balance sheet date and any change in fair value is recorded in the Company’s unaudited condensed statements of operations. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly actual results could differ significantly from those estimates. Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Founder shares In October 2020, the Company issued an aggregate of 17,250,000 shares of Class F common stock to the Sponsor (the “Founder Shares”) in exchange for an aggregate capital contribution of $25,000. The Sponsor had agreed to forfeit an aggregate of up to 2,250,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. In April 2021, the Sponsor forfeited 1,000,000 Founder Shares as a result of the underwriters’ exercise of the over-allotment option. The Founder Shares will automatically convert into Class A common stock upon the consummation of a Business Combination, on a one-for-one basis, subject to adjustment (see Note 5). The initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (a) one year after the completion of the initial Business Combination, (b) subsequent to the initial Business Combination, if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, and (c) following the completion of the initial Business Combination, such future date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s Public Stockholders having the right to exchange their shares of common stock for cash, securities or other property. During 2021, the Sponsor transferred 25,000 Founder Shares each to three independent directors of the Company for the same per-share price initially paid for by the Sponsor. Subsequent to the forfeiture and the transfers described above, the Sponsor held 16,175,000 Founder Shares. Private placement warrants Substantially concurrently with the closing of the Initial Public Offering, the Sponsor purchased an aggregate 7,500,000 Private Placement Warrants in the Private Placement. In April 2021, substantially concurrently with the sale of the over-allotment Units, the Company completed a Private Placement with the Sponsor for an additional 500,000 warrants. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants were added to the proceeds from the Initial Public Offering 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 Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the Business Combination. Note payable—related party Prior to the Initial Public Offering, the Sponsor loaned the Company an aggregate of $180,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note. The promissory note was non-interest bearing, unsecured and due on the earlier of September 30, 2021 and the closing of the Initial Public Offering. The Company repaid the promissory note in full on March 17, 2021. Office space and related support services During March 2021, the Company entered into an agreement with an affiliate of the Sponsor to pay a monthly fee of $20,000 for office space and related support services. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. During the three and nine months ended September 30, 2021, the Company incurred and paid $60,000 and $130,323, respectively, in expenses for services provided by an affiliate of the Sponsor in connection with the aforementioned agreement. Related party loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants at a price of $2.00 per warrant. The warrants would be identical to the Private Placement Warrants. As of September 30, 2021 and December 31, 2020, respectively, no Working Capital Loans were outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Registration rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any 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) are entitled to registration rights pursuant to a registration rights agreement signed prior to the closing date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting agreement The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 9,000,000 additional Units to cover over-allotments, if any, at the price paid by the underwriters in the Initial Public Offering. In April 2021, the underwriters exercised this over-allotment option and purchased 5,000,000 Units to cover the over-allotments. The underwriters were entitled to an underwriting discount of $0.20 per unit, or $13,000,000 paid upon the closing of the Initial Public Offering and the exercise of the over-allotment option. Additionally, a deferred underwriting discount of $0.35 per unit, or $22,750,000 will be payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Warrant Liabilities
Warrant Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Warrant Liabilities | Warrant Liabilities The Company has outstanding Public Warrants to purchase an aggregate of 8,125,000 shares of the Company’s common stock and outstanding Private Placement Warrants to purchase an aggregate of 8,000,000 shares of the Company’s common stock (including warrants issued in connection with the exercise of the over-allotment option). The change in fair value of the warrant liabilities is summarized as follows: Warrant liabilities as of December 31, 2020 $ — Initial measurement on March 18, 2021 - Initial Public Offering 31,358,762 Initial measurement on April 22, 2021 - exercise of over-allotment option 2,181,250 Decrease in fair value of warrant liabilities (15,999,574) Warrant liabilities as of September 30, 2021 $ 17,540,438 Warrants —Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. Each whole Public Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment. 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 Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement covering the issuance of shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. If the Class A common stock, at the time of any exercise of a warrant, is not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section (18)(b)(1) of the Securities Act, the Company may require warrant holders who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. If a registration statement covering the shares of 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 we 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. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that (i) the Private Placement Warrants and the 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, (ii) the Private Placement Warrants will not be redeemable by the Company (except under scenario 2 below) so long as they are held by the initial purchasers or such purchasers’ permitted transferees, (iii) the Private Placement Warrants may be exercised by the holders on a cashless basis, and (iv) the Private Placement Warrants and the Class A common stock issuable upon exercise of the Private Placement Warrants are entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial stockholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by such holders on the same basis as the Public Warrants. The Company may call the Public Warrants for redemption: 1. When the price per share of Class A common stock equals or exceeds $18.00: ▪ 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 the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 2. When the price per share of Class A common stock equals or exceeds $10.00 (commencing 90 days after the warrants become exercisable): ▪ 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 of Class A common stock to be determined by reference to a table included in the warrant agreement, based on the redemption date and the fair market value of Class A common stock; ▪ if, and only if, the last reported sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted for 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 warrant holders. ▪ if, and only if, the Private Placement Warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A common stock) as the outstanding Public Warrants; and ▪ if, and only if, there is an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. If the Company calls the Public Warrants for redemption, under scenario 1 above, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. |
Class A Ordinary Shares Subject
Class A Ordinary Shares Subject to Possible Redemption | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Class A Ordinary Shares Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holder of the Company’s Class A common stock are entitled to one vote for each share. As of September 30, 2021, there were 65,000,000 shares of Class A common stock outstanding, all of which were subject to possible redemption. As of December 31, 2020, there were no shares of Class A common stock issued and outstanding. As of September 30, 2021, the Class A common stock subject to possible redemption reflected on the balance sheet are reconciled in the following table: Gross proceeds $ 650,000,000 Less: Initial fair value of public warrant liability (15,872,461) Class A common stock offering costs (35,446,300) Plus: Accretion of Class A common stock to redemption value 51,318,761 Class A common stock subject to possible redemption $ 650,000,000 Class A common stock —Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the shares of Company’s Class A common stock are entitled to one vote for each share on each matter on which they are entitled to vote. As of September 30, 2021, there were 65,000,000 shares of Class A common stock issued and outstanding and all shares of Class A common stock were subject to possible redemption and included in temporary equity (see Note 6). As of December 31, 2020, there were no shares of Class A common stock issued and outstanding. Class F common stock —Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 50,000,000 shares of Class F common stock with a par value of $0.0001 per share. Holders of the Company’s Class F common stock are entitled to one vote for each share on each matter on which they are entitled to vote. The Class F common stock will automatically convert into Class A common stock at the time of the consummation of the initial Business Combination, on a one-for-one basis. As of September 30, 2021 and December 31, 2020 there were 16,250,000 and 17,250,000 shares, respectively, of Class F common stock issued and outstanding. Only holders of the Founder Shares will have the right to elect all of the Company’s directors prior to the initial Business Combination. Otherwise, holders of Class A common stock and Class F common stock will vote together as a single class on all matters submitted to a vote of stockholders except as required by law or the applicable rules of the New York Stock Exchange then in effect. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which the shares of Class F 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 F common stock agree to waive such anti-dilution 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 F common stock will equal, in the aggregate, 20% of the sum of the total number of all common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. Preferred stock —Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of September 30, 2021 and December 31, 2020 there were no shares, respectively, of preferred stock issued and outstanding. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Class A Common Stock Subject to Possible Redemption The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holder of the Company’s Class A common stock are entitled to one vote for each share. As of September 30, 2021, there were 65,000,000 shares of Class A common stock outstanding, all of which were subject to possible redemption. As of December 31, 2020, there were no shares of Class A common stock issued and outstanding. As of September 30, 2021, the Class A common stock subject to possible redemption reflected on the balance sheet are reconciled in the following table: Gross proceeds $ 650,000,000 Less: Initial fair value of public warrant liability (15,872,461) Class A common stock offering costs (35,446,300) Plus: Accretion of Class A common stock to redemption value 51,318,761 Class A common stock subject to possible redemption $ 650,000,000 Class A common stock —Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the shares of Company’s Class A common stock are entitled to one vote for each share on each matter on which they are entitled to vote. As of September 30, 2021, there were 65,000,000 shares of Class A common stock issued and outstanding and all shares of Class A common stock were subject to possible redemption and included in temporary equity (see Note 6). As of December 31, 2020, there were no shares of Class A common stock issued and outstanding. Class F common stock —Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 50,000,000 shares of Class F common stock with a par value of $0.0001 per share. Holders of the Company’s Class F common stock are entitled to one vote for each share on each matter on which they are entitled to vote. The Class F common stock will automatically convert into Class A common stock at the time of the consummation of the initial Business Combination, on a one-for-one basis. As of September 30, 2021 and December 31, 2020 there were 16,250,000 and 17,250,000 shares, respectively, of Class F common stock issued and outstanding. Only holders of the Founder Shares will have the right to elect all of the Company’s directors prior to the initial Business Combination. Otherwise, holders of Class A common stock and Class F common stock will vote together as a single class on all matters submitted to a vote of stockholders except as required by law or the applicable rules of the New York Stock Exchange then in effect. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which the shares of Class F 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 F common stock agree to waive such anti-dilution 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 F common stock will equal, in the aggregate, 20% of the sum of the total number of all common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. Preferred stock —Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of September 30, 2021 and December 31, 2020 there were no shares, respectively, of preferred stock issued and outstanding. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured on a recurring basis as of September 30, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. September 30, 2021 Fair Value Valuation Method Assets Investments held in Trust Account $ 650,034,969 Level 1 - Quoted prices in active markets for identical assets Liabilities Public Warrant liability $ 6,580,438 Level 1 - Quoted prices in active markets for identical liabilities Private Placement Warrant liability $ 10,960,000 Level 3 - Unobservable inputs based on an assessment of the assumptions that market participants would use in pricing liabilities As of September 30, 2021 and December 31, 2020, respectively, the recorded values of cash, accounts payable and accrued expenses and franchise tax payable approximate their fair values due to the short-term nature of these instruments. Investments held in Trust Account Investments held in Trust Account are invested in a U.S. treasury securities money market fund as of September 30, 2021. None of the balance in the Trust Account was held in cash as of September 30, 2021. Warrant liabilities The following table presents the changes in the fair value of warrant liabilities: Private Placement Warrants Public Warrants Warrant Liabilities Fair value as of December 31, 2020 $ — $ — $ — Initial measurement on March 18, 2021 (1) - Initial Public Offering 16,642,551 14,716,211 31,358,762 Initial measurement on April 22, 2021 (1) - exercise of over-allotment option 1,025,000 1,156,250 2,181,250 Change in fair value (2)(3) (6,707,551) (9,292,023) (15,999,574) Fair value as of September 30, 2021 (4) $ 10,960,000 $ 6,580,438 $ 17,540,438 ___________________________ (1) Initial fair value for the Warrants on March 18, 2021, the date of the Company’s Initial Public Offering and April 22, 2021, the date the underwriters exercised the over-allotment option, was determined using a closed form barrier option simulation model and a modified Black-Scholes option pricing model, with consideration of the redemption features of the Warrants. The Warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs. The key inputs into the modified Black-Scholes option pricing model for the Warrants were as follows at initial measurement: Input March 18, 2021 Risk-free interest rate 1.31 % Expected volatility 30.0 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 Input April 22, 2021 Risk-free interest rate 1.22 % Expected volatility 28.0 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Warrants. Expected volatility is based on historical volatility of publicly traded warrants for comparable special purpose acquisition companies and the Russell 3000 Index as of the valuation date. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Warrants. (2) Changes in valuation are recognized in change in fair value of warrant liabilities in the unaudited condensed statements of operations. (3) Due to the use of quoted prices in an active market (Level 1) to measure the fair value of the Public Warrants subsequent to initial measurement, the Company had transfers out of Level 3 totaling $10,400,000 during 2021. (4) The key inputs into the modified Black-Scholes option pricing model for the Private Placement Warrants were as follows as of September 30, 2021: Input September 30, 2021 Risk-free interest rate 0.98 % Volatility 21.0 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Private Placement Warrants. Volatility is based on the implied volatility of the Company’s Public Warrants, historical volatility of publicly traded warrants for comparable special purpose acquisition companies and the Russell 3000 Index as of the valuation date. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Private Placement Warrants. |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company’s net deferred tax asset is as follows: September 30, 2021 Deferred tax asset Organizational costs and net operating loss $ 145,594 Total deferred tax asset 145,594 Valuation allowance (145,594) Deferred tax asset, net of valuation allowance $ — The income tax provision consists of the following: September 30, 2021 Federal: Current $ — Deferred (144,586) State: Current — Deferred — Change in valuation allowance 144,586 Income tax provision $ — In assessing the realization of the deferred tax asset, management considers whether it is more likely than not that some portion of all of the deferred tax asset will not be realized. The ultimate realization of deferred tax asset is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liability, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. The Company files income tax returns in the U.S. federal jurisdiction and is subject to examination by the relevant taxing authority. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe notes to the unaudited condensed financial statements include a discussion of material events, if any, which have occurred subsequent to September 30, 2021 (referred to as “subsequent events”) through the date these unaudited condensed financial statements were issued. Management has evaluated the subsequent events through this date and has concluded that no material subsequent events have occurred that require additional adjustment or disclosure in the unaudited condensed financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future periods. These unaudited condensed financial statements should be read in conjunction with the Company’s financial statements for the period from October 1, 2020 through December 31, 2020 and footnotes thereto included in the Company’s March 15, 2021 Prospectus filed with the SEC on March 17, 2021. |
