Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-39378 | |
Entity Registrant Name | SportsTek Acquisition Corp. | |
Entity Central Index Key | 0001836259 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-4265519 | |
Entity Address, Address Line One | 2200 S. Utica Place, Suite 450 | |
Entity Address, City or Town | Tulsa | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 74114 | |
City Area Code | 918 | |
Local Phone Number | 957-1086 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Units [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant | |
Trading Symbol | SPTKU | |
Security Exchange Name | NASDAQ | |
Class A Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Class A common stock included as part of the units | |
Trading Symbol | SPTK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 17,250,000 | |
Redeemable Warrants [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, included in units, each warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | |
Trading Symbol | SPTKW | |
Security Exchange Name | NASDAQ | |
Class B Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,312,500 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 758,973 | $ 153,938 |
Prepaid Expenses | 622,278 | 0 |
Total current assets | 1,381,251 | 153,938 |
Deferred offering costs associated with initial public offering | 0 | 408,725 |
Cash and Investments held in Trust Account | 172,511,549 | 0 |
Total Assets | 173,892,800 | 562,663 |
Current liabilities: | ||
Accrued offering costs and expenses | 754,700 | 362,230 |
Due to related party | 8,957 | 0 |
Promissory note - related party | 0 | 176,000 |
Total current liabilities | 763,657 | 538,230 |
Deferred underwriting fee | 6,037,500 | 0 |
Warrant liability | 11,975,169 | 0 |
Total liabilities | 18,776,326 | 538,230 |
Commitments | ||
Class A Common Stock subject to possible redemption, 15,011,647 and no shares at redemption value at June 30, 2021 and December 31, 2020, respectively | 150,116,470 | 0 |
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 2,558,526 | 24,569 |
Retained earnings (accumulated deficit) | 2,440,823 | (567) |
Total stockholders' equity | 5,000,004 | 24,433 |
Total Liabilities and Stockholders' Equity | 173,892,800 | 562,663 |
Class A Common Stock [Member] | ||
Stockholders' Equity: | ||
Common stock | 224 | 0 |
Class B Common Stock [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 431 | $ 431 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Liabilities and Stockholders' Equity | ||
Common stocks subject to possible redemption (in shares) | 15,011,647 | 0 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock [Member] | ||
Liabilities and Stockholders' Equity | ||
Common stocks subject to possible redemption (in shares) | 15,011,647 | 0 |
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 2,238,353 | 0 |
Common stock, shares outstanding (in shares) | 2,238,353 | 0 |
Class B Common Stock [Member] | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 4,312,500 | 4,312,500 |
Common stock, shares outstanding (in shares) | 4,312,500 | 4,312,500 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Loss from Operations | ||
Formation and operating costs | $ 1,022,177 | $ 1,068,770 |
Loss from Operations | (1,022,177) | (1,068,770) |
Other income (expense): | ||
Interest earned on cash and marketable securities held in Trust Account | 8,099 | 11,549 |
Offering costs allocated to warrants | 0 | (606,375) |
Change in fair value of warrant liability | 6,353,699 | 4,104,986 |
Total other income, net | 6,361,798 | 3,510,160 |
Net income | $ 5,339,621 | $ 2,441,390 |
Class A Common Stock [Member] | ||
Other income (expense): | ||
Weighted average shares outstanding of Class B common stock | 17,250,000 | 17,250,000 |
Diluted weighted average shares outstanding (in shares) | 17,250,000 | 17,250,000 |
Basic net income per share (in dollars per share) | $ 0 | $ 0 |
Diluted net income per share (in dollars per share) | $ 0 | $ 0 |
Class B Common Stock [Member] | ||
Other income (expense): | ||
Weighted average shares outstanding of Class B common stock | 4,312,500 | 4,160,221 |
Diluted weighted average shares outstanding (in shares) | 4,312,500 | 4,312,500 |
Basic net income per share (in dollars per share) | $ 1.24 | $ 0.59 |
Diluted net income per share (in dollars per share) | $ 1.24 | $ 0.57 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Total |
Balance at Dec. 31, 2020 | $ 0 | $ 431 | $ 24,569 | $ (567) | $ 24,433 |
Balance (in shares) at Dec. 31, 2020 | 0 | 4,312,500 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Sale of 17,250,000 Units, net of underwriting discount and offering expenses and initial warrant liability | $ 1,725 | $ 0 | 152,648,926 | 0 | 152,650,651 |
Sale of 17,250,000 Units, net of underwriting discount and offering expenses and initial warrant liability (in shares) | 17,250,000 | 0 | |||
Class A common stock subject to possible redemption | $ (1,448) | $ 0 | (144,775,402) | 0 | (144,776,850) |
Class A common stock subject to possible redemption (in shares) | (14,477,685) | 0 | |||
Net income (loss) | $ 0 | $ 0 | 0 | (2,898,231) | (2,898,231) |
Balance at Mar. 31, 2021 | $ 277 | $ 431 | 7,898,093 | (2,898,798) | 5,000,003 |
Balance (in shares) at Mar. 31, 2021 | 2,772,315 | 4,312,500 | |||
Balance at Dec. 31, 2020 | $ 0 | $ 431 | 24,569 | (567) | 24,433 |
Balance (in shares) at Dec. 31, 2020 | 0 | 4,312,500 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 2,441,390 | ||||
Balance at Jun. 30, 2021 | $ 224 | $ 431 | 2,558,525 | 2,440,823 | 5,000,004 |
Balance (in shares) at Jun. 30, 2021 | 2,238,353 | 4,312,500 | |||
Balance at Mar. 31, 2021 | $ 277 | $ 431 | 7,898,093 | (2,898,798) | 5,000,003 |
Balance (in shares) at Mar. 31, 2021 | 2,772,315 | 4,312,500 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Class A common stock subject to possible redemption | $ (53) | $ 0 | (5,339,567) | 0 | (5,339,620) |
Class A common stock subject to possible redemption (in shares) | (533,962) | 0 | |||
Net income (loss) | $ 0 | $ 0 | 0 | 5,339,621 | 5,339,621 |
Balance at Jun. 30, 2021 | $ 224 | $ 431 | $ 2,558,525 | $ 2,440,823 | $ 5,000,004 |
Balance (in shares) at Jun. 30, 2021 | 2,238,353 | 4,312,500 |
CONDENSED STATEMENTS OF CHANG_2
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 3 Months Ended |
Mar. 31, 2021shares | |
Class A Common Stock [Member] | |
Stockholders' Equity: | |
Units issued (in shares) | 17,250,000 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Cash flows from operating activities: | |
Net income | $ 2,441,390 |
Adjustments to reconcile net income to net cash used in operating activities: | |
