Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021 | |
Document Information [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Core Scientific, Inc./tx |
Entity Central Index Key | 0001839341 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Feb. 12, 2021 | Dec. 31, 2020 | |
Current assets: | ||||
Cash | $ 1,598,506 | $ 2,968,065 | ||
Prepaid expenses | 446,855 | 676,800 | ||
Total current assets | 2,045,361 | 3,644,865 | ||
Investments held in Trust Account | 345,027,247 | 345,000,000 | ||
Deferred offering costs | 15,000 | |||
Total Assets | 347,072,608 | 348,644,865 | 15,000 | |
Current liabilities: | ||||
Accounts payable | 721,484 | 687,500 | ||
Accrued expenses | 3,225,538 | 545,021 | 400 | |
Franchise tax payable | 148,395 | 23,464 | ||
Note payable - related party | 90,035 | |||
Total current liabilities | 4,095,417 | 1,346,020 | 400 | |
Derivative warrant liabilities | 36,931,330 | 23,027,500 | ||
Deferred underwriting commissions | 12,075,000 | 12,075,000 | ||
Total liabilities | 53,101,747 | 36,448,520 | 400 | |
Commitments and Contingencies | ||||
Class A common stock subject to possible redemption, $0.0001 par value; 34,500,000 shares at $10.00 per share | 345,000,000 | 345,000,000 | ||
Stockholders' Equity (Deficit): | ||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | |||
Class A common stock, $0.0001 par value; 500,000,000 shares authorized | 0 | |||
Class B common stock, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 863 | 863 | 863 | [1],[2] |
Additional paid-in capital | 0 | 24,137 | ||
Retained earnings (accumulated deficit) | (51,030,002) | (32,804,518) | (10,400) | |
Total stockholders' equity (deficit) | (51,029,139) | (32,803,655) | 14,600 | |
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit) | $ 347,072,608 | $ 348,644,865 | $ 15,000 | |
[1] | On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares Class B common stock outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization. (see Note 4, 6 and 7) | |||
[2] | This number includes up to 1,125,000 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. (see Note 4) |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Feb. 12, 2021 | Dec. 31, 2020 |
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
Common stock par value (in Dollars per share) | $ 12 | ||
Class A Common Stock | |||
Shares subject to possible redemption, per value (in Dollars per share) | $ 0.0001 | $ 0.0001 | 0.0001 |
Shares subject to possible redemption | 34,500,000 | 34,500,000 | |
shares subject to possible redemption, per share (in Dollars per share) | $ 10 | $ 10 | 10 |
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 34,500,000 | ||
Common stock, shares outstanding | 34,500,000 | ||
Class B Common Stock | |||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,625,000 | 8,625,000 | 8,625,000 |
Common stock, shares outstanding | 8,625,000 | 8,625,000 | 8,625,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | |
General and administrative expenses | $ 10,400 | $ 2,387,202 | $ 4,077,585 | |
General and administrative expenses — related party | 60,000 | 160,000 | ||
Franchise tax expenses | 49,863 | 147,995 | ||
Loss from operations | (2,497,065) | (4,385,580) | ||
Change in fair value of derivative warrant liabilities | (16,231,910) | (13,903,830) | ||
Offering costs associated with derivative warrant liabilities | (1,055,577) | |||
Income from investments held in Trust Account | 4,440 | 27,247 | ||
Net loss | $ (10,400) | $ (18,724,535) | $ (19,317,740) | |
Weighted average shares outstanding of Class B common stock, basic and diluted | [1],[2] | 7,500,000 | ||
Basic and diluted net loss per share, Class B common stock | $ 0 | |||
Class A Common Stock | ||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 34,500,000 | 29,192,308 | ||
Basic and diluted net loss per share, Class A common stock | $ (0.43) | $ (0.51) | ||
Class B Common Stock | ||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 8,625,000 | 8,451,923 | ||
Basic and diluted net loss per share, Class B common stock | $ (0.43) | $ (0.51) | ||
[1] | On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares Class B common stock outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization. (see Note 4, 6 and 7) | |||
[2] | This number includes up to 1,125,000 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. (see Note 4) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - Common Class B [Member] - shares | Sep. 30, 2021 | Feb. 12, 2021 | Feb. 09, 2021 | Dec. 31, 2020 |
Common stock shares subject to forfeiture | 1,125,000 | |||
Common stock, shares outstanding | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 |
Subsequent Event [Member] | ||||
Common stock shares subject to forfeiture | 1,125,000 | |||
Number of shares capitalized | 1,437,500 | |||
Common stock, shares outstanding | 8,625,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Class ACommon Stock | Class BCommon Stock | |
Balance (in Shares) at Dec. 28, 2020 | 0 | 0 | ||||
Issuance of Class B common stock to Sponsors | [1],[2] | $ 25,000 | $ 24,137 | $ 863 | ||
Issuance of Class B common stock to Sponsors , (in Shares) | [1],[2] | 8,625,000 | ||||
Net income (loss) | (10,400) | $ (10,400) | ||||
Balance at Dec. 31, 2020 | 14,600 | 24,137 | (10,400) | $ 863 | ||
Balance (in Shares) at Dec. 31, 2020 | 0 | 8,625,000 | ||||
Accretion of Class A common stock subject to possible redemption amount | (31,725,999) | $ (24,137) | (31,701,862) | |||
Net income (loss) | 4,962,873 | 4,962,873 | ||||
Balance at Mar. 31, 2021 | (26,748,526) | (26,749,389) | $ 863 | |||
Balance (in Shares) at Mar. 31, 2021 | 8,625,000 | |||||
Net income (loss) | (5,556,078) | (5,556,078) | ||||
Balance at Jun. 30, 2021 | (32,304,604) | (32,305,467) | $ 863 | |||
Balance (in Shares) at Jun. 30, 2021 | 8,625,000 | |||||
Net income (loss) | (18,724,535) | (18,724,535) | ||||
Balance at Sep. 30, 2021 | $ (51,029,139) | $ (51,030,002) | $ 863 | |||
