Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | Fast Radius, Inc. | |
Entity Central Index Key | 0001832351 | |
Entity Tax Identification Number | 85-3692788 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 001-40032 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
ICFR Auditor Attestation Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 113 N. May Street | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60607 | |
City Area Code | 888 | |
Local Phone Number | 787-1629 | |
Entity Common Stock, Shares Outstanding | 73,041,156 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Auditor Name | Marcum LLP | |
Auditor Firm ID | 688 | |
Auditor Location | New York, NY | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | FSRD | |
Security Exchange Name | NASDAQ | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share | |
Trading Symbol | FSRDW | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash | $ 82,234 | $ 24,980 |
Prepaid expenses | 727,790 | |
Total current assets | 810,024 | 24,980 |
Deferred offering costs associated with the initial public offering | 369,379 | |
Marketable securities held in Trust Account | 345,033,673 | |
Prepaid expenses – non-current | 77,523 | |
Total assets | 345,921,220 | 394,359 |
Current liabilities: | ||
Accounts payable | 81,235 | 100,187 |
Working capital loans | 499,702 | |
Franchise tax payable | 178,937 | |
Accrued expenses | 3,409,293 | 269,192 |
Total current liabilities | 4,169,167 | 369,379 |
Derivative warrant liabilities | 10,497,866 | |
Forward purchase agreement | 175,000 | |
Deferred underwriting commission | 12,075,000 | |
Total liabilities | 26,917,033 | 369,379 |
Commitments and Contingencies (Note 5) | ||
Stockholders' (Deficit) Equity: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 0 | 24,137 |
Accumulated deficit | (25,996,676) | (20) |
Total stockholders' (deficit) equity | (25,995,813) | 24,980 |
Total liabilities and stockholders' (deficit) equity | 345,921,220 | 394,359 |
Class A Common Stock | ||
Current liabilities: | ||
Class A common stock, $0.0001 par value, subject to possible redemption; 30,593,349 shares at redemption value | 345,000,000 | |
Stockholders' (Deficit) Equity: | ||
Common Stock, Value | 0 | |
Class B Common Stock | ||
Stockholders' (Deficit) Equity: | ||
Common Stock, Value | $ 863 | $ 863 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock subject to possible redemption, value | $ 10 | $ 10 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common stock subject to possible redemption | 34,500,000 | 34,500,000 |
Common stock subject to possible redemption, Par value | $ 0.0001 | $ 0.0001 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Class B Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 8,625,000 | 8,625,000 |
Common stock, shares outstanding | 8,625,000 | 8,625,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 2 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
General and administrative | $ 20 | $ 4,975,594 |
Franchise tax expense | 0 | 178,937 |
Loss from operations | (20) | (5,154,531) |
Other Income (Expense): | ||
Offering costs allocated to derivative warrant liabilities | 0 | (750,743) |
Offering costs on Founder Shares issued to related party | 0 | (1,249,759) |
Interest and dividends earned on marketable securities held in Trust Account | 0 | 33,673 |
Change in fair value of derivative warrant liabilities | 0 | 11,741,349 |
Fair Value Adjustment Of Forward Purchase Agreement | 0 | 1,333,461 |
Net income (loss) | (20) | 5,953,450 |
Class A Redeemable Common Stock | ||
Other Income (Expense): | ||
Net income (loss) | $ 0 | $ 4,660,201 |
Weighted average shares outstanding, basic and diluted | 0 | 30,624,658 |
Basic and diluted net income per share | $ 0 | $ 0.15 |
Class B Non Redeemable Common Stock [Member] | ||
Other Income (Expense): | ||
Net income (loss) | $ (20) | $ 1,293,249 |
Weighted average shares outstanding, basic and diluted | 7,500,000 | 8,498,630 |
Basic and diluted net income per share | $ 0 | $ 0.15 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' (Deficit) Equity - USD ($) | Total | Common StockClass B Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Beginning balance at Oct. 28, 2020 | $ 0 | $ 0 | $ 0 | |
Beginning balance, Shares at Oct. 28, 2020 | 0 | 0 | ||
Issuance of common stock to Sponsor | 25,000 | $ 863 | $ 24,137 | 0 |
Issuance of common stock to Sponsor, Shares | 8,625,000 | |||
Net Income | (20) | (20) | ||
Ending balance at Dec. 31, 2020 | 24,980 | $ 863 | $ 24,137 | (20) |
Ending balance, Shares at Dec. 31, 2020 | 8,625,000 | 24,137 | ||
Excess cash received over fair value of Private Placement Warrants | 41,360 | $ 41,360 | ||
Remeasurement of Class A Common Stock to redemption value | (32,015,603) | (65,497) | (31,950,106) | |
Net Income | 5,953,450 | 5,953,450 | ||
Ending balance at Dec. 31, 2021 | $ (25,995,813) | $ 863 | $ 0 | $ (25,996,676) |
Ending balance, Shares at Dec. 31, 2021 | 8,625,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Cash Flows - USD ($) | 2 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (20) | $ 5,953,450 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Change in fair value of warrant liabilities and forward purchase agreement | (13,074,810) | |
Interest and dividends earned on marketable securities held in Trust Account | 0 | (33,673) |
Offering costs allocated to derivative warrant liabilities | 0 | 750,743 |
Offering costs on Founder Shares issued to related party | 0 | 1,249,759 |
General and administrative expenses paid by related party | 11,775 | |
Amortization of prepaid expenses | 648,020 | |
Changes in operating assets and liabilities | ||
Prepaid expenses | (1,371,316) | |
Other assets | (77,523) | |
Accounts payable | 81,236 | |
Franchise tax payable | 178,937 | |
Accrued expenses | 3,393,530 | |
Net cash used in operating activities | (20) | (2,289,872) |
Cash Flows from Investing Activities: | ||
Investment of cash into Trust Account | (345,000,000) | |
Net cash used in investing activities | (345,000,000) | |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Class B common stock to Sponsor | 25,000 | |
Repayment of Sponsor loan | (188,149) | |
Working capital loan from related party | 499,702 | |
Proceeds from Initial Public Offering, net of underwriters' fees | 338,100,000 | |
Proceeds from Private Placement Warrants | 9,400,000 | |
Payment of other offering costs | (464,427) | |
Net cash provided by financing activities | 25,000 | 347,347,126 |
Net increase in cash | 24,980 | 57,254 |
Cash—beginning of period | 24,980 | |
Cash—end of period | 24,980 | 82,234 |
Supplemental disclosure of noncash financing activities: | ||
Deferred underwriting fees payable | 12,075,000 | |
Offering costs included in accounts payable | 100,187 | |
Offering costs included in accrued expenses | $ 269,192 | 15,763 |
Offering costs paid through promissory note—related party | 176,374 | |
Deferred offering costs in accrued offering costs and accounts payable at December 31, 2020 | $ 369,379 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | Note 1—Description of Organization and Business Operations Fast Radius, Inc. (f/k/a ECP Environmental Growth Opportunities Corp.) (the “Company”) was formed as a Delaware corporation on The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses (“Business Combination”). ENNV Merger Sub, Inc. (“Merger Sub”) was a wholly owned subsidiary of the Company formed as a Delaware corporation on June 24, 2021. As of December 31, 2021, the Company had not commenced any operations. All activity through December 31, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below. The Company has selected December 31 as its fiscal year end. On February 11, 2021, the Company consummated its Initial Public Offering of 34,500,000 units (the “Units”), including 4,500,000 Units sold pursuant to the full exercise of the underwriters’ option to purchase additional Units to cover over-allotments. The Units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $345,000,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company completed two private sales of an aggregate 6,266,667 warrants (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant (the “Private Placements”), to ENNV Holdings, LLC (the “Sponsor”) and Goldman Sachs Asset Management, L.P. (“GSAM”), in its capacity as investment adviser on behalf of its clients (the “GSAM Client Accounts”), generating aggregate gross proceeds to the Company of $9,400,000, which is described in Note 3. Offering costs consist of legal, accounting, underwriting and other costs incurred through the consolidated balance sheet date that are directly related to the Initial Public Offering. Upon the completion of the Initial Public Offering, offering costs totaling $19,627,069 were allocated between the carrying value of Class A common stock ($18,876,326) and other expenses ($750,743) based on the fair value of warrant liabilities relative to the Initial Public Offering proceeds recognized in temporary equity. Following the closing of the Initial Public Offering on February 11, 2021, an amount of $345,000,000 ($10.00 per Unit) comprised of $338,100,000 of the proceeds from the Initial Public Offering, including $12,075,000 of the underwriters’ deferred discount, and $6,900,000 of the proceeds from the Private Placements were placed in a U.S.-based trust account at Morgan Stanley Smith Barney LLC maintained by American Stock Transfer & Trust Company, LLC, acting as trustee. Except with respect to interest earned on the funds in the trust account that may be released to the Company to pay its franchise and income taxes and expenses relating to the administration of the trust account, the proceeds from the Initial Public Offering and the Private Placements held in the trust account will not be released until the earliest of (a) the completion of the Company’s initial Business Combination, (b) the redemption of any public shares properly tendered in connection with a stockholder vote to amend the Company’s Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of its obligation to redeem 100% of its public shares if the Company does not complete its initial Business Combination within 24 months from the closing of the Initial Public Offering or (ii) with respect to any other provisions relating to stockholders’ rights or pre-initial On July 18, 2021, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) by and among the Company, Merger Sub, and Fast Radius Operations, Inc., a Delaware corporation (f/k/a Fast Radius, Inc.) (“Legacy Fast Radius”), pursuant to which Merger Sub agreed to merge with and into Legacy Fast Radius, with Legacy Fast Radius surviving such merger as a wholly owned subsidiary of the Company (the “Merger” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). At the closing of the Merger (the “Closing”), the Company was renamed “Fast Radius, Inc.” The Business Combination was completed on February 4, 2022. Subject to the terms of the Merger Agreement, the aggregate merger consideration with respect to all holders of Fast Radius securities outstanding