Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 15, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | ENJOY TECHNOLOGY, INC./DE | |
Entity Central Index Key | 0001830180 | |
Entity Tax Identification Number | 98-1566891 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-39800 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 3240 Hillview Ave | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94304 | |
City Area Code | 888 | |
Local Phone Number | 463-6569 | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 119,171,866 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | ENJY | |
Security Exchange Name | NASDAQ | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase common stock | |
Trading Symbol | ENJYW | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 833,608 | $ 2,266,049 |
Prepaid expenses | 514,151 | 831,645 |
Total current assets | 1,347,759 | 3,097,694 |
Cash held in Trust Account | 373,750,000 | 373,750,000 |
Total Assets | 375,097,759 | 376,847,694 |
Current liabilities: | ||
Accounts payable | 7,498,600 | 578,902 |
Accrued expenses | 87,181 | 488,824 |
Total current liabilities | 7,585,781 | 1,067,726 |
Deferred legal fees | 462,409 | 0 |
Deferred underwriting commissions | 13,081,250 | 13,081,250 |
Derivative warrant liabilities | 20,984,960 | 27,249,130 |
Total liabilities | 42,114,400 | 41,398,106 |
Commitments and Contingencies | ||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 37,375,000 and 37,375,000 shares at $10.00 per share at September 30, 2021 and December 31, 2020 | 373,750,000 | 373,750,000 |
Shareholders' Deficit | ||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding at September 30, 2021 and December 31, 2020 | 0 | 0 |
Accumulated deficit | (40,767,575) | (38,301,346) |
Total shareholders' deficit | (40,766,641) | (38,300,412) |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit | 375,097,759 | 376,847,694 |
Common Class A [Member] | ||
Shareholders' Deficit | ||
Common Stock | 0 | 0 |
Common Class B [Member] | ||
Shareholders' Deficit | ||
Common Stock | $ 934 | $ 934 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preference shares par value | $ 0.0001 | $ 0.0001 |
Preference shares authorized | 5,000,000 | 5,000,000 |
Preference shares issued | 0 | 0 |
Preference shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Class A ordinary shares par value | $ 0.0001 | $ 0.0001 |
Ordinary shares subject to possible redemption | 37,375,000 | 37,375,000 |
Ordinary shares redemption price per share | $ 10 | $ 10 |
Ordinary shares par value | $ 0.0001 | $ 0.0001 |
Ordinary shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares issued | 0 | 0 |
Ordinary shares outstanding | 0 | 0 |
Common Class B [Member] | ||
Ordinary shares par value | $ 0.0001 | $ 0.0001 |
Ordinary shares authorized | 50,000,000 | 50,000,000 |
Ordinary shares issued | 9,343,750 | 9,343,750 |
Ordinary shares outstanding | 9,343,750 | 9,343,750 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
General and administrative expenses | $ 2,448,391 | $ 8,267,990 |
Loss from operations | (2,448,391) | (8,267,990) |
Other expenses | ||
Change in fair value of derivative warrant liabilities | (939,630) | 6,264,170 |
Net loss | (3,388,021) | (2,003,820) |
Common Class A [Member] | ||
Other expenses | ||
Change in fair value of derivative warrant liabilities | 14,015,630 | |
Net loss | $ (2,710,417) | $ (1,603,056) |
Weighted average ordinary shares outstanding, basic and diluted | 37,375,000 | 37,375,000 |
Basic and diluted net loss per share | $ (0.07) | $ (0.04) |
Common Class B [Member] | ||
Other expenses | ||
Net loss | $ (677,604) | $ (400,764) |
Weighted average ordinary shares outstanding, basic and diluted | 9,343,750 | 9,343,750 |
Basic and diluted net loss per share | $ (0.07) | $ (0.04) |
Condensed Statements Of Changes
Condensed Statements Of Changes In Shareholders' Equity - USD ($) | Total | Additional Paid-in Capital | Accumulated Deficit | Class B [Member] | Class B [Member]Ordinary Shares |
Beginning balance at Dec. 31, 2020 | $ (38,300,412) | $ 0 | $ (38,301,346) | $ 934 | |
Beginning balance (in shares) at Dec. 31, 2020 | 9,343,750 | ||||
Accretion of Class A ordinary shares subject to possible redemption | (266,102) | (266,102) | |||
Net income (loss) | 4,368,352 | 4,368,352 | |||
Ending balance at Mar. 31, 2021 | (34,198,162) | 0 | (34,199,096) | $ 934 | |
Ending balance (in shares) at Mar. 31, 2021 | 9,343,750 | ||||
Beginning balance at Dec. 31, 2020 | (38,300,412) | 0 | (38,301,346) | $ 934 | |
Beginning balance (in shares) at Dec. 31, 2020 | 9,343,750 | ||||
Net income (loss) | (2,003,820) | $ (400,764) | |||
Ending balance at Sep. 30, 2021 | (40,766,641) | 0 | (40,767,575) | $ 934 | |
Ending balance (in shares) at Sep. 30, 2021 | 9,343,750 | ||||
Beginning balance at Mar. 31, 2021 | (34,198,162) | 0 | (34,199,096) | $ 934 | |
Beginning balance (in shares) at Mar. 31, 2021 | 9,343,750 | ||||
Accretion of Class A ordinary shares subject to possible redemption | (196,307) | (196,307) | |||
Net income (loss) | (2,984,151) | (2,984,151) | |||
Ending balance at Jun. 30, 2021 | (37,378,620) | 0 | (37,379,554) | $ 934 | |
Ending balance (in shares) at Jun. 30, 2021 | 9,343,750 | ||||
Net income (loss) | (3,388,021) | (3,388,021) | $ (677,604) | ||
Ending balance at Sep. 30, 2021 | $ (40,766,641) | $ 0 | $ (40,767,575) | $ 934 | |
Ending balance (in shares) at Sep. 30, 2021 | 9,343,750 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ (2,003,820) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Change in fair value of derivative warrant liabilities | (6,264,170) |
Changes in operating assets and liabilities: | |
Prepaid expenses | 317,494 |
Accounts payable | 6,919,698 |
Accrued expenses | (36,409) |
Net cash used in operating activities | (1,067,207) |
Cash Flows from Financing Activities: | |
Offering costs paid | (365,234) |
Net cash used in financing activities | (365,234) |
Net change in cash | (1,432,441) |
Cash - beginning of the period | 2,266,049 |
Cash - end of the period | 833,608 |
Supplemental disclosure of noncash financing activities: | |
Deferred legal fees | $ 462,409 |