Interest earned on marketable securities held in Trust Account | (11,549) |
Offering costs allocated to warrants | 606,375 |
Change in fair value of warrant liability | (4,104,986) |
Changes in operating assets and liabilities: | |
Prepaid assets | (622,278) |
Due to related party | 8,957 |
Accrued offering costs and expenses | 754,700 |
Net cash used in operating activities | (927,391) |
Cash Flows from Investing Activities: | |
Investment of cash in Trust Account | (172,500,000) |
Net cash used in investing activities | (172,500,000) |
Cash Flows from Financing Activities: | |
Proceeds from sale of Units, net of underwriting discount | 169,050,000 |
Proceeds from issuance of Private Placement Warrants | 5,950,000 |
Repayment of promissory note - related party | (176,000) |
Payment of offering costs | (791,574) |
Net cash provided by financing activities | 174,032,426 |
Net change in cash | 605,035 |
Cash, beginning of period | 153,938 |
Cash, end of the period | 758,973 |
Supplemental disclosure of cash flow information: | |
Initial value of Class A common stock subject to possible redemption | 145,583,030 |
Change in Class A common stock subject to possible redemption | 4,533,441 |
Deferred underwriters' discount payable charged to additional paid-in capital | $ 6,037,500 |
Organization and Business Opera
Organization and Business Operations | 6 Months Ended |
Jun. 30, 2021 | |
Organization and Business Operations [Abstract] | |
Organization and Business Operations | Note 1 — Organization and Business Operations SportsTek Acquisition Corp. (the “Company”) is a blank check company incorporated as a Delaware corporation on December 7, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“Business Combination ” ) . As of June 30, 2021, the Company had not commenced any operations. All activity through June 30, 2021 relates to the Company’s formation and the Initial Public Offering (“IPO”) which is described below, and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the IPO . The registration statement for the Company’s IPO was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 16, 2021 (the “Effective Date”). On February 19, 2021, the Company consummated the IPO of 17,250,000 units ( (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares which included the full exercise by the underwriters of the over-allotment option to purchase an additional 2,250,000 Units one-half Simultaneously with the closing of the IPO, the Company consummated the sale of 5,950,000 Private Placement Warrants (the “Private Placement Warrants”), at a price of $1.00 per Private Placement Warrant, in a private placement to JTJT Partners LLC (the “Sponsor”) and certain of the Company’s directors and advisors , Transaction costs of the IPO amounted to $10,325,569 consisting of $3,450,000 of underwriting fee, $6,037,500 of deferred underwriting fee, and $838,069 of other offering costs. Following the closing of the IPO on February 19, 2021, $172,500,000 ($10.00 per Unit) from the net offering proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) and invested in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries, as determined by the Company, until the earlier of: (i) the completion of a Business Combination; (ii) the redemption of any Public Shares in connection with a stockholder vote to approve an amendment to the Company’s Certificate of Incorporation (a) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100% of the Public Shares if the Company has not consummated a Business Combination within 24 months from the closing of the IPO or (b) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity; and (iii) the redemption of any Public Shares if the Company has not consummated a Business Combination within 24 months from the closing of the IPO, subject to applicable law The Company will provide the holders of the outstanding 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 either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants . The Company will have only 24 months from February 19, 2021, the closing of the IPO, to complete an initial Business Combination (the “Combination Period”). However, if the Company doesn’t complete a Business Combination within the Combination Period, the Company will redeem 100% of the outstanding Public Shares for a pro rata portion of the funds held in the Trust Account, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding Public Shares, subject to applicable law and as further described in registration statement, and then seek to dissolve and liquidate . The Company’s Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to waive (i) their redemption rights with respect to any Founder Shares and any Public Shares held by them in connection with the completion of a Business Combination and (ii) their redemption rights with respect to any Founder Shares and Public Shares held by them in connection with a stockholder vote to approve an amendment to the Company’s Certificate of Incorporation (a) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100% of the Public Shares if the Company has not consummated a Business Combination within 24 months from the closing of the IPO or (b) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity . In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (other than our independent public registered accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.00 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations . Liquidity and Capital Resources As of June 30, 2021, the Company had approximately $0.8 million in its operating bank account, and working capital of approximately $0.6 million. The Company’s liquidity needs up to February 19, 2021 had been satisfied through a capital contribution from the Sponsor of $25,000 (see Note 5) for the Founder Shares and the loan under an unsecured promissory note from the Sponsor of $176,000 (see Note 5). The promissory note from the Sponsor was paid in full as of February 22, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). As of June 30, 2021, there were no amounts outstanding under any Working Capital Loans. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. Risks and Uncertainties Management is continuing to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that it could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The interim results for the three months and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K filed by the Company with the SEC on March 30, 2021. Emerging Growth Company Status 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, 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 a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2021 and December 31, 2020. Marketable Securities Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money market funds which invest U.S. Treasury securities. During the six months ended June 30, 2021, the Company did not withdraw any of the interest income from the Trust Account to pay its tax obligations. The Company classifies its United States Treasury securities as held-to-maturity in accordance with FASB ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion are included in the “interest income” line item in the statements of operations. Interest income is recognized when earned. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Warrant Liability The Company evaluated the Public Warrants and Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 2, Note 4, Note 5 and Note 9) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the Warrant Agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the Condensed Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Condensed Statement of Operations in the period of change. Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering . Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and are presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A common stock were charged to stockholders’ equity upon the completion of the Initial Public Offering. 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.” Class A common stock subject to mandatory redemption (if any) is classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 15,011,647 and 0 shares of Class A common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets, respectively . Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. The deferred tax assets were deemed to be de minimis as of June 30, 2021 and December 31, 2020. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be de minimis for the three months and six months ended June 30, 2021. Net Income Per Common Share Net income per share is computed by dividing net income by the weighted-average number of common stock outstanding during the period. The Company’s unaudited condensed statement of operations includes a presentation of loss per share for common stock subject to redemption in a manner similar to the two-class method of income per share. Net income per share, basic and diluted for Class A common stock is calculated by dividing the interest income earned on the Trust Account, less allowance for tax obligations, by the weighted average number of Class A common stock outstanding for the periods. Net income per share, basic and diluted for Class B common stock is calculated by dividing the net income, less income attributable to Class A common stock, by the weighted average number of Class B common stock outstanding for the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 14,575,000 of the Company’s Class A common stock in the calculation of diluted income per share, since they are not yet exercisable . Reconciliation of Net Income (Loss) per Common Share The Company’s condensed statement of operations includes a presentation of loss per share for common stock subject to redemption in a manner similar to the two-class method of income (loss) per share. Accordingly, basic and diluted loss per common share of Class A common stock and Class B common stock is calculated as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Net Income per share for Class A common stock: Interest income earned on securities held in the Trust Account $ 8,099 $ 11,549 Less: Interest income available to the Company for taxes (8,099) ) (11,549) ) Adjusted net income $ — $ — Weighted average shares outstanding of Class A common stock 17,250,000 17,250,000 Basic and diluted net income per share, Class A common stock $ 0.00 $ 0.00 Net Income per share for Class B common stock: Net income $ 5,339,621 $ 2,441,390 Less: Income attributable to Class A common stock — — Adjusted net income $ 5,339,621 $ 2,441,390 Basic weighted average shares outstanding of Class B common stock 4,312,500 4,160,221 Basic net income per share, Class B common stock $ 1.24 $ 0.59 Diluted weighted average shares outstanding of Class B common stock 4,312,500 4,312,500 Diluted net income per share, Class B common stock $ 1.24 $ 0.57 Fair Value of Financial Instruments The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 8 for additional information on assets and liabilities measured at fair value. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 6 Months Ended |
Jun. 30, 2021 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Note 3 — Initial Public Offering Public Units On February 19, 2021, the Company sold 17,250,000 Units, at a purchase price of $10.00 per Unit, which included the full exercise by the underwriters of the over-allotment option to purchase an additional 2,250,000 Units one-half Public Warrants Each whole warrant entitles the registered holder to purchase one share of the Company’s Class A common stock at a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the IPO. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation . The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available . The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of 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. Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants : ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder ; and ● if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior the date on which the Company sends the notice of redemption to the warrant holders . If and when the warrants become redeemable by the Company, the Company may exercise the redemption right even if it is unable to register or qualify the underlying securities or sale under all applicable state securities laws. Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $10.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants : ● in whole and not in part; ● at a price of $0.10 per warrant provided that the holder will be able to exercise their warrants on cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A common stock ; ● upon a minimum of 30 days’ prior written notice of redemption ; ● if, and only if, the last reported sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) 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 ; and ● if the last reported sale price of the Class A common stock 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 is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above . If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. 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 a Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the sponsor or its affiliates, without taking into account any founder shares held by the sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a 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 above 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 described above will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price . |