immediately prior to the Closing, which will be issued in the form of shares or equity awards relating to shares of Class A common stock, will equal 75,000,000 shares of Class A common stock at a deemed value of $10.00 per share (the “Aggregate Merger Consideration”). The Aggregate Merger Consideration was issued to holders of Legacy Fast Radius securities at the Closing in accordance with the Merger Agreement, except that the issuance to holders of Legacy Fast Radius capital stock and Vested RSUs (as defined in the Merger Agreement) of a portion of the Aggregate Merger Consideration in an amount equal to is are respectively, and will be allocated among the applicable holders of Legacy Fast Radius capital stock and Vested RSUs on a pro rata basis in accordance with the Merger Agreement. On December 26, 2021, the Company, Merger Sub and Legacy Fast Radius entered into an amendment to the Merger Agreement to, among other things, require the affirmative vote of holders of a majority of the shares of Class A common stock then outstanding, voting separately as a single class, for the approval of the Amendment Proposal (as defined in the Merger Agreement). In connection with the Closing, the shares (the “Founder Shares”) of Class B common stock issued prior to the Company’s initial public offering that were held by the Sponsor, the Company’s independent directors at the time and GSAM automatically converted into shares of Class A common stock on a one-for-one basis (the “Converted Shares”). of the Converted Shares held by the Sponsor (the “Sponsor Earn Out Shares”) are subject to vesting upon the satisfaction of certain price targets set forth in the sponsor support agreement the Company entered into with the Sponsor and its independent directors concurrently with the execution of the Merger Agreement (the “Sponsor Support Agreement”) during the Earn Out Period, which price targets are based upon the (i) the daily volume-weighted average sale price of shares of Class A common stock quoted on NASDAQ, or the exchange on which the shares of Class A common stock are then traded, for any In connection with the execution of the Merger Agreement, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) with certain investors, including the Sponsor (collectively, the “PIPE Investors”), pursuant to which the PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the PIPE Investors, an aggregate of 7,500,000 shares of Class A common stock (1,000,000 shares of which will be issued and sold to the Sponsor in its capacity as a PIPE Investor) for a purchase price of $10.00 per share, or an aggregate of $75,000,000, in a private placement (the “PIPE Investment”). The closing of the PIPE Investment occurred substantially concurrently with the consummation of the Business Combination. The shares of Class A common stock issued pursuant to the Subscription Agreements were not registered under the Securities Act and were issued in reliance upon the exemption provided under Section 4(a)(2) of the Securities Act. On January 20, 2022, ECP Environmental Growth Opportunities Corp. (“ENNV”), ENNV Holdings, LLC (the “Sponsor”) and Goldman Sachs Asset Management, L.P., in its capacity as investment adviser on behalf of its clients (“GSAM”), entered into a side letter (the “Side Letter”) to that certain forward purchase agreement, dated as of January 24, 2021, by and among ENNV, Sponsor and GSAM, as amended by that certain First Amendment to Forward Purchase Agreement dated as of January 31, 2021, and that certain Letter Agreement, dated as of July 18, 2021 (as so amended, the “Forward Purchase Agreement”). As previously disclosed, pursuant to the Forward Purchase Agreement, GSAM irrevocably consented to purchase twenty-five million dollars ($25,000,000) of units (“Forward Purchase Units”), each consisting of one share of Class A common stock, par value $0.0001 per share, of ENNV (“Class A Common Stock”) and one-quarter of one redeemable warrant (“Forward Purchase Warrant”), each whole redeemable warrant of which is exercisable to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, in connection with the closing of ENNV’s previously announced Business Combination with Fast Radius, Inc. (the “Closing”). Pursuant to the Side Letter, if GSAM acquires any shares of Class A Common Stock (i) on or after the date of the Side Letter but prior to 4:00 p.m. New York City time on January 25, 2022 (the “Cutoff Time”) and does not exercise any right to redeem such shares in connection with ENNV’s redemption of Class A Common Stock in accordance with ENNV’s organizational documents in connection with the Closing (the “Redemption”) (and, if necessary to revoke any prior redemption elections made with respect to such shares, does so effectuate such revocation) or (ii) on or after the Cutoff Time but prior to February 1, 2022 and delivers evidence reasonably satisfactory to ENNV that (a) the stockholder from whom such shares were acquired had, prior to such acquisition, validly elected to redeem such shares in connection with the Redemption and (b) such stockholder or GSAM, as applicable, has, prior to Closing, validly revoked such election to redeem such shares in connection with the Redemption (such shares of Class A Common Stock described in clauses (i) and (ii), the “Eligible Shares”), and, in each case, does not transfer such Eligible Shares prior to the date of the Closing (the “Closing Date”), then such Eligible Shares shall be “Non-Redeemed Shares,” and the number of Forward Purchase Units GSAM is obligated to purchase under the Forward Purchase Agreement will be reduced by the number of Non-Redeemed Shares. Notwithstanding any such reduction in the number of Forward Purchase Units that GSAM is obligated to purchase under the Forward Purchase Agreement, upon consummation of the sale of such Forward Purchase Units, ENNV shall issue to GSAM a number of redeemable warrants, each of which is exercisable to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, which warrants shall have the same terms as ENNV’s private placement warrants (the “Additional Warrants”), such that GSAM shall receive 625,000 Forward Purchase Warrants and Additional Warrants in the aggregate. Pursuant to the merger agreement, dated as of July 18, 2021 and amended on December 26, 2021 (the “Merger Agreement”), Fast Radius is required to provide its consent in order for ENNV to take certain actions under the Merger Agreement, including but not limited to, making amendments to the Forward Purchase Agreement. Fast Radius has provided its consent under the Merger Agreement for ENNV to enter into the Side Letter. On February 4, 2022, the Company completed its Business Combination with Legacy Fast Radius, resulting in Legacy Fast Radius surviving as a wholly owned subsidiary of the Company, and the Company being renamed “Fast Radius, Inc.” The underwriters of the ENNV IPO were entitled to a deferred fee of $0.35 per Unit, or $12,075,000 in the aggregate in connection with the Closing, irrespective of the amount of redemptions by the public stockholders. Approximately 91% of the Company’s outstanding shares were redeemed, as shareholders redeemed 31,512,573 Public Shares in connection with the Business Combination. As a result, approximately $315.1 million was paid out of the Trust Account to shareholders in connection with these redemptions, leaving $29.9 million remaining in the Trust Account. As a result, the underwriters agreed to forfeit $7,046,415 of underwriting fees. The Company has since paid the underwriters $1,257,146 of the remaining $5,028,585 of underwriting fees due upon the consummation of the Business Combination and deferred the remaining $3,771,439 to a later date. The Company’s management prior to the Business Combination had broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds were intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must have been with one or more operating businesses or assets that together had an aggregate fair market value equal to at least of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time the Company signed a definitive agreement in connection with the initial Business Combination. However, the Company could only complete a Business Combination if the post-transaction company owns or acquires wer Rule 2a-7 The Company provided its holders of the public shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination in connection with a stockholder meeting called to approve the Business Combination. The decision as to whether the Company would seek stockholder approval of a Business Combination was made by the Company, solely in its discretion. The Public Stockholders were entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($ per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares were recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Each Public Stockholder could elect to redeem their Public Shares irrespective of whether they vote for or against the transaction. If the holders of the Founder Shares prior to the Initial Public Offering (the “Initial Stockholders”) agreed to vote their Founder Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Stockholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of the Business Combination. The Company’s Sponsor, executive officers, directors and director nominees agreed not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem % of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their Class A common stock in conjunction with any such amendment. If the Company was unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering (the “Combination Period”), the Company would (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 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There would be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder would receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes (less up to The Initial Stockholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company failed to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company failed to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company did not complete a Business Combination within in the Combination Period and, in such event, such amounts would be included with the funds held in the Trust Account that would be available to fund the redemption of the Company’s Public Shares. Going Concern Consideration As of December 31, 2021, the Company had $82,234 of cash outside of the Trust Account and a working capital deficiency of $3,359,143. On July 30, 2021, the Company issued an unsecured promissory note (the “Note”) in the principal amount of $1,500,000 to an affiliate of the Sponsor, which may be drawn down by the Company from time to time upon written notice to the lender. The Note does not bear interest and is repayable in full upon consummation of a Business Combination. If the Company does not complete a Business Combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a Business Combination, the holder of the Note (or a permitted assignee) shall have the option, but not the obligation, to convert all or a portion of the unpaid principal balance of the Note into that number of warrants to purchase one share of Class A Common Stock, $0.0001 par value per share, of the Company (the “Working Capital Warrants”) equal to the principal amount of the Note so converted divided by $1.50. The terms of the Working Capital Warrants will be identical to the terms of the warrants issued by the Company to the Sponsor in a private placement that took place simultaneously with the Company’s Initial Public Offering. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. As of December 31, 2021, the $499,702 drawn against the Note ha d The Note was repaid in full on February 4, 2022, in connection with the Business Combination. Since inception, Legacy Fast Radius has generated recurring losses which have resulted in an accumulated deficit of $123 million as of December 31, 2021. The Company expects to incur additional losses in the future as they expect to continue to make substantial investments in its business, including in the expansion of its product portfolio and in its research and development, sales and marketing teams, in addition to incurring additional costs as a result of being a public company. The Company believes the cash it obtained from the Business Combination and the private placement that occurred substantially concurrently with the consummation of the Business Combination, are not sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Merger Sub, as of December 31, 2021. Merger Sub had no assets or liabilities as of December 31, 2021. All significant intercompany transactions and balances have been eliminated in consolidation. 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 stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated 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 consolidated 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. 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 $82,234 in cash and no cash equivalents, outside of the funds held in the Trust Account, as of December 31, 2021. Derivative Financial Instruments The Company accounts for the Warrants, Forward Purchase Agreement (as defined below), and Working Capital Loan conversion option (collectively, the “Instruments”) in accordance with the guidance contained in ASC 815-40 re-measurement s Marketable Securities Held in Trust Account At December 31, 2021, the assets held in the Trust Account were invested in money market funds. Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as shareholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, 34,500,000 shares of Class A common stock subject to possible redemption are presented as temporary equity outside of the shareholders’ equity section of the Company’s balance sheets. 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. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. For the year ended December 31, 2021, the Company recorded a remeasurement of Class A common stock to the redemption value in the amount of The Class A common stock subject to possible redemption reflected in the consolidated balance sheet at December 31, 2021 is reconciled in the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (12,880,575 ) Deferred underwriting fees (12,075,000 ) Other offering costs (7,060,028 ) Plus: Total remeasurement of carrying value to redemption value 32,015,603 Class A common stock subject to possible redemption $ 345,000,000 Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Deposit Insurance Corporation (FDIC) coverage of Financial Instruments Except for the Warrant and Forward Purchase Agreement Liabilities as described above, the fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices 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, 2021, the carrying values of cash, prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of marketable securities held in the Trust Account is comprised of money market funds. The fair values of Forward Purchase Agreement and Private Placement Warrants have been estimated using the trading price of the Public Warrants. Public Warrants are valued based on quoted price in active markets. See Note 5 and 6 for further discussion of the pertinent terms of the Warrants and Forward Purchase Agreement and Note 8 for further discussion of the methodology used to determine the value of the Warrants and Forward Purchase Agreement. Offering Costs Offering costs consist of legal, accounting, underwriting and other costs incurred through the consolidated balance sheet date that are directly related to the Initial Public Offering. Upon the completion of the Initial Public Offering in February 2021, the offering costs were allocated using the relative fair values of the company common stock and its Warrants. The costs allocated to Warrants were recognized in other expenses and those related to the Company’s common stock were charged to temporary equity. Net Income Per Share of Common Stock Net income per share of common stock is computed by dividing net income (loss) by the weighted average number of shares issued and outstanding during the period. The Company has not considered the effect of their Forward Purchase Agreement, warrants sold in the Initial Public Offering, private placement to purchase Class A common stock, and Working Capital Loan warrants in the calculation of diluted income per share, since the instruments are not dilutive. At December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted income per share is the same as basic income per share for the periods presented. The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock (the “Founder Shares”). Earnings are shared pro rata between the two classes of shares as long as an Initial Business Combination is consummated. Remeasurement associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value. A reconciliation of the earnings per share is below: For the Year December 31, 2021 For The Period Numerator: Earnings allocable to Redeemable Class A Common Stock Net Earnings allocable to Redeemable Class A Common Stock $ 4,660,201 $ — Denominator: Weighted Average Share Outstanding, Redeemable Class A Common Stock Basic and diluted weighted average shares outstanding, Redeemable Class A 30,624,658 — Basic and diluted net earnings per share, Redeemable Class A $ 0.15 $ — For the Year December 31, 2021 For The Period Non-Redeemable Numerator: Net Income allocable to Non-Redeemable Net Income allocable to Non-Redeemable $ 1,293,249 $ (20 ) Denominator: Weighted Average Non-Redeemable Basic and diluted weighted average shares outstanding, Non-Redeemable 8,498,630 7,500,000 Basic and diluted net earnings per share, Non-Redeemable $ 0.15 $ 0.00 Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 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 Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, 470-20) 815-40) 2020-06”) 2020-06 2020-06 if-converted 2020-06 2020-06 Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Initial Public Offering | Note 3—Initial Public Offering Pursuant to the Initial Public Offering, the Company sold Units at a purchase price of $ per Unit, including Units sold pursuant to the full exercise of the underwriters’ option to purchase additional Units to cover over-allotments. Each Unit consists of share of Class A common stock and one-quarter of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $ per share, subject to adjustment (see Note 6). Simultaneously with the closing of the Initial Public Offering, the Company completed two private sales of an aggregate 6,266,667 Private Placement Warrants at a purchase price of $1.50 per Private Placement Warrant, to the Sponsor and GSAM, in its capacity as investment adviser on behalf of the GSAM Client Accounts, generating aggregate gross proceeds to the Company of $9,400,000. The Private Placement Warrants are their |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4—Related Party Transactions Founder Shares On December 8, 2020, the Sponsor paid an aggregate of $25,000 in exchange for the issuance of 8,625,000 shares of Class B common stock (the “Founder Shares”). On December 23, 2020, the Company effected a 6-for-5 5-for-6 Founder Shares, resulting per-share do Compensation—Stock Compensation The holders of the Founder Shares agreed to forfeit up to an aggregate of 1,125,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional shares is not exercised in full by the underwriters. As the underwriters’ option to purchase additional shares was exercised in full, forfeiture of Founder Shares did not occur. The Initial Stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (1) one year after the completion of the initial Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the initial Business Combination that results in all stockholders having the right to exchange their shares of common stock for cash, securities or other property (the “lock-up”). trading days within any 30-trading day period commencing at least days after the initial Business Combination, the Founder Shares will be released from the lock-up. Working Capital Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans” or “Note”). On July 30, 2021, the Company issued an unsecured promissory note in the principal amount of $1,500,000 to an affiliate of the Sponsor, which may be drawn down by the Company from time to time upon written notice to the lender. The Note does not bear interest and is repayable in full upon consummation of a Business Combination. If the Company does not complete a Business Combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a Business Combination, the holder of the Note (or a permitted assignee) shall have the option, but not the obligation, to convert all or a portion of the unpaid principal balance of the Note into that number of Working Capital Warrants equal to the principal amount of the Note so converted divided by $ . The conversion option should be bifurcated and accounted for as a derivative in accordance with ASC . However, the exercise price of the underlying warrants was greater than the warrant fair value as of December , , and when the Note was drawn on. The Company believes that the likelihood of the Sponsor’s exercise of the option to convert the Note to warrants is de minimis. As a result, the Company recorded liability related to the conversion option. The terms of the Working Capital Warrants will be identical to the terms of the warrants issued by the Company to the Sponsor in a private placement that took place simultaneously with the Company’s Initial Public Offering. The Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. As of December 31, 2021, there was a balance of $499,702 under this loan. Administrative Services Agreement The Company entered into an Administrative Services Agreement pursuant to which the Company will pay an affiliate of our Sponsor a total of $10,000 per month, until the earlier of the completion of the initial Business Combination and the liquidation of the trust assets, for office space, utilities, administrative and support services. Upon completion