Cover Page
Cover Page - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Nov. 15, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-K/A | |
Amendment Flag | true | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2020 | |
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 | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding | 119,621,866 | |
Amendment Description | On October 15, 2021, Enjoy Technology, Inc. (the “Company”), formerly known as Marquee Raine Acquisition Corp. (“MRAC”), consummated the previously announced business combination (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger, dated as of April 28, 2021 and amended on July 23, 2021 and September 13, 2021 (the “Merger Agreement”), by and among MRAC, MRAC Merger Sub Corp. and Enjoy Technology Operating Corp. (f/k/a Enjoy Technology Inc.). Pursuant to the Merger Agreement, following the approval by MRAC’s stockholders on October 13, 2021, the Business Combination was consummated. This Amendment No. 2 to the Annual Report on Form 10-K/A (“Amendment No. 2”) amends Amendment No. 1 to the Annual Report on Form 10-K/A of Marquee Raine Acquisition Corp. as of and for the period ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”) on June 2, 2021 (the “First Amended Filing”). Unless stated otherwise, this Amendment No. 2 contains information about the Company before the Business Combination. References to the “Company,” “our,” “us” or “we” in this Amendment No. 2 refer to Marquee Raine Acquisition Corp. and its consolidated subsidiaries before the consummation of the Business Combination and to Enjoy Technology, Inc. and its consolidated subsidiaries after the Business Combination, as the context suggests Except as otherwise expressly provided herein, the information in this Amendment No. 2 does not reflect the consummation of the Business Combination, which, as discussed above, occurred subsequent to the period covered hereunder. In preparation of the Company’s financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it should revise its prior-filed financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with ASC 480-10-S99, redemption provisions not solely within the control of the Company require shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity, or total shareholders’ equity. Although the Company did not specify a maximum redemption threshold, its amended and restated memorandum and articles of association provided that, the Company would not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with its financial statements for quarterly period ended September 30, 2021, the Company revised this interpretation to include temporary equity in net tangible assets. In addition, in connection with the change in presentation for the Class A ordinary shares subject to possible redemption, the Company determined it should restate 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. Therefore, on December 13, 2021, the Company’s management and the audit committee of the Company’s Board of Directors (the “Audit Committee”) concluded that the Company’s previously issued (i) audited balance sheet as of December 17, 2020 (the “Post IPO Balance Sheet”), as previously revised in the First Amended Filing, (ii) audited financial statements included in the First Amended Filing, (iii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on June 7, 2021; (iv) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 13, 2021, and (v) Note 2 to the unaudited interim financial statements and Item 4 of Part 1 included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 9, 2021 (collectively, the “Affected Periods”), should be restated to report all Class A ordinary shares as temporary equity and revise earnings per share and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods in this Amendment No. 2 for the Post IPO Balance Sheet and the Company’s audited financial statements included in the First Amended Filing. The unaudited condensed financial statements for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021 will be amended in the Company’s Quarterly Report on Form 10-Q/A the period September 30, 2021, to be filed with the SEC (the “Form 10-Q/A”). The restatement does not have an impact on the Company’s cash position and cash held in the trust account established in connection with the Initial Public Offering. The Company’s management has concluded that a material weakness remains in the Company’s internal control over financial reporting and that the Company’s disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness will be described in more detail in Item 9A of Part II to this Amendment No. 2. | |
Entity Public Float | $ 0 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | ENJY | |
Security Exchange Name | NASDAQ | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase common stock | |
Trading Symbol | ENJYW | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets
Condensed Balance Sheets | Dec. 31, 2020USD ($) |
Current assets: | |
Cash | $ 2,266,049 |
Prepaid expenses | 831,645 |
Total current assets | 3,097,694 |
Cash held in Trust Account | 373,750,000 |
Total Assets | 376,847,694 |
Current liabilities: | |
Accounts payable | 578,902 |
Accrued expenses | 488,824 |
Total current liabilities | 1,067,726 |
Deferred underwriting commissions | 13,081,250 |
Derivative warrant liabilities | 27,249,130 |
Total liabilities | 41,398,106 |
Commitments and Contingencies | |
Class A ordinary shares, $0.0001 par value; 37,375,000 shares subject to possible redemption at $10.00 per share | 373,750,000 |