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 | Note 1 - Description of Organization and Business Operations Enjoy Technology, Inc. (the “Company”), formally known as Marquee Raine Acquisition Corp. (see “Merger Agreement” below), was incorporated as a Cayman Islands exempted company on October 16, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risk s As of September 30, 2021, the Company had not commenced any operations. All activity for the period from October 16, 2020 (inception) through September 30, 2021 relates to the Company’s formation , non-operating The Company’s sponsor is Marquee Raine Acquisition Sponsor LP (the “Sponsor”), a Cayman Islands exempted limited partnership and an affiliate of The Raine Group LLC (together with its affiliates, “The Raine Group”) and Marquee Sports Holdings SPAC I, LLC (“Marquee”). The registration statement for the Company’s Initial Public Offering was declared effective on December 14, 2020. On December 17, 2020, the Company consummated its Initial Public Offering of 37,375,000 Units, including 4,875,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of approximately $373.8 million, and incurring offering costs of approximately $19.9 million, of which approximately $13.1 million was deferred underwriting commissions and $0.5 million was deferred legal fees (Note 3). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 6,316,667 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $9.5 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, approximately $373.8 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a non-interest As of September 30, 2021, the w e e 2a-7 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 completing a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding any deferred underwriting commissions and deferred legal fees) at the time of the signing of the agreement to enter into the 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 the holders of the public shares with the opportunity to redeem all or a portion of their public shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their public shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share Liabilities from Equity” (“ASC 480”). 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 completion of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company adopted upon the completion of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “ ”) non-public Notwithstanding the foregoing, our amended and restated memorandum and articles of association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A Ordinary Shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial shareholders”) agreed not to propose an amendment to the amended and restated memorandum and articles of association (a) that would modify 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 within 24 months from the closing of the Initial Public Offering, or December 17, 2022, (the “Combination Period”) or (b) with respect to any other provision relating to shareholders’ rights or pre- If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share The Sponsor 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 Sponsor or members of the Company’s management team 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 underwriter agreed to waive its rights to its deferred underwriting commissions and deferred legal fees (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the public shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor 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 underwriter 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 vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Comp a Merger Agreement On April 28, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MRAC Merger Sub Corp., a wholly owned subsidiary of the Company (“Merger Sub”) and Enjoy Technology Operating Corp. (f/k/a Enjoy Technology Inc.), a Delaware corporation (“Legacy Enjoy”). The Merger Agreement was subsequently amended on July 23, 2021 and September 13, 2021 and the domestication transactions contemplated by the Merger Agreement were completed on October 14, 2021. As such, the Company, filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary acc o As a result of and upon the effective time of the Domestication, among other things, (1) each then issued and outstanding Class A ordinary share, par value $0.0001 per share, of the Company (the “MRAC Class A Ordinary Shares”), converted automatically, on a one-for-one one-for-one one-fourth On October 15, 2021 (the “Closing Date”), as contemplated by the Merger Agreement, New Enjoy consummated the merger transaction contemplated by the Merger Agreement, following approval at an extraordinary general meeting of the shareholders of the Company held on October 13, 2021 (the “Special Meeting”), whereby Merger Sub merged with and into Legacy Enjoy, the separate corporate existence of Merger Sub ceasing and Legacy Enjoy being the surviving corporation and a wholly owned subsidiary of New Enjoy (the “Merger” and, together with the Domestication, the “Business Combination”). Immediately prior to the effective time of the Merger, (1) each share of Legacy Enjoy’s (a) Series A preferred stock, par value $0.00001 per share, (b) Series B preferred stock, par value $0.00001 per share, and (c) Series C preferred stock, par value $0.00001 per share (collectively, the “Legacy Enjoy Preferred Stock”), converted into one share of common stock, par value $0.00001 per share, of Legacy Enjoy (the “Legacy Enjoy Common Stock” and, together with Legacy Enjoy Preferred Stock, the “Legacy Enjoy Capital Stock”) (such conversion, the “Legacy Enjoy Preferred Conversion”) and (2) all of the outstanding warrants to purchase shares of Legacy Enjoy Capital Stock were exercised in full, with the exception of the warrant to purchase 336,304 shares of Legacy Enjoy Preferred Stock held by TriplePoint Venture Growth BDC Corporation, which was converted into a warrant to purchase 115,875 shares of New Enjoy Common Stock at an exercise price of $6.90 per share (“TriplePoint Warrant”). In connection with the execution of the Merger Agreement, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”) pursuant to which the PIPE Investors agreed to purchase, in the aggregate, approximately 8 million shares of New Enjoy Common Stock at $10.00 per share for an aggregate commitment amount of approximately $80 million (the “PIPE Investment”). Pursuant to the Subscription Agreements, New Enjoy agreed to provide the PIPE Investors with certain registration rights with respect to the shares purchased as part of the PIPE Investment. The PIPE Investment was consummated substantially concurrently with the closing of the Business Combination (the “Closing”). On the Closing Date, certain investors (the “Backstop Investors”) purchased, in the aggregate, 5,500,906 shares of New Enjoy Common Stock (the “Backstop Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of approximately $55,009,060, pursuant to the backstop agreements, dated September 13, 2021 (the “Backstop Agreements”). Pursuant to the Backstop Agreements, New Enjoy agreed to provide certain registration rights to the Backstop Investors with respect to the Backstop Shares. Liquidity The Company has historically funded its operations primarily by equity financings and working capital loans prior to the Business Combination. As of September 30, 2021, the Company’s existing sources of liquidity included cash and cash equivalents of $833,600. The Company has a limited history of operations and has incurred negative cash flows from operating activities and loss from operations in the past as reflected in the accumulated deficit of $40.8 million as of September 30, 2021. The Company expects to continue to incur operating losses due to the investments it intends to make in its business. Upon completion of the Business Combination, the Company obtained adequate cash proceeds that will be sufficient to fund operating and capital expenditure requirements and mitigate the relevant conditions that raise substantial doubt about the Company’s ability to continue as a going concern through at least 12 months from the date of issuance of these financial statements. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. MRAC Merger Sub Corp. during the three and nine months ended September 30, 2021 did not engage in any economic activity and is not consolidated in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K/A Revision to Previously Reported Financial Statements In preparation of the Company’s unaudited condensed consolidated financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should revise its financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments in ASC 480, paragraph 10-S99, paid-in 8-K 10-K/A 10-Qs The impact of the revision to the audited consolidated balance sheet as of December 31, 2020 is a reclassification of $43.3 million from total shareholders’ equity to Class A ordinary shares subject to possible redemption. The impact of the revision to the unaudited condensed consolidated balance sheets as of March 31, 2021, and June 30, 2021, is a reclassification of $39.2 million and $42.4 million, respectively, from total shareholders’ equity to Class A ordinary shares subject to possible redemption. There is no impact to the reported amounts for total assets, total liabilities, cash flows, net income (loss), or the net income (loss) per share. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. Emerging growth company As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s unaudited condensed consolidated financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the warrant liability. Accordingly, the actual results could differ significantly from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of September 30, 2021 and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. 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 did not have any cash equivalents as of September 30, 2021 and December 31, 2020. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements” approximates the carrying amounts represented in the unaudited condensed consolidated balance sheets. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (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. Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as non-operating Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed The warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative warrant liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement Class A Ordinary Shares Subject to Possible Redemption Class A Ordinary Shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A Ordinary Shares (including Class A Ordinary Shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A Ordinary Shares are classified as shareholders’ equity. The Class A Ordinary Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 37,375,000 Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited condensed consolidated balance sheets. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax conseque n a FASB ASC Topic 740 pres c e e o There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Loss per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net loss per ordinary share is calculated by dividing the net loss by the weighted average shares of ordinary shares outstanding for the respective period. The calculation of diluted net loss does not consider the effect of the warrants issued in connection with the Initial Public Offering and Private Placement to purchase an aggregate of 15,660,417 shares of Class A ordinary shares in the calculation of diluted income per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of ordinary shares: For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 Class A Class B Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss (2,710,417 ) (677,604 ) (1,603,056 ) (400,764 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 37,375,000 9,343,750 37,375,000 9,343,750 Basic and diluted net loss per ordinary share $ (0.07) $ (0.07) $ (0.04) $ (0.04) Recent Issued Accounting Standards In August 2020, the FASB issued Accounting Standard Update (the “ASU”) No. 2020-06, 470-20) 815-40): The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying unaudited condensed consolidated financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Initial Public Offering | Note 3 - Initial Public Offering On December 17, 2020, the Company consummated its Initial Public Offering of 37,375,000 Units, including 4,875,000 Over-Allotment Units at $10.00 per Unit, generating gross proceeds of approximately $373.8 million, and incurring offering costs of approximately $19.9 million, of which approximately $13.1 million was deferred underwriting commissions and $0.5 million was deferred legal fees. Each Unit consists of one Class A ordinary share, and one-fourth |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 - Related Party Transactions Founder Shares On October 28, 2020, the Sponsor paid $25,000 to cover certain expenses on behalf of the Company in exchange for the issuance of 10,062,500 Class B Ordinary Shares, par value $0.0001, (the “Founder Shares”). On November 10, 2020, the Sponsor surrendered 718,750 Founder Shares to the Company for no consideration, resulting in an aggregate of 9,343,750 Founder Shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender. The Sponsor agreed to forfeit up to 1,218,750 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriter so that the Founder Shares would represent 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering. On December 15, 2020, the underwriter fully exercised its over-allotment option; thus, these Founder Shares were no longer subject to forfeiture. The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (a) one year after the completion of the Business Combination and (b) upon completion of the Business Combination, (x) if the last reported sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 6,316,667 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $9.5 million. Each whole Private Placement Warrant is exercisable for one whole Class A Ordinary Share at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants was 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 Private Placement Warrants will be non-redeemable The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the Business Combination. Related Party Loans On October 28, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover for expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“working capital loans”). If the Company completes a Business