Private Placement
Private Placement | 6 Months Ended |
Jun. 30, 2021 | |
Private Placement [Abstract] | |
Private Placement | Note 4 — Private Placement Simultaneously with the closing of the IPO, the Sponsor and certain of the Company’s directors and advisors purchased an aggregate of 5,950,000 Private Warrants at a price of $1.00 per Private Warrant, for an aggregate purchase price of $5,950,000, in a private placement. A portion of the proceeds from the private placement was added to the proceeds from the IPO held in the Trust Account The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the shares of Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above, so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On December 11, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 3,593,750 shares of Class B common stock (the “Founder Shares”). On February 16, 2021 the Company effected a stock dividend of 718,750 shares with respect to the Class B common stock, resulting in the initial stockholders holding an aggregate of 4,312,500 Founder Shares. The accompanying financial statements have been retroactively adjusted to reflect the stock dividend in the share capitalization. The Founder Shares included an aggregate of up to 562,500 shares subject to forfeiture if the option to purchase additional units was not exercised by the underwriter in full. On February 19, 2021, the underwriter fully exercised its over-allotment option, hence, the 562,500 Founder Shares are no longer subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (i) one year after the completion of a Business Combination and (ii) subsequent to a Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Public Stockholders having the right to exchange their shares of common stock for cash, securities or other property . Due to Related Party The balance of $8,957 represents the amounts accrued for the administrative support services provided by Sponsor. Promissory Note — Related Party On December 18, 2020, Company issued an unsecured promissory note to the Sponsor for an aggregate of up to $300,000 to cover expenses related to the IPO. This loan is non-interest bearing and payable on the earlier of April 30, 2021 or the completion of the IPO. As of December 31, 2020, the Company had drawn down $176,000 under the promissory note on February 22, 2021, the Company paid the full balance on the note from the proceeds of the IPO . Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $2,000,000 of the notes may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2021 and December 31, 2020, there were no amounts outstanding under the Working Capital Loans . Administrative Service Fee Commencing on the date of the IPO, the Company agree to reimburse its Sponsor for office space, administrative and support services provided to members of the Company’s management team in an amount not to exceed $2,000 per month. Upon completion of the Company’s Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and six months ended June 30, 2021, the Company has recorded $2,857 and $8,957 of administrative service fees, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement dated February 16, 2021, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements . Underwriting Agreement The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 2,250,000 additional Units at the public offering price less the underwriting commissions to cover over-allotments, if any. On February 19, 2021, the underwriter fully exercised its over-allotment option and was paid a cash underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate. The underwriters are entitled to deferred underwriting fee of 3.5% of the gross proceeds of the IPO held in the Trust Account, or $6,037,500, upon the completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 7 — Stockholders’ Equity Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors Class A Common Stock — The Company is authorized to issue 200,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of Class A common stock are entitled to one vote for each share Class B Common Stock — The Company is authorized to issue 20,000,000 shares of Class B common stock with a par value of $0.0001 per share. Only holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as otherwise required by law. The shares of Class B common stock will automatically convert into Class A common stock at the time of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the IPO and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the total number of all shares of common stock outstanding upon the completion of the IPO plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class A common stock redeemed in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable to any seller in a Business Combination. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8 — Fair Value Measurements The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: June 30 Quoted Significant Significant 2021 (Level 1) (Level 2) (Level 3) Liabilities: Public Warrants Liability $ 6,555,000 $ 6,555,000 $ — $ — Private Placement Warrants Liability 5,420,169 — — 5,420,169 $ 11,975,169 $ 6,555,000 $ — $ 5,420,169 The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the Condensed Balance Sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the Condensed Statement of Operations. The Company established the initial fair value of the Public Warrants and Private Warrants on February 19, 2021, the date of the Company’s Initial Public Offering using a Monte Carlo simulation model. The Company established the fair value of the Private Warrants on June 30, 2021 using a Monto Carlo simulation model. The Public and Private Warrants were classified as Level 3 at the initial measurement date and the Private Warrants were classified as Level 3 at June 30, 2021 due to the use of unobservable inputs. As of June 30, 2021, the Public Warrants were trading separately from the Units, and the quoted market price was used to establish fair value. The following table provides a reconciliation of changes in fair value of the beginning and ending balances for our assets and liabilities classified as level 