of the initial Business Combination or liquidation, the Company will cease paying these monthly fees. For the year ended December 31, 2021, the Company expensed $107,143 in monthly administrative support services. Promissory Note - Related Party On January 26, 2021, the Company entered into a promissory note pursuant to which Energy Capital Partners Management, LP (“ECP”) agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. The promissory note was repaid in full upon the Initial Public Offering. ECP Holdings Note On October 26, 2021, Energy Capital Partners Holdings, LP (“ECP Holdings”), an affiliate of the Sponsor, entered into a note purchase agreement with Legacy Fast Radius, pursuant to which ECP Holdings purchased a convertible promissory note (the “ECP Note”) in an aggregate principal amount of the ECP Note may not be paid prior to the maturity date without the written consent of ECP Holdings. Upon the occurrence and during the continuance of an event of default, ECP Holdings may declare If Fast Radius consummates any transaction or series of related transactions involving (i) the sale, lease, exclusive license, or other disposition of all or substantially all of its assets; (ii) any merger or consolidation of Fast Radius into or with another person or entity (other than a merger or consolidation effected exclusively to change its domicile), (iii) any other corporate reorganization, in which the stockholders of Fast Radius in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of Fast Radius’ (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iv) any sale or other transfer by the stockholders of Fast Radius of shares representing at least a majority of Fast Radius’ then-total outstanding combined voting power (such transaction or series of related transactions, an “Acquisition”) before (x) Fast Radius issues and sells preferred equity in a transaction or series of transactions for aggregate gross proceeds of at least $40.0 million (excluding all proceeds from the incurrence of indebtedness that is converted into such equity, or otherwise cancelled in consideration for the issuance of such equity) with the principal purpose of raising capital (a “Qualified Financing”) or (y) the repayment in full or conversion of the ECP Note, then ECP Holdings will be entitled to a cash payment equal to the greater of (A) two times the outstanding principal amount of the ECP Note plus all accrued and unpaid interest and (B) the amount that would be received in such Acquisition transaction if the outstanding principal amount of the ECP Note, plus all accrued and unpaid interest, were converted into Fast Radius common equity immediately prior to the closing of such Acquisition at the applicable conversion price. If a Qualified Financing occurs on or before the Maturity Date, then the outstanding principal amount of the ECP Note, and all accrued and unpaid interest, will automatically convert into shares of Fast Radius preferred equity on the same terms as those issued in such Qualified Financing at the applicable conversion price. In the case of a business combination transaction between Fast Radius and any special purpose acquisition company (including, for the avoidance of doubt, the Business Combination) with the purpose of taking Fast Radius public without going through the traditional initial public offering process (a “SPAC Transaction”) that occurs prior to the consummation of a Qualified Financing or the Maturity Date, the outstanding principal amount of the ECP Note, together with all accrued and unpaid interest, shall be automatically converted into Fast Radius common stock immediately prior to the consummation of such SPAC Transaction at the applicable conversion price. If no Qualified Financing or SPAC Transaction occurs on or before the Maturity Date, then the outstanding principal amount of the ECP Note, and all accrued and unpaid interest, shall be convertible at the option of ECP Holdings into Fast Radius common stock at the applicable conversion price within 90 days after the Maturity Date. In addition, if, prior to the repayment in full or conversion of the ECP Note, Fast Radius consummates an equity financing that does not qualify as a Qualified Financing (a “Non-Qualified The conversion price under the ECP Note will determined as follows: (i) if a Qualified Financing, Non-Qualified Non-Qualified Non-Qualified Non-Qualified Non-Qualified |
Commitments & Contingencies
Commitments & Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments & Contingencies | Note 5—Commitments & Contingencies Registration and Stockholder Rights The holders of the Founder Shares, Private Placement Warrants, and Working Capital Warrants that may be issued upon conversion of the amounts due under the Note at the time the Company consummates a Business Combination (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and stockholder rights agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. In the event of any delay in filing and/or effectiveness of the registration statement required pursuant to the registration and stockholder rights agreement, or after the effective date, such registration statement ceases for any reason to remain continuously effective (each, a “Registration Default”), the holders will be entitled to payments from the Company equal to 2% of the purchase price on the occurrence of each registration default and 2% per month that such registration default continues to exist, as more fully described in the registration and stockholder rights agreement. Underwriting Agreement The Company granted the underwriters an option to cover over-allotments and for market stabilization purposes. The over-allotment option entitled the underwriters to purchase on a pro rata basis up to 4,500,000 additional Units at the Initial Public Offering price, less the underwriting discounts and commissions. On the date of th e Initial Public Offering, the underwriters exercised the over-allotment option in full, purchasing 4,500,000 Units. The underwriters are entitled to a deferred fee of $0.35 per Unit, or $12,075,000 in the aggregate. The deferred fee will be waived by the underwriters in the event that the Company does not complete a Business Combination, subject to the terms of the underwriting agreement. Forward Purchase Agreement On January 24, 2021, the one this transfer as a reduction of temporary equity in the amount of $1,508,461 during the year ended December 31, 2021. The Founder Shares transferred were valued by reference to the fair values of the Class A common stock and the probability of the success of the Business Combination. Pursuant to the terms of the Forward Purchase Agreement, GSAM agreed to forfeit and return to the Sponsor (i) 172,500 Founder Shares if GSAM did not purchase at least 2,500,000 Forward Purchase Units pursuant to the Forward Purchase Agreement and (ii) 172,500 Founder Shares if, at the time GSAM provided or withheld its consent to the Company’s initial Business Combination, GSAM owned a number of shares of Class A common stock less than the number of public shares it purchased at closing of the Company’s Initial Public Offering. Founder Shares linked to the purchase of 2,500,000 Forward Purchase Units were expensed due to being linked to a liability classified instrument. Founder Shares related to GSAM holding and voting the shares until the initial Business Combination are linked to Units (as described in Note 3 above) purchased in the Initial Public Offering and, as such, the associated costs were allocated between the Company’s common stock and Public Warrants contained in the Units based on the respective fair values. Costs allocated to the Company’s stock were deferred and recorded as a reduction to temporary equity, while the costs allocated to Public Warrants were expensed. Concurrently with the execution of the Merger Agreement on July 18, 2021, the Company, the Sponsor and GSAM, in its capacity as investment adviser on behalf of the GSAM Client Accounts, entered into a side letter to the Forward Purchase Agreement, pursuant to which GSAM irrevocably consented to purchase from the Company, and the Company agreed to issue and sell to GSAM, 2,500,000 Forward Purchase Units at a price of $10.00 per Forward Purchase Unit, or an aggregate of $25,000,000, in a private placement to be consummated substantially concurrently with the consummation of the Business Combination. The Company and the Sponsor also waived GSAM’s potential obligation to forfeit shares of Class B common stock under the circumstances contemplated by the Forward Purchase Agreement in connection with the Closing. On January 20, 2022, the Company, the Sponsor and GSAM entered into the Side Letter pursuant to which, if GSAM acquired any shares of Common Stock (i) on or after January 20, 2022 but prior to the Cutoff Time and did not exercise any right to redeem such shares in connection with the Redemption or (ii) on or after the Cutoff Time but prior to February 1, 2022 and delivered evidence reasonably satisfactory to ENNV that (a) the stockholder from whom such shares were acquired had, prior to such acquisition, validly elected to redeem such shares in connection with the Redemption and (b) such stockholder or GSAM, as applicable, had, prior to Closing, validly revoked such election to redeem such shares in connection with the Redemption, and, in each case, did not transfer such Eligible Shares prior to the Closing Date, then such Eligible Shares would be “Non-Redeemed Shares,” and the number of Forward Purchase Units GSAM was obligated to purchase under the Forward Purchase Agreement would be reduced by the number of Non-Redeemed Shares. Notwithstanding any such reduction in the number of Forward Purchase Units that GSAM was obligated to purchase under the Forward Purchase Agreement, upon the consummation of the sale of such Forward Purchase Units, ENNV issued to GSAM a number of redeemable warrants, each of which is exercisable to purchase one share of ENNV Class A common stock at an exercise price of $11.50 per share, which warrants had the same terms as ENNV’s Warrants, such that GSAM received 625,000 Forward Purchase Warrants and Additional Warrants in the aggregate. On January 27, 2022, GSAM 2,375,000 Non-Redeemed Shares. |
Derivative Warrant Liabilities
Derivative Warrant Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | |
Derivative Warrant Liabilities | Note 6—Derivative Warrant Liabilities Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60 th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3 (a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18 (b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants have an exercise price of $11.50 per share, subject to adjustments, 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 shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per common share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more th an 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described under the caption “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable, or salable unt non-redeemable Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the last reported sale price (the “closing price”) of shares of Class A common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30 -day redemption period. Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00: • in whole and not in part; • upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock to be determined by reference to an agreed table based on the redemption date and the “fair market value” of shares of Class A common stock; and • if, and only if, the last reported sale price of Class A common stock equals or exceeds $10.00 per share (as adjusted) on the trading day prior to the date on which of redemption is sent to the warrant holders; and • if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” shall mean the volume-weighted average price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. Forward Purchase Warrants have the same terms as the Public Warrants, except the Forward Purchase Warrants will be subject to transfer restrictions and certain registration rights. The company accounts for the Public Warrants, Private Placement Warrants and Forward Purchase Agreement in accordance with the guidance contained in ASC 815-40. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Deficit | Note 7—Stockholders’ Deficit Preferred Stock Class A Common Stock Class B Common Stock 6-for-5 5-for-6 per-share audited 2020. Only holders of Class B common stock will have the right to vote on the election of directors and to remove directors prior to the initial Business Combination, and such rights may only be amended by a resolution passed by the holders of a majority of Class B common stock. On all other matters submitted to a vote of the Company’s stockholders, holders of the Class B common stock and holders of the Class A common stock will vote together as a single class, with each share of common stock entitling the holder to one vote, except as required by law or the applicable rules of the NASDAQ Capital Market (“NASDAQ”), then in effect. For so long as shares of Class B common stock remain outstanding, the Company may not amend, alter, or repeal any provision of its amended and restated certificate of incorporation in any manner that would alter or change the powers, preferences, or relative participating, o p The shares one-for-one will as-converted |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8—Fair Value Measurements The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2021 including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Description Level Fair Value December 31, 2021 Marketable securities 1 $ 345,033,673 The Warrants and Forward Purchase Agreement are accounted for as liabilities pursuant to ASC 815-40 The following table presents the fair value hierarchy for liabilities measured at fair value on a recurring basis as of December 31, 2021: Level 1 Level 2 Level 3 Total Derivative liabilities: Public Warrants $ 6,080,185 $ — $ — $ 6,080,185 Private Placement Warrants — 4,417,681 — 4,417,681 Forward Purchase Agreement — — 175,000 175,000 Total liabilities $ 6,080,185 $ 4,417,681 $ 175,000 $ 10,672,866 On April 1, 2021, the Public Warrants surpassed the 52 -day Company used the public trading price of the Public Warrants. This value was adjusted to reflect the value of the issuer call provision of the Public Warrants, as this right is not applicable to the Private Placement Warrants unless they are sold by the initial holders. At December 31, 2021, Forward Purchase Units were valued equal to the difference between the current public trading price and the purchase price, as the Forward Purchase Agreement requires the purchase of units for upon a completion of the Business Combination. The Company previously valued the Forward Purchase Agreement based on the trading price of the Public Warrants, which was considered Level 2 as there was an exercise option prior to the issuance of the Side Letter. As such, the Company transferred the Forward Purchase Agreement from a Level 2 to a Level 3 liability, due to the use of the updated valuation method discussed above which includes a significant unobservable input, and factoring in assumption of the closing of the Business Combination. Outside of the transfer of the Forward Purchase Agreement from Level 2 to Level 3, there were no transfers between Levels 1, 2, and 3 during the year ended December 31, 2021. The following table presents a summary of the changes in the fair value of the Derivative Liabilities: Public Warrant Private Warrant Forward purchase Total Fair value, February 11, 2021 $ 12,880,575 $ 9,358,640 $ 1,508,461 $ 23,747,676 Recognized gain on change in fair value 6,800,390 4,940,959 1,333,461 13,074,810 Fair value, December 31, 2021 $ 6,080,185 $ 4,417,681 $ 175,000 $ 10,672,866 The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: At issuance As of Exercise Price $ 11.50 $ 11.50 Probability of merger closing 70.00 % 90.00 % Valuation date price $ 9.63 $ 10.00 Volatility 24.64 % 12.66 % Expected time until merger (years) 1.50 0.25 Effective expected warrant term (years) 5.00 5.00 Risk-free rate 0.46 % 0.06 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9—Income Taxes The Company’s taxable income primarily consists of interest income on the Trust Account, less any franchise taxes. The Company’s formation costs are generally considered start-up costs and are not currently deductible. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 are as follows: Deferred tax assets Organization costs $ 696,819 Net Operating Loss Carryforward 30,505 Total deferred tax asset . . . . . . . . . . . . . . . . . . . . . . . . . .. 727,325 Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (727,325 ) Deferred tax asset, net of allowance $ — As of December 31, 2021, the Company had $145,264 of U.S. federal net operating loss carryovers available to offset future taxable income. The federal net operating losses can be carried forward indefinitely. In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all the information available, management believes that significant uncertainty exists with respect to the future realization of deferred tax assets and therefore established a full valuation allowance of $727,325 as of December 31, 2021. The income tax provision (benefit) for the year ended December 31, 2021 consists of the following: Deferred expense (benefit) Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (727,325 ) Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 727,325 Total income expense (benefit) — Income taxes during the year ended December 31, 2021 differ from the expected U.S federal income tax rate of 21% of pre-tax earnings from continuing operations due to the impact of nondeductible expenses and valuation allowances on deferred tax assets. The following permanent items impact the rate: changes in fair value of warrant liabilities, non-deductible transaction costs, post-LOI merger costs, offering costs allocated to derivate liabilities, and changes in fair value of forward purchasing agreement. Below is a reconciliation for the Company’s effective tax rate. Effective Tax Rate Reconciliation Rate Pre-Tax Book Income 21.00 % Permanent Items Change in FMV of warrant liabilities (41.42 )% Non-deductible transaction costs 4.41 % Post-LOI merger costs 5.85 % Offering costs allocated to derivative liabilities 2.65 % Effective Tax Rate Reconciliation Rate Change in fair value of forward purchasing agreement (4.70 )% Change in Valuation Allowance . . . . . . . . . . . 12.22 % Income Tax Expense / (Benefit) . . . . . . . . . . . 0.00 % The Company files income tax returns in the U.S. f e |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10—Subsequent events The Company evaluated subsequent events and transactions that occurred after the consolidated balance sheet date through the date the consolidated financial statements were issued. The Company did not identify any subsequent events that would have required adjustment to or disclosure in the consolidated financial statements, except for the disclosures relating to the Side Letter dated January 20, 2022 and the consummation of its Business Combination on February 4, 2022 as disclosed in Note 1 to the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Merger Sub, as of December 31, 2021. Merger Sub had no assets or liabilities as of December 31, 2021. All significant intercompany transactions and balances have been eliminated in consolidation. |
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 stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated 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 consolidated 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. |
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 $82,234 in cash and no cash equivalents, outside of the funds held in the Trust Account, as of December 31, 2021. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for the Warrants, Forward Purchase Agreement (as defined below), and Working Capital Loan conversion option (collectively, the “Instruments”) in accordance with the guidance contained in ASC 815-40 re-measurement s |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At December 31, 2021, the assets held in the Trust Account were invested in money market funds. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as shareholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, 34,500,000 shares of Class A common stock subject to possible redemption are presented as temporary equity outside of the shareholders’ equity section of the Company’s balance sheets. 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. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. For the year ended December 31, 2021, the Company recorded a remeasurement of Class A common stock to the redemption value in the amount of The Class A common stock subject to possible redemption reflected in the consolidated balance sheet at December 31, 2021 is reconciled in the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (12,880,575 ) Deferred underwriting fees (12,075,000 ) Other offering costs (7,060,028 ) Plus: Total remeasurement of carrying value to redemption value 32,015,603 Class A common stock subject to possible redemption $ 345,000,000 |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Deposit Insurance Corporation (FDIC) coverage of |
Financial Instruments | Financial InstrumentsExcept for the Warrant and Forward Purchase Agreement Liabilities as described above, the fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets. |
Fair Value Measurements | Fair Value MeasurementsFair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Offering Costs | Offering Costs Offering costs consist of legal, accounting, underwriting and other costs incurred through the consolidated balance sheet date that are directly related to the Initial Public Offering. Upon the completion of the Initial Public Offering in February 2021, the offering costs were allocated using the relative fair values of the company common stock and its Warrants. The costs allocated to Warrants were recognized in other expenses and those related to the Company’s common stock were charged to temporary equity. |