Combination, the Company would repay the working capital loans out of the proceeds of the Trust Account released to the Company. Otherwise, the working capital loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the working capital loans , Administrative Support Agreement Commencing on December 14, 2020, the Company agreed to reimburse the Sponsor for out-of-pocket out-of-pocket |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 - Commitments and Contingencies Registration and Shareholder Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of working capital loans (and any Class A Ordinary Shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of working capital loans) were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon completion of the Initial Public Offering. These holders were entitled to certain demand and “piggyback” registration rights. However, the registration and shareholder rights agreement provide that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up Underwriting Agreement The Company granted the underwriter a 45-day The underwriter was entitled to an underwriting discount of $0.20 per unit, or approximately $7.5 million in the aggregate, paid upon the closing of the Initial Public Offering. The underwriter also reimbursed approximately $3.0 million to the Company to cover for expenses in connection with the Initial Public Offering. In addition, $0.35 per unit, or approximately $13.1 million in the aggregate will be payable to the underwriter for deferred underwriting commissions and $0.01 per unit, or approximately $0.5 million in the aggregate will be payable to the attorneys for deferred legal fees. The deferred fees will become payable to the underwriter and attorneys from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Class A Ordinary Shares Subject
Class A Ordinary Shares Subject to Possible Redemption | 9 Months Ended |
Sep. 30, 2021 | |
Ordinary Shares Subject To Possible Redemption [Abstract] | |
Class A Ordinary Shares Subject to Possible Redemption | Note 6 – Class A Ordinary Shares Subject to Possible Redemption The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. As of September 30, 2021, there were 37,375,000 Class A ordinary shares outstanding, all of which were subject to possible redemption. Class A ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheet is reconciled on the following table: Gross proceeds $ 373,750,000 Less: Fair value of Public Warrants at issuance (14,015,630 ) Offering costs allocated to Class A ordinary shares subject to possible redemption (19,939,990 ) Plus: Accretion on Class A ordinary shares subject to possible redemption amount 33,955,620 Class A ordinary shares subject to possible redemption $ 373,750,000 |
Derivative Warrant Liabilities
Derivative Warrant Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | |
Derivative Warrant Liabilities | Note 7 - Derivative Warrant Liabilities As of September 30, 2021 and December 31, 2020, the Company has 9,343,750 and 6,316,667 Public Warrants and Private Placement Warrants, respectively, outstanding. Warrants may only be exercised for a whole number of shares. The warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A Ordinary Shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than twenty (20) business days after the closing of the Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the Class A Ordinary Shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A Ordinary Shares until the warrants expire or are redeemed, as specified in the warrant agreement , Our warrants have an exercise price of $11.50 per whole share, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A Ordinary Shares or equity-linked securities for capital raising purposes in connection with the closing of the Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates, as applicable, prior to such issuance, and (ii) to the extent that such issuance is made to Marquee and The Raine Group or their respective affiliates, without taking into account the transfer of Founder Shares or private Placement warrants (including if such transfer is effectuated as a surrender to the Company and subsequent reissuance by to the Company) by the Sponsor in connection with such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from s h Redemption of warrants when the price per Class A Ordinary Share equals or exceeds $18.00. Once the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of Class A Ordinary Shares for any 20 trading days within a 30 -trading The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the Class A Ordinary Shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A Ordinary Shares is available throughout the 30-day Except as set forth below, none of the Private Placement Warrants will be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees. Redemption of warrants when the price per Class A Ordinary Share equals or exceeds $10.00. Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and • if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the Private Placement Warrants must also concurrently be called for redemption on the same terms (except as described herein with respect to a holders’ ability to cashless exercise its warrants) as the outstanding warrants, as described above. The “fair market value” of the Class A Ordinary Shares for the above purpose shall mean the volume-weighted average price of Class A Ordinary Shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A Ordinary Shares per warrant (subject to adjustment). If the Company had not completed the Business Combination within the Combination Period and the Company liquidated the funds held in the Trust Account, holders of warrants would not receive any of such funds with respect to their warrants, nor would they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. On October 15, 2021, the Company obtained adequate cash proceeds that will be sufficient to fund operating and capital expenditure requirements and mitigate the relevant conditions that raise substantial doubt about the Company’s ability to continue as a going concern through at least 12 months from the date of issuance of these financial statements. |
Shareholders' Deficit