Shareholders' Deficit | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | 0 |
Additional paid-in capital | 0 |
Accumulated deficit | (38,301,346) |
Total shareholders' deficit | (38,300,412) |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit | 376,847,694 |
Common Class A [Member] | |
Shareholders' Deficit | |
Common Stock | 0 |
Common Class B [Member] | |
Shareholders' Deficit | |
Common Stock | $ 934 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) | Dec. 31, 2020$ / sharesshares |
Preference shares par value | $ / shares | $ 0.0001 |
Preference shares authorized | 5,000,000 |
Preference shares issued | 0 |
Preference shares outstanding | 0 |
Common Class A [Member] | |
Class A ordinary shares par value | $ / shares | $ 0.0001 |
Ordinary shares subject to possible redemption | 37,375,000 |
Ordinary shares redemption price per share | $ / shares | $ 10 |
Ordinary shares par value | $ / shares | $ 0.0001 |
Ordinary shares authorized | 500,000,000 |
Ordinary shares issued | 0 |
Ordinary shares outstanding | 0 |
Common Class B [Member] | |
Ordinary shares par value | $ / shares | $ 0.0001 |
Ordinary shares authorized | 50,000,000 |
Ordinary shares issued | 9,343,750 |
Ordinary shares outstanding | 9,343,750 |
Condensed Statements of Operati
Condensed Statements of Operations | 3 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
General and administrative expenses | $ 127,691 |
Loss from operations | (127,691) |
Other income (expenses) | |
Change in fair value of derivative warrant liabilities | (3,758,500) |
Transaction costs—derivative warrant liabilities | (946,010) |
Net loss | $ (4,832,201) |
Common Class A [Member] | |
Other income (expenses) | |
Weighted average ordinary shares outstanding, basic and diluted | shares | 8,625,000 |
Basic and diluted net loss per ordinary share | $ / shares | $ (0.28) |
Common Class B [Member] | |
Other income (expenses) | |
Weighted average ordinary shares outstanding, basic and diluted | shares | 8,406,250 |
Basic and diluted net loss per ordinary share | $ / shares | $ (0.28) |
Condensed Statements Of Changes
Condensed Statements Of Changes In Shareholders' Equity - 3 months ended Dec. 31, 2020 - USD ($) | Total | Additional Paid-in Capital | Accumulated Deficit | Class B [Member]Ordinary Shares |
Beginning balance at Oct. 15, 2020 | $ 0 | $ 0 | $ 0 | $ 0 |
Beginning balance (in shares) at Oct. 15, 2020 | 0 | |||
Issuance of Class B ordinary shares to Sponsor | 25,000 | 24,066 | $ 934 | |
Issuance of Class B ordinary shares to Sponsor (Shares) | 9,343,750 | |||
Accretion of Class A ordinary shares subject to possible redemption | (33,493,211) | (24,066) | (33,469,145) | |
Net income (loss) | (4,832,201) | (4,832,201) | ||
Ending balance at Dec. 31, 2020 | $ (38,300,412) | $ 0 | $ (38,301,346) | $ 934 |
Ending balance (in shares) at Dec. 31, 2020 | 9,343,750 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ (4,832,201) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares | 25,000 |
Change in fair value of derivative warrant liabilities | 3,758,500 |
Transaction costs—derivative warrant liabilities | 946,010 |
Changes in operating assets and liabilities: | |
Prepaid expenses | (831,645) |
Accounts payable | 578,902 |
Accrued expenses | 53,590 |
Net cash used in operating activities | (301,844) |
Cash Flows from Investing Activities: | |
Cash deposited in Trust Account | (373,750,000) |
Net cash used in investing activities | (373,750,000) |
Cash Flows from Financing Activities: | |
Proceeds received from note payable to related party | 127,850 |
Repayment of note payable to related party | (127,850) |
Proceeds received from initial public offering, gross | 373,750,000 |
Proceeds received from private placement | 9,475,000 |
Reimbursement from underwriters | 2,990,000 |
Offering costs paid | (9,897,107) |
Net cash provided by financing activities | 376,317,893 |
Net change in cash | 2,266,049 |
Cash—beginning of the period | 0 |
Cash—end of the period | 2,266,049 |
Supplemental disclosure of noncash financing activities: | |
Offering costs included in accrued expenses | 435,234 |
Deferrred Underwriting Commission | $ 13,081,250 |
DESCRIPTION OF ORGANIZATION AND
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | 3 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Marquee Raine Acquisition Corp. (the “Company”) 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 risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from October 16, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. In the future, the Company may generate 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 $19.5 million, of which approximately $13.1 million was deferred underwriting commissions (Note 6). 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 5). 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 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) 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 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-Business 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 (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the public shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 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 Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity As of December 31, 2020, the Company had cash of approximately $2.3 million outside of the Trust Account and working capital of approximately $2.0 million. The Company will use these funds for paying existing accounts payable, identifying and evaluating prospective Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. |