Balance (in Shares) at Sep. 30, 2021 | 8,625,000 | |||||
[1] | On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares Class B common stock outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization. (see Note 4, 6 and 7) | |||||
[2] | This number includes up to 1,125,000 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. (see Note 4) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - Common Class B [Member] - shares | Sep. 30, 2021 | Feb. 12, 2021 | Feb. 09, 2021 | Dec. 31, 2020 |
Common stock shares subject to forfeiture | 1,125,000 | |||
Common stock, shares outstanding | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 |
Subsequent Event [Member] | ||||
Common stock shares subject to forfeiture | 1,125,000 | |||
Number of shares capitalized | 1,437,500 | |||
Common stock, shares outstanding | 8,625,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | Dec. 31, 2020 | Sep. 30, 2021 |
Cash Flows from Operating Activities: | ||
Net loss | $ (10,400) | $ (19,317,740) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of derivative warrant liabilities | 13,903,830 | |
Offering costs associated with derivative warrant liabilities | 1,055,577 | |
Income from investments held in Trust Account | (27,247) | |
General and administrative expenses paid by related party under promissory note | 10,000 | 144 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (446,855) | |
Accrued expenses | 400 | 2,718,988 |
Accounts payable | 721,484 | |
Franchise tax payable | 147,995 | |
Net cash used in operating activities | (1,243,824) | |
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 from initial public offering, gross | 345,000,000 | |
Proceeds received from private placement | 9,400,000 | |
Repayment of note payable to related party | (90,035) | |
Offering costs paid | (6,467,635) | |
Net cash provided by financing activities | 347,842,330 | |
Net change in cash | 1,598,506 | |
Cash — beginning of the period | ||
Cash — end of the period | 1,598,506 | |
Supplemental disclosure of noncash activities: | ||
Offering costs included in accrued expenses | 506,550 | |
Offering costs paid by related party under promissory note | 89,891 | |
Deferred underwriting commissions in connection with the initial public | $ 12,075,000 | |
Deferred offering costs paid by Sponsor in exchange for issuance of Class B common stock | $ 15,000 |
Description of Organization and
Description of Organization and Business Operations | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | |||
Description of Organization and Business Operations | Note 1 — Description of Organization, Business Operations, Going Concern and Basis of Presentation Power & Digital Infrastructure Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on December 29, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from December 29, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the proposed initial public offering described below. 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 The Company’s sponsor is XPDI Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a proposed public offering (the “Proposed Public Offering”) of 30,000,000 units of the Company (each, a “Unit” and collectively, the “Units”) at $10.00 per Unit (or 34,500,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3, and the sale of an aggregate of 5,666,667 warrants of the Company (or 6,266,667 warrants if the underwriters’ over-allotment option is exercised in full) (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant in a private placement to the Sponsor and certain funds and accounts managed by subsidiaries of BlackRock, Inc. (the “Anchor Investors”), that will close simultaneously with the Proposed Public Offering. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed 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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable by us on the income earned on the trust account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). Upon the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.00 per Unit sold in the Proposed Public Offering, including the proceeds from the sale of the Private Placement Warrants, will be held in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 The Company will provide the holders (the “Public Stockholders”) of the Company’s issued and outstanding shares of Class A common stock, par value $0.0001 per share, sold in the Proposed Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share The Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder 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% of the Public Shares, without the prior consent of the Company. The holders of the Founder Shares (the “initial stockholders”) will agree not to propose an amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to provide holders of shares of Class A common stock the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to the rights of holders of Class A common stock, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Proposed Public Offering (the “Combination Period”) and the Company’s stockholders have not amended the Certificate of Incorporation to extend such Combination Period, the Company will (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 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 (less up to The initial stockholders and Anchor Investors will agree to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders and Anchor Investors acquire Public Shares in or after the Proposed 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 will agree to waive their rights to the 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 other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”), reduce the amount of funds in the Trust Account to below (i) $10.00 per Public Share or (ii) the lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of interest which may be withdrawn to pay taxes, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Proposed 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, our sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than 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. Going Concern Consideration As of December 31, 2020, the Company had no cash and a working capital deficit of approximately $400. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. Management’s plans to address this need for capital through the Proposed Public Offering. The Company cannot assure that its plans to raise capital or to consummate an initial Business Combination will be successful. In addition, management is currently evaluating the impact of the COVID-19 These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued. The financial statements do not include any adjustments that might result from its inability to consummate the Proposed Public Offering or its inability to continue as a going concern. Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. 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 of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging | Note 1 — Description of Organization, Business Operations and Going Concern Power & Digital Infrastructure Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on December 29, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of February 12, 2021, the Company had not commenced any operations. All activity for the period from December 29, 2020 (inception) through February 12, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company’s sponsor is XPDI Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on February 9, 2021. On February 12, 2021, the Company consummated its Initial Public Offering of 34,500,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including the exercise of the underwriters’ option to purchase 4,500,000 additional Units (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.2 million, of which approximately $12.1 million in deferred underwriting commissions (Note 6). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 6,266,667 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant, to the Sponsor and to certain qualified institutional buyers or institutional accredited investors, including certain funds and accounts managed by subsidiaries of BlackRock, Inc. (the “Anchor Investors”), generating proceeds of $9.4 million (Note 5). 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 was placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and will be invested only in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (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 the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable by us on the income earned on the trust account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders (the “Public Stockholders”) of the Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity,” (“ASC 480”). If the Company seeks stockholder approval, the Company will proceed with a Business Combination if a majority of the outstanding shares are voted by the stockholders at a stockholders meeting to approve the Business Combination, unless applicable law, the Company’s corporate governing documents or applicable stock exchange rules require a different vote, in which case the Company will complete its Business Combination only if such requisite vote is received. The Company will not redeem the Public Shares in connection with a Business Combination in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. The Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder 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% of the Public Shares, without the prior consent of the Company. The holders of the Founder Shares (the “initial stockholders”) agreed not to propose an amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to provide holders of shares of Class A common stock the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to the rights of holders of Class A common stock, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or February 12, 2023, (the “Combination Period”) and the Company’s stockholders have not amended the Certificate of Incorporation to extend such Combination Period, the Company will (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 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 (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable by us), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders and Anchor Investors agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders and Anchor Investors 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 the deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00. In order to protect the amounts held in the Trust Account, the Sponsor agreed to b e Liquidity and Capital Resources As of February 12, 2021, the Company had approximately $3.0 million in its operating bank account, and working capital of approximately $2.3 million. The Company’s liquidity needs to date have been satisfied through a payment of $25,000 from the Sponsor to cover for certain offering costs in exchange for issuance of the Founder Shares (as defined in Note 5), the loan under the Note of approximately $90,000 (as defined in Note 5), and the net proceeds from the consummation of the Private Placement not held in the Trust Account. The Company fully repaid the Note on February 15, 2021. In addition, in order to finance transaction costs in connection with an Initial Business Combination, the Company’s officers, directors and initial stockholders may, but are not obligated to, provide the Company Working Capital Loans (see Note 6). As of February 12, 2021, there were no amounts outstanding under any Working Capital Loans. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company will need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through one year from the issuance date of these condensed consolidated financial statements. Risks and Uncertainties Management is currently evaluating 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 or search for a target company, the specific impact is not readily determinable as of the date of these financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. | Note 1 — Description of Organization and Business Operations Power & Digital Infrastructure Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on December 29, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. The Company may pursue targets in any industry for purposes of consummating a Business Combination. As of September September 30, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below, and subsequent to the Initial Public Offering, identifying a target company for a 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 The Company has selected December 31 as its fiscal year end. The Company’s sponsor is XPDI Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on February 9, 2021. On February 12, 2021, the Company consummated its Initial Public Offering of 34,500,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including the exercise of the underwriters’ option to purchase 4,500,000 additional Units (the “Over-Allotment Units”), at $10.00 per Unit, which e d 5 Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 6,266,667 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant, to the Sponsor and to certain qualified institutional buyers or institutional accredited investors, including certain funds and accounts managed by subsidiaries of BlackRock, Inc. (the “Anchor Investors”), generating proceeds of $9.4 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 was placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and will be invested only in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable by us on the income earned on the trust account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires % or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders (the “Public Stockholders”) of the Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share 5 upon the consummation of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. The Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder 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% of the Public Shares, without the prior consent of the Company. The holders of the Founder Shares (the “initial stockholders”) agreed not to propose an amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to provide holders of shares of Class A common stock the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to the rights of holders of Class A common stock, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or February 12, 2023 (the “Combination Period”), and the Company’s stockholders have not amended the Certificate of Incorporation to extend such Combination Period, the Company will cease all operations except for the purpose of winding up; as promptly as reasonably possible but not more than 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 (less up to $ of interest to pay dissolution expenses and which int e as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law . The initial stockholders and Anchor Investors agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders and Anchor Investors 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 the deferred underwriting commission (see Note 5 Proposed Business Combination On July 20, 2021, the Company entered into an Agreement and Plan of Merger and Reorganization (as amended by the First Amendment thereto, dated as of October 1, 2021, as further amended by the Second Amendment thereto, dated as of December 29, 2021, and as it may be further amended and/or restated from time to time, the “Agreement”), with XPDI Merger Sub Inc., a wholly owned subsidiary of the Company (“Merger Sub” and, together with the Company, the “XPDI Parties”), and Core Scientific Holding Co. (“Core Scientific”). The Agreement and the transactions contemplated thereby (collectively, the “Proposed Business Combination”) were unanimously approved by the boards of directors of each of XPDI and Core Scientific. Pursuant to the Agreement, the Company will acquire Core Scientific through a series of transactions, including (x) the merger of Merger Sub with and into Core Scientific (the “First Merger”), with Core Scientific surviving the First Merger as a wholly owned subsidiary of the Company, and (y) following the closing of the First Merger, the merger of Core Scientific with and into the Company (the “Second Merger” and, together with the First Merger, the “Mergers”), with the Company surviving the Second Merger. Simultaneous with its entry into the Agreement, the Company also entered into a Sponsor Agreement (the “Sponsor Agreement”), by and among the Company, the Sponsor, the other holders of the Company’s Class B common stock, (and, such holders, together with the Sponsor, the “Class B Holders”), and Core Scientific, whereby, among other things, (a) the Class B Holders agreed to vote their shares of Class A Common Stock and Class B Common Stock in favor of approving the Agreement and the Proposed Business Combination, (b) the Class B Holders agreed to waive any adjustment to the conversion ratio set forth in the Company’s organizational documents or any other anti-dilution or similar protection with respect to the shares of Class B Common Stock and (c) the Class B Holders agreed to be bound by certain transfer restrictions with respect to their shares of Class A Common Stock and Class B Common Stock prior to the Closing. Additionally, pursuant to the terms of the Sponsor Agreement, 20% of the shares of Class B Common Stock held by the Class B Holders (the “SPAC Vesting Shares”) will be unvested at the Closing and will vest (and shall not be subject to forfeiture) upon the date on which the volume-weighted average price of the Class