Emerging growth company | The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of estimates | The preparation of the unaudited condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 as of September 30, 2021, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and cash equivalents | The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2021 and December 31, 2020, respectively. |
Investments held in trust account | The Company had $650,034,969 and no investments held in the Trust Account as of September 30, 2021 and December 31, 2020, respectively. |
Offering costs | Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that are directly related to the Initial Public Offering of Units and exercise of the over-allotment option and totaled $36,349,475, inclusive of $22,750,000 in deferred underwriting commissions and $354,306 in unpaid offering costs. Offering costs of $35,446,300 were related to the issuance of Class A common stock and charged to temporary equity and $903,175 of the offering costs were related to the warrant liabilities and charged to the unaudited condensed statement of operations. |
Income taxes | The Company complies with the accounting and reporting requirements of FASB ASC Topic 740, “Income Taxes,” (“ASC 740”) which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. |
Class A common stock subject to possible redemption | The Company accounts for its Class A common stock subject to possible redemption in accordance with ASC 480. Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A 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 September 30, 2021, 65,000,000 shares of Class A common stock subject to possible redemption at the redemption value were presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets (see Note 6). As of December 31, 2020, there were no shares of Class A common stock issued and outstanding. |
Net income (loss) per common share | The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company’s unaudited condensed statements of operations includes a presentation of net income (loss) per share for common stock subject to redemption in a manner similar to the two-class method of net income (loss) per common share. Earnings and losses are shared pro rata between the two classes of shares. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value. Net income (loss) per common share, basic and diluted for Class A common stock for the three and nine months ended September 30, 2021 were calculated by dividing (i) the allocation of net income of $5,233,516 and $10,192,473, respectively, by (ii) the weighted average number of shares of Class A common stock outstanding for the respective periods. Net income (loss) per common share, basic and diluted for Class F common stock for the three and nine months ended September 30, 2021 were calculated by dividing (i) the allocation of net income of $1,308,379 and $2,547,869, respectively, by (ii) the weighted average number of shares of Class F common stock outstanding for the respective periods. The Company has not considered the effect of the Warrants sold in the Initial Public Offering (including the exercise of the over-allotment option) and Private Placement to purchase an aggregate of 16,125,000 shares of Class A common stock in the calculation of diluted net income (loss) per share, since the exercise of the Warrants into Class A common shares is contingent upon the occurrence of future events (see Note 5). As a result, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the periods presented. |
Concentration of credit risk | Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which at times may exceed the Federal depository insurance coverage of $250,000. As of September 30, 2021 and December 31, 2020, respectively, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair value measurements | Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: • Level 1, defined as observable inputs such as quoted prices (unadjusted) 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. |
Warrant liabilities | The Company accounts for its outstanding Public Warrants and Private Placement Warrants in accordance with the guidance contained in FASB ASC Subtopic 815-40 “Derivatives and Hedging - Contracts in Entity’s Own Equity” (“ASC 815-40”) and determined that the Warrants do not meet the criteria for equity treatment thereunder. As such, each warrant must be recorded as a liability and is subject to re-measurement at each balance sheet date and any change in fair value is recorded in the Company’s unaudited condensed statements of operations. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly actual results could differ significantly from those estimates. |
Recent accounting pronouncements | Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule Of Warrant Liability | The change in fair value of the warrant liabilities is summarized as follows: Warrant liabilities as of December 31, 2020 $ — Initial measurement on March 18, 2021 - Initial Public Offering 31,358,762 Initial measurement on April 22, 2021 - exercise of over-allotment option 2,181,250 Decrease in fair value of warrant liabilities (15,999,574) Warrant liabilities as of September 30, 2021 $ 17,540,438 |
Class A Ordinary Shares Subje_2