RESTATEMENT OF PREVIOUSLY ISSUE
RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes And Error Corrections | Note 2—RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS In preparation of the Company’s financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it should revise its prior-filed financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with ASC 480-10-S99, In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error. Therefore, the Company’s management and the audit committee of the Company’s board of directors (the “Audit Committee”) concluded that the Company’s previously issued (i) audited balance sheet as of December 17, 2020 (the “Post IPO Balance Sheet”), as previously revised in the Company’s Amendment No. 1 to the Annual Report on Form 10-K/A The restatement does not have an impact on the Company’s cash position and cash held in the Trust Account. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 31, 2020: As of December 31, 2020 As Reported Adjustment As Restated Total assets $ 376,847,694 $ 376,847,694 Total liabilities $ 41,398,106 $ 41,398,106 Class A ordinary shares subject to redemption at $10.00 per share $ 330,449,580 $ 43,300,420 $ 373,750,000 Preference shares — — — Class A ordinary shares 433 (433 ) — Class B ordinary shares 934 — 934 Additional paid-in 9,830,842 (9,830,842 ) — Accumulated deficit (4,832,201 ) (33,469,145 ) (38,301,346 ) Total shareholders’ equity (deficit) $ 5,000,008 $ (43,300,420 ) $ (38,300,412 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 376,847,694 $ — $ 376,847,694 Shares of Class A ordinary shares subject to redemption 33,044,958 4,330,042 37,375,000 Shares of Class A ordinary shares 4,330,042 (4,330,042 ) — The Company’s statement of shareholders’ equity has been restated to reflect the changes to the impacted shareholders’ equity (deficit) accounts described above. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the period from October 16, 2020 (inception) through December 31, 2020: Supplemental Disclosure of Noncash Financing Activities Initial value of Class A ordinary shares subject to possible redemption $ 333,685,710 $ (333,685,710 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (3,236,130 ) $ 3,236,130 $ — The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the period from October 16, 2020 (inception) through December 31, 2020: Earnings Per Share As Reported Adjustment As Restated For the Period from October 16, 2020 (Inception) through December 31, 2020 Net loss $ (4,832,201 ) $ — $ (4,832,201 ) Weighted average shares outstanding - Class A ordinary shares 37,375,000 (28,750,000 ) 8,625,000 Basic and diluted loss per share - Class A ordinary shares $ — $ (0.28 ) $ (0.28 ) Weighted average shares outstanding - Class B ordinary shares 8,429,688 (23,438 ) 8,406,250 Basic and diluted loss per share - Class B ordinary shares $ (0.57 ) $ 0.29 $ (0.28 ) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 17, 2020: As of December 17, 2020 As Reported, Adjustment As Restated Total assets $ 375,776,800 $ 375,776,800 Total liabilities $ 37,091,089 $ 37,091,089 Class A ordinary shares subject to redemption at $10.00 per share $ 333,685,710 $ 40,064,290 $ 373,750,000 Preference shares — — — Class A ordinary shares 401 (401 ) — Class B ordinary shares 934 — 934 Additional paid-in 5,995,328 (5,995,328 ) — Accumulated deficit (996,662 ) (34,068,561 ) (35,065,223 ) Total shareholders’ equity (deficit) $ 5,000,001 $ (40,064,290 ) $ (35,064,289 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 375,776,800 $ — $ 375,776,800 Shares of Class A ordinary shares subject to redemption 33,368,571 4,006,429 37,375,000 Shares of Class A ordinary shares 4,006,429 (4,006,429 ) — The Class A ordinary shares issued in the Initial Public Offering and issued as part of the Over-Allotment Units were recognized in Class A ordinary shares stock subject to possible redemption as follows: Gross Proceeds for initial public offering and over-allotment $ 375,750,000 Less: — Offering costs allocated to Class A shares subject to possible redemption (19,477,581 ) Proceeds allocated to Public Warrants at issuance (14,015,630 ) Plus: Accretion of Class A ordinary shares subject to possible redemption amount 33,493,211 Class A ordinary shares subject to possible redemption $ 375,750,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period from December 31, 2020, and the period from October 16, 2020 (inception) through December 31, 2020 (collectively, the “Affected Period”), are restated in this Annual Report on Form 10-K/A Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the derivative warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and Trust accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. At 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. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2020. As of December 31, 2020, cash held in the operating bank account was approximately $2.3 million and Cash held in the Trust Account was approximately $373.8 million. Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of December 31, 2020, the carrying values of cash, accounts payable, and accrued expenses approximate their fair values primarily due to the short-term nature of the instruments. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants have been measured at fair value using a Monte Carlo simulation model. Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are 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 of approximately $0.9 million were expensed as incurred, presented as non-operating 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, 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 balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement from initial book value to redemption amount. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in charges against additional paid-in Net Income (Loss) Per Ordinary Share The Company has two classes of shares, Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 15,660,417, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period from October 16, 2020 (inception) through December 31, 2020. The remeasurement of the Class A ordinary shares subject to possible redemption is excluded from earnings per share as the redemption value approximates fair value. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC Topic 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. There were no unrecognized tax benefits as of December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. 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 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. Derivative Warrant Liabilities The Company does not use derivative instruments to hedge its exposures to cash flow, market, or foreign currency risks. Management evaluates all of the Company’s financial instruments, including issued warrants to purchase its Class A ordinary shares, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The Company issued 9,343,750 warrants to purchase Class A ordinary shares to investors in the Company’s Initial Public Offering and simultaneously issued 6,316,667 Private Placement Warrants. All of the Company’s outstanding warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 3 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Initial Public Offering | NOTE 4. 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 $19.5 million, of which approximately $13.1 million was deferred underwriting commissions. Each Unit consists of one Class A ordinary share, and one-fourth |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5. 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 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 completion of a Business Combination, without interest, or, at the lenders’ discretion, up to $1.5 million of such working capital loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of the December 31, 2020, the Company had no borrowings under 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 & CONTINGENCIES
COMMITMENTS & CONTINGENCIES | 3 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6. COMMITMENTS & 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 provides 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. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 |
DERIVATIVE WARRANT LIABILITIES
DERIVATIVE WARRANT LIABILITIES | 3 Months Ended |
Dec. 31, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Derivative Warrant Liabilities | NOTE 7. DERIVATIVE WARRANT LIABILITIES The Company issued 9,343,750 warrants to purchase Class A ordinary shares to investors in the Company’s Initial Public Offering and simultaneously issued 6,316,667 Private Placement Warrants. 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 The 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 such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Business Combination on the date of the completion of the Business Combination (net of redemptions), and (z) the volume-weighted average trading price of the Class A Ordinary Shares during the 20 trading day period starting on the trading day prior to the day on which the Company completes its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A Ordinary Share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively. Redemption of warrants when the price per Class A Ordinary Share 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 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. • 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 has not completed the Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Deficit | NOTE 8. SHAREHOLDERS’ EQUITY 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 MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9. FAIR VALUE MEASUREMENT The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy: Description Quoted Significant Significant Liabilities: Derivative warrant liabilities $ — $ — $ 27,249,130 Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. There were no transfers between levels of the hierarchy in during the period from October 16, 2020 (inception) through December 31, 2020. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially and subsequently measured at fair value using a Monte Carlo simulation model at each measurement date. For the period ended December 31, 2020, the Company recognized a charge to the statement of operations resulting from an increase in the fair value of liabilities of approximately $3.8 million presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations. The estimated fair value of the Private Placement Warrants and the Public Warrants, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimated the volatility of its Class A ordinary shares warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s Class A ordinary shares that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement: As of As of Volatility 22.4 % 21.7 % Stock price $ 10.45 $ 10.40 Expected life of the options to convert 5.5 5.5 Risk-free rate 0.45 % 0.43 % Dividend yield 0.0 % 0.0 % The change in the fair value of the derivative warrant