3: Warrant Liability Fair value at January 1, 2021 $ — Initial classification of Public and Private Warrant liability at February 19, 2021 17,605,070 Change in fair value 723,798 Fair value at March 31, 2021 $ 18,328,868 Change in fair value (6,353,699) ) Transfer of Public Warrant liability to Level 1 (6,555,000) ) Fair Value at June 30, 2021 $ 5,420,169 The key inputs into the Monte Carlo simulation as June 30, 2021 were as follows: Inputs Risk-free interest rate 1.05 % Expected remaining term (years) 6.06 Expected volatility 15.5 % Stock price $ 9.62 The carrying value, excluding gross unrealized holding loss and fair value of held to maturity securities on June 30, 2021 are as follows: Carrying Gross Gross Fair Value June 30, U.S. Money Market $ 287 $ — $ — $ 287 U.S. Treasury Securities 172,511,262 — 12,867 172,498,395 $ 172,511,549 $ — $ 12,867 $ 172,498,681 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The interim results for the three months and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K filed by the Company with the SEC on March 30, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2021 and December 31, 2020. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At June 30, 2021, the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money market funds which invest U.S. Treasury securities. During the six months ended June 30, 2021, the Company did not withdraw any of the interest income from the Trust Account to pay its tax obligations. The Company classifies its United States Treasury securities as held-to-maturity in accordance with FASB ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion are included in the “interest income” line item in the statements of operations. Interest income is recognized when earned. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Warrant Liability | Warrant Liability The Company evaluated the Public Warrants and Private Placement Warrants (collectively, “Warrants”, which are discussed in Note 2, Note 4, Note 5 and Note 9) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the Warrant Agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the Condensed Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Condensed Statement of Operations in the period of change. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering . Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred and are presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A common stock were charged to stockholders’ equity upon the completion of the Initial Public Offering. |
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.” Class A common stock subject to mandatory redemption (if any) is classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 15,011,647 and 0 shares of Class A common stock subject to possible redemption is presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets, respectively . |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. The deferred tax assets were deemed to be de minimis as of June 30, 2021 and December 31, 2020. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be de minimis for the three months and six months ended June 30, 2021. |
Net Income Per Common Share | Net Income Per Common Share Net income per share is computed by dividing net income by the weighted-average number of common stock outstanding during the period. The Company’s unaudited condensed statement of operations includes a presentation of loss per share for common stock subject to redemption in a manner similar to the two-class method of income per share. Net income per share, basic and diluted for Class A common stock is calculated by dividing the interest income earned on the Trust Account, less allowance for tax obligations, by the weighted average number of Class A common stock outstanding for the periods. Net income per share, basic and diluted for Class B common stock is calculated by dividing the net income, less income attributable to Class A common stock, by the weighted average number of Class B common stock outstanding for the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 14,575,000 of the Company’s Class A common stock in the calculation of diluted income per share, since they are not yet exercisable . Reconciliation of Net Income (Loss) per Common Share The Company’s condensed statement of operations includes a presentation of loss per share for common stock subject to redemption in a manner similar to the two-class method of income (loss) per share. Accordingly, basic and diluted loss per common share of Class A common stock and Class B common stock is calculated as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Net Income per share for Class A common stock: Interest income earned on securities held in the Trust Account $ 8,099 $ 11,549 Less: Interest income available to the Company for taxes (8,099) ) (11,549) ) Adjusted net income $ — $ — Weighted average shares outstanding of Class A common stock 17,250,000 17,250,000 Basic and diluted net income per share, Class A common stock $ 0.00 $ 0.00 Net Income per share for Class B common stock: Net income $ 5,339,621 $ 2,441,390 Less: Income attributable to Class A common stock — — Adjusted net income $ 5,339,621 $ 2,441,390 Basic weighted average shares outstanding of Class B common stock 4,312,500 4,160,221 Basic net income per share, Class B common stock $ 1.24 $ 0.59 Diluted weighted average shares outstanding of Class B common stock 4,312,500 4,312,500 Diluted net income per share, Class B common stock $ 1.24 $ 0.57 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 8 for additional information on assets and liabilities measured at fair value. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Basic and Diluted Income (Loss) per Common Share | The Company’s condensed statement of operations includes a presentation of loss per share for common stock subject to redemption in a manner similar to the two-class method of income (loss) per share. Accordingly, basic and diluted loss per common share of Class A common stock and Class B common stock is calculated as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Net Income per share for Class A common stock: Interest income earned on securities held in the Trust Account $ 8,099 $ 11,549 Less: Interest income available to the Company for taxes (8,099) ) (11,549) ) Adjusted net income $ — $ — Weighted average shares outstanding of Class A common stock 17,250,000 17,250,000 Basic and diluted net income per share, Class A common stock $ 0.00 $ 0.00 Net Income per share for Class B common stock: Net income $ 5,339,621 $ 2,441,390 Less: Income attributable to Class A common stock — — Adjusted net income $ 5,339,621 $ 2,441,390 Basic weighted average shares outstanding of Class B common stock 4,312,500 4,160,221 Basic net income per share, Class B common stock $ 1.24 $ 0.59 Diluted weighted average shares outstanding of Class B common stock 4,312,500 4,312,500 Diluted net income per share, Class B common stock $ 1.24 $ 0.57 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: June 30 Quoted Significant Significant 2021 (Level 1) (Level 2) (Level 3) Liabilities: Public Warrants Liability $ 6,555,000 $ 6,555,000 $ — $ — Private Placement Warrants Liability 5,420,169 — — 5,420,169 $ 11,975,169 $ 6,555,000 $ — $ 5,420,169 |