Class A Ordinary Shares Subject to Possible Redemption (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Class A Ordinary Shares Reflected on the Balance Sheet | As of September 30, 2021, the Class A common stock subject to possible redemption reflected on the balance sheet are reconciled in the following table: Gross proceeds $ 650,000,000 Less: Initial fair value of public warrant liability (15,872,461) Class A common stock offering costs (35,446,300) Plus: Accretion of Class A common stock to redemption value 51,318,761 Class A common stock subject to possible redemption $ 650,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured on a recurring basis as of September 30, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. September 30, 2021 Fair Value Valuation Method Assets Investments held in Trust Account $ 650,034,969 Level 1 - Quoted prices in active markets for identical assets Liabilities Public Warrant liability $ 6,580,438 Level 1 - Quoted prices in active markets for identical liabilities Private Placement Warrant liability $ 10,960,000 Level 3 - Unobservable inputs based on an assessment of the assumptions that market participants would use in pricing liabilities |
Schedule of Warrant Liabilities and Fair Value Measurement Inputs and Valuation Techniques | The following table presents the changes in the fair value of warrant liabilities: Private Placement Warrants Public Warrants Warrant Liabilities Fair value as of December 31, 2020 $ — $ — $ — Initial measurement on March 18, 2021 (1) - Initial Public Offering 16,642,551 14,716,211 31,358,762 Initial measurement on April 22, 2021 (1) - exercise of over-allotment option 1,025,000 1,156,250 2,181,250 Change in fair value (2)(3) (6,707,551) (9,292,023) (15,999,574) Fair value as of September 30, 2021 (4) $ 10,960,000 $ 6,580,438 $ 17,540,438 ___________________________ (1) Initial fair value for the Warrants on March 18, 2021, the date of the Company’s Initial Public Offering and April 22, 2021, the date the underwriters exercised the over-allotment option, was determined using a closed form barrier option simulation model and a modified Black-Scholes option pricing model, with consideration of the redemption features of the Warrants. The Warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs. The key inputs into the modified Black-Scholes option pricing model for the Warrants were as follows at initial measurement: Input March 18, 2021 Risk-free interest rate 1.31 % Expected volatility 30.0 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 Input April 22, 2021 Risk-free interest rate 1.22 % Expected volatility 28.0 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Warrants. Expected volatility is based on historical volatility of publicly traded warrants for comparable special purpose acquisition companies and the Russell 3000 Index as of the valuation date. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Warrants. (2) Changes in valuation are recognized in change in fair value of warrant liabilities in the unaudited condensed statements of operations. (3) Due to the use of quoted prices in an active market (Level 1) to measure the fair value of the Public Warrants subsequent to initial measurement, the Company had transfers out of Level 3 totaling $10,400,000 during 2021. (4) The key inputs into the modified Black-Scholes option pricing model for the Private Placement Warrants were as follows as of September 30, 2021: Input September 30, 2021 Risk-free interest rate 0.98 % Volatility 21.0 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Private Placement Warrants. Volatility is based on the implied volatility of the Company’s Public Warrants, historical volatility of publicly traded warrants for comparable special purpose acquisition companies and the Russell 3000 Index as of the valuation date. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Private Placement Warrants. |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | The Company’s net deferred tax asset is as follows: September 30, 2021 Deferred tax asset Organizational costs and net operating loss $ 145,594 Total deferred tax asset 145,594 Valuation allowance (145,594) Deferred tax asset, net of valuation allowance $ — |
Schedule of Components of Income Tax Provision | The income tax provision consists of the following: September 30, 2021 Federal: Current $ — Deferred (144,586) State: Current — Deferred — Change in valuation allowance 144,586 Income tax provision $ — |
Description of Organization a_2
Description of Organization and Business Operations (Details) | Mar. 18, 2023USD ($)$ / shares | May 06, 2021shares | Apr. 22, 2021USD ($)$ / shares | Mar. 18, 2021USD ($)$ / sharesshares | Apr. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)shares | Mar. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares |
Class of Stock [Line Items] | ||||||||||
Proceeds from the initial public offering, gross | $ 650,000,000 | |||||||||
Offering costs incurred | $ 36,349,475 | 36,349,475 | ||||||||
Deferred underwriting commissions | $ 22,750,000 | $ 22,750,000 | $ 0 | |||||||
Number of shares in each unit (in shares) | shares | 1 | |||||||||
Number of securities called by each warrant (in shares) | shares | 1 | 1 | 1 | |||||||
Number of redeemable warrants in each unit issued in public offering (per warrant) | 0.125 | |||||||||
Public warrant, class a common stock exercise price per share (in usd per share) | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | ||||||
Proceeds received from issuance of Private Placement Warrants | $ 16,000,000 | |||||||||
Initial fair value of warrant liabilities | $ 2,181,250 | $ 31,358,762 | ||||||||
Fair value of excess of cash received for private placement warrants | $ 25,000 | $ 0 | 1,667,551 | |||||||
Investment securities maturity period | 185 days | |||||||||
Cash | $ 2,001,508 | $ 2,001,508 | 4,875 | |||||||
Minimum percentage of fair market value of business acquisition to assets in trust account | 80.00% | 80.00% | ||||||||
Minimum percentage of outstanding voting securities to be acquired for completion of business combination | 50.00% | 50.00% | ||||||||
Minimum net tangible assets to complete business combination | $ 5,000,001 | $ 5,000,001 | ||||||||
Percentage of public shares required to repurchase if business combination is not completed within specific period | 100.00% | 100.00% | ||||||||
Redemption period if business combination is not completed within specific period | 10 days | |||||||||
Interest income | $ 8,365 | $ 34,969 | ||||||||
Working capital surplus | 1,697,250 | 1,697,250 | ||||||||
Number of fractional warrants be issued (in warrants) | shares | 0 | |||||||||
Additional paid-in capital | 0 | 0 | 23,275 | |||||||
Accumulated deficit | 38,559,844 | 38,559,844 | 4,800 | |||||||
Stockholders' equity | 38,558,219 | 38,558,219 | $ 45,100,114 | $ 47,380,605 | (20,200) | |||||
Adjustments | ||||||||||
Class of Stock [Line Items] | ||||||||||