A Common Stock is greater than $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 consecutive trading day period within five years of the Closing (the “Vesting Period”). Any SPAC Vesting Shares that have not vested by the end of the Vesting Period will be deemed to be transferred by the forfeiting holder to the Company without any consideration and shall be cancelled by the Company and cease to exist. Simultaneous with its entry into the Agreement, the Company entered into a Company Support Agreement (the “Support Agreement”), by and among the Company, Core Scientific and certain stockholders of Core Scientific (the “Core Scientific Stockholders”). Under the Support Agreement, the Core Scientific Stockholders have agreed to vote or cause to be voted or to execute and deliver a written consent with respect to the Core Scientific equity securities held by the Core Scientific Stockholders adopting the Agreement and approving the Proposed Business Combination. The Core Scientific equity securities that are owned by the Core Scientific Stockholders and subject to the Support Agreement represent more than a majority of the outstanding voting power of Core Scientific shares (on a fully-diluted, as-converted Going Concern As of September 30, 2021, the Company had approximately $1.6 million in its operating bank account and working capital deficit of approximately $1.9 million. The Company’s liquidity needs to date have been satisfied through a payment of $25,000 from the Sponsor to cover for certain offering costs in exchange for issuance of the Founder Shares (as defined in Note 4 the loan under the Note (as defined in Note 4) of approximately $90,000 and the net proceeds from the consummation of the Private Placement not held in the Trust Account. The Company fully repaid the Note on February 15, 2021. In addition, in order to finance transaction costs in connection with an Initial Business Combination, the Company’s officers, directors and initial stockholders may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). As of September Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company will need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through one year from the issuance date of these condensed consolidated financial statements . Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 rg COVID-19, consolidated consolidated . |
Restatement of Previously Filed
Restatement of Previously Filed Balance Sheet | 2 Months Ended |
Feb. 12, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Restatement of Previously Filed Balance Sheet | Note 2 – Restatement of Previously Filed Balance Sheet The Company concluded it should restate its previously issued financial statements to classify all Class A ordinary shares subject to redemption in temporary equity and to classify its outstanding warrants as liabilities. In accordance with ASC 480-10-S99, redemption provisions not solely within the control of the Company require shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with this balance sheet, the Company revised this interpretation to include temporary equity in net tangible assets. Additionally, the Company reevaluated the accounting treatment of (i) the 8,625,000 redeemable warrants (the “Public Warrants”) that were included in the units issued by the Company in it’s the Initial Public Offering and (ii) the 6,266,667 Private Placement Warrants that were issued to the Company’s sponsor in a private placement that closed concurrently with the closing of the Initial Public Offering (together with the Public Warrants, the “Warrants”). The Company previously classified the Warrants in stockholders’ equity. In further consideration of the guidance in FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”), the Company concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants should be recorded as derivative liabilities on the balance sheet and measured at fair value at inception (on the date of the Initial Public Offering) and at each subsequent reporting date, with changes in fair value recognized in earnings and losses. In accordance with FASB ASC Topic 340, “Other Assets and Deferred Costs,” as a result of the classification of the Warrants as derivative liabilities, the Company expensed a portion of the offering costs originally recorded as a reduction in equity. The portion of offering costs that was expensed was determined based on the relative fair value of the Public Warrants and shares of Class A common stock included in the Units. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed balance sheet that contained the error, reported in the Company’s Form 8-K filed with the SEC on February 19, 2021 (the “Post-IPO Balance Sheet”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Post-IPO Balance Sheet should be restated to present all outstanding shares of Class A common stock subject to possible redemption as temporary equity, to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering, and to classify all outstanding Warrants as liabilities. As such, the Company is reporting these restatements to those periods in this Form S-4. The previously presented Post-IPO Balance Sheet and should no longer be relied upon. The following tables summarize the effect of the revision on each financial statement line item as of the date indicated: As of February 12, 2021 As Reported Adjustment As Restated Total assets $ 348,644,865 $ 348,644,865 Total current liabilities $ 1,346,020 — $ 1,346,020 Deferred underwriting commissions 12,075,000 — 12,075,000 Derivative warrant liabilities — 23,027,500 23,027,500 Total liabilities $ 13,421,020 $ 36,448,520 Class A common stock subject to possible redemption 330,223,840 14,776,160 345,000,000 Preferred stock — — — Class A common stock 148 (148 ) — Class B common stock 863 — 863 Additional paid-in capital 5,032,602 (5,032,602 ) — Retained earnings (accumulated deficit) (33,608 ) (32,770,910 ) (32,804,518 ) Total stockholders’ equity (deficit) $ 5,000,005 $ (37,803,660 ) $ (32,803,655 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 348,644,865 $ — $ 348,644,865 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | |||