Reconciliation of Changes in Fair Value of Assets and Liabilities Classified as Level 3 | The following table provides a reconciliation of changes in fair value of the beginning and ending balances for our assets and liabilities classified as level 3: Warrant Liability Fair value at January 1, 2021 $ — Initial classification of Public and Private Warrant liability at February 19, 2021 17,605,070 Change in fair value 723,798 Fair value at March 31, 2021 $ 18,328,868 Change in fair value (6,353,699) ) Transfer of Public Warrant liability to Level 1 (6,555,000) ) Fair Value at June 30, 2021 $ 5,420,169 |
Key Inputs into Monte Carlo Simulation | The key inputs into the Monte Carlo simulation as June 30, 2021 were as follows: Inputs Risk-free interest rate 1.05 % Expected remaining term (years) 6.06 Expected volatility 15.5 % Stock price $ 9.62 |
Carrying Value, Excluding Gross Unrealized Holding Loss and Fair Value of Held to Maturity Securities | The carrying value, excluding gross unrealized holding loss and fair value of held to maturity securities on June 30, 2021 are as follows: Carrying Gross Gross Fair Value June 30, U.S. Money Market $ 287 $ — $ — $ 287 U.S. Treasury Securities 172,511,262 — 12,867 172,498,395 $ 172,511,549 $ — $ 12,867 $ 172,498,681 |
Organization and Business Ope_2
Organization and Business Operations (Details) - USD ($) | Feb. 19, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Organization and Business Operations [Abstract] | ||||
Gross proceeds from initial public offering | $ 169,050,000 | |||
Warrants issued (in shares) | 14,575,000 | |||
Transaction costs | $ 10,325,569 | $ 0 | $ 408,725 | |
Underwriting discount | 3,450,000 | |||
Deferred underwriting discount | 6,037,500 | |||
Other offering costs | 838,069 | |||
Net proceeds deposited into trust account | $ 172,500,000 | $ 172,500,000 | ||
Net proceeds from Initial Public Offering and Private Placement (in dollars per share) | $ 10 | |||
Redemption price (in dollars per share) | 10 | |||
Percentage of Public Shares that would not be redeemed if Business Combination is not completed within Initial Combination Period | 100.00% | |||
Period to complete Business Combination from closing of Initial Public Offering | 24 months | |||
Cash deposited in Trust Account per Unit (in dollars per share) | $ 10 | |||
Private Placement Warrants [Member] | ||||
Organization and Business Operations [Abstract] | ||||
Share price (in dollars per share) | $ 1 | |||
Warrants issued (in shares) | 5,950,000 | |||
Gross proceeds from issuance of warrants | $ 5,950,000 | |||
Class A Common Stock [Member] | ||||
Organization and Business Operations [Abstract] | ||||
Units issued (in shares) | 17,250,000 | |||
Number of securities called by each warrant (in shares) | 1 | |||
Warrants exercise price (in dollars per share) | $ 11.50 | |||
Initial Public Offering [Member] | ||||
Organization and Business Operations [Abstract] | ||||
Units issued (in shares) | 17,250,000 | |||
Share price (in dollars per share) | $ 10 | |||
Gross proceeds from initial public offering | $ 172,500,000 | |||
Underwriting discount | $ 3,450,000 | |||
Initial Public Offering [Member] | Private Placement Warrants [Member] | ||||
Organization and Business Operations [Abstract] | ||||
Number of securities called by each unit (in shares) | 0.5 | |||
Warrants exercise price (in dollars per share) | $ 11.50 | |||
Initial Public Offering [Member] | Class A Common Stock [Member] | ||||
Organization and Business Operations [Abstract] | ||||
Number of securities called by each unit (in shares) | 1 | |||
Number of securities called by each warrant (in shares) | 1 | |||
Over-Allotment Option [Member] | ||||
Organization and Business Operations [Abstract] | ||||
Units issued (in shares) | 2,250,000 | |||
Share price (in dollars per share) | $ 10 |
Organization and Business Ope_3
Organization and Business Operations, Liquidity and Capital Resources (Details) - USD ($) | Feb. 19, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Liquidity and Capital Resources [Abstract] | |||
Cash | $ 758,973 | $ 153,938 | |
Working capital | 600,000 | ||
Founder Shares [Member] | Promissory Note [Member] | |||
Liquidity and Capital Resources [Abstract] | |||
Proceeds from promissory note | $ 176,000 | ||
Sponsor [Member] | Founder Shares [Member] | |||
Liquidity and Capital Resources [Abstract] | |||
Capital contribution from the Sponsor | $ 25,000 | ||
Sponsor or an Affiliate of the Sponsor, or Certain of the Company's Officers and Directors [Member] | Working Capital Loans [Member] | |||
Liquidity and Capital Resources [Abstract] | |||
Promissory note, outstanding | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | ||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |
Common Stock Subject to Possible Redemption [Abstract] | ||||
Class A common stock, shares subject to possible redemption (in shares) | 15,011,647 | 15,011,647 | 0 | |
Income Taxes [Abstract] | ||||
Accrued interest and penalties | $ 0 | $ 0 | $ 0 | |
Unrecognized tax benefits | 0 | $ 0 | $ 0 | |
Net Income (Loss) per Common Share [Abstract] | ||||
Warrants issued (in shares) | 14,575,000 | |||
Interest income earned on securities held in the Trust Account | 8,099 | $ 11,549 | ||
Less: Interest income available to the Company for taxes | (8,099) | (11,549) | ||
Adjusted net income | 0 | 0 | ||
Net income | 5,339,621 | $ (2,898,231) | 2,441,390 | |
Less: Income attributable to Class A common stock | 0 | 0 | ||
Adjusted net income | $ 5,339,621 | $ 2,441,390 | ||
Class A Common Stock [Member] | ||||
Common Stock Subject to Possible Redemption [Abstract] | ||||
Class A common stock, shares subject to possible redemption (in shares) | 15,011,647 | 15,011,647 | 0 | |
Net Income (Loss) per Common Share [Abstract] | ||||
Weighted average shares outstanding of Class B common stock | 17,250,000 | 17,250,000 | ||
Basic net income per share (in dollars per share) | $ 0 | $ 0 | ||