Net Income Per Share of Common Stock | Net Income Per Share of Common Stock Net income per share of common stock is computed by dividing net income (loss) by the weighted average number of shares issued and outstanding during the period. The Company has not considered the effect of their Forward Purchase Agreement, warrants sold in the Initial Public Offering, private placement to purchase Class A common stock, and Working Capital Loan warrants in the calculation of diluted income per share, since the instruments are not dilutive. At December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted income per share is the same as basic income per share for the periods presented. The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock (the “Founder Shares”). Earnings are shared pro rata between the two classes of shares as long as an Initial Business Combination is consummated. Remeasurement associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value. A reconciliation of the earnings per share is below: For the Year December 31, 2021 For The Period Numerator: Earnings allocable to Redeemable Class A Common Stock Net Earnings allocable to Redeemable Class A Common Stock $ 4,660,201 $ — Denominator: Weighted Average Share Outstanding, Redeemable Class A Common Stock Basic and diluted weighted average shares outstanding, Redeemable Class A 30,624,658 — Basic and diluted net earnings per share, Redeemable Class A $ 0.15 $ — For the Year December 31, 2021 For The Period Non-Redeemable Numerator: Net Income allocable to Non-Redeemable Net Income allocable to Non-Redeemable $ 1,293,249 $ (20 ) Denominator: Weighted Average Non-Redeemable Basic and diluted weighted average shares outstanding, Non-Redeemable 8,498,630 7,500,000 Basic and diluted net earnings per share, Non-Redeemable $ 0.15 $ 0.00 |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, 470-20) 815-40) 2020-06”) 2020-06 2020-06 if-converted 2020-06 2020-06 Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Reconciliation of Earnings Per Share | A reconciliation of the earnings per share is below: For the Year December 31, 2021 For The Period Numerator: Earnings allocable to Redeemable Class A Common Stock Net Earnings allocable to Redeemable Class A Common Stock $ 4,660,201 $ — Denominator: Weighted Average Share Outstanding, Redeemable Class A Common Stock Basic and diluted weighted average shares outstanding, Redeemable Class A 30,624,658 — Basic and diluted net earnings per share, Redeemable Class A $ 0.15 $ — For the Year December 31, 2021 For The Period Non-Redeemable Numerator: Net Income allocable to Non-Redeemable Net Income allocable to Non-Redeemable $ 1,293,249 $ (20 ) Denominator: Weighted Average Non-Redeemable Basic and diluted weighted average shares outstanding, Non-Redeemable 8,498,630 7,500,000 Basic and diluted net earnings per share, Non-Redeemable $ 0.15 $ 0.00 |
Schedule of Class A common stock subject to possible redemption | The Class A common stock subject to possible redemption reflected in the consolidated balance sheet at December 31, 2021 is reconciled in the following table: Gross proceeds $ 345,000,000 Less: Proceeds allocated to public warrants (12,880,575 ) Deferred underwriting fees (12,075,000 ) Other offering costs (7,060,028 ) Plus: Total remeasurement of carrying value to redemption value 32,015,603 Class A common stock subject to possible redemption $ 345,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2021 including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Description Level Fair Value December 31, 2021 Marketable securities 1 $ 345,033,673 |
Schedule of Liabilities Measured at Fair Value on Recurring Basis | The following table presents the fair value hierarchy for liabilities measured at fair value on a recurring basis as of December 31, 2021: Level 1 Level 2 Level 3 Total Derivative liabilities: Public Warrants $ 6,080,185 $ — $ — $ 6,080,185 Private Placement Warrants — 4,417,681 — 4,417,681 Forward Purchase Agreement — — 175,000 175,000 Total liabilities $ 6,080,185 $ 4,417,681 $ 175,000 $ 10,672,866 |
Summary of Changes in Fair Value of Derivative Liabilities | The following table presents a summary of the changes in the fair value of the Derivative Liabilities: Public Warrant Private Warrant Forward purchase Total Fair value, February 11, 2021 $ 12,880,575 $ 9,358,640 $ 1,508,461 $ 23,747,676 Recognized gain on change in fair value 6,800,390 4,940,959 1,333,461 13,074,810 Fair value, December 31, 2021 $ 6,080,185 $ 4,417,681 $ 175,000 $ 10,672,866 |
Summary of Quantitative Information Regarding Fair Value Measurements Inputs | The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: At issuance As of Exercise Price $ 11.50 $ 11.50 Probability of merger closing 70.00 % 90.00 % Valuation date price $ 9.63 $ 10.00 Volatility 24.64 % 12.66 % Expected time until merger (years) 1.50 0.25 Effective expected warrant term (years) 5.00 5.00 Risk-free rate 0.46 % 0.06 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Significant Components of the Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 are as follows: Deferred tax assets Organization costs $ 696,819 Net Operating Loss Carryforward 30,505 Total deferred tax asset . . . . . . . . . . . . . . . . . . . . . . . . . .. 727,325 Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (727,325 ) Deferred tax asset, net of allowance $ — |
Summary of Income Tax Provision (Benefit) | The income tax provision (benefit) for the year ended December 31, 2021 consists of the following: Deferred expense (benefit) Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (727,325 ) Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 727,325 Total income expense (benefit) — |
Summary of Reconciliation for the Company's Effective Tax Rate | Below is a reconciliation for the Company’s effective tax rate. Effective Tax Rate Reconciliation Rate Pre-Tax Book Income 21.00 % Permanent Items Change in FMV of warrant liabilities (41.42 )% Non-deductible transaction costs 4.41 % Post-LOI merger costs 5.85 % Offering costs allocated to derivative liabilities 2.65 % Effective Tax Rate Reconciliation Rate Change in fair value of forward purchasing agreement (4.70 )% Change in Valuation Allowance . . . . . . . . . . . 12.22 % Income Tax Expense / (Benefit) . . . . . . . . . . . 0.00 % |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Details) | Feb. 04, 2022USD ($)$ / sharesshares | Jan. 25, 2022shares | Jul. 18, 2021USD ($)Tranches$ / sharesshares | Feb. 11, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2021USD ($)Private$ / sharesshares | Mar. 25, 2022$ / sharesshares | Jul. 30, 2021USD ($) |
Organization And Basis Of Operations [Line Items] | ||||||||
Entity incorporation date | Oct. 29, 2020 | |||||||
Shares issued, price per share | $ / shares | $ 10 | |||||||
Gross proceeds of shares issued | $ 345,000,000 | |||||||
Purchase price of warrants | $ / shares | $ 11.50 | |||||||
Proceeds from Private Placement Warrants | $ 9,400,000 | |||||||
Initial public offering costs | 19,627,069 | |||||||
Offering costs allocated to derivative warrant liabilities | $ 0 | $ (750,743) | ||||||
Underwriters' deferred discount | $ 12,075,000 | |||||||
Redeemable percentage of public shares | 100.00% | |||||||
Business combination maximum completion period | 24 months | |||||||
Minimum required percentage of net assets held in trust account | 80.00% | |||||||
Minimum target percentage of outstanding voting securities | 50.00% | |||||||
Per unit value of initial public offering, including the proceeds of the private placement warrants, are held in a trust account | $ / shares | $ 10 | |||||||
Maximum amount of interest to pay dissolution expenses | $ 100,000 | |||||||
Residual assets remaining available for distribution price per share initially held in trust account | $ / shares | $ 10 | |||||||
Cash outside of trust account | $ 82,234 | |||||||
Working capital deficit | 3,359,143 | |||||||
Consideration paid | $ 315,100,000 | |||||||
Underwriting fees payable | 12,075,000 | |||||||
ENNVGoldman Sachs Asset Management L P [Member] | Additional Warrants [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Class of warrants issued during period | shares | 625,000 | |||||||
ENNV Side Letter [Member] | ENNVGoldman Sachs Asset Management L P [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Purchase price of warrants | $ / shares | $ 11.50 | |||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||
Forward purchase units aggregate amount issuable | $ 25,000,000 | |||||||
Number of shares consist of forward purchase unit | shares | 1 | |||||||
Number of warrants consist of forward purchase unit | shares | 1 | |||||||
Sponsor Support Agreement [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Number of equal tranches | Tranches | 2 | |||||||
Percentage of converted shares held by sponsor | 10.00% | |||||||
Number of consecutive trading day period | 30 days | |||||||
Number of trading days | 20 days | |||||||
Subsequent Event | Business Combination [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Percentage of outstanding shares were redeemed | 91.00% | |||||||
Stock Redeemed or Called During Period, Shares | shares | 31,512,573 | |||||||
Assets Held-in-trust | $ 29,900,000 | |||||||
underwriting fees forfeit | 7,046,415 | |||||||
Payments for Underwriting Expense | 1,257,146 | |||||||
Underwriting fees payable | 5,028,585 | |||||||
Deferred underwriting fees | $ 3,771,439 | |||||||
Subsequent Event | ENNVGoldman Sachs Asset Management L P [Member] | Additional Warrants [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Purchase price of warrants | $ / shares | $ 11.50 | |||||||
Number of warrant holder to purchase share | shares | 1 | |||||||
Unsecured Promissory Note | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Principal amount | $ 1,500,000 | $ 1,500,000 | ||||||
Number of warrant holder to purchase share | shares | 1 | |||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||
Note convertible price | $ / shares | $ 1.50 | |||||||
Unsecured debt | $ 499,702 | |||||||
Class A Common Stock | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Number of warrant holder to purchase share | shares | 1 | |||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Offering costs allocated to temporary equity | $ 18,876,326 | |||||||
Stock Redeemed or Called During Period, Shares | shares | 34,500,000 | |||||||
Class A Common Stock | Merger Agreement [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 75,000,000 | |||||||
Shares issued, price per share | $ / shares | $ 10 | |||||||
Class A Common Stock | Sponsor Support Agreement [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 407,000 | |||||||
Class A Common Stock | Sponsor Support Agreement [Member] | Maximum [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued, price per share | $ / shares | $ 20 | |||||||
