Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Aug. 17, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 001-39981 | |
Entity Registrant Name | G SQUARED ASCEND I INC. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1578016 | |
Entity Address, Address Line One | 205 N. Michigan Avenue, Suite 3770 | |
Entity Address, City or Town | Chicago | |
Entity Address State Or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 215 | |
Local Phone Number | 701-9555 | |
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 | |
Entity Units Outstanding | 15,036,633 | |
Entity Warrants Outstanding | 10,993,255 | |
Entity Central Index Key | 0001837207 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Transition Report | false | |
Unit Each Consisting Of One Class Common Stock And One Fifth Redeemable Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-fifth of one redeemable warrant | |
Trading Symbol | GSQD.U | |
Security Exchange Name | NYSE | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A ordinary shares included as part of the units | |
Trading Symbol | GSQD | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 19,463,367 | |
Redeemable warrants included as part of the units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants included as part of the units | |
Trading Symbol | GSQD.W | |
Security Exchange Name | NYSE | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,625,000 |
CONDENSED BALANCE SHEET
CONDENSED BALANCE SHEET - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 1,405,078 | $ 0 |
Deferred offering costs | 0 | 228,180 |
Prepaid expenses | 1,581,709 | 0 |
Total current assets | 2,986,787 | 228,180 |
Investments held in Trust Account | 345,020,169 | 0 |
Total Assets | 348,006,956 | 228,180 |
Current liabilities: | ||
Accounts payable | 25,087 | 48,005 |
Accrued expenses | 248,976 | 163,005 |
Note payable - related party | 0 | 0 |
Total current liabilities | 274,063 | 211,010 |
Deferred underwriting commissions | 12,075,000 | 0 |
Derivative liabilities | 14,739,670 | 0 |
Total liabilities | 27,088,733 | 211,010 |
Commitments and Contingencies | ||
Shareholders' Equity (Deficit): | ||
Preference shares, $0.0001 par value 1,000,000 shares authorized none issued and outstanding | 0 | 0 |
Additional paid-in capital | 0 | 24,137 |
Accumulated deficit | (24,082,640) | (7,830) |
Total shareholders' equity (deficit) | (24,081,777) | 17,170 |
Total Liabilities and Shareholders' Equity (Deficit) | 348,006,956 | 228,180 |
Class A Common Stock Subject to Redemption | ||
Current liabilities: | ||
Class A ordinary shares, $0.0001 par value; 479,000,000 shares authorized; 34,500,000 and -0- shares subject to possible redemption at $10.00 per share as of March 31, 2021 and December 31, 2020, respectively | 345,000,000 | 0 |
Shareholders' Equity (Deficit): | ||
Total shareholders' equity (deficit) | 345,000,000 | |
Class A Common Stock Not Subject to Redemption | ||
Shareholders' Equity (Deficit): | ||
Common stock | 863 | 863 |
Class B Common Stock | ||
Shareholders' Equity (Deficit): | ||
Total shareholders' equity (deficit) | $ 863 | $ 863 |
CONDENSED BALANCE SHEET (Parent
CONDENSED BALANCE SHEET (Parenthetical) - $ / shares | Mar. 31, 2021 | Feb. 09, 2021 | Dec. 31, 2020 |
Preferred stock, par value, (per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | ||
Temporary Equity, Par or Stated Value Per Share | $ 0.0001 | ||
Temporary equity, shares issued | 34,500,000 | ||
Temporary equity, shares outstanding | 34,500,000 | 3,180,608 | |
Purchase price, per unit | $ 10 | ||
Over-allotment option | |||
Purchase price, per unit | $ 10 | ||
Class A Common Stock | |||
Temporary equity, shares outstanding | 34,500,000 | 0 | |
Class A Common Stock Subject to Redemption | |||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 479,000,000 | 479,000,000 | |
Temporary Equity, Par or Stated Value Per Share | $ 10 | $ 10 | |
Temporary equity, shares outstanding | 34,500,000 | 0 | |
Class B Common Stock | |||
Common shares, par value, (per share) | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 15,000,000 | 15,000,000 | |
Common shares, shares issued | 8,625,000 | 8,625,000 | |
Common shares, shares outstanding | 8,625,000 | 8,625,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
General and administrative expense | $ 205,288 |
General and administrative expenses - related party | 20,000 |
Loss from operations | (225,288) |
Other income (expenses) | |
Change in fair value of derivative liabilities | (2,647,800) |
Offering costs associated with derivative liabilities | 462,850 |
Loss on Forward Purchase Agreement | (1,448,910) |
Gain on conversion of working capital loan | 243,440 |
Income from investments held in Trust Account | 20,169 |
Net income | 774,361 |
Class A Common Stock | |
Other income (expenses) | |
Net income | $ 20,169 |
Weighted average shares outstanding, basic and diluted | shares | 34,500,000 |
Basic and diluted net Income (loss) per common share | $ / shares | $ 0 |
Class B Common Stock | |
Other income (expenses) | |
Net income | $ 754,192 |
Weighted average shares outstanding, basic | shares | 8,137,500 |
Basic net loss (income) per common share | $ / shares | $ 0.09 |
Weighted average shares outstanding, diluted | shares | 8,625,000 |
Diluted net loss (income) per common share | $ / shares | $ 0.09 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2021 - USD ($) | Class A Common Stock | Class A Common Stock Subject to Redemption | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2020 | $ 863 | $ 24,137 | $ (7,830) | $ 17,170 | ||
Balance at the beginning (in shares) at Dec. 31, 2020 | 8,625,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Sale of units in initial public offering, less fair value of derivative warrant liabilities | $ 345,000,000 | $ 337,272,000 | ||||
Sale of units in initial public offering, less fair value of derivative warrant liabilities (in shares) | 34,500,000 | |||||
Offering costs | $ (19,341,308) | |||||
Excess cash received over the fair value of the private placement warrants | 2,196,000 | 2,196,000 | ||||
Accretion of Class A ordinary shares subject to redemption | 27,069,308 | $ (2,220,137) | (24,849,171) | (27,069,308) | ||
Net income | $ 20,169 | $ 754,192 | 774,361 | 774,361 | ||
Balance at the end at Mar. 31, 2021 | $ 345,000,000 | $ 863 | $ (24,082,640) | $ (24,081,777) | ||
Balance at the end (in shares) at Mar. 31, 2021 | 34,500,000 | 8,625,000 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ 774,361 |
Adjustments to reconcile net loss to net cash used in operating activities: | |
General and administrative expenses paid by related party under promissory note | 5,704 |
Change in fair value of derivative liabilities | (2,647,800) |
Offering costs - derivative warrant liabilities | 462,850 |
Loss on Forward Purchase Agreement | 1,448,910 |
Gain on conversion of working capital loan | (243,440) |
Income from investments held in Trust Account | (20,169) |
Changes in operating assets and liabilities: | |
Prepaid expenses | (1,581,709) |
Accounts payable | 17,473 |
Accrued expenses | 4,566 |
Net cash used in operating activities | (1,779,254) |
Cash Flows from Investing Activities: | |
Cash deposited in Trust Account | (345,000,000) |
Net cash used in investing activities | (345,000,000) |
Cash Flows from Financing Activities: | |
Proceeds received note payable from related party | 1,500,000 |
Repayment of note payable to related party | (173,255) |
Proceeds received from initial public offering | 345,000,000 |
Proceeds received from private placement | 9,150,000 |
Offering costs paid | (7,292,413) |
Net cash provided by financing activities | 348,184,332 |
Net Change in Cash | 1,405,078 |
Cash - beginning of the period | 0 |
Cash - end of the period | 1,405,078 |
Supplemental disclosure of non-cash investing and financing activities: | |
Offering costs included in accounts payable | 1,915 |
Offering costs included in accrued expenses | 81,405 |
Offering costs paid by related party under promissory note | 125,245 |
Accounts payable paid by related party under promissory note | 42,306 |
Deferred underwriting commissions | 12,075,000 |
Conversion of working capital loan to deferred warrant liabilities at fair value | 1,256,560 |
Accretion of Class A ordinary shares subject to redemption | $ 27,069,308 |
Description of Organization and
Description of Organization and Business Operations | 3 Months Ended |
Mar. 31, 2021 | |
Description of Organization and Business Operations | |