liabilities for the period from October 16, 2020 (inception) through December 31, 2020 is summarized as follows: Derivative warrant liabilities at October 16, 2020 (inception) $ — Issuance of Public and Private Warrants 23,490,630 Change in fair value of derivative warrant liabilities 3,758,500 Derivative warrant liabilities at December 31, 2020 $ 27,249,130 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10. SUBSEQUENT EVENTS On April 28, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MRAC Merger Sub Corp., a Delaware corporation and a wholly owned subsidiary of the Company, and Enjoy Technology Inc., a Delaware corporation. Pursuant to the Merger Agreement, the parties thereto entered into a business combination transaction. On October 15, 2021, Enjoy Technology, Inc., a Delaware corporation that is our successor, consummated the previously announced Business Combination pursuant to the Merger Agreement, following the approval by the Company’s stockholders on October 13, 2021. The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period from December 31, 2020, and the period from October 16, 2020 (inception) through December 31, 2020 (collectively, the “Affected Period”), are restated in this Annual Report on Form 10-K/A |
Emerging growth company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the derivative warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. |
Concentration of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and Trust accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. At 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2020. As of December 31, 2020, cash held in the operating bank account was approximately $2.3 million and Cash held in the Trust Account was approximately $373.8 million. |
Financial Instruments | Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. As of December 31, 2020, the carrying values of cash, accounts payable, and accrued expenses approximate their fair values primarily due to the short-term nature of the instruments. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are 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 of approximately $0.9 million were expensed as incurred, presented as non-operating |
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, 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 balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the remeasurement from initial book value to redemption amount. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in charges against additional paid-in |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share The Company has two classes of shares, Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 15,660,417, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period from October 16, 2020 (inception) through December 31, 2020. The remeasurement of the Class A ordinary shares subject to possible redemption is excluded from earnings per share as the redemption value approximates fair value. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC Topic 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. There were no unrecognized tax benefits as of December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. 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 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. |
Derivative Warrant Liabilities | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge its exposures to cash flow, market, or foreign currency risks. Management evaluates all of the Company’s financial instruments, including issued warrants to purchase its Class A ordinary shares, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. re-assessed The Company issued 9,343,750 warrants to purchase Class A ordinary shares to investors in the Company’s Initial Public Offering and simultaneously issued 6,316,667 Private Placement Warrants. All of the Company’s outstanding warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
RESTATEMENT OF PREVIOUSLY ISS_2
RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Impact of Restatement on the Balance Sheet | The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 31, 2020: As of December 31, 2020 As Reported Adjustment As Restated Total assets $ 376,847,694 $ 376,847,694 Total liabilities $ 41,398,106 $ 41,398,106 Class A ordinary shares subject to redemption at $10.00 per share $ 330,449,580 $ 43,300,420 $ 373,750,000 Preference shares — — — Class A ordinary shares 433 (433 ) — Class B ordinary shares 934 — 934 Additional paid-in 9,830,842 (9,830,842 ) — Accumulated deficit (4,832,201 ) (33,469,145 ) (38,301,346 ) Total shareholders’ equity (deficit) $ 5,000,008 $ (43,300,420 ) $ (38,300,412 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 376,847,694 $ — $ 376,847,694 Shares of Class A ordinary shares subject to redemption 33,044,958 4,330,042 37,375,000 Shares of Class A ordinary shares 4,330,042 (4,330,042 ) — The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of December 17, 2020: As of December 17, 2020 As Reported, Adjustment As Restated Total assets $ 375,776,800 $ 375,776,800 Total liabilities $ 37,091,089 $ 37,091,089 Class A ordinary shares subject to redemption at $10.00 per share $ 333,685,710 $ 40,064,290 $ 373,750,000 Preference shares — — — Class A ordinary shares 401 (401 ) — Class B ordinary shares 934 — 934 Additional paid-in 5,995,328 (5,995,328 ) — Accumulated deficit (996,662 ) (34,068,561 ) (35,065,223 ) Total shareholders’ equity (deficit) $ 5,000,001 $ (40,064,290 ) $ (35,064,289 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) $ 375,776,800 $ — $ 375,776,800 Shares of Class A ordinary shares subject to redemption 33,368,571 4,006,429 37,375,000 Shares of Class A ordinary shares 4,006,429 (4,006,429 ) — |