Class A Common Stock | Sponsor Support Agreement [Member] | Minimum [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued, price per share | $ / shares | $ 15 | |||||||
Class A Common Stock | Sponsor [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 1,000,000 | |||||||
Initial Public Offering | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 34,500,000 | 34,500,000 | ||||||
Shares issued, price per share | $ / shares | $ 10 | $ 10 | ||||||
Gross proceeds of shares issued | $ 338,100,000 | |||||||
Proceeds from Private Placement Warrants | $ 12,880,575 | |||||||
Initial Public Offering | Subsequent Event | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Deferred Fee Per Unit | $ / shares | $ 0.35 | |||||||
Deferred fee amount | $ 12,075,000 | |||||||
Initial Public Offering | Class A Common Stock | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Purchase price of warrants | $ / shares | $ 11.50 | |||||||
Over-allotments | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 4,500,000 | 4,500,000 | ||||||
Private Placement Warrants | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Gross proceeds of shares issued | $ 6,900,000 | |||||||
Number of private sales | Private | 2 | |||||||
Number of warrants | shares | 6,266,667 | |||||||
Purchase price of warrants | $ / shares | $ 1.50 | |||||||
Proceeds from Private Placement Warrants | $ 9,400,000 | |||||||
Private Placement Warrants | Class A Common Stock | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 7,500,000 | |||||||
Shares issued, price per share | $ / shares | $ 10 | |||||||
Gross proceeds of shares issued | $ 75,000,000 | |||||||
Fast Radius Capital Stock And Vested R S Us [Member] | Merger Agreement [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Number of equal tranches | Tranches | 2 | |||||||
Number of consecutive trading day period | 30 days | |||||||
Number of trading days | 20 days | |||||||
Merger agreement period | 5 years | |||||||
Fast Radius Capital Stock And Vested R S Us [Member] | Class A Common Stock | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 5,000,000 | |||||||
Fast Radius Capital Stock And Vested R S Us [Member] | Class A Common Stock | Merger Agreement [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued | shares | 10,000,000 | |||||||
Fast Radius Earn Out Shares [Member] | Class A Common Stock | Merger Agreement [Member] | Maximum [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued, price per share | $ / shares | $ 20 | |||||||
Fast Radius Earn Out Shares [Member] | Class A Common Stock | Merger Agreement [Member] | Minimum [Member] | ||||||||
Organization And Basis Of Operations [Line Items] | ||||||||
Shares issued, price per share | $ / shares | $ 15 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Class A common stock subject to possible redemption (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Temporary Equity [Line Items] | |
Gross proceeds | $ 338,100,000 |
Proceeds allocated to public warrants | (9,400,000) |
Total accretion of carrying value to redemption value | 32,015,603 |
Common Class A [Member] | |
Temporary Equity [Line Items] | |
Class A common stock subject to possible redemption | 345,000,000 |
IPO [Member] | |
Temporary Equity [Line Items] | |
Gross proceeds | 345,000,000 |
Proceeds allocated to public warrants | (12,880,575) |
Deferred underwriting fees | (12,075,000) |
Other offering costs | $ (7,060,028) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Earnings Per Share (Details) - USD ($) | 2 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Net Income | $ (20) | $ 5,953,450 |
Redeemable Common Class A [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Net Income | $ 0 | $ 4,660,201 |
Weighted Average Share Outstanding | 0 | 30,624,658 |
Basic and diluted net income per share | $ 0 | $ 0.15 |
Class B Non Redeemable Common Stock [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Net Income | $ (20) | $ 1,293,249 |
Weighted Average Share Outstanding | 7,500,000 | 8,498,630 |
Basic and diluted net income per share | $ 0 | $ 0.15 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Classessshares | Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Cash | $ 82,234 | $ 24,980 |
Cash equivalents | 0 | |
Unrecognized tax benefits | 0 | |
Unrecognized tax benefits, accrued for interest and penalties | 0 | |
Accretion Of Common Stock To Redemption Value | $ (32,015,603) | |
Number Of Classes Of Shares | Classess | 2 | |
Class A Common Stock Subject To Possible Redemption [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Temporary Equity, Shares Subscribed but Unissued | shares | 34,500,000 | |
Accretion Of Common Stock To Redemption Value | $ 32,015,603 | |
Federal Depository Insurance Coverage | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration of credit risk | 250,000 | |
Fair Value Concentration Of Risk Maximum Amount Of Loss Member | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration of credit risk | 0 | |
Fair Value Concentration Of Risk Market Risk Management Value At Risk During Year Member | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration of credit risk | $ 0 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Details) | Jul. 18, 2021$ / sharesshares | Feb. 11, 2021$ / sharesshares | Dec. 31, 2021USD ($)Private$ / sharesshares |
Subsidiary or Equity Method Investee [Line Items] | |||
Shares issued, price per share | $ 10 | ||
Purchase price of warrants | $ 11.50 | ||
Proceeds from Private Placement Warrants | $ | $ 9,400,000 | ||
Class A Common Stock | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of warrant holder to purchase share | shares | 1 | ||
Initial Public Offering | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Shares issued | shares | 34,500,000 | 34,500,000 | |
Shares issued, price per share | $ 10 | $ 10 | |
Proceeds from Private Placement Warrants | $ | $ 12,880,575 | ||
Initial Public Offering | Class A Common Stock | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Purchase price of warrants | $ 11.50 | ||
Over-allotments | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Shares issued | shares | 4,500,000 | 4,500,000 | |
Private Placement Warrants | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Purchase price of warrants | $ 1.50 | ||
Number of private sales | Private | 2 | ||
Number of warrants | shares | 6,266,667 | ||
Proceeds from Private Placement Warrants | $ | $ 9,400,000 | ||
Private Placement Warrants | Class A Common Stock | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Shares issued | shares | 7,500,000 | ||
Shares issued, price per share | $ 10 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Oct. 26, 2021USD ($) | Feb. 11, 2021USD ($) | Dec. 23, 2020shares | Dec. 08, 2020USD ($)shares | Jan. 31, 2021shares | Dec. 31, 2021USD ($)$ / sharesshares | Jul. 30, 2021USD ($) | Jan. 26, 2021USD ($)shares | Dec. 31, 2020shares |
Related Party Transaction [Line Items] | |||||||||
Gross proceeds of shares issued | $ 345,000,000 | ||||||||
Aggregate founder shares forfeited | shares | 1,125,000 | ||||||||
Sale price of common stock per share | $ / shares | $ 12 | ||||||||
Sale of common stock per share trading days | 20 days | ||||||||
Trading day period | 30 days | ||||||||
Initial business combination period | 150 days | ||||||||
Payment made to an affiliate of sponsor | $ 10,000 | ||||||||
Amount payable to sponsor for reimbursement miscellaneous expenses | 0 | ||||||||
Unsecured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Principal amount | $ 1,500,000 | $ 1,500,000 | |||||||
Note convertible price | $ / shares | $ 1.50 | ||||||||
Debt Instrument, Collateral Amount | $ 499,702 | ||||||||
Convertible Promissory Note [Member] | Fast Radius [Member] | Prior to OctoberTwenty Six Two Thousand and Twenty Two [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt instrument percentage of convertible conversion price | 90.00% | ||||||||
Convertible Promissory Note [Member] | Fast Radius [Member] | On or After OctoberTwenty Six Two Thousand and Twenty Two [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt instrument percentage of convertible conversion price | 80.00% | ||||||||
Convertible Promissory Note [Member] | Note Purchase Agreement [Member] | Fast Radius [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Principal amount | $ 7,000,000 | ||||||||
Debt instrument maturity date | Oct. 26, 2023 | ||||||||
Debt instrument stated percentage | 6.00% | ||||||||
Cumulative aggregate gross proceeds on sale of preferred equity | $ 40,000,000 | ||||||||
Note purchase agreement cash payment basis | ECP Holdings will be entitled to a cash payment equal to the greater of (A) two times the outstanding principal amount of the ECP Note plus all accrued and unpaid interest and (B) the amount that would be received in such Acquisition transaction if the outstanding principal amount of the ECP Note, plus all accrued and unpaid interest, were converted into Fast Radius common equity immediately prior to the closing of such Acquisition at the applicable conversion price. | ||||||||
Energy Capital Partners Management, LP | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, agreed loan amount | $ 300,000 | ||||||||
Administrative Services Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Expenses related to administrative support services | $ 107,143 | ||||||||
Class B Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Reverse stock split, description | 6-for-5 reverse stock split | ||||||||
Common stock, shares outstanding | shares | 8,625,000 | 8,625,000 | |||||||
Stock split ratio | 0.833 | ||||||||
Class B Common Stock | Tracy McKibben | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares transferred to founder by sponsor | shares | 35,000 | ||||||||
Class B Common Stock | Kathryn E. Coffey | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares transferred to founder by sponsor | shares | 35,000 | ||||||||
Class B Common Stock | Richard Burke | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares transferred to founder by sponsor | shares | 35,000 | ||||||||
Class B Common Stock | David Lockwood | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares transferred to founder by sponsor | shares | 35,000 | ||||||||
Class B Common Stock | Founder Shares | |||||||||
Related Party Transaction [Line Items] | |||||||||
Gross proceeds of shares issued | $ 25,000 | ||||||||
Shares issued | shares | 8,625,000 | ||||||||
Reverse stock split, description | 6-for-5 reverse stock split | ||||||||
Common stock, shares outstanding | shares | 7,187,500 | 8,625,000 | |||||||
Stock split ratio | 0.833 |
Commitments & Contingencies - A
Commitments & Contingencies - Additional Information (Details) - USD ($) | Jan. 27, 2022 | Feb. 11, 2021 | Jan. 24, 2021 | Dec. 31, 2021 | Jan. 20, 2022 | Jul. 18, 2021 |
Commitments And Contingencies [Line Items] | ||||||
Percentage of payments holders entitled | 2.00% | |||||
Registration default percentage per month | 2.00% | |||||
Purchase price of warrants | $ 11.50 | |||||
Sponsor [Member] | Forward Purchase Warrants [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of warrant holder to purchase share | 625,000 | |||||