Additional paid-in capital | $ (5,050,967) | 1,195,767 | (4,952,006) | |||||||
Accumulated deficit | $ 18,550,517 | 51,295,386 | 47,428,080 | |||||||
Additional Paid-In Capital | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stockholders' equity | 0 | 0 | 0 | 0 | (23,275) | |||||
Accumulated Deficit | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stockholders' equity | $ 38,559,844 | $ 38,559,844 | 45,101,739 | 47,382,330 | $ 4,800 | |||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percentage of public shares required to repurchase if business combination is not completed within specific period | 100.00% | |||||||||
Period from closing of public offering to complete business combination | 24 months | |||||||||
Interest to pay dissolution expenses, maximum | $ 100,000 | |||||||||
IPO | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, new issues (in shares) | shares | 60,000,000 | |||||||||
Shares issued (in usd per share) | $ / shares | $ 10 | $ 10 | $ 10 | |||||||
Proceeds from the initial public offering, gross | $ 600,000,000 | |||||||||
Offering costs incurred | 33,573,792 | |||||||||
Deferred underwriting commissions | $ 21,000,000 | |||||||||
Public warrant, class a common stock exercise price per share (in usd per share) | $ / shares | $ 11.50 | |||||||||
Class of warrant or right, number of securities called by warrants (per warrant) | shares | 8,125,000 | 8,125,000 | ||||||||
IPO | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued (in usd per share) | $ / shares | $ 10 | |||||||||
Over-Allotment Option | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, new issues (in shares) | shares | 5,000,000 | |||||||||
Proceeds from the initial public offering, gross | $ 50,000,000 | |||||||||
Offering costs incurred | 2,775,683 | |||||||||
Deferred underwriting commissions | 1,750,000 | |||||||||
Private Placement | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from the initial public offering, gross | $ 1,000,000 | |||||||||
Public warrant, class a common stock exercise price per share (in usd per share) | $ / shares | $ 11.50 | $ 11.50 | ||||||||
Class of warrant or right, number of securities called by warrants (per warrant) | shares | 7,500,000 | 500,000 | 8,000,000 | 8,000,000 | ||||||
Price paid per share (in usd per share) | $ / shares | $ 2 | $ 2 | ||||||||
Proceeds received from issuance of Private Placement Warrants | $ 15,000,000 | |||||||||
Initial fair value of warrant liabilities | 16,642,551 | $ 1,025,000 | ||||||||
Fair value of excess of cash received for private placement warrants | 1,642,551 | |||||||||
Common Class A | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from the initial public offering, gross | $ 650,000,000 | |||||||||
Percentage of aggregate common shares that may be redeemed without prior consent | 15.00% | 15.00% | ||||||||
Common stock, shares issued (in shares) | shares | 0 | |||||||||
Class A common stock subject to possible redemption | $ 650,000,000 | $ 650,000,000 | $ 0 | |||||||
Ordinary shares | $ 0 | $ 0 | $ 0 | |||||||
Common Class A | Adjustments | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class A common stock subject to possible redemption | 23,601,720 | 50,100,120 | 52,380,610 | |||||||
Ordinary shares | 236 | 501 | 524 | |||||||
Stockholders' equity | $ 23,601,720 | $ 50,100,120 | $ 52,380,610 | |||||||
Common Class A | Common stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares issued (in shares) | shares | 0 | 0 | 0 | 0 | 0 | |||||
Stockholders' equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Common Class A | Common stock | Previously Reported | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares issued (in shares) | shares | 2,360,172 | 5,010,012 | 5,238,061 | |||||||
Common Class A | Private Placement | ||||||||||
Class of Stock [Line Items] | ||||||||||
Public warrant, class a common stock exercise price per share (in usd per share) | $ / shares | $ 11.50 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||||
Cash equivalents | $ 0 | $ 0 | $ 0 | ||
Investments held in Trust Account | 650,034,969 | 650,034,969 | 0 | ||
Deferred offering costs | 36,349,475 | 36,349,475 | |||
Deferred underwriting commissions payable | 22,750,000 | 22,750,000 | 0 | ||
Deferred offering costs, unpaid | 354,306 | 354,306 | |||
Offering costs attributed to issuance of Class A common stock | 35,446,300 | ||||
Offering costs related to warrant liabilities | 0 | 903,175 | |||
Unrecognized tax benefits | 0 | 0 | 0 | ||
Unrecognized tax benefits, accrued for interest and penalties | 0 | 0 | $ 0 | ||
Class of Stock [Line Items] | |||||
Net income | 6,541,895 | $ 6,147,897 | $ 50,550 | 12,740,342 | |
FDIC insured amount | $ 250,000 | $ 250,000 | |||
Common Class A | |||||
Class of Stock [Line Items] | |||||
Common stock, shares subject to possible redemption, issued (in shares) | 65,000,000 | 65,000,000 | 0 | ||
Common stock, shares issued (in shares) | 0 | ||||
Common stock, shares outstanding (in shares) | 0 | ||||
Net income | $ 5,233,516 | $ 10,192,473 | |||
Common Class A | Private Placement | |||||
Class of Stock [Line Items] | |||||
Securities excluded from the calculation of basic loss per ordinary share (in shares) | 16,125,000 | ||||
Common Class F | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued (in shares) | 16,250,000 | 16,250,000 | 17,250,000 | ||
Common stock, shares outstanding (in shares) | 16,250,000 | 16,250,000 | 17,250,000 | ||
Net income | $ 1,308,379 | $ 2,547,869 |
Related Party Transactions (Det
Related Party Transactions (Details) | Mar. 18, 2021$ / sharesshares | Mar. 31, 2021USD ($) | Oct. 31, 2020USD ($)shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)daydirector$ / sharesshares | Apr. 30, 2021$ / sharesshares | Apr. 22, 2021$ / shares | Mar. 17, 2021USD ($) | Dec. 31, 2020USD ($)shares |
Related Party Transaction [Line Items] | |||||||||
Minimum number of trading days | day | 20 | ||||||||
Consecutive trading day threshold | day | 30 | ||||||||
Number of securities called by each warrant (in shares) | 1 | 1 | 1 | ||||||
Exercise price per share (in usd per share) | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | |||||
Working Capital Loan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Working capital loans convertible to warrants, maximum | $ | $ 1,500,000 | $ 1,500,000 | |||||||
Price paid per share (in usd per share) | $ / shares | $ 2 | $ 2 | |||||||