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting period. Actual results could differ from those estimates. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. Deferred Offering Costs Associated with the Proposed Public Offering Deferred offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to stockholders’ equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Net Loss Per Share of Common Stock The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period excluding shares of common stock subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 shares of Class B common stock that are subject to forfeiture if the over-allotment option is no Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed immaterial as of December 31, 2020. FASB 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. There were no unrecognized tax benefits as of December 31, 2020. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying financial statements. | Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statement is presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. 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 of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging 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. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. As of February 12, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. 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 February 12, 2021. Cash Held in Trust Account At February 12, 2021, the Company had $345.0 million in cash held in the Trust Account. Use of Estimates The preparation of the financial statement in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815. The classification of derivative instruments, including whether such instruments should be classified 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 adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, with any change in fair value recognized in earnings and losses. The estimated fair value of the Public Warrants is measured at fair value using a Monte Carlo simulation. The estimated fair value of the Private Placement Warrants is measured at fair value using a Black-Scholes option pricing model. 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. Offering costs associated with the Class A common stock were charged to the carrying value of Class A common stock subject to possible redemption upon the completion of the Initial Public Offering. Deferred underwriting commissions 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. Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at February 12, 2021, 34,500,000 shares of Class A common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed immaterial as of February 12, 2021. FASB 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. There were no unrecognized tax benefits as of February 12, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of February 12, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Recent Accounting Standards The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statement. | Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Current Report on Form 8-K Principles of Consolidation The condensed consolidated financial statements of the Company include its wholly-owned subsidiaries in connection with the Proposed Business Combination. All inter-company accounts and transactions are eliminated in consolidation. Restatement to Previously Reported Financial Statements In preparation of the Company’s unaudited condensed consolidated financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it should restate its previously filed financial statements to classify all Class A common stock subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments in ASC 480, paragraph 10-S99, 8-K “Post-IPO 10-Qs Impact of the Restatement The change in the carrying value of the redeemable shares of Class A common stock at the Initial Public Offering resulted in a decrease of approximately $5.8 million in additional paid-in As of February 12, 2021 As Reported, As Restated Adjustment As Restated Total assets $ 348,644,865 $ 348,644,865 Total liabilities $ 36,448,520 $ 36,448,520 Class A common stock subject to possible redemption 307,196,340 37,803,660 345,000,000 Preferred stock — — — Class A common stock 378 (378 ) — Class B common stock 863 — 863 Additional paid-in 5,809,812 (5,809,812 ) — Retained earnings (accumulated deficit) (811,048 ) (31,993,470 ) (32,804,518 ) Total stockholders’ equity (deficit) $ 5,000,005 $ (37,803,660 ) $ (32,803,655 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 348,644,865 $ — $ 348,644,865 The impact of the restatement on the financial statements for the Affected Quarterly Periods is presented below. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of March 31, 2021: As of March 31, 2021 As Reported Adjustment As Restated Total assets $ 347,742,624 $ 347,742,624 Total liabilities $ 29,769,286 $ 29,769,286 Class A common stock subject to possible redemption 312,973,330 32,026,670 345,000,000 Preferred stock — — — Class A common stock 320 (320 ) — Class B common stock 863 — 863 Additional paid-in 46,352 (46,352 ) — Retained earnings (accumulated deficit) 4,952,473 (31,979,998 ) (27,027,525 ) Total stockholders’ equity (deficit) $ 5,000,008 $ (32,026,670 ) $ (27,026,662 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 347,742,624 $ — $ 347,742,624 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the three months ended March 31, 2021: Form 10-Q: As Reported Adjustment As Restated Cash Flow used in Operating Activities $ (798,200 ) $ — $ (798,200 ) Cash Flows used in Investing Activities $ (345,000,000 ) $ — $ (345,000,000 ) Cash