Underwriters Agreement | ||||||
Commitments And Contingencies [Line Items] | ||||||
Deferred Fee Per Unit | $ 0.35 | |||||
Deferred Fee Amount | $ 12,075,000 | |||||
Goldman Sachs Asset Management, L.P. | Forward Purchase Warrants [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Reduction of temporary equity, founder shares transferred to sponsor | $ 1,508,461 | |||||
Non Redeemed Shares [Member] | Goldman Sachs Asset Management, L.P. | Subsequent Event [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Underwriters exercised over allotment purchasing units | 2,375,000 | |||||
Common Class A [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of warrant holder to purchase share | 1 | |||||
Common Class A [Member] | Sponsor [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares, Issued | 1 | |||||
Share Price | $ 11.50 | |||||
Forward Purchase Agreement | Goldman Sachs Asset Management, L.P. | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of units issuable under forward purchase agreement | 5,000,000 | |||||
Number of shares consist of forward purchase unit | 1 | |||||
Number of warrants consist of forward purchase unit | 0.25 | |||||
Forward purchase units issuable price per share | $ 10 | |||||
Forward purchase units aggregate maximum amount issuable | $ 50,000,000 | |||||
Number of warrant holder to purchase share | 1 | |||||
Purchase price of warrants | $ 11.50 | |||||
Minimum threshold amount to purchase in forward purchase units | $ 2,500,000 | |||||
Number of shares transferred to founder by sponsor | 345,000 | |||||
Number of shares forfeit and return to sponsor by founder | 172,500 | |||||
Number of shares forfeit and return to sponsor by founder based on sponsor owned number of shares less than number of public shares purchased at closing of initial public offering | 172,500 | |||||
Forward Purchase Agreement | Goldman Sachs Asset Management, L.P. | Subsequent Event [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of units issued under forward purchase agreement | 125,000 | |||||
Forward Purchase Agreement | Goldman Sachs Asset Management, L.P. | Minimum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of units issuable under forward purchase agreement | 2,500,000 | |||||
Forward Purchase Agreement | Goldman Sachs Asset Management, L.P. | Side Letter [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of units issuable under forward purchase agreement | 2,500,000 | |||||
Forward purchase units issuable price per share | $ 10 | |||||
Forward purchase units aggregate amount issuable | $ 25,000,000 | |||||
Over-allotments | ||||||
Commitments And Contingencies [Line Items] | ||||||
Additional units purchased on pro rata basis | 4,500,000 | |||||
Underwriters exercised over allotment purchasing units | 4,500,000 | 4,500,000 |
Derivative Warrant Liabilities
Derivative Warrant Liabilities - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | |
Number of fractional shares issued upon exercise of public warrant | shares | 0 |
Warrants exercisable period after completion of business combination | 30 days |
Warrants exercisable period from closing of initial public offering | 12 months |
Purchase price of warrants | $ 11.50 |
Warrant expiration period after completion of business combination or earlier upon redemption or liquidation | 5 years |
Warrants will not be transferable, assignable or saleable, number of days after completion of business combination | 30 days |
Class A Common Stock | |
Class Of Warrant Or Right [Line Items] | |
Maximum effective issue price to closing of business combination | $ 9.20 |
Minimum percentage of total equity proceeds from issuances | 60.00% |
Number of trading days period starting on trading day prior to date on which company consummates initial business combination | 20 days |
Percentage of exercise price of warrants adjusted equal to higher of market value and newly issued price | 115.00% |
Number of trading days ending on third trading day prior to date on which notice of redemption sent to holders of warrants | 10 days |
Class A Common Stock | Redemption of Warrants When Price Per Share Equals or Exceeds 18 | |
Class Of Warrant Or Right [Line Items] | |
Redemption of warrants price per share | $ 18 |
Class A Common Stock | Redemption of Warrants When Price Per Share Equals or Exceeds 10 | |
Class Of Warrant Or Right [Line Items] | |
Percentage of exercise price of warrants adjusted equal to higher of market value and newly issued price | 180.00% |
Redemption of warrants price per share | $ 10 |
Minimum period of prior written notice of redemption of warrants | 30 days |
Adjusted last reported sale price per share on trading day | $ 10 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) | Dec. 23, 2020shares | Dec. 31, 2021$ / sharesshares | Jan. 26, 2021shares | Dec. 31, 2020$ / sharesshares |
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Class A Common Stock | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common stock, voting rights | one vote for each share | |||
Common stock, shares issued | 0 | 0 | ||
Common stock, shares outstanding | 0 | 0 | ||
Common stock, shares subject to possible redemption | 34,500,000 | |||
Class B Common Stock | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | ||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common stock, voting rights | each share of common stock entitling the holder to one vote | |||
Common stock, shares issued | 8,625,000 | 8,625,000 | ||
Common stock, shares outstanding | 8,625,000 | 8,625,000 | ||
Reverse stock split, description | 6-for-5 reverse stock split | |||
Stock split ratio | 0.833 | |||
Common stock, conversion of shares | one-for-one basis | |||
Percentage of shares outstanding upon conversion | 20.00% | |||
Class B Common Stock | Founder Shares | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares outstanding | 7,187,500 | 8,625,000 | ||
Reverse stock split, description | 6-for-5 reverse stock split | |||
Stock split ratio | 0.833 | |||
Stock split ratio, description | 5-for-6 split |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) | Dec. 31, 2021USD ($) |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Marketable Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investment, Fair Value | $ 345,033,673 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Details) | Dec. 31, 2021USD ($) |
Derivative liabilities: | |
Total Derivative liabilities | $ 10,672,866 |
Public Warrants [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 6,080,185 |
Private Placement Warrants [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 4,417,681 |
Forward Purchase Warrants [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 175,000 |
Fair Value, Inputs, Level 1 [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 6,080,185 |
Fair Value, Inputs, Level 1 [Member] | Public Warrants [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 6,080,185 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 4,417,681 |
Fair Value, Inputs, Level 2 [Member] | Private Placement Warrants [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 4,417,681 |
Fair Value, Inputs, Level 2 [Member] | Forward Purchase Warrants [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | 175,000 |
Fair Value, Inputs, Level 3 [Member] | Forward Purchase Warrants [Member] | |
Derivative liabilities: | |
Total Derivative liabilities | $ 175,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021$ / shares | |
Public warrants threshold waiting period | 52 days |
Sale of stock, price per share | $ 12 |
Forward Purchase Warrants [Member] | |
Sale of stock, price per share | $ 10 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Warrants (Details) - Warrant [Member] | 11 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value of liability, beginning balance | $ 23,747,676 |
Recognized gain on change in fair value | 13,074,810 |
Fair value of liability, ending balance | 10,672,866 |
Public Warrants [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value of liability, beginning balance | 12,880,575 |
Recognized gain on change in fair value | 6,800,390 |
Fair value of liability, ending balance | 6,080,185 |
Private Placement Warrants [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value of liability, beginning balance | 9,358,640 |
Recognized gain on change in fair value | 4,940,959 |
Fair value of liability, ending balance | 4,417,681 |
Forward Purchase Agreement [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value of liability, beginning balance | 1,508,461 |
Recognized gain on change in fair value | 1,333,461 |
Fair value of liability, ending balance | $ 175,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Quantitative Information Regarding Fair Value Measurements Inputs (Details) - Level 3 - Classess | Feb. 11, 2021 | Jan. 24, 2021 | Dec. 31, 2021 | Jan. 20, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Derivative liability, measurement input | 0.46 | 0.06 | ||
Exercise Price | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Derivative liability, measurement input | 11.50 | 11.50 | ||
Probability of merger closing | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Probability of merger closing | 70.00% | 90.00% | ||
Valuation Date Price | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Derivative liability, measurement input | 9.63 | 10 | ||
Volatility | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Derivative liability, measurement input | 24.64 | 12.66 | ||
Expected Time Until Merger | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Derivative liability, measurement input | 1 day 12 hours | 6 hours | ||
Effective Expected Warrant Term | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Derivative liability, measurement input | 5 days | 5 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | Dec. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
U.S. federal and state net operating loss carryovers | $ 145,264 |
Valuation allowance | $ 727,325 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Deferred Tax Assets and Liabilities (Details) | Dec. 31, 2021USD ($) |
Deferred Tax Assets, Net [Abstract] | |
Organization costs | $ 696,819 |
Net Operating Loss Carryforward | 30,505 |
Total deferred tax asset | 727,325 |
Valuation Allowance | (727,325) |
Deferred tax asset, net of allowance | $ 0 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Provision (Benefit) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Federal | $ (727,325) |
Valuation allowance | 727,325 |
Total income tax expense (benefit) | $ 0 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation for the Company's Effective Tax Rate (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Pre-Tax Book Income | 21.00% |
Permanent Items | |
Change in FMW of warrant liabilities | (41.42%) |
Non-deductible transaction costs | 4.41% |
Post-LOI merger costs | 5.85% |
Offering costs allocated to derivative liabilities | 2.65% |
Change in fair value of forward purchasing agreement | (4.70%) |
Change in Valuation Allowance | 12.22% |
Income Tax Expense / (Benefit) | 0.00% |