Description of Organization and Business Operations | Note 1 — Description of Organization and Business Operations G Squared Ascend I Inc. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 26, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”). As of March 31, 2021, the Company had not yet commenced operations. All activity for the period from October 26, 2020 (inception) through March 31, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, the search for a potential Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company’s sponsor is G Squared Ascend Management I, LLC, a Cayman Islands exempted limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on February 4, 2021. On February 9, 2021, the Company consummated its Initial Public Offering of 34,500,000 units (each, a “Unit” and collectively, the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including 4,500,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.8 million, of which approximately $12.1 million was for deferred underwriting commissions (Note 5). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 6,100,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $9.2 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, $345.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and will be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its holders of the Public Shares (the “Public Shareholders”) 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 general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares are recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 including consideration of the forward purchase agreement discussed in Note 4, upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the Amended and Restated Memorandum and Articles of Association which will be adopted by the Company upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or whether they were a Public Shareholder on the record date for the general meeting held to approve the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares (as defined in Note 4) prior to the Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of the Sponsor. Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association will provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers, and directors agreed not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association (A) to modify the substance or timing of the Company’s obligation to allow the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering or (B) with respect to any other provisions relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months, or February 9, 2023, (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, 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 income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then- outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s taxes payable (less taxes payable and up to $100,000 of interest to pay dissolution expenses). The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution in the Trust Account will be less than the $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the Trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 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 vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. There can be no guarantee that the Company will be successful in obtaining such waivers from its targeted vendors and service providers. Liquidity and Capital Resources As of March 31, 2021, the Company had approximately $1.4 million in its operating bank account and working capital of approximately $2.7 million. The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from Sponsor to cover for certain expenses in exchange for the issuance of the Founder Shares (as defined in Note 4), and loan of approximately $173,000 under the Note (as defined in Note 4). The Company repaid the Note in full on February 12, 2021. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. On March 1, 2021, the Sponsor agreed to loan the Company up to $1.5 million to cover expenses pursuant to an unsecured promissory note (the “Sponsor Note”). This loan is non-interest bearing and payable on the earlier of September 1, 2021 or the completion of the Initial Business Combination. On March 9, 2021, the Sponsor Note was converted into a Working Capital Loan Warrants (as defined in Note 4). As of March 31, 2021, the Company had no outstanding balance under the Working Capital Loans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” as of February 9, 2021, the Company does not have sufficient liquidity to meet its current obligations. However, management has determined that the Company has access to funds from the Sponsor, and the Sponsor has the financial wherewithal to fund the Company, that are sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Proposed Public Offering and a minimum one year from the date of issuance of this financial statement. Over this time period, the Company will be using the funds held outside of the Trust Account 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. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying 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 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. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. Revision of Previously Issued Financial Statements In April 2021, the Company identified a misstatement in its accounting treatment for warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants (collectively, the “Warrants”) as presented in its audited balance sheet as of February 9, 2021 included in its Current Report on Form 8-K, filed February 17, 2021. The Warrants were reflected as a component of equity as opposed to liabilities on the balance sheet. The following balance sheet items were impacted from the error correction as of February 9, 2021: an increase of $16.1 million in warrant liabilities (Level 3); a decrease of $16.1 million in the amount of Class A ordinary shares subject to redemption; an increase of $0.5 million in additional paid-in capital; and an increase of $0.5 million in accumulated deficit. The condensed financial statements contained herein include the impact of a reclassification of 3,180,608 Class A ordinary shares from shareholders’ equity as presented on its audited balance sheet as of February 9, 2021 included in its Current Report on Form 8-K, filed February 17, 2021, to Class A ordinary shares subject to possible redemption (temporary equity). In the balance sheet, the Company did not reflect the impact of the presentation of Class A ordinary shares subject to possible redemption resulting from the forward purchase agreement. The misclassification did not impact net loss (income), total assets or total liabilities for the reported period. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm 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 an emerging growth 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 an 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 statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020. Investments Held in Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in income from investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of March 31, 2021 and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures,” equal or approximate the carrying amounts represented in the condensed balance sheets. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to FASB ASC Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Public Warrants and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised. The initial fair value of the Public Warrants issued in connection with the Public Offering, Private Placement Warrants and Working Capital Loan Warrants have been estimated using Monte Carlo simulation model. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrants’ listed price in an active market was used as the fair value. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. The forward purchase agreement between the Company and the Sponsor, providing for the Sponsor or an affiliate of the Sponsor to purchase up to 10,000,000 Class A ordinary shares and 2,000,000 redeemable warrants (the “Forward Purchase Warrants”), for an aggregate purchase price of $100,000,000, in each case, for $10.00 per one Class A ordinary share and one Offering Costs Associated with the Initial Public Offering 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 were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A common stock issued were charged to stockholders' equity upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Class A Ordinary Shares Subject to Possible Redemption All of the 34,500,000 Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. The Company determined the Class A ordinary shares subject to redemption to be equal to the redemption value of $10.00 per Public Share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Upon considering the impact of the forward purchase agreement (as discussed in Note 4), it was concluded that the redemption value should include all Public Shares resulting in the Class A ordinary shares subject to possible redemption being equal to $345,000,000. Accordingly, as of March 31, 2021, there are 34,500,000 shares of Class A ordinary shares subject to possible redemption, are presented as temporary equity, outside of the shareholders’ equity (deficit) section of the Company’s condensed balance sheets. There were no shares of Class A ordinary shares subject to possible redemption at December 31, 2020. Income Taxes FASB ASC Topic 740, “Income Taxes” (“ASC 740”) prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2021 or 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income Per Ordinary Share The Company’s condensed statements of operations include a presentation of net income (loss) per share for Class A ordinary shares subject to possible redemption in a manner similar to the two-class method of net income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares is calculated by dividing the interest income earned on the Trust Account, less interest available to be withdrawn for the payment of taxes, by the weighted average number of Class A ordinary shares outstanding for the periods. Net income (loss) per ordinary share, basic and diluted, for Class B ordinary shares is calculated by dividing the net income (loss), adjusted for income attributable to Class A ordinary shares, by the weighted average number of Class B Ordinary shares outstanding for the periods. Class B ordinary shares include the Founder Shares as these ordinary shares do not have any redemption features and do not participate in the income earned on the Trust Account. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The Company has not considered the effect of the warrants sold in the Public Offering (including the over-allotment), Private Placement Warrants, and Working Capital Loan Warrants to purchase 14,000,000 shares of the Company’s ordinary shares in the calculation of diluted income (loss) per share, since the exercise of the warrants and the conversion of the rights into ordinary shares is contingent upon the occurrence of future events. The Company has considered the effect of Class B ordinary shares that were excluded from weighted average number as they were contingent on the exercise of over-allotment option by the underwriters. Since the contingency was satisfied, the Company included these shares in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these shares. The following table reflects the calculation of basic and diluted net income (loss) per share of ordinary share: For the Three Months Ended March 31, 2021 Class A ordinary shares Numerator: Income allocable to Class A ordinary shares Income from investments held in Trust Account $ 20,169 Less: Company's portion available to be withdrawn to pay taxes — Net income attributable to Class ordinary shares $ 20,169 Denominator: Weighted average Class A ordinary shares Basic and diluted weighted average shares outstanding, Class A ordinary shares 34,500,000 Basic and diluted net income per share, Class A ordinary shares $ 0.00 Class B ordinary shares Numerator: Net income minus net income allocable to Class A ordinary shares Net income $ 774,361 Net income allocable to Class A ordinary shares (20,169) Net income attributable to Class B ordinary shares $ 754,192 Denominator: weighted average Class B ordinary shares Basic weighted average shares outstanding, Class B ordinary shares 8,137,500 Basic net income per share, Class B ordinary shares $ 0.09 Diluted weighted average shares outstanding, Class B ordinary shares 8,625,000 Diluted net income per share, Class B ordinary shares $ 0.09 Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
Initial Public Offering
Initial Public Offering | 3 Months Ended |
Mar. 31, 2021 | |
Initial Public Offering | |
Initial Public Offering | Note 3 — Initial Public Offering On February 9, 2021, the Company consummated its Initial Public Offering of 34,500,000 Units, including 4,500,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.8 million, of which approximately $12.1 million was for deferred underwriting commissions. Each Unit consists of one Class A ordinary share and one-fifth |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 4 — Related Party Transactions Founder Shares On December 2, 2020, the Sponsor paid an aggregate of $25,000 for certain expenses on behalf of the Company in exchange for issuance of 7,187,500 Class B ordinary shares (the “Founder Shares”). On February 4, 2021, the Company effected a share sub-division of 1,437,500 Class B ordinary shares, resulting in an aggregate of 8,625,000 Class B ordinary shares outstanding. Up to an aggregate of 1,125,000 Founder Shares were subject to forfeiture to the extent that the option to purchase additional Units was not exercised in full by the underwriters or was reduced, so that the Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On February 9, 2021, the underwriter fully exercised its over-allotment option; thus, these 1,125,000 Founder Shares were no longer subject to forfeiture. The Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property, Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, the Founder Shares will be released from the lockup. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 6,100,000 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $9.2 million. Each whole Private Placement Warrant is exercisable for one whole share of Class A ordinary shares at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable except as described below in Note 7 and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. Related Party Loans On December 2, 2020, the Sponsor agreed to loan the Company up to $300,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and due on the closing of the Initial Public Offering. As of February 9, 2021, the Company had borrowed approximately $173,000 under the Note. The Company repaid the Note in full on February 12, 2021. This facility is no longer available as of March 31, 2021. In addition, in order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. On March 1, 2021, the Sponsor agreed to loan the Company up to $1.5 million to cover expenses pursuant to an unsecured promissory note (the “Sponsor Note”). This loan is non-interest bearing and payable on the earlier of September 1, 2021 or the completion of the Initial Business Combination. On March 9, 2021, the Sponsor Note was converted into Working Capital Loan Warrants. These warrants have the same rights and restriction as that of the Private Placement Warrants. As of March 31, 2021, the Company had no outstanding balance under the Working Capital Loans. The Company does have access to any additional Working Capital Loans that can be converted into warrants. Administrative Support Agreement Commencing on the date that the Company’s securities were first listed on the New York Stock Exchange through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor $10,000 per month for office space, secretarial and administrative services provided to the Company. In addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, officers or directors, or the Company’s or their affiliates. Any such payments prior to an initial Business Combination will be made from funds held outside the Trust Account. For the period ended March 31, 2021 and December 31, 2020, the Company incurred expenses of $20,000 and $0 under this agreement. As of March 31, 2021 and December 31, 2020, the Company had $20,000 and $0 outstanding for services in connection with such agreement on the accompanying condensed balance sheets. Forward Purchase Agreement The Sponsor entered into a forward purchase agreement (the “Forward Purchase Agreement”) with the Company that provided for the purchase by the Sponsor or an affiliate of the Sponsor, in the aggregate, of 10,000,000 Class A ordinary shares and 2,000,000 redeemable warrants, for an aggregate purchase price of $100,000,000, in each case, for $10.00 per one Class A ordinary share and one |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 5 — Commitments and Contingencies Registration and Shareholder Rights The holders of the Founder Shares, Private Placement Warrants, Class A ordinary shares underlying the Private Placement Warrants, warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans), Forward Purchase Securities were entitled to registration rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day The underwriters were entitled to an underwriting discount of $0.20 per Unit, or $6.9 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per Unit, or approximately $12.1 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus 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 unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Class A Ordinary Shares Subject