Shareholders' Deficit | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Deficit | Note 8 - Shareholders’ Deficit Preference Shares Class A Ordinary Shares Class B Ordinary Shares Prior to the Business Combination, only holders of the Founder Shares will have the right to vote on the appointment of directors. Holders of the Founder Shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of a Business Combination, holders of a majority of the Founder Shares may remove a member of the Board for any reason. These provisions of the amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than two-thirds The Founder Shares will automatically convert into Class A Ordinary Shares on the first business day following the completion of the Business Combination at a ratio such that the number of Class A Ordinary Shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 - Fair Value Measurements The following table presents information about the Company’s liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. September 30, 2021 Description Quoted Prices in Active (Level 1) Significant Other (Level 2) Significant Other (Level 3) Liabilities: Derivative warrant liabilities - Public $ 12,520,630 $ — $ — Derivative warrant liabilities - Private $ — $ 8,464,330 $ — December 31, 2020 Description Quoted Prices in Active (Level 1) Significant Other (Level 2) Significant Other (Level 3) Liabilities: Derivative warrant liabilities - Public $ — $ — $ 16,258,130 Derivative warrant liabilities - Private $ — $ — $ 10,991,000 Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in January 2021, as the Public Warrants were separately listed and traded in the quarter ended March 31, 2021. The estimated fair value of the Private Warrants was transferred from a Level 3 measurement to a Level 2 fair value measurement as of April 2021, as the key inputs to the valuation model became directly or indirectly observable from the Public Warrants listed price. The change in the fair value of the derivative warrant liabilities, measured using level 3 inputs, for the three and nine months ended September 30, 2021 is summarized as follows: Level 3 - Derivative warrant liabilities at December 31, 2020 $ 27,249,130 Change in fair value of derivative warrant liabilities (3,158,330 ) Transfer of Public Warrants out of level 3 (16,258,130 ) Level 3 - Derivative warrant liabilities at March 31, 2021 7,832,670 Transfer of Private Warrants out of level 3 (7,832,670 ) Level 3 - Derivative warrant liabilities at June 30, 2021 — Change in fair value of derivative warrant liabilities — Level 3 - Derivative warrant liabilities at September 30, 2021 $ — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 - Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through the date the condensed consolidated financial statements were issued require potential adjustment to or disclosure in the condensed consolidated financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. MRAC Merger Sub Corp. during the three and nine months ended September 30, 2021 did not engage in any economic activity and is not consolidated in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K/A |
Revision to Previously Reported Financial Statements | Revision to Previously Reported Financial Statements In preparation of the Company’s unaudited condensed consolidated financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should revise its financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments in ASC 480, paragraph 10-S99, paid-in 8-K 10-K/A 10-Qs The impact of the revision to the audited consolidated balance sheet as of December 31, 2020 is a reclassification of $43.3 million from total shareholders’ equity to Class A ordinary shares subject to possible redemption. The impact of the revision to the unaudited condensed consolidated balance sheets as of March 31, 2021, and June 30, 2021, is a reclassification of $39.2 million and $42.4 million, respectively, from total shareholders’ equity to Class A ordinary shares subject to possible redemption. There is no impact to the reported amounts for total assets, total liabilities, cash flows, net income (loss), or the net income (loss) per share. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. |
Emerging growth company | Emerging growth company As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s unaudited condensed consolidated financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the warrant liability. Accordingly, the actual results could differ significantly from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of September 30, 2021 and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2021 and December 31, 2020. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements” approximates the carrying amounts represented in the unaudited condensed consolidated balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (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. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as non-operating |
Derivative Warrant Liabilities | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed The warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative warrant liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption Class A Ordinary Shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A Ordinary Shares (including Class A Ordinary Shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A Ordinary Shares are classified as shareholders’ equity. The Class A Ordinary Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at September 30, 2021 and December 31, 2020, 37,375,000 Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited condensed consolidated balance sheets. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax conseque n a FASB ASC Topic 740 pres c e e o There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Income (Loss) per Ordinary Share | Net Loss per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net loss per ordinary share is calculated by dividing the net loss by the weighted average shares of ordinary shares outstanding for the respective period. The calculation of diluted net loss does not consider the effect of the warrants issued in connection with the Initial Public Offering and Private Placement to purchase an aggregate of 15,660,417 shares of Class A ordinary shares in the calculation of diluted income per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of ordinary shares: For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 Class A Class B Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss (2,710,417 ) (677,604 ) (1,603,056 ) (400,764 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 37,375,000 9,343,750 37,375,000 9,343,750 Basic and diluted net loss per ordinary share $ (0.07) $ (0.07) $ (0.04) $ (0.04) |
Recent Issued Accounting Standards | Recent Issued Accounting Standards In August 2020, the FASB issued Accounting Standard Update (the “ASU”) No. 2020-06, 470-20) 815-40): The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying unaudited condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of basic and diluted net income per shares | The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of ordinary shares: For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 Class A Class B Class A Class B Basic and diluted net loss per ordinary share: Numerator: Allocation of net loss (2,710,417 ) (677,604 ) (1,603,056 ) (400,764 ) Denominator: Basic and diluted weighted average ordinary shares outstanding 37,375,000 9,343,750 37,375,000 9,343,750 Basic and diluted net loss per ordinary share $ (0.07) $ (0.07) $ (0.04) $ (0.04) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. September 30, 2021 Description Quoted Prices in Active (Level 1) Significant Other (Level 2) Significant Other (Level 3) Liabilities: Derivative warrant liabilities - Public $ 12,520,630 $ — $ — Derivative warrant liabilities - Private $ — $ 8,464,330 $ — December 31, 2020 Description Quoted Prices in Active (Level 1) Significant Other (Level 2) Significant Other (Level 3) Liabilities: Derivative warrant liabilities - Public $ — $ — $ 16,258,130 Derivative warrant liabilities - Private $ — $ — $ 10,991,000 |