Schedule of Impact of Restatement on Cash Flow Statement | The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the period from October 16, 2020 (inception) through December 31, 2020: Supplemental Disclosure of Noncash Financing Activities Initial value of Class A ordinary shares subject to possible redemption $ 333,685,710 $ (333,685,710 ) $ — Change in value of Class A ordinary shares subject to possible redemption $ (3,236,130 ) $ 3,236,130 $ — |
Schedule of Restatement of Earnings Per Share | The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the period from October 16, 2020 (inception) through December 31, 2020: Earnings Per Share As Reported Adjustment As Restated For the Period from October 16, 2020 (Inception) through December 31, 2020 Net loss $ (4,832,201 ) $ — $ (4,832,201 ) Weighted average shares outstanding - Class A ordinary shares 37,375,000 (28,750,000 ) 8,625,000 Basic and diluted loss per share - Class A ordinary shares $ — $ (0.28 ) $ (0.28 ) Weighted average shares outstanding - Class B ordinary shares 8,429,688 (23,438 ) 8,406,250 Basic and diluted loss per share - Class B ordinary shares $ (0.57 ) $ 0.29 $ (0.28 ) |
Schedule of Reconciliation of Cash Flow from Share Issuances to Temporary Equity Outstanding Value | The Class A ordinary shares issued in the Initial Public Offering and issued as part of the Over-Allotment Units were recognized in Class A ordinary shares stock subject to possible redemption as follows: Gross Proceeds for initial public offering and over-allotment $ 375,750,000 Less: — Offering costs allocated to Class A shares subject to possible redemption (19,477,581 ) Proceeds allocated to Public Warrants at issuance (14,015,630 ) Plus: Accretion of Class A ordinary shares subject to possible redemption amount 33,493,211 Class A ordinary shares subject to possible redemption $ 375,750,000 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Disclosure of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy: Description Quoted Significant Significant Liabilities: Derivative warrant liabilities $ — $ — $ 27,249,130 |
Disclosure of Change in the Fair Value of the Derivative Warrant Liabilities | The change in the fair value of the derivative warrant liabilities for the period from October 16, 2020 (inception) through December 31, 2020 is summarized as follows: Derivative warrant liabilities at October 16, 2020 (inception) $ — Issuance of Public and Private Warrants 23,490,630 Change in fair value of derivative warrant liabilities 3,758,500 Derivative warrant liabilities at December 31, 2020 $ 27,249,130 |
Disclosure Of Significant Unobservable Inputs Used In Measuring Fair Value Of Warrants [Table Text Block] | The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement: As of As of Volatility 22.4 % 21.7 % Stock price $ 10.45 $ 10.40 Expected life of the options to convert 5.5 5.5 Risk-free rate 0.45 % 0.43 % Dividend yield 0.0 % 0.0 % |
DESCRIPTION OF ORGANIZATION A_2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS - Additional Information (Detail) - USD ($) | Dec. 17, 2020 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Shares issued price per share | $ 10 | |
Proceeds from issuance of IPO | $ 373,750,000 | |
Offering costs | $ 19,500,000 | |
Deferred underwriting commissions | $ 13,100,000 | 13,081,250 |
Proceeds from issuance of warrants | 9,475,000 | |
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 | |
Cash | 2,266,049 | |
Net working capital | $ 2,000,000 | |
Minimum [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Percentage of fair market value of business combination | 80.00% | |
Minimum [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
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 | |
Common Class A [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Value per share | $ 11.50 | $ 9.20 |
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 | |
IPO [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Offering costs | $ 19,500,000 | |
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 | |
IPO [Member] | Private Placement Warrants [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Proceeds from issuance of warrants | $ 373,800,000 | |
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 |
RESTATEMENT OF PREVIOUSLY ISS_3
RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS - Schedule of Impact of Restatement on the Balance Sheet (Detail) - USD ($) | Dec. 17, 2020 | Dec. 31, 2020 | Oct. 15, 2020 |
Reclassification [Line Items] | |||
Total assets | $ 375,776,800 | $ 376,847,694 | |
Total liabilities | 37,091,089 | 41,398,106 | |
Class A ordinary shares subject to redemption at $10.00 per share | 373,750,000 | 373,750,000 | |
Preference shares | 0 | 0 | |
Additional paid-in capital | 0 | 0 | |
Accumulated deficit | (35,065,223) | (38,301,346) | |
Total shareholders' equity (deficit) | (35,064,289) | (38,300,412) | $ 0 |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 375,776,800 | 376,847,694 | |
Previously Reported [Member] | |||
Reclassification [Line Items] | |||
Total assets | 375,776,800 | 376,847,694 | |
Total liabilities | 37,091,089 | 41,398,106 | |
Class A ordinary shares subject to redemption at $10.00 per share | 333,685,710 | 330,449,580 | |
Preference shares | 0 | 0 | |
Additional paid-in capital | 5,995,328 | 9,830,842 | |
Accumulated deficit | (996,662) | (4,832,201) | |