Class A Ordinary Shares Subject to Possible Redemption | 3 Months Ended |
Mar. 31, 2021 | |
Class A Ordinary Shares Subject to Possible Redemption | |
Class A Ordinary Shares Subject to Possible Redemption | Note 6 — Class A Ordinary Shares Subject to Possible Redemption The Company is authorized to issue 479,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of March 31, 2021, there were 34,500,000 shares of Class A ordinary shares issued The Company’s amended and restated memorandum and articles of association provides that under no circumstances will the Company redeem its Class A ordinary shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001. In addition, the proposed Business Combination may require: (i) cash consideration to be paid to the partner or its owners, (ii) cash to be transferred to the partner for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed Business Combination. In the event the aggregate cash consideration would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed Business Combination exceed the aggregate amount of cash available to the Company, the Company will not complete the Business Combination or redeem any shares, and all Class A ordinary shares submitted for redemption will be returned to the holders thereof. As of March 31, 2021, the Class A ordinary shares reflected on the condensed balance sheets are reconciled in the following table: Gross proceeds received from Initial Public Offering $ 345,000,000 Less: Fair value of Public Warrants at issuance (7,728,000) Offering costs allocated to Class A ordinary shares (19,341,308) Plus: Accretion on Class A ordinary shares to redemption value 27,069,308 Class A ordinary shares subject to possible redemption $ 345,000,000 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Shareholders' Equity | |
Shareholders' Equity | Note 7 — Shareholders’ Equity Preference Shares— no outstanding Class B Ordinary Shares— Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders except as required by law. Prior to the initial Business Combination, only holders of the Founder Shares will have the right to vote on the appointment of directors. In addition, prior to the completion of an initial Business Combination, holders of a majority of the Founder Shares may remove a member of the board of directors for any reason. The provisions of the Amended and Restated Memorandum and Articles of Association governing the appointment or removal of directors prior to the initial Business Combination may only be amended by a special resolution passed by holders representing at least two-thirds of the issued and outstanding Class B ordinary shares. The Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as- converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon the consummation of the Initial Public Offering, plus the sum of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (net of any redemptions of Class A ordinary shares by Public Shareholders), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination, any Forward Purchase Securities issued to the Sponsor, members of the founding team or any of their affiliates upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Warrants | |
Warrants | Note 8 — Warrants As of March 31, 2021, the Company had 6,900,000 of Public Warrants, 6,100,000 of Private Placement Warrants and 1,000,000 of Working Capital Loan Warants outstanding. There were no warrants outstanding at December 31, 2020. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable 30 days after the completion of a Business Combination, provided that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Initial Shareholders or their affiliates, without taking into account any Founder Shares or Forward Purchase Securities held by the Initial Shareholders 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 the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20-trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then 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, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price (and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price See “—Redemption of warrants for cash when the price per class A ordinary share equals or exceeds $18.00” and “—Redemption of warrants for Class A ordinary shares when the price per class A ordinary share equals or exceeds $10.00” as described below). The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except (i) that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (ii) except as described below, the Private Placement Warrants will be non-redeemable so long as they are held by the Sponsor or such its permitted transferees and (iii) the Sponsor or its permitted transferees will have the option to exercise the Private Placement Warrants on a cashless basis and have certain registration rights. 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 in all redemption scenarios and exercisable by such holders on the same basis as the Public Warrants. Redemption of warrants for cash when the price per Class A ordinary share equals or exceeds $18.00 : Once the warrants become exercisable, the Company may call the outstanding warrants for redemption (except as described herein with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption to each warrant holder; and ● if, and only if, the closing price of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, 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 (the “Reference Value”). The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants for Class A ordinary shares when the price per Class A ordinary share equals or exceeds $10.00 After the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at $0.10 per warrant upon a minimum of 30 days ’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; ● if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted per share subdivisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and ● if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), then the Private Placement Warrants must also concurrently be called for redemption on the same terms (except as described herein with respect to a holders’ ability to cashless exercise its warrants) as the outstanding Public Warrants as described above. The “fair market value” of Class A ordinary shares for the above purpose shall mean the volume weighted average price of Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | Note 9 — Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: Investments held in Trust Account - U.S. Treasury securities $ 345,020,169 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 6,555,000 $ — $ — Derivative warrant liabilities - Private placement warrants — 5,856,000 — Derivative warrant liabilities - Working capital loan warrants — 960,000 — Forward purchase agreement — — 1,368,670 Total $ 6,555,000 $ 6,816,000 $ 1,368,670 As of December 31, 2020, there were no assets or liabilities that were measured at fair value on a recurring basis. Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of Public Warrants was transferred from a Level 3 measurement to a Level 1 measurement, when the Public Warrants were separately listed and traded in an active market in March 2021. The estimated fair value of the Private Placement Warrants and Working Capital Loan Warrants were transferred from a Level 3 measurement to a Level 2 fair value measurement in March 2021, as the transfer of Private Placement Warrants and Working Capital Loan Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants and Working Capital Loan Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant and Working Capital Loan Warrants is equivalent to that of each Public Warrant. There were no other transfers between levels of the hierarchy for the three months March 31, 2021 Level 1 instruments include investments U.S. Treasury securities with an original maturity of 185 days or less. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. The estimated fair value of the Private Placement Warrants, Public Warrants, and the Working Capital Loan Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation and Black-Scholes Option Pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Black-Scholes analysis relies upon appropriate inputs derived from the Monte Carlo simulation of the public warrants; namely, the underlying stock price and the implied volatility from the traded Public Warrant price. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants: February 9, 2021 March 9, 2021 March 31, 2021 Exercise price $ 11.50 $ 11.50 $ 11.50 Unit price $ 9.78 $ 9.80 $ 9.80 Term (in years) 1.56 - 6.56 6.48 1.42 - 6.42 Volatility 17.4 % 16.6 % 14.2 % Risk-free rate 0.11%-1.26 % 1.12 % 0.09%-1.26 % For the fair value of the Public, Working Capital Loan, Private Placement Warrants, issued in connection with the Public Offering and conversion of the Working Capital Loan, the Company utilizes a Monte Carlo simulation to estimate the fair value of the public warrants at each reporting period and Black-Scholes Option Pricing Model to estimate the fair value of the private warrants at each reporting period, with changes in fair value recognized in the condensed statement of operations. The change in the fair value of derivative liabilities, measured using Level 3 inputs, for the period ended March 31, 2021 is summarized as follows: Derivative liabilities at January 1, 2021 $ — Issuance of Public Warrants 7,728,000 Issuance of Private Placement Warrants 6,954,000 Forward Purchase Agreement 1,448,910 Working Capital Loan Warrants 1,256,560 Change in fair value of derivative liabilities (2,647,800) Derivative liabilities at March 31, 2021 $ 14,739,670 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events | |
Subsequent Events | Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date the condensed financial statements were issued. Based upon this review, the Company determined that, except as noted above, there have been no events that have occurred that would require adjustments to the disclosures in the condensed financial statements. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying 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 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. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. Revision of Previously Issued Financial Statements In April 2021, the Company identified a misstatement in its accounting treatment for warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants (collectively, the “Warrants”) as presented in its audited balance sheet as of February 9, 2021 included in its Current Report on Form 8-K, filed February 17, 2021. The Warrants were reflected as a component of equity as opposed to liabilities on the balance sheet. The following balance sheet items were impacted from the error correction as of February 9, 2021: an increase of $16.1 million in warrant liabilities (Level 3); a decrease of $16.1 million in the amount of Class A ordinary shares subject to redemption; an increase of $0.5 million in additional paid-in capital; and an increase of $0.5 million in accumulated deficit. The condensed financial statements contained herein include the impact of a reclassification of 3,180,608 Class A ordinary shares from shareholders’ equity as presented on its audited balance sheet as of February 9, 2021 included in its Current Report on Form 8-K, filed February 17, 2021, to Class A ordinary shares subject to possible redemption (temporary equity). In the balance sheet, the Company did not reflect the impact of the presentation of Class A ordinary shares subject to possible redemption resulting from the forward purchase agreement. The misclassification did not impact net loss (income), total assets or total liabilities for the reported period. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm 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 an emerging growth 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 an 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 statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020. |
Investments Held in Trust Account | Investments Held in Trust Account The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in income from investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of March 31, 2021 and December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Financial Value of Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures,” equal or approximate the carrying amounts represented in the condensed balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of: ● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Derivative Liabilities | Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to FASB ASC Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Public Warrants and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised. The initial fair value of the Public Warrants issued in connection with the Public Offering, Private Placement Warrants and Working Capital Loan Warrants have been estimated using Monte Carlo simulation model. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrants’ listed price in an active market was used as the fair value. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. The forward purchase agreement between the Company and the Sponsor, providing for the Sponsor or an affiliate of the Sponsor to purchase up to 10,000,000 Class A ordinary shares and 2,000,000 redeemable warrants (the “Forward Purchase Warrants”), for an aggregate purchase price of $100,000,000, in each case, for $10.00 per one Class A ordinary share and one |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A common stock issued were charged to stockholders' equity upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
Class A Common Stock Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption All of the 34,500,000 Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. The Company determined the Class A ordinary shares subject to redemption to be equal to the redemption value of $10.00 per Public Share while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Upon considering the impact of the forward purchase agreement (as discussed in Note 4), it was concluded that the redemption value should include all Public Shares resulting in the Class A ordinary shares subject to possible redemption being equal to $345,000,000. Accordingly, as of March 31, 2021, there are 34,500,000 shares of Class A ordinary shares subject to possible redemption, are presented as temporary equity, outside of the shareholders’ equity (deficit) section of the Company’s condensed balance sheets. There were no shares of Class A ordinary shares subject to possible redemption at December 31, 2020. |
Income Taxes | Income Taxes FASB ASC Topic 740, “Income Taxes” (“ASC 740”) prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2021 or 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net Income Per Ordinary Share | Net Income Per Ordinary Share The Company’s condensed statements of operations include a presentation of net income (loss) per share for Class A ordinary shares subject to possible redemption in a manner similar to the two-class method of net income (loss) per ordinary share. Net income (loss) per ordinary share, basic and diluted, for Class A ordinary shares is calculated by dividing the interest income earned on the Trust Account, less interest available to be withdrawn for the payment of taxes, by the weighted average number of Class A ordinary shares outstanding for the periods. Net income (loss) per ordinary share, basic and diluted, for Class B ordinary shares is calculated by dividing the net income (loss), adjusted for income attributable to Class A ordinary shares, by the weighted average number of Class B Ordinary shares outstanding for the periods. Class B ordinary shares include the Founder Shares as these ordinary shares do not have any redemption features and do not participate in the income earned on the Trust Account. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The Company has not considered the effect of the warrants sold in the Public Offering (including the over-allotment), Private Placement Warrants, and Working Capital Loan Warrants to purchase 14,000,000 shares of the Company’s ordinary shares in the calculation of diluted income (loss) per share, since the exercise of the warrants and the conversion of the rights into ordinary shares is contingent upon the occurrence of future events. The Company has considered the effect of Class B ordinary shares that were excluded from weighted average number as they were contingent on the exercise of over-allotment option by the underwriters. Since the contingency was satisfied, the Company included these shares in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these shares. The following table reflects the calculation of basic and diluted net income (loss) per share of ordinary share: For the Three Months Ended March 31, 2021 Class A ordinary shares Numerator: Income allocable to Class A ordinary shares Income from investments held in Trust Account $ 20,169 Less: Company's portion available to be withdrawn to pay taxes — Net income attributable to Class ordinary shares $ 20,169 Denominator: Weighted average Class A ordinary shares Basic and diluted weighted average shares outstanding, Class A ordinary shares 34,500,000 Basic and diluted net income per share, Class A ordinary shares $ 0.00 Class B ordinary shares Numerator: Net income minus net income allocable to Class A ordinary shares Net income $ 774,361 Net income allocable to Class A ordinary shares (20,169) Net income attributable to Class B ordinary shares $ 754,192 Denominator: weighted average Class B ordinary shares Basic weighted average shares outstanding, Class B ordinary shares 8,137,500 Basic net income per share, Class B ordinary shares $ 0.09 Diluted weighted average shares outstanding, Class B ordinary shares 8,625,000 Diluted net income per share, Class B ordinary shares $ 0.09 |
Recent Accounting Standards | Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Reconciliation of Net Loss per Common Share | For the Three Months Ended March 31, 2021 Class A ordinary shares Numerator: Income allocable to Class A ordinary shares Income from investments held in Trust Account $ 20,169 Less: Company's portion available to be withdrawn to pay taxes — Net income attributable to Class ordinary shares $ 20,169 Denominator: Weighted average Class A ordinary shares Basic and diluted weighted average shares outstanding, Class A ordinary shares 34,500,000 Basic and diluted net income per share, Class A ordinary shares $ 0.00 Class B ordinary shares Numerator: Net income minus net income allocable to Class A ordinary shares Net income $ 774,361 Net income allocable to Class A ordinary shares (20,169) Net income attributable to Class B ordinary shares $ 754,192 Denominator: weighted average Class B ordinary shares Basic weighted average shares outstanding, Class B ordinary shares 8,137,500 Basic net income per share, Class B ordinary shares $ 0.09 Diluted weighted average shares outstanding, Class B ordinary shares 8,625,000 Diluted net income per share, Class B ordinary shares $ 0.09 |
Class A Ordinary Shares Subje_2
Class A Ordinary Shares Subject to Possible Redemption (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Class A Ordinary Shares Subject to Possible Redemption | |
Summary of Class A ordinary share reflects on condensed balance sheet are reconciled | As of March 31, 2021, the Class A ordinary shares reflected on the condensed balance sheets are reconciled in the following table: Gross proceeds received from Initial Public Offering $ 345,000,000 Less: Fair value of Public Warrants at issuance (7,728,000) Offering costs allocated to Class A ordinary shares (19,341,308) Plus: Accretion on Class A ordinary shares to redemption value 27,069,308 Class A ordinary shares subject to possible redemption $ 345,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Schedule of company's assets and liabilities that are measured at fair value on a recurring basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Quoted Prices in Significant Other Significant Other Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Assets: Investments held in Trust Account - U.S. Treasury securities $ 345,020,169 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 6,555,000 $ — $ — Derivative warrant liabilities - Private placement warrants — 5,856,000 — Derivative warrant liabilities - Working capital loan warrants — 960,000 — Forward purchase agreement — — 1,368,670 Total $ 6,555,000 $ 6,816,000 $ 1,368,670 |
Schedule of quantitative information regarding Level 3 fair value measurements inputs | February 9, 2021 March 9, 2021 March 31, 2021 Exercise price $ 11.50 $ 11.50 $ 11.50 Unit price $ 9.78 $ 9.80 $ 9.80 Term (in years) 1.56 - 6.56 6.48 1.42 - 6.42 Volatility 17.4 % 16.6 % 14.2 % Risk-free rate 0.11%-1.26 % 1.12 % 0.09%-1.26 % |
Schedule of change in the fair value of derivative liabilities | The change in the fair value of derivative liabilities, measured using Level 3 inputs, for the period ended March 31, 2021 is summarized as follows: Derivative liabilities at January 1, 2021 $ — Issuance of Public Warrants 7,728,000 Issuance of Private Placement Warrants 6,954,000 Forward Purchase Agreement 1,448,910 Working Capital Loan Warrants 1,256,560 Change in fair value of derivative liabilities (2,647,800) Derivative liabilities at March 31, 2021 $ 14,739,670 |
Description of Organization a_2
Description of Organization and Business Operations (Details) | Mar. 01, 2021USD ($) | Feb. 09, 2021USD ($)$ / sharesshares | Oct. 26, 2020 | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 02, 2020$ / shares |
Subsidiary, Sale of Stock [Line Items] | ||||||
Purchase price, per unit | $ / shares | $ 10 | |||||
Proceeds from issuance initial public offering | $ 345,000,000 | |||||
Repayment of promissory note - related party | 173,255 | |||||
Deferred underwriting fee payable | 12,100,000 | |||||
Cash held outside the Trust Account | 1,405,078 | $ 0 | ||||
Condition for future business combination number of businesses minimum | 1 | |||||
Payments for investment of cash in Trust Account | $ 345,000,000 | |||||
Condition for future business combination use of proceeds percentage | 80 | |||||
Condition for future business combination threshold Percentage Ownership | 50 | |||||
Condition for future business combination threshold Net Tangible Assets | $ 5,000,001 | |||||
Redemption limit percentage without prior consent | 15 | |||||
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent) | 100.00% | |||||
Months to complete acquisition | 24 months | |||||
Redemption period upon closure | 10 | |||||
Maximum Allowed Dissolution Expenses | $ 100,000 | |||||
Operating Bank Account | 1,400,000 | |||||
Working Capital | $ 2,700,000 | |||||
Initial Public Offering | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Sale of Units, net of underwriting discounts (in shares) | shares | 34,500,000 | |||||
Purchase price, per unit | $ / shares | $ 10 | $ 10 | ||||
Proceeds from issuance initial public offering | $ 345,000,000 | |||||
Underwriting fees | 12,100,000 | |||||
Deferred underwriting fee payable | 12,100,000 | |||||
Other offering costs | 19,800,000 | |||||
Payments for investment of cash in Trust Account | $ 345,000,000 | |||||
Private Placement | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Sale of Private Placement Warrants (in shares) | shares | 6,100,000 | |||||
Price of warrant | $ / shares | $ 1.50 | |||||
Proceeds from issuance of Warrants | $ 9,200,000 | |||||
Private Placement | Private Placement Warrants | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Sale of Private Placement Warrants (in shares) | shares | 6,100,000 | |||||
Price of warrant | $ / shares | $ 1.50 | |||||
Proceeds from issuance of Warrants | $ 9,200,000 | |||||
Over-allotment option | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Sale of Units, net of underwriting discounts (in shares) | shares | 4,500,000 | 4,500,000 | ||||
Purchase price, per unit | $ / shares | $ 10 | |||||
Related Party Loans | Working capital loans warrant | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Price of warrant | $ / shares | $ 1.50 | |||||
Notes Payable, Related Parties | $ 0 | |||||
Related Party Loans | Working capital loans warrant | Sponsor Notes [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Repayment of promissory note - related party | $ 1,500,000 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) | Feb. 12, 2021 | Feb. 09, 2021 | Dec. 02, 2020 | Mar. 31, 2021 | Feb. 04, 2021 | Dec. 31, 2020 |
Increase in warrant liabilities | $ 16,100,000 | |||||
Increase in additional paid-in capital | 500,000 | |||||
Increase in Accumulated deficit | $ 500,000 | |||||