Summary of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs | The change in the fair value of the derivative warrant liabilities, measured using level 3 inputs, for the three and nine months ended September 30, 2021 is summarized as follows: Level 3 - Derivative warrant liabilities at December 31, 2020 $ 27,249,130 Change in fair value of derivative warrant liabilities (3,158,330 ) Transfer of Public Warrants out of level 3 (16,258,130 ) Level 3 - Derivative warrant liabilities at March 31, 2021 7,832,670 Transfer of Private Warrants out of level 3 (7,832,670 ) Level 3 - Derivative warrant liabilities at June 30, 2021 — Change in fair value of derivative warrant liabilities — Level 3 - Derivative warrant liabilities at September 30, 2021 $ — |
Class A Ordinary Shares Subje_2
Class A Ordinary Shares Subject to Possible Redemption (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Ordinary Shares Subject To Possible Redemption [Abstract] | |
Schedule Of Reconciliation Of Ordinary Shares Subject To Possible Redemption | Class A ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheet is reconciled on the following table: Gross proceeds $ 373,750,000 Less: Fair value of Public Warrants at issuance (14,015,630 ) Offering costs allocated to Class A ordinary shares subject to possible redemption (19,939,990 ) Plus: Accretion on Class A ordinary shares subject to possible redemption amount 33,955,620 Class A ordinary shares subject to possible redemption $ 373,750,000 |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) | Apr. 28, 2021 | Dec. 17, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Shares issued price per share | $ 10 | $ 10 | ||
Offering costs | $ 19,900,000 | |||
Deferred underwriting commissions | 13,100,000 | $ 13,081,250 | $ 13,081,250 | |
Proceeds from issuance of warrants | $ 373,800,000 | |||
Restricted investments term | 185 days | |||
Value per share | $ 10 | |||
Net tangible assets for consummation of business combination | $ 5,000,001 | |||
Percentage of redeeming shares of public shares without the company's prior written consent | 15.00% | |||
Dissolution expense | $ 100,000 | |||
Preferred stock par or stated valued per share | $ 0.0001 | $ 0.0001 | ||
Cash and Cash Equivalents, at Carrying Value | $ 833,608 | $ 2,266,049 | ||
Accumulated deficit | 40,767,575 | $ 38,301,346 | ||
Working Capital Loans [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 833,600 | |||
Minimum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Percentage of fair market value of business combination | 80.00% | |||
Business acquisition percentage of voting interests acquired | 50.00% | |||
Sponsor [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Percentage of redeeming shares of public shares without the company's prior written consent | 100.00% | |||
Business combination period | 24 months | |||
PIPE Investors [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Stock issued during the period shares | 8,000,000 | |||
Stock issued during period value issued for services | $ 80,000,000 | |||
Common Class A [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Value per share | $ 11.50 | $ 9.20 | ||
Ordinary shares par value | $ 0.0001 | 0.0001 | $ 0.0001 | |
Stock conversion basis | one-for-one | |||
Common Class B [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ordinary shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Stock conversion basis | one-for-one | |||
Private Placement Warrants [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Proceeds from issuance of warrants | $ 9,500,000 | |||
Private Placement Warrants [Member] | Sponsor [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Class of warrants and rights issued during the period | 6,316,667 | |||
Class of warrants and rights issued price per warrant | $ 1.50 | |||
Legacy Enjoy [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ordinary shares par value | $ 10 | |||
Preferred stock convertible conversion price | $ 0.00001 | |||
Warrants outstanding | 336,304 | |||
Preferred stock converted into warrants | 115,875 | |||
Class of warrants exercise price per share | $ 6.90 | |||
Legacy Enjoy [Member] | Series A Preferred Stock [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Preferred stock par or stated valued per share | 0.00001 | |||
Legacy Enjoy [Member] | Series B Preferred Stock [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Preferred stock par or stated valued per share | 0.00001 | |||
Legacy Enjoy [Member] | Series C Preferred Stock [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Preferred stock par or stated valued per share | $ 0.00001 | |||
IPO [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Offering costs | $ 19,900,000 | |||
Deferred underwriting commissions | $ 13,100,000 | |||
Value per share | $ 10 | |||
IPO [Member] | Common Class A [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Stock issued during the period shares | 37,375,000 | |||
Shares issued price per share | $ 10 | |||
Proceeds from issuance of IPO | $ 373,800,000 | |||
Stock conversion basis | Each Unit consists of one Class A ordinary share, and one-fourth of one redeemable warrant (each, a “Public warrant”) | |||
Over-Allotment Option [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Stock issued during the period shares | 4,875,000 | |||
Over-Allotment Option [Member] | Common Class A [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Stock issued during the period shares | 4,875,000 | |||
Backstop Investors [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Stock issued during period value | $ 55,009,060 | |||
Stock issued during the period shares | 5,500,906 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Federal depository insurance coverage | $ 250,000 | |||
Cash equivalents | 0 | $ 0 | ||
Decrease in additional paid in capital | 6,000,000 | |||
Decrease in accumulated deficit | $ 34,100,000 | |||
Reclassification of temporary equity shares | 4,006,429 | |||
Minimum [Member] | ||||
Minimum tangible net worth required for compliance | $ 5,000,001 | |||
IPO [Member] | ||||
Reimbursement received | $ 3,000,000 | |||
Warrant [Member] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 15,660,417 | |||
Common Class A [Member] | ||||
Ordinary shares subject to possible redemption | 37,375,000 | 37,375,000 | ||
Revision of Prior Period, Reclassification, Adjustment [Member] | ||||