Diluted weighted average shares outstanding (in shares) | 17,250,000 | 17,250,000 | ||
Diluted net income per share (in dollars per share) | $ 0 | $ 0 | ||
Class B Common Stock [Member] | ||||
Net Income (Loss) per Common Share [Abstract] | ||||
Weighted average shares outstanding of Class B common stock | 4,312,500 | 4,160,221 | ||
Basic net income per share (in dollars per share) | $ 1.24 | $ 0.59 | ||
Diluted weighted average shares outstanding (in shares) | 4,312,500 | 4,312,500 | ||
Diluted net income per share (in dollars per share) | $ 1.24 | $ 0.57 |
Initial Public Offering, Public
Initial Public Offering, Public Units (Details) - $ / shares | Feb. 19, 2021 | Mar. 31, 2021 | Jun. 30, 2021 |
Class A Common Stock [Member] | |||
Initial Public Offering [Abstract] | |||
Units issued (in shares) | 17,250,000 | ||
Number of securities called by each warrant (in shares) | 1 | ||
Initial Public Offering [Member] | |||
Initial Public Offering [Abstract] | |||
Units issued (in shares) | 17,250,000 | ||
Unit price (in dollars per share) | $ 10 | ||
Initial Public Offering [Member] | Public Warrants [Member] | |||
Initial Public Offering [Abstract] | |||
Number of securities called by each unit (in shares) | 0.5 | ||
Initial Public Offering [Member] | Class A Common Stock [Member] | |||
Initial Public Offering [Abstract] | |||
Number of securities called by each unit (in shares) | 1 | ||
Number of securities called by each warrant (in shares) | 1 | ||
Over-Allotment Option [Member] | |||
Initial Public Offering [Abstract] | |||
Units issued (in shares) | 2,250,000 | ||
Unit price (in dollars per share) | $ 10 |
Initial Public Offering, Publ_2
Initial Public Offering, Public Warrants (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Warrants [Abstract] | |
Period for warrants to become exercisable after completion of business combination | 30 days |
Period for warrants to become exercisable from closing of IPO | 12 months |
Warrants expiration period | 5 years |
Number of days to file registration statement | 20 days |
Period for registration statement to become effective | 60 days |
Class A Common Stock [Member] | |
Warrants [Abstract] | |
Number of securities called by each warrant (in shares) | shares | 1 |
Warrants exercise price (in dollars per share) | $ 11.50 |
Class A Common Stock [Member] | Additional Issue of Common Stock or Equity [Member] | |
Warrants [Abstract] | |
Share price (in dollars per share) | $ 9.20 |
Number of trading days | 20 days |
Percentage of higher of Market Value or Newly Issued Price to which exercise price of public warrants is adjusted | 115.00% |
Percentage of higher of Market Value or Newly Issued Price to which redemption triggered price is adjusted | 180.00% |
Class A Common Stock [Member] | Additional Issue of Common Stock or Equity [Member] | Maximum [Member] | |
Warrants [Abstract] | |
Percentage of aggregate gross proceeds of issuance available for funding of business combination | 60.00% |
Redemption of Warrants When Price Exceeds $18.00 [Member] | Class A Common Stock [Member] | |
Warrants [Abstract] | |
Warrant redemption price (in dollars per share) | $ 0.01 |
Notice period to redeem warrants | 30 days |
Redemption period | 30 days |
Number of trading days | 20 days |
Trading day threshold period | 30 days |
Redemption of Warrants When Price Exceeds $18.00 [Member] | Class A Common Stock [Member] | Minimum [Member] | |
Warrants [Abstract] | |
Share price (in dollars per share) | $ 18 |
Redemption of Warrants When Price Exceeds $10.00 [Member] | Class A Common Stock [Member] | |
Warrants [Abstract] | |
Warrant redemption price (in dollars per share) | $ 0.10 |
Notice period to redeem warrants | 30 days |
Number of trading days | 20 days |
Trading day threshold period | 30 days |
Redemption of Warrants When Price Exceeds $10.00 [Member] | Class A Common Stock [Member] | Minimum [Member] | |
Warrants [Abstract] | |
Share price (in dollars per share) | $ 10 |
Private Placement (Details)
Private Placement (Details) - USD ($) | Feb. 19, 2021 | Jun. 30, 2021 |
Private Placement Warrants [Abstract] | ||
Warrants issued (in shares) | 14,575,000 | |
Private Warrants [Member] | Sponsor and Certain of the Company's Directors and Advisors [Member] | ||
Private Placement Warrants [Abstract] | ||
Warrants issued (in shares) | 5,950,000 | |
Share price (in dollars per share) | $ 1 | |
Gross proceeds from issuance of warrants | $ 5,950,000 | |
Period before warrants will be transferable, assignable or saleable | 30 days |
Related Party Transactions, Fou
Related Party Transactions, Founder Shares (Details) - USD ($) | Feb. 19, 2021 | Feb. 16, 2021 | Dec. 11, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Class A Common Stock [Member] | |||||
Founder Shares [Abstract] | |||||
Common stock, subject to forfeiture (in shares) | 15,011,647 | 0 | |||
Founder Shares [Member] | Class B Common Stock [Member] | |||||
Founder Shares [Abstract] | |||||
Shares issued (in shares) | 4,312,500 | ||||
Stock dividend (in shares) | 718,750 | ||||
Common stock no longer subject to forfeiture (in shares) | 562,500 | ||||
Founder Shares [Member] | Class B Common Stock [Member] | Maximum [Member] | |||||
Founder Shares [Abstract] | |||||
Common stock, subject to forfeiture (in shares) | 562,500 | ||||
Founder Shares [Member] | Sponsor [Member] | |||||
Founder Shares [Abstract] | |||||
Proceeds from issuance of stock | $ 25,000 | ||||
Founder Shares [Member] | Sponsor [Member] | Class A Common Stock [Member] | |||||
Founder Shares [Abstract] | |||||
Period before warrants will be transferable, assignable or saleable | 1 year | ||||
Number of trading days | 20 days | ||||
Trading day threshold period | 30 days | ||||
Founder Shares [Member] | Sponsor [Member] | Class A Common Stock [Member] | Minimum [Member] | |||||
Founder Shares [Abstract] | |||||
Share price (in dollars per share) | $ 12 | ||||
Threshold period after initial Business Combination | 150 days | ||||
Founder Shares [Member] | Sponsor [Member] | Class B Common Stock [Member] | |||||
Founder Shares [Abstract] | |||||
Proceeds from issuance of stock | $ 25,000 | ||||
Shares issued (in shares) | 3,593,750 |
Related Party Transactions, Due
Related Party Transactions, Due to Related Party (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Due to Related Party [Abstract] | ||
Due to related party | $ 8,957 | $ 0 |
Sponsor [Member] | Administrative Service Fee [Member] | ||
Due to Related Party [Abstract] | ||
Due to related party | $ 8,957 |
Related Party Transactions, Pro