Class A common stock subject to possible redemption, outstanding (in shares) | 3,180,608 | 34,500,000 | ||||
Minimum net tangible assets upon consummation of business combination | $ 5,000,001 | |||||
Purchase price, per unit | $ 10 | |||||
Number of shares in a unit | 1 | |||||
Cash equivalents | $ 0 | $ 0 | ||||
Unrecognized tax benefits | 0 | 0 | ||||
Unrecognized tax benefits accrued for interest and penalties | $ 0 | $ 0 | ||||
Anti-dilutive securities attributable to warrants (in shares) | 14,000,000 | |||||
Amount of FDIC insurance coverage limit | $ 250,000 | |||||
Sponsor | ||||||
Aggregate purchase price | $ 25,000 | |||||
Forward purchase agreement | Sponsor | ||||||
Number of redeemable Warrants | 2,000,000 | |||||
Aggregate purchase price | $ 100,000,000 | |||||
Number of warrants in a unit | 0.2 | |||||
Class A Common Stock | ||||||
Decrease in amount of shares subject to redemption | $ 16,100,000 | |||||
Class A common stock subject to possible redemption, outstanding (in shares) | 34,500,000 | 0 | ||||
Aggregate purchase price | $ 345,000,000 | |||||
Class A Common Stock | Forward purchase agreement | Sponsor | ||||||
Number of shares issued | 10,000,000 | |||||
Purchase price, per unit | $ 10 | |||||
Number of shares in a unit | 1 | |||||
Class B Common Stock | Sponsor | ||||||
Number of shares issued | 7,187,500 | |||||
Aggregate purchase price | $ 25,000 | |||||
Shares subject to forfeiture | 1,125,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Net Loss per Common Share (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Numerator: Income allocable to class A ordinary shares | |
Net income | $ 774,361 |
Class A Common Stock | |
Numerator: Income allocable to class A ordinary shares | |
Income from investments held in Trust Account | 20,169 |
Net income | $ 20,169 |
Denominator: Weighted average class A ordinary shares | |
Basic and diluted weighted average shares outstanding | shares | 34,500,000 |
Basic and diluted net Income (loss) per common share | $ / shares | $ 0 |
Class B Common Stock | |
Numerator: Income allocable to class A ordinary shares | |
Net income allocable to Class A ordinary shares | $ (20,169) |
Net income | $ 754,192 |
Denominator: Weighted average class A ordinary shares | |
Weighted average shares outstanding, diluted | shares | 8,625,000 |
Diluted net income per common share | $ / shares | $ 0.09 |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | Feb. 09, 2021 | Mar. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||
Purchase price, per unit | $ 10 | |
Number of shares in a unit | 1 | |
Exercise price of warrants | $ 11.50 | |
Public Warrants | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants in a unit | 0.20 | |
Number of shares issuable per warrant | 1 | |
Exercise price of warrants | $ 11.50 | |
Initial Public Offering | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units sold | 34,500,000 | |
Purchase price, per unit | $ 10 | $ 10 |
Over-allotment option | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units sold | 4,500,000 | 4,500,000 |
Purchase price, per unit | $ 10 |
Related Party Transactions - Fo
Related Party Transactions - Founder Shares (Details) | Feb. 12, 2021USD ($) | Feb. 04, 2021shares | Dec. 02, 2020USD ($)$ / sharesshares | Mar. 31, 2021shares | Dec. 31, 2020shares |
Class B Common Stock | |||||
Related Party Transaction [Line Items] | |||||
Common shares, shares outstanding | 8,625,000 | 8,625,000 | |||
Sponsor | |||||
Related Party Transaction [Line Items] | |||||
Aggregate purchase price | $ | $ 25,000 | ||||
Sponsor | Class B Common Stock | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 7,187,500 | ||||
Aggregate purchase price | $ | $ 25,000 | ||||
Number of shares with respect to which stock sub-division is effected | 1,437,500 | ||||
Common shares, shares outstanding | 8,625,000 | ||||
Shares subject to forfeiture | 1,125,000 | ||||
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders | 20.00% | ||||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 1 year | ||||
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ / shares | $ 12 | ||||
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 20 | ||||
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | 30 | ||||
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences | 150 days |
Related Party Transactions - Pr
Related Party Transactions - Private Placement Warrants (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 09, 2021 | Mar. 31, 2021 |
Related Party Transaction [Line Items] | ||
Exercise price of warrant | $ 11.50 | |
Private Placement | ||
Related Party Transaction [Line Items] | ||
Number of warrants to purchase shares issued | 6,100,000 | |
Price of warrants | $ 1.50 | |
Proceeds from issuance of Warrants | $ 9.2 | |
Exercise price of warrant | $ 11.50 | |
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | |
Private Placement | Class A Common Stock | ||
Related Party Transaction [Line Items] | ||
Number of shares per warrant | 1 | |
Private Placement | Private Placement Warrants | ||
Related Party Transaction [Line Items] | ||
Number of warrants to purchase shares issued | 6,100,000 | |
Price of warrants | $ 1.50 | |
Proceeds from issuance of Warrants | $ 9.2 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Feb. 12, 2021 | Dec. 02, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 01, 2021 | Feb. 09, 2021 |
Related Party Transaction [Line Items] | ||||||
Repayment of promissory note - related party | $ 173,255 | |||||
Proceeds from promissory note - related party | 1,500,000 | |||||
Expenses incurred and paid | 20,000 | $ 0 | ||||
Related party transaction outstaning for service in connection | $ 20,000 | $ 0 | ||||
Private Placement | ||||||
Related Party Transaction [Line Items] | ||||||
Price of warrant | $ 1.50 | |||||
Private Placement | Class A Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares per warrant | 1 | |||||
Sponsor | Forward purchase agreement | Class A Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares to be purchased | 10,000,000 | |||||
Aggregate purchase price of warrants | $ 100,000,000 | |||||
Share price per share | $ 10 | |||||
Number of shares per warrant | 1 | |||||
Sponsor | Forward purchase agreement | Redeemable warrants included as part of the units | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares to be purchased | 2,000,000 | |||||
Sponsor | Forward purchase agreement | Private Placement | ||||||
Related Party Transaction [Line Items] | ||||||
Number of warrants in a unit | 0.2 | |||||
Promissory Note with Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Repayment of promissory note - related party | $ 173,000 | |||||
Administrative Support Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses per month | $ 10,000 | |||||
Related Party Loans | Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum borrowing capacity of related party promissory note | $ 300,000 | |||||
Proceeds from promissory note - related party | 173,000 | |||||
Maximum borrowing capacity of related party unsecured promissory note | $ 1,500,000 | |||||
Related Party Loans | Working capital loans warrant | ||||||
Related Party Transaction [Line Items] | ||||||
Outstanding balance of related party note | $ 0 | |||||
Loan conversion agreement warrant | $ 1,500,000 | |||||
Price of warrant | $ 1.50 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Feb. 09, 2021shares | Mar. 31, 2021USD ($)item$ / sharesshares |
Other Commitments [Line Items] | ||
Maximum number of demands for registration of securities | item | 3 | |
Underwriting cash discount per unit | $ / shares | $ 0.20 | |
Underwriter cash discount | $ | $ 6,900,000 | |
Deferred fee per unit | $ / shares | $ 0.35 | |
Deferred underwriting fee payable | $ | $ 12,100,000 | |
Over-allotment option | ||
Other Commitments [Line Items] | ||
Underwriting option period | 45 days | |
Number of units sold | shares | 4,500,000 | 4,500,000 |
Class A Ordinary Shares Subje_3
Class A Ordinary Shares Subject to Possible Redemption - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($)Vote$ / sharesshares | Feb. 09, 2021shares | |
Class A Ordinary Shares Subject to Possible Redemption | ||
Share authorized to issue Class A ordinary shares | 479,000,000 | |
Issuance of Class A ordinary shares, par value per sshare | $ / shares | $ 0.0001 | |
Number of voting rights entitle for each share of Class A ordinary share by holders | Vote | 1 | |
Class A common stock subject to possible redemption, issued (in shares) | 34,500,000 | |
Class A common stock subject to possible redemption, outstanding (in shares) | 34,500,000 | 3,180,608 |