Reclassification total shareholders' equity | $ 42,400,000 | $ 39,200,000 | $ 43,300,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of basic and diluted net income per shares (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | |
Numerator: | ||||
Allocation of net loss | $ (3,388,021) | $ (2,984,151) | $ 4,368,352 | $ (2,003,820) |
Common Class A [Member] | ||||
Numerator: | ||||
Allocation of net loss | $ (2,710,417) | $ (1,603,056) | ||
Denominator: | ||||
Basic and diluted weighted average ordinary shares outstanding | 37,375,000 | 37,375,000 | ||
Basic and diluted net loss per ordinary share | $ (0.07) | $ (0.04) | ||
Common Class B [Member] | ||||
Numerator: | ||||
Allocation of net loss | $ (677,604) | $ (400,764) | ||
Denominator: | ||||
Basic and diluted weighted average ordinary shares outstanding | 9,343,750 | 9,343,750 | ||
Basic and diluted net loss per ordinary share | $ (0.07) | $ (0.04) |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - USD ($) | Apr. 28, 2021 | Dec. 17, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Offering costs | $ 19,900,000 | |||
Deferred underwriting commissions | $ 13,100,000 | $ 13,081,250 | $ 13,081,250 | |
Share price per share | $ 10 | |||
Deferred legal fees | $ 500,000 | $ 500,000 | ||
IPO [Member] | ||||
Offering costs | 19,900,000 | |||
Deferred underwriting commissions | $ 13,100,000 | |||
Share price per share | $ 10 | |||
Over-Allotment Option [Member] | ||||
Stock issued during the period shares | 4,875,000 | |||
Common Class A [Member] | ||||
Share price per share | $ 11.50 | $ 9.20 | ||
Stock conversion basis | one-for-one | |||
Shares issuable per warrant | 0.361 | |||
Common Class A [Member] | Public Warrant [Member] | ||||
Shares issuable per warrant | 1 | |||
Exercise price of warrant | $ 11.50 | |||
Common Class A [Member] | IPO [Member] | ||||
Stock issued during the period shares | 37,375,000 | |||
Sale of stock issue price per share | $ 10 | |||
Proceeds from initial public offer | $ 373,800,000 | |||
Stock conversion basis | Each Unit consists of one Class A ordinary share, and one-fourth of one redeemable warrant (each, a “Public warrant”) | |||
Common Class A [Member] | Over-Allotment Option [Member] | ||||
Stock issued during the period shares | 4,875,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Nov. 10, 2020 | Oct. 28, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Apr. 28, 2021 | Dec. 31, 2020 | Dec. 17, 2020 | Dec. 15, 2020 |
Related Party Transaction [Line Items] | ||||||||
Share price per share | $ 10 | |||||||
Working Capital Loans [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Borrowings | $ 0 | $ 0 | $ 0 | |||||
Private Placement Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of days after the Business Combination determining Private Placement Warrants lock in period | 30 days | |||||||
Over-Allotment Option [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Over-allotment option exercised | fully | |||||||
IPO [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Share price per share | 10 | |||||||
Founder Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Founder shares outstanding | 9,343,750 | |||||||
Founder shares agreed to be forfeited | 9,343,750 | |||||||
Number of years after the Business Combination determining founder shares lock in period | 1 year | |||||||
Founder Shares [Member] | IPO [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of issued and outstanding shares owned by Founder Shares | 20.00% | |||||||
Warrant [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Private Placement Warrant exercise price | $ 11.50 | $ 11.50 | ||||||
Warrant [Member] | Working Capital Loans [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Working capital loans convertible amount | $ 1,500,000 | $ 1,500,000 | ||||||
Working capital loans conversion price | $ 1.50 | $ 1.50 | ||||||
Class B [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ordinary shares par value | 0.0001 | 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Class A [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ordinary shares par value | 0.0001 | 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Share price per share | 9.20 | 9.20 | $ 11.50 | |||||
Class A [Member] | Share Price Equals Or Exceeds 12 USD [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Share price per share | $ 12 | $ 12 | ||||||
Class A [Member] | Founder Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of consecutive trading days after the Business Combination determining founder shares lock in period | 20 days | |||||||
Number of trading days after the Business Combination determining founder shares lock in period | 30 days | |||||||
Threshold days after the Business Combination determining founder shares lock in period | 150 days | |||||||
Sponsor [Member] | Office Space And Administrative Support Services [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expense | $ 0 | $ 0 | ||||||
Sponsor [Member] | Private Placement Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Private placement warrants shares issued | 6,316,667 | |||||||
Private placement warrants shares issued price per share | $ 1.50 | $ 1.50 | ||||||
Proceeds from private placement warrants | $ 9,500,000 | |||||||
Sponsor [Member] | IPO [Member] | Commercial Paper [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Promissory note, Face amount | $ 300,000 | |||||||
Promissory note, Interest rate | 0.00% | |||||||
Borrowings | $ 128,000 | |||||||
Sponsor [Member] | Founder Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Founder shares surrendered shares | 718,750 | |||||||
Founder Shares surrendered shares, Value | $ 0 | |||||||
Sponsor [Member] | Founder Shares [Member] | Over-Allotment Option [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Founder shares outstanding | 1,218,750 | |||||||
Founder shares agreed to be forfeited | 1,218,750 | |||||||
Sponsor [Member] | Class B [Member] | Founder Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from stock issuance | $ 25,000 | |||||||
Issuance of Ordinary shares | 10,062,500 | |||||||
Ordinary shares par value | $ 0.0001 | |||||||
Underwriters [Member] | Founder Shares [Member] | Over-Allotment Option [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Founder shares outstanding | 1,218,750 | 0 | ||||||
Founder shares agreed to be forfeited | 1,218,750 | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 17, 2020 | |
Deferred underwriting commissions payable per unit | $ 0.35 | ||
Deferred underwriting commissions | $ 13,081,250 | $ 13,081,250 | $ 13,100,000 |
Per unit | $ 0.01 | ||
Deferred legal fees | $ 500,000 | 500,000 | |
Over-Allotment Option [Member] | |||
Overallotment Option Vesting Period | 45 days | ||
Stock issued during the period shares | 4,875,000 | ||
IPO [Member] | |||
Underwriting discount paid per unit | $ 0.20 | ||
Underwriting discount paid | $ 7,500,000 | ||
Reimbursement received | $ 3,000,000 | ||