Total shareholders' equity (deficit) | 5,000,001 | 5,000,008 | |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 375,776,800 | 376,847,694 | |
Revision of Prior Period, Adjustment [Member] | |||
Reclassification [Line Items] | |||
Class A ordinary shares subject to redemption at $10.00 per share | 40,064,290 | 43,300,420 | |
Preference shares | 0 | 0 | |
Additional paid-in capital | (5,995,328) | (9,830,842) | |
Accumulated deficit | (34,068,561) | (33,469,145) | |
Total shareholders' equity (deficit) | (40,064,290) | (43,300,420) | |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Equity (Deficit) | 0 | 0 | |
Common Class A [Member] | |||
Reclassification [Line Items] | |||
Common Stock | $ 0 | $ 0 | |
Shares of Class A ordinary shares subject to redemption | 37,375,000 | 37,375,000 | |
Shares of Class A ordinary shares | 0 | 0 | |
Common Class A [Member] | Previously Reported [Member] | |||
Reclassification [Line Items] | |||
Common Stock | $ 401 | $ 433 | |
Shares of Class A ordinary shares subject to redemption | 33,368,571 | 33,044,958 | |
Shares of Class A ordinary shares | 4,006,429 | 4,330,042 | |
Common Class A [Member] | Revision of Prior Period, Adjustment [Member] | |||
Reclassification [Line Items] | |||
Common Stock | $ (401) | $ (433) | |
Shares of Class A ordinary shares subject to redemption | 4,006,429 | 4,330,042 | |
Shares of Class A ordinary shares | (4,006,429) | (4,330,042) | |
Common Class B [Member] | |||
Reclassification [Line Items] | |||
Common Stock | $ 934 | $ 934 | |
Shares of Class A ordinary shares | 9,343,750 | ||
Common Class B [Member] | Previously Reported [Member] | |||
Reclassification [Line Items] | |||
Common Stock | 934 | $ 934 | |
Common Class B [Member] | Revision of Prior Period, Adjustment [Member] | |||
Reclassification [Line Items] | |||
Common Stock | $ 0 | $ 0 |
RESTATEMENT OF PREVIOUSLY ISS_4
RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS -Schedule of Impact of Restatement on Cash Flow Statement (Detail) | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Reclassification [Line Items] | |
Initial Value Of Ordinary Shares Subject To Possible Redemption | $ 0 |
Change In Initial Value Of Class a Ordinary Shares Subject To Possible Redemption | 0 |
Previously Reported [Member] | |
Reclassification [Line Items] | |
Initial Value Of Ordinary Shares Subject To Possible Redemption | 333,685,710 |
Change In Initial Value Of Class a Ordinary Shares Subject To Possible Redemption | (3,236,130) |
Revision of Prior Period, Adjustment [Member] | |
Reclassification [Line Items] | |
Initial Value Of Ordinary Shares Subject To Possible Redemption | (333,685,710) |
Change In Initial Value Of Class a Ordinary Shares Subject To Possible Redemption | $ 3,236,130 |
RESTATEMENT OF PREVIOUSLY ISS_5
RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS - Schedule of Restatement of Earnings Per Share (Detail) | 3 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Reclassification [Line Items] | |
Net loss | $ | $ (4,832,201) |
Previously Reported [Member] | |
Reclassification [Line Items] | |
Net loss | $ | (4,832,201) |
Revision of Prior Period, Adjustment [Member] | |
Reclassification [Line Items] | |
Net loss | $ | $ 0 |
Common Class A [Member] | |
Reclassification [Line Items] | |
Weighted average ordinary shares outstanding | shares | 8,625,000 |
Basic and diluted net income per share | $ / shares | $ (0.28) |
Common Class A [Member] | Previously Reported [Member] | |
Reclassification [Line Items] | |
Weighted average ordinary shares outstanding | shares | 37,375,000 |
Basic and diluted net income per share | $ / shares | $ 0 |
Common Class A [Member] | Revision of Prior Period, Adjustment [Member] | |
Reclassification [Line Items] | |
Weighted average ordinary shares outstanding | shares | (28,750,000) |
Basic and diluted net income per share | $ / shares | $ (0.28) |
Common Class B [Member] | |
Reclassification [Line Items] | |
Weighted average ordinary shares outstanding | shares | 8,406,250 |
Basic and diluted net income per share | $ / shares | $ (0.28) |
Common Class B [Member] | Previously Reported [Member] | |
Reclassification [Line Items] | |
Weighted average ordinary shares outstanding | shares | 8,429,688 |
Basic and diluted net income per share | $ / shares | $ (0.57) |
Common Class B [Member] | Revision of Prior Period, Adjustment [Member] | |
Reclassification [Line Items] | |
Weighted average ordinary shares outstanding | shares | (23,438) |
Basic and diluted net income per share | $ / shares | $ 0.29 |
RESTATEMENT OF PREVIOUSLY ISS_6
RESTATEMENT OF PREVIOUSLY ISSUED FINANCAL STATEMENTS - Schedule of Reconciliation of Cash Flow from Share Issuances to Temporary Equity Outstanding Value (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 17, 2020 | |
Reconciliation Of Cash Flow From Share Issuances To Temporary Equity Outstanding Value Line Item [Line Items] | ||
Class A ordinary shares subject to possible redemption | $ 373,750,000 | $ 373,750,000 |
Class A Common Stock Subject To Possible Redemption [Member] | ||
Reconciliation Of Cash Flow From Share Issuances To Temporary Equity Outstanding Value Line Item [Line Items] | ||
Gross Proceeds for initial public offering and over-allotment | 375,750,000 | |
Offering costs allocated to Class A shares subject to possible redemption | (19,477,581) | |
Proceeds allocated to Public Warrants at issuance | (14,015,630) | |
Accretion of Class A ordinary shares subject to possible redemption amount | 33,493,211 | |
Class A ordinary shares subject to possible redemption | $ 375,750,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2021 | Dec. 17, 2020 | |