Working capital loans | $ | $ 0 | $ 0 | $ 0 | ||||||
Private Placement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants (per warrant) | 7,500,000 | 8,000,000 | 8,000,000 | 500,000 | |||||
Exercise price per share (in usd per share) | $ / shares | $ 11.50 | $ 11.50 | |||||||
Blackout trading period after completion of business combination | 30 days | ||||||||
Price paid per share (in usd per share) | $ / shares | $ 2 | $ 2 | |||||||
Sponsor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Franchise tax payable | $ | $ 180,000 | ||||||||
Monthly related party fee for office space and related support services | $ | $ 20,000 | $ 60,000 | $ 130,323 | ||||||
Common Class F | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock issued during period, new issues (in shares) | 17,250,000 | ||||||||
Stock issued during period, new issues | $ | $ 25,000 | ||||||||
Common stock, shares issued (in shares) | 16,250,000 | 16,250,000 | 17,250,000 | ||||||
Common Class F | Sponsor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares forfeited due to exercise of overallotment option (in shares) | 1,000,000 | ||||||||
Number of shares transferred (in shares) | 25,000 | ||||||||
Number of independent directors | director | 3 | ||||||||
Common stock, shares issued (in shares) | 16,175,000 | 16,175,000 | |||||||
Common Class A | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion ratio | 1 | 1 | 1 | ||||||
Common stock trigger price (in usd per share) | $ / shares | $ 12 | ||||||||
Common stock, shares issued (in shares) | 0 | ||||||||
Common Class A | Private Placement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Exercise price per share (in usd per share) | $ / shares | $ 11.50 | ||||||||
Maximum | Common Class F | Sponsor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares to be forfeited if overallotment option is not exercised (in shares) | 2,250,000 | ||||||||
Minimum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minimum number of days after initial business combination | day | 150 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Mar. 18, 2021$ / sharesshares | Apr. 30, 2021USD ($)shares | Sep. 30, 2021USD ($)demand | Apr. 22, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) |
Class of Stock [Line Items] | |||||
Underwriting agreement, option period | 45 days | ||||
Underwriting discount (in usd per share) | $ / shares | $ 0.20 | ||||
Underwriting discount paid | $ 13,000,000 | ||||
Deferred underwriting discount (in usd per share) | $ / shares | $ 0.35 | ||||
Deferred underwriting commissions | $ 22,750,000 | $ 0 | |||
Maximum | |||||
Class of Stock [Line Items] | |||||
Number of demands | demand | 3 | ||||
Over-Allotment Option | |||||
Class of Stock [Line Items] | |||||
Stock issued during period, new issues (in shares) | shares | 5,000,000 | ||||
Deferred underwriting commissions | $ 1,750,000 | ||||
Over-Allotment Option | Maximum | |||||
Class of Stock [Line Items] | |||||
Amount of additional shares eligible to be purchased (in shares) | shares | 9,000,000 |
Warrant Liabilities - Narrative
Warrant Liabilities - Narrative (Details) | 9 Months Ended | |||
Sep. 30, 2021day$ / sharesshares | Apr. 30, 2021shares | Apr. 22, 2021$ / shares | Mar. 18, 2021$ / sharesshares | |
Class of Stock [Line Items] | ||||
Number of securities called by each warrant (in shares) | shares | 1 | 1 | ||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | $ 11.50 | $ 11.50 | |
Public warrants, exercise period following business combination | 30 days | |||
Public warrants, exercise period following IPO | 12 months | |||
Warrants, expiration period | 5 years | |||
Restriction period for transfer, assignment or sale | 30 days | |||
Minimum number of trading days | day | 20 | |||
Consecutive trading day threshold | day | 30 | |||
Price threshold of newly issued stock to cause adjustment of exercise warrant price (in usd per share) | $ 9.20 | |||
Percentage of warrant exercise price adjusted to price received in new issuance | 115.00% | |||
Class A Common Stock Equals or Exceeds $18.00 | ||||
Class of Stock [Line Items] | ||||
Target share price of warrants or rights for redemption (in usd per share) | $ 18 | |||
Redemption price per warrant (in usd per warrant) | $ 0.01 | |||
Number of days for written notice of redemption | 30 days | |||
Minimum threshold price of common stock specified to send notice of redemption to the warrant holders (in usd per share) | $ 18 | |||
Minimum number of trading days | day | 20 | |||
Consecutive trading day threshold | day | 30 | |||
Common Class A | Class A Common Stock Equals or Exceeds $10.00 After Warrant Become Exercisable | ||||
Class of Stock [Line Items] | ||||
Target share price of warrants or rights for redemption (in usd per share) | $ 10 | |||
Redemption price per warrant (in usd per warrant) | $ 0.10 | |||
Number of days for written notice of redemption | 30 days | |||
Minimum threshold price of common stock specified to send notice of redemption to the warrant holders (in usd per share) | $ 10 | |||
Redemption of public warrants, waiting period after warrants become exercisable | 90 days | |||
IPO | ||||
Class of Stock [Line Items] | ||||
Class of warrant or right, number of securities called by warrants (per warrant) | shares | 8,125,000 | |||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | |||
Private Placement Warrants | ||||
Class of Stock [Line Items] | ||||
Class of warrant or right, number of securities called by warrants (per warrant) | shares | 8,000,000 | 500,000 | 7,500,000 | |
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | |||
Private Placement Warrants | Common Class A | ||||
Class of Stock [Line Items] | ||||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 |
Warrant Liabilities - Changes i
Warrant Liabilities - Changes in fair value of warrant liabilities (Details) - USD ($) | Apr. 22, 2021 | Mar. 18, 2021 | Sep. 30, 2021 | Sep. 30, 2021 |
Fair Value Adjustment of Warrants [Roll Forward] | ||||
Warrant liability, beginning of period | $ 0 | |||
Initial measurement | $ 2,181,250 | $ 31,358,762 | ||
Decrease in fair value of warrant liabilities | $ (6,779,562) | (15,999,574) | ||
Warrant liability, end of period | $ 17,540,438 | $ 17,540,438 |
Class A Ordinary Shares Subje_3