Deferred underwriting commissions | $ 13,100,000 |
Class A Ordinary Shares Subje_3
Class A Ordinary Shares Subject to Possible Redemption - Additional Information (Detail) - Common Class A [Member] - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Ordinary Shares Subject To Possible Redemption [Line Items] | ||
Temporary equity par or stated value per share | $ 0.0001 | $ 0.0001 |
Temporary equity shares authorized | 500,000,000 | |
Temporary equity shares outstanding | 37,375,000 | 37,375,000 |
Class A Ordinary Shares Subje_4
Class A Ordinary Shares Subject to Possible Redemption - Schedule Of Reconciliation Of Ordinary Shares Subject To Possible Redemption (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | |
Less [Abstract] | ||||
Fair Value Adjustment of Warrants | $ 939,630 | $ (6,264,170) | ||
Plus [Abstract] | ||||
Accretion on Class A ordinary shares subject to possible redemption amount | $ 196,307 | $ 266,102 | ||
Common Class A [Member] | ||||
Ordinary Shares Subject To Possible Redemption [Line Items] | ||||
Gross proceeds | $ 373,750,000 | 373,750,000 | ||
Less [Abstract] | ||||
Fair Value Adjustment of Warrants | (14,015,630) | |||
Offering costs allocated to Class A ordinary shares subject to possible redemption | (19,939,990) | |||
Plus [Abstract] | ||||
Accretion on Class A ordinary shares subject to possible redemption amount | 33,955,620 | |||
Class A ordinary shares subject to possible redemption | $ 373,750,000 | $ 373,750,000 |
Derivative Warrant Liabilities
Derivative Warrant Liabilities - Additional Information (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 17, 2020 | |
Warrants exercisable term from the date of completion of business combination | 30 days | ||
Warrants exercisable term from the closing of IPO | 12 months | ||
Minimum lock in period for SEC registration from date of business combination | 20 days | ||
Minimum lock In period to become effective after the closing of the initial Business Combination | 60 days | ||
Effective day for registration statement issuable upon exercise of the warrants | 60 days | ||
Warrants expiration term | 5 years | ||
Share price | $ 10 | ||
Percentage of capital raised for business combination to total equity Proceeds | 60.00% | ||
Class of warrants, redemption price per unit | $ 10 | ||
Share Price Equals or Exceeds $10 [Member] | |||
Share price | $ 10 | ||
Class of warrants, redemption notice period | 30 days | ||
Class of warrants, redemption price per unit | $ 0.10 | ||
Share Price More Than or Equals To $18 [Member] | |||
Share price | $ 18 | ||
Number of consecutive trading days for determining share price | 20 days | ||
Class of warrants, exercise price adjustment percentage | 180.00% | ||
Class of warrants, redemption notice period | 30 days | ||
Number of consecutive trading days for determining share price | 20 days | ||
Class of warrants, redemption price per unit | $ 0.01 | ||
Number of trading days for determining share price | 30 days | ||
Share Price Less Than or Equals To $9.2 [Member] | |||
Class of warrants, exercise price adjustment percentage | 115.00% | ||
Share Price Less Than or Equals To $18 [Member] | |||
Share price | $ 10 | ||
Class of warrants, exercise price adjustment percentage | 100.00% | ||
Class of warrants, redemption price per unit | $ 18 | ||
Public Warrants [Member] | |||
Warrants outstandings | 9,343,750 | ||
Private Warrant [Member] | |||
Warrants outstandings | 6,316,667 | ||
Warrant [Member] | |||
Warrants exercise price | $ 11.50 | ||
Common Class A [Member] | |||
Share price | $ 9.20 | $ 11.50 | |
Securities called by each warrant | 0.361 | ||
Number of days determining fair market value of the ClassA ordinary shares | 10 days | ||
Common Class A [Member] | Share Price Below $9.20 [Member] | |||
Share price | $ 9.20 |
Shareholders' Deficit - Additio
Shareholders' Deficit - Additional Information (Detail) - USD ($) | Apr. 28, 2021 | Dec. 17, 2020 | Nov. 10, 2020 | Oct. 28, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 15, 2020 |
Preference shares authorized | 5,000,000 | 5,000,000 | |||||
Preference shares par value | $ 0.0001 | $ 0.0001 | |||||
Preference shares issued | 0 | 0 | |||||
Preference shares outstanding | 0 | 0 | |||||
Over-Allotment Option [Member] | |||||||
Stock issued during the period shares | 4,875,000 | ||||||
Founder Shares [Member] | |||||||
Class A ordinary shares authorized | 50,000,000 | ||||||
Founder shares outstanding | 9,343,750 | ||||||
Founder Shares [Member] | Underwriters [Member] | Over-Allotment Option [Member] | |||||||
Founder shares outstanding | 1,218,750 | 0 | |||||
Founder Shares [Member] | Sponsor [Member] | |||||||
Stock issued during the period shares | 10,062,500 | ||||||
Founder shares surrendered shares | 718,750 | ||||||
Founder Shares surrendered shares, Value | $ 0 | ||||||
Founder Shares [Member] | Sponsor [Member] | Over-Allotment Option [Member] | |||||||
Founder shares outstanding | 1,218,750 | ||||||
Common Stock [Member] | |||||||
Percentage of issued and outstanding ordinary shares owned by initial shareholders | 20.00% | ||||||
Common Class A [Member] | |||||||
Class A ordinary shares authorized | 500,000,000 | 500,000,000 | |||||
Class A ordinary shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Class A ordinary shares subject to possible redemption | 37,375,000 | 37,375,000 | |||||
Voting rights | one | ||||||
Conversion basis | one-for-one | ||||||
Common Class A [Member] | Over-Allotment Option [Member] | |||||||
Stock issued during the period shares | 4,875,000 | ||||||
Common Class A [Member] | Founder Shares [Member] | |||||||
Voting rights | one | ||||||
Percentage of conversion | 20.00% | ||||||
Conversion basis | one to one |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Public Warrant [Member] | Level 1 [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | $ 12,520,630 | $ 0 |
Public Warrant [Member] | Level 2 [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 0 | 0 |
Public Warrant [Member] | Level 3 [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 0 | 16,258,130 |
Private Warrant [Member] | Level 1 [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 0 | 0 |
Private Warrant [Member] | Level 2 [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | 8,464,330 | 0 |
Private Warrant [Member] | Level 3 [Member] | ||
Liabilities: | ||
Derivative warrant liabilities | $ 0 | $ 10,991,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Change in the Fair Value of the Derivative Warrant Liabilities (Detail) - Level 3 [Member] - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative warrant liabilities | $ 0 | $ 7,832,670 | $ 27,249,130 |
Change in fair value of derivative warrant liabilities | 0 | (3,158,330) | |
Derivative warrant liabilities | $ 0 | 0 | 7,832,670 |
Public Warrant [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfer of Public Warrants out of level 3 | $ (7,832,670) | $ (16,258,130) |