Federal depository insurance coverage | $ 250,000 | ||
Cash equivalents | 0 | ||
Cash | 2,266,049 | ||
Assets held in trust non current | 373,750,000 | ||
Transaction costs derivative warrants liability | 946,010 | ||
Class A Common Stock Subject To Possible Redemption [Member] | |||
Cumulative offering costs allocated to common stock subject to possible redemption | $ 19,477,581 | ||
Minimum [Member] | |||
Minimum tangible net worth required for compliance | $ 5,000,001 | ||
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 | |
Public Warrant [Member] | |||
Class Of Warrants Or Rights Warrants Issued During The Period Units | 9,343,750 | ||
Private Warrant [Member] | |||
Class Of Warrants Or Rights Warrants Issued During The Period Units | 6,316,667 |
INITIAL PUBLIC OFFERING - Addit
INITIAL PUBLIC OFFERING - Additional Information (Detail) - USD ($) | Dec. 17, 2020 | Dec. 31, 2020 |
Proceeds from initial public offer | $ 373,750,000 | |
Offering costs | $ 19,500,000 | |
Deferred underwriting commissions | $ 13,100,000 | $ 13,081,250 |
Share price per share | $ 10 | |
Common Class A [Member] | ||
Share price per share | $ 11.50 | $ 9.20 |
Shares issuable per warrant | 0.361 | |
Common Class A [Member] | Public Warrant [Member] | ||
Shares issuable per warrant | 1 | |
IPO [Member] | ||
Offering costs | $ 19,500,000 | |
Deferred underwriting commissions | $ 13,100,000 | |
Share price per share | $ 10 | |
IPO [Member] | Common Class A [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”) | |
Over-Allotment Option [Member] | ||
Stock issued during the period shares | 4,875,000 | |
Over-Allotment Option [Member] | Common Class A [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 | 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 | ||||
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 | ||||
Warrant [Member] | Working Capital Loans [Member] | |||||
Related Party Transaction [Line Items] | |||||
Working capital loans convertible amount | $ 1,500,000 | ||||
Working capital loans conversion price | $ 1.50 | ||||
Class B [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ordinary shares par value | 0.0001 | ||||
Class A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ordinary shares par value | 0.0001 | ||||
Share price per share | 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 | ||||
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] | 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 | ||||
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 | ||||
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 & CONTINGENCIES - A
COMMITMENTS & CONTINGENCIES - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 17, 2020 | |
Deferred underwriting commissions payable per unit | $ 0.35 | |
Deferred underwriting commissions | $ 13,081,250 | $ 13,100,000 |
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 |
DERIVATIVE WARRANT LIABILITIES
DERIVATIVE WARRANT LIABILITIES - Additional Information (Detail) - $ / shares | 3 Months Ended | |
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 Less Than $18 [Member] | ||
Class of warrants, redemption price per unit | 18 | |
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% | |
Public Warrants [Member] | ||
Warrants outstandings | 9,343,750 | |
Private Warrant [Member] | ||
Warrants outstandings | 6,316,667 | |
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 | |
Warrant [Member] | ||
Warrants exercise price | $ 11.50 |
SHAREHOLDERS' EQUITY - Addition
SHAREHOLDERS' EQUITY - Additional Information (Detail) - USD ($) | Dec. 17, 2020 | Nov. 10, 2020 | Oct. 28, 2020 | Dec. 31, 2020 | Dec. 15, 2020 |
Preference shares authorized | 5,000,000 | ||||
Preference shares par value | $ 0.0001 | ||||
Preference shares issued | 0 | ||||
Preference shares outstanding | 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 | ||||
Class A ordinary shares par value | $ 0.0001 | ||||
Class A ordinary shares subject to possible redemption | 37,375,000 | 37,375,000 | |||
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] | Dec. 31, 2020USD ($) |
Level 1 [Member] | |
Liabilities: | |
Derivative warrant liabilities | $ 0 |
Level 2 [Member] | |
Liabilities: | |
Derivative warrant liabilities | 0 |
Level 3 [Member] | |
Liabilities: | |
Derivative warrant liabilities | $ 27,249,130 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Adjustment to fair value of warrants | $ 3,758,500 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Change in the Fair Value of the Derivative Warrant Liabilities (Detail) - Level 3 [Member] | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative warrant liabilities | $ 0 |
Change in fair value of derivative warrant liabilities | 3,758,500 |
Derivative warrant liabilities | 27,249,130 |
Public Warrant [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Issuance of Public and Private Warrants | $ 23,490,630 |
Fair Value Measurements - Discl
Fair Value Measurements - Disclosure Of Significant Unobervable Inputs Used In Measuring Fair Value Of Warrants (Detail) - Public Warrants And Private Placement Warrants [Member] - d | Dec. 31, 2020 | Dec. 17, 2020 |
Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 21.7 | 22.4 |
Stock price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 10.40 | 10.45 |
Expected life of the options to convert [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 5.5 | 5.5 |
Risk Free Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 0.43 | 0.45 |
Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 0 | 0 |