Class A Ordinary Shares Subject to Possible Redemption - Narrative (Details) - Common Class A | Sep. 30, 2021vote$ / sharesshares | Dec. 31, 2020shares |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Shares authorized (in shares) | 500,000,000 | |
Par value (in dollars per share) | $ / shares | $ 0.0001 | |
Temporary equity, number of votes per share | vote | 1 | |
Common stock, shares subject to possible redemption, outstanding (in shares) | 65,000,000 | 0 |
Common stock, number of votes per share | vote | 1 | |
Shares issued (in shares) | 65,000,000 | 0 |
Class A Ordinary Shares Subje_4
Class A Ordinary Shares Subject to Possible Redemption - Class A Ordinary Shares Reflected on the Balance Sheet (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Gross proceeds | $ 650,000,000 | |
Initial fair value of public warrant liability | (17,540,438) | $ 0 |
Payment of offering costs | (225,599) | |
Common Class A | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Gross proceeds | 650,000,000 | |
Payment of offering costs | (35,446,300) | |
Accretion of Class A common stock to redemption value | 51,318,761 | |
Class A common stock subject to possible redemption | 650,000,000 | $ 0 |
Common Class A | Public Sale | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Initial fair value of public warrant liability | $ (15,872,461) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Sep. 30, 2021vote$ / sharesshares | Apr. 30, 2021 | Dec. 31, 2020$ / sharesshares |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common Class A | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in share) | 500,000,000 | 200,000,000 | |
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common stock, number of votes per share | vote | 1 | ||
Common stock and temporary equity, shares, outstanding (in shares) | 65,000,000 | ||
Common stock and temporary equity, shares, issued (in shares) | 65,000,000 | ||
Common stock, shares issued (in shares) | 0 | ||
Common stock, shares outstanding (in shares) | 0 | ||
Conversion ratio | 1 | 1 | |
Common Class F | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in share) | 50,000,000 | 20,000,000 | |
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common stock, number of votes per share | vote | 1 | ||
Common stock, shares issued (in shares) | 16,250,000 | 17,250,000 | |
Common stock, shares outstanding (in shares) | 16,250,000 | 17,250,000 | |
Percentage of total common stock outstanding upon completion of initial public offering | 20.00% |
Fair Value Measurements - Measu
Fair Value Measurements - Measured on a recurring basis (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Investments held in Trust Account | $ 650,034,969 | $ 0 |
Liabilities | ||
Warrant liabilities | 17,540,438 | 0 |
Recurring | ||
Liabilities | ||
Warrant liabilities | 17,540,438 | 0 |
Recurring | Level 1 | ||
Assets | ||
Investments held in Trust Account | 650,034,969 | |
Recurring | Level 1 | Public Warrants | ||
Liabilities | ||
Warrant liabilities | 6,580,438 | 0 |
Recurring | Level 3 | Private Placement Warrants | ||
Liabilities | ||
Warrant liabilities | $ 10,960,000 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in fair value of warrant liabilities (Details) - USD ($) | Apr. 22, 2021 | Mar. 18, 2021 | Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 |
Warrant Liabilities [Roll Forward] | |||||
Warrant liability, beginning of period | $ 0 | ||||
Initial fair value of warrant liabilities | $ 2,181,250 | $ 31,358,762 | |||
Change in fair value | $ (6,779,562) | (15,999,574) | |||
Warrant liability, end of period | 17,540,438 | 17,540,438 | |||
Recurring | |||||
Warrant Liabilities [Roll Forward] | |||||
Warrant liability, beginning of period | 0 | ||||
Initial fair value of warrant liabilities | 2,181,250 | 31,358,762 | |||
Change in fair value | (15,999,574) | ||||
Warrant liability, end of period | 17,540,438 | 17,540,438 | |||
Private Placement Warrants | |||||
Warrant Liabilities [Roll Forward] | |||||
Initial fair value of warrant liabilities | 16,642,551 | $ 1,025,000 | |||
Private Placement Warrants | Level 3 | Recurring | |||||
Warrant Liabilities [Roll Forward] | |||||
Warrant liability, beginning of period | 0 | ||||
Initial fair value of warrant liabilities | 1,025,000 | 16,642,551 | |||
Change in fair value | (6,707,551) | ||||
Warrant liability, end of period | 10,960,000 | 10,960,000 | |||
Public Warrants | Level 1 | Recurring | |||||
Warrant Liabilities [Roll Forward] | |||||
Warrant liability, beginning of period | 0 | ||||
Initial fair value of warrant liabilities | $ 1,156,250 | $ 14,716,211 | |||
Change in fair value | (9,292,023) | ||||
Warrant liability, end of period | $ 6,580,438 | $ 6,580,438 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information related to warrant liability (Details) | Jun. 30, 2021USD ($) | Apr. 22, 2021$ / shares | Mar. 18, 2021$ / shares | Sep. 30, 2021$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input, term | 6 years | 6 years | ||
Exercise price per share (in usd per share) | $ 11.50 | $ 11.50 | $ 11.50 | |
Transfers out of Level 3 | $ | $ 10,400,000 | |||
Private Placement Warrants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input, term | 6 years | |||
Exercise price per share (in usd per share) | $ 11.50 | |||
Risk-free interest rate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0.0122 | 0.0131 | ||
Risk-free interest rate | Private Placement Warrants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0.0098 | |||
Expected volatility | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0.280 | 0.300 | ||
Expected volatility | Private Placement Warrants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0.210 | |||
Dividend yield | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0 | 0 | 0 | |
Dividend yield | Private Placement Warrants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0 |
Income Tax - Deferred Income Ta
Income Tax - Deferred Income Tax Asset (Details) | Sep. 30, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Organizational costs and net operating loss | $ 145,594 |
Total deferred tax asset | 145,594 |
Valuation allowance | (145,594) |
Deferred tax asset, net of allowance | $ 0 |
Income Tax - Income Tax Provisi
Income Tax - Income Tax Provision (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Federal: | |
Current | $ 0 |
Deferred | (144,586) |
State: | |
Current | 0 |
Deferred | 0 |
Change in valuation allowance | 144,586 |
Income tax provision | $ 0 |