Minimum net tangible assets upon consummation of business combination | $ | $ 5,000,001 |
Class A Ordinary Shares Subje_4
Class A Ordinary Shares Subject to Possible Redemption - Summary of Class A ordinary share reflects on condensed balance sheet are reconciled (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Gross proceeds received from Initial Public Offering | $ 345,000,000 | |
Less: Fair value of Public Warrants at issuance | 2,647,800 | |
Less: Offering costs allocated to Class A ordinary shares | $ (462,850) | |
Class A Common Stock | ||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Gross proceeds received from Initial Public Offering | $ 345,000,000 | |
Less: Fair value of Public Warrants at issuance | (7,728,000) | |
Less: Offering costs allocated to Class A ordinary shares | (19,341,308) | |
Plus: Accretion on Class A ordinary shares to redemption value | 27,069,308 | |
Class A ordinary shares subject to possible redemption | $ 345,000,000 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Shares (Details) | 3 Months Ended | |
Mar. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Shareholders' Equity | ||
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value, (per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Shares (Details) | Mar. 31, 2021Vote$ / sharesshares | Feb. 09, 2021shares | Dec. 31, 2020$ / sharesshares |
Class of Stock [Line Items] | |||
Class A common stock subject to possible redemption, issued (in shares) | 34,500,000 | ||
Class A common stock subject to possible redemption, outstanding (in shares) | 34,500,000 | 3,180,608 | |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Class A common stock subject to possible redemption, outstanding (in shares) | 34,500,000 | 0 | |
Class A Common Stock Subject to Redemption | |||
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 479,000,000 | 479,000,000 | |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Class A common stock subject to possible redemption, outstanding (in shares) | 34,500,000 | 0 | |
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Common shares, shares authorized (in shares) | 15,000,000 | 15,000,000 | |
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common shares, votes per share | Vote | 1 | ||
Common shares, shares issued (in shares) | 8,625,000 | 8,625,000 | |
Common shares, shares outstanding (in shares) | 8,625,000 | 8,625,000 |
Shareholders' Equity - Warrants
Shareholders' Equity - Warrants (Details) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |
Class of Warrant or Right [Line Items] | |
Redemption price per public warrant (in dollars per share) | $ 0.01 |
Trading period after business combination used to measure dilution of warrant | 20 |
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 | |
Class of Warrant or Right [Line Items] | |
Redemption price per public warrant (in dollars per share) | $ 10 |
Threshold trading days for redemption of public warrants | 20 |
Public Warrants | |
Class of Warrant or Right [Line Items] | |
Trading period after business combination used to measure dilution of warrant | 30 |
Warrants (Details)
Warrants (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Feb. 09, 2021 | Dec. 31, 2020 | |
Warrants | |||
Warrants outstanding | 0 | ||
Public Warrants exercisable term after the completion of a business combination | 30 days | ||
Threshold period for filling registration statement after business combination | 20 days | ||
Exercise price of warrants | $ 11.50 | ||
Threshold issue price for capital raising purposes in connection with the closing of a Business Combination | $ 9.20 | ||
Percentage of gross proceeds on total equity proceeds | 60.00% | ||
Threshold trading days for calculating Market Value | 20 | ||
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent) | 115.00% | ||
Stock price trigger for redemption of public warrants (in dollars per share) | $ 18 | ||
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent) | 180.00% | ||
Redemption trigger price | $ 0.0001 | ||
Public Warrants expiration term | 5 years | ||
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 | |||
Warrants | |||
Warrant Redemption Condition Minimum Share Price | $ 18 | ||
Threshold issue price for capital raising purposes in connection with the closing of a Business Combination | $ 9.20 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | ||
Trading period after business combination used to measure dilution of warrant | 20 | ||
Redemption price per public warrant (in dollars per share) | $ 0.01 | ||
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 | |||
Warrants | |||
Exercise price of warrants | 0.10 | ||
Redemption trigger price | $ 10 | ||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Redemption price per public warrant (in dollars per share) | $ 10 | ||
Threshold trading days for redemption of public warrants | 20 | ||
Class A Common Stock | |||
Warrants | |||
Trading period after business combination used to measure dilution of warrant | 10 | ||
Redemption price per public warrant (in dollars per share) | $ 0.361 | ||
Class A Common Stock Subject to Redemption | |||
Warrants | |||
Redemption trigger price | $ 10 | $ 10 | |
Public Warrants | |||
Warrants | |||
Warrants outstanding | 6,900,000 | ||
Exercise price of warrants | $ 11.50 | ||
Trading period after business combination used to measure dilution of warrant | 30 | ||
Private Placement Warrants | |||
Warrants | |||
Warrants outstanding | 6,100,000 | ||
Warrants | |||
Warrants | |||
Minimum threshold written notice period for redemption of public warrants | 30 days | ||
Working Capital Loan Warrants | |||
Warrants | |||
Warrants outstanding | 1,000,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | $ 14,739,670 | $ 0 |
Transfer of assets from level 1 to level 2 | 0 | |
Transfer of assets from level 2 to level 1 | 0 | |
Transfers to / from level 3 | 0 | |
Level 1 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 6,555,000 | |
Level 1 | Public Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 6,555,000 | |
Level 1 | U.S. Treasury Securities | ||
Assets: | ||
Investments held in Trust Account | 345,020,169 | |
Level 2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 6,816,000 | |
Level 2 | Private Placement Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 5,856,000 | |
Level 2 | Working Capital Loan Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 960,000 | |
Level 3 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 1,368,670 | |
Level 3 | Forward purchase agreement | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | $ 1,368,670 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Fair Value Measurements Inputs (Details) - Level 3 | Mar. 31, 2021$ / shares | Mar. 09, 2021$ / shares | Feb. 09, 2021$ / shares |
Exercise price | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 11.50 | 11.50 | 11.50 |
Unit price | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 9.80 | 9.80 | 9.78 |
Term (in years) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 6.48 | ||
Term (in years) | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 1.42 | 1.56 | |
Term (in years) | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 6.42 | 6.56 | |
Volatility | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 14.2 | 16.6 | 17.4 |
Risk-free rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 1.12 | ||
Risk-free rate | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 0.09 | 0.11 | |
Risk-free rate | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Measurement Input | 1.26 | 1.26 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in the Fair Value of the Warrant Liabilities (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Change in fair value of derivative liabilities | $ (2,647,800) |
Level 3 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Change in fair value of derivative liabilities | (2,647,800) |
Derivative liabilities at March 31, 2021 | 14,739,670 |
Level 3 | Forward purchase agreement | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Issuance of derivative liabilities | 1,448,910 |
Level 3 | Public Warrants | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Issuance of derivative liabilities | 7,728,000 |
Level 3 | Private Placement Warrants | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Issuance of derivative liabilities | 6,954,000 |
Level 3 | Working Capital Loan Warrants | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Issuance of derivative liabilities | $ 1,256,560 |