Related Party Transactions, Promissory Note-Related Party (Details) - USD ($) | Feb. 22, 2021 | Dec. 31, 2020 | Dec. 18, 2020 | Jun. 30, 2021 |
Related Party Transactions [Abstract] | ||||
Repayment of promissory note | $ 176,000 | |||
Sponsor [Member] | Promissory Note [Member] | ||||
Related Party Transactions [Abstract] | ||||
Proceeds from promissory note | $ 176,000 | |||
Repayment of promissory note | $ 176,000 | |||
Sponsor [Member] | Promissory Note [Member] | Maximum [Member] | ||||
Related Party Transactions [Abstract] | ||||
Related party transaction | $ 300,000 |
Related Party Transactions, Rel
Related Party Transactions, Related Party Loans (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Loans [Abstract] | ||
Outstanding balance | $ 0 | $ 176,000 |
Sponsor or Certain of the Company's Officers and Directors [Member] | Working Capital Loans [Member] | ||
Related Party Loans [Abstract] | ||
Outstanding balance | 0 | $ 0 |
Sponsor or Certain of the Company's Officers and Directors [Member] | Working Capital Loans [Member] | Maximum [Member] | ||
Related Party Loans [Abstract] | ||
Related party transaction | $ 2,000,000 | |
Warrant price (in dollars per share) | $ 1 |
Related Party Transactions, Adm
Related Party Transactions, Administrative Service Fee (Details) - Sponsor [Member] - Administrative Service Fee [Member] - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Administrative Service Fee [Abstract] | ||
Related party expense | $ 2,857 | $ 8,957 |
Maximum [Member] | ||
Administrative Service Fee [Abstract] | ||
Related party fee | $ 2,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Feb. 19, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)Demand | Dec. 31, 2020USD ($) |
Underwriting Agreement [Abstract] | |||
Underwriting discount | $ 3,450,000 | ||
Deferred underwriting discount | 3.50% | ||
Deferred underwriting fees | $ 6,037,500 | $ 0 | |
Maximum [Member] | |||
Registration Rights [Abstract] | |||
Number of demands eligible security holder can make | Demand | 3 | ||
Initial Public Offering [Member] | |||
Underwriting Agreement [Abstract] | |||
Units issued (in shares) | shares | 17,250,000 | ||
Underwriting discount | $ 3,450,000 | ||
Underwriter fee (in dollars per share) | $ / shares | $ 0.20 | ||
Over-Allotment Option [Member] | |||
Underwriting Agreement [Abstract] | |||
Sale of stock underwriter option term | 45 days | ||
Units issued (in shares) | shares | 2,250,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 6 Months Ended | |
Jun. 30, 2021Vote$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Stockholders' Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Stock conversion basis at time of business combination | 1 | |
Stock conversion percentage threshold | 20.00% | |
Class A Common Stock [Member] | ||
Stockholders' Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Voting right per share | Vote | 1 | |
Common stock, shares issued (in shares) | 17,250,000 | 0 |
Common stock, shares outstanding (in shares) | 17,250,000 | 0 |
Common stock, subject to forfeiture (in shares) | 15,011,647 | 0 |
Class B Common Stock [Member] | ||
Stockholders' Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 4,312,500 | 4,312,500 |
Common stock, shares outstanding (in shares) | 4,312,500 | 4,312,500 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring [Member] | Jun. 30, 2021USD ($) |
Liabilities [Abstract] | |
Warrants liability | $ 11,975,169 |
Public Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | 6,555,000 |
Private Placement Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | 5,420,169 |
Quoted Prices in Active Markets (Level 1) [Member] | |
Liabilities [Abstract] | |
Warrants liability | 6,555,000 |
Quoted Prices in Active Markets (Level 1) [Member] | Public Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | 6,555,000 |
Quoted Prices in Active Markets (Level 1) [Member] | Private Placement Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | 0 |
Significant Other Observable Inputs (Level 2) [Member] | |
Liabilities [Abstract] | |
Warrants liability | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Public Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Private Placement Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | 0 |
Significant Other Unobservable Inputs (Level 3) [Member] | |
Liabilities [Abstract] | |
Warrants liability | 5,420,169 |
Significant Other Unobservable Inputs (Level 3) [Member] | Public Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | 0 |
Significant Other Unobservable Inputs (Level 3) [Member] | Private Placement Warrants [Member] | |
Liabilities [Abstract] | |
Warrants liability | $ 5,420,169 |
Fair Value Measurements, Reconc
Fair Value Measurements, Reconciliation of Changes in Fair Value of Assets and Liabilities Classified as Level 3 (Details) - Warrant Liability [Member] - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Changes in Fair Value of Level 3 Warrant Liabilities [Roll Forward] | ||
Fair value | $ 18,328,868 | $ 0 |
Initial classification of Public and Private Warrant liability at February 19, 2021 | 17,605,070 | |
Change in fair value | (6,353,699) | 723,798 |
Transfer of Public Warrant liability to Level 1 | (6,555,000) | |
Fair value | $ 5,420,169 | $ 18,328,868 |
Fair Value Measurements, Key In
Fair Value Measurements, Key Inputs into Monte Carlo Simulation (Details) | Jun. 30, 2021$ / shares |
Fair Value Measurements [Abstract] | |
Measurement input | 5 years |
Warrants [Member] | Risk-Free Interest Rate [Member] | |
Fair Value Measurements [Abstract] | |
Measurement input | 0.0105 |
Warrants [Member] | Expected Remaining Term [Member] | |
Fair Value Measurements [Abstract] | |
Measurement input | 6 years 21 days |
Warrants [Member] | Expected Volatility [Member] | |
Fair Value Measurements [Abstract] | |
Measurement input | 0.155 |
Warrants [Member] | Stock Price [Member] | |
Fair Value Measurements [Abstract] | |
Measurement input | 9.62 |
Fair Value Measurements, Market
Fair Value Measurements, Marketable Securities Held in Trust Account (Details) | Jun. 30, 2021USD ($) |
Held to Maturity Securities [Abstract] | |
Carrying value | $ 172,511,549 |
Gross unrealized gains | 0 |
Gross unrealized loss | 12,867 |
Fair value | 172,498,681 |
U.S. Money Market [Member] | |
Held to Maturity Securities [Abstract] | |
Carrying value | 287 |
Gross unrealized gains | 0 |
Gross unrealized loss | 0 |
Fair value | 287 |
U.S. Treasury Securities [Member] | U.S. Money Market [Member] | |
Held to Maturity Securities [Abstract] | |
Carrying value | 172,511,262 |
Gross unrealized gains | 0 |
Gross unrealized loss | 12,867 |
Fair value | $ 172,498,395 |