Flows provided by Financing Activities $ 347,842,331 $ — $ 347,842,331 Supplemental Disclosure of Noncash Financing Activities: Offering costs included in accrued expenses $ 506,550 $ — $ 506,550 Offering costs paid by related party under promissory note $ 89,891 $ — $ 89,891 Deferred underwriting commissions in connection with the initial public offering $ 12,075,000 $ — $ 12,075,000 Initial value of Class A common stock subject to possible redemption $ 307,196,340 $ (307,196,340 ) $ — Change in value of Class A common stock subject to possible redemption $ 499,050 $ (499,050 ) $ — The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of June 30, 2021: As of June 30, 2021 As Reported Adjustment As Restated Total assets $ 347,606,096 $ 347,606,096 Total liabilities $ 34,910,699 $ 34,910,699 Class A common stock subject to possible redemption 307,695,390 37,304,610 345,000,000 Preferred stock — — — Class A common stock 373 (373 ) — Class B common stock 863 — 863 Additional paid-in 5,602,376 (5,602,376 ) — Retained earnings (accumulated deficit) (603,605 ) (31,701,861 ) (32,305,466 ) Total stockholders’ equity (deficit) $ 5,000,007 $ (37,304,610 ) $ (32,304,603 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 347,606,096 $ — $ 347,606,096 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the six months ended June 30, 2021: Form 10-Q: As Reported Adjustment As Restated Cash Flow used in Operating Activities $ (730,082 ) $ — $ (730,082 ) Cash Flows used in Investing Activities $ (345,000,000 ) $ — $ (345,000,000 ) Cash Flows provided by Financing Activities $ 347,784,164 $ — $ 347,784,164 Supplemental Disclosure of Noncash Financing Activities: Offering costs included in accrued expenses $ 448,383 $ — $ 448,383 Offering costs paid by related party under promissory note $ 89,891 $ — $ 89,891 Deferred underwriting commissions in connection with the initial public offering $ 12,075,000 $ — $ 12,075,000 Initial value of Class A common stock subject to possible redemption $ 307,196,340 $ (307,196,340 ) $ — Change in value of Class A common stock subject to possible redemption $ 5,776,990 $ (5,776,990 ) $ — In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company also revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share is presented below for the Affected Quarterly Periods: EPS for Class A common stock (redeemable) As Reported Adjustment As Adjusted Form 10-Q Net income $ 4,962,873 $ — $ 4,962,873 Weighted average shares outstanding 30,731,669 3,768,331 34,500,000 Basic and diluted earnings per share $ — $ 0.12 $ 0.12 Form 10-Q Net loss $ (5,556,078 ) $ — $ (5,556,078 ) Weighted average shares outstanding 31,291,533 3,208,467 34,500,000 Basic and diluted earnings per share $ — $ (0.13 ) $ (0.13 ) Form 10-Q Net loss $ (593,205 ) $ — $ (593,205 ) Weighted average shares outstanding 31,098,199 3,401,801 34,500,000 Basic and diluted earnings per share $ — $ (0.01 ) $ (0.01 ) EPS for Class B common stock (non-redeemable) As Reported Adjustment As Adjusted Form 10-Q Net income $ 4,962,873 $ — $ 4,962,873 Weighted average shares outstanding 10,109,776 (2,009,776 ) 8,100,000 Basic and diluted earnings per share $ 0.49 $ (0.37 ) $ 0.12 Form 10-Q Net loss $ (5,556,078 ) $ — $ (5,556,078 ) Weighted average shares outstanding 11,833,467 (3,208,467 ) 8,625,000 Basic and diluted earnings per share $ (0.47 ) $ 0.34 $ (0.13 ) Form 10-Q Net loss $ (593,205 ) $ — $ (593,205 ) Weighted average shares outstanding 10,976,383 (2,612,433 ) 8,363,950 Basic and diluted earnings per share $ (0.05 ) $ 0.04 $ (0.01 ) 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 Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. 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 inv e n 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 consolidated consolidated Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000 and investments held in Trust Account. As of S e Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 825, “Financial Instruments,” approximates the carrying amounts represented in the condensed consolidated balance sheets . Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815. The classification of derivative instruments, including whether such instruments should be classified as liabilities or as equity, is re-assessed The Company accounts for its warrants issued in connection with its Initial Public Offering (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 adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement 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, presented as non-operating non-current Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) is classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, 34,500,000 shares of Class A common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed consolidated balance sheets. There was no Class A common stock issued or outstanding as of December 31, 2020. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. 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. There were no unrecognized tax benefits as of September 30, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Net income per common shares The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per common share is calculated by dividing the net income (loss) by the weighted average shares of common stock outstanding for the respective period . The calculation of diluted net income (loss) does not consider the effect of the Public Warrants and the Private Placement Warrants to purchase an aggregate of 14,891,667 Class A common stock in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the three and nine months ended September 30, 2021. Accretion associated with the redeemable Class A common stock is excluded from earnings per share as the redemption value approximates fair value. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of common stock: For the Three Months Ended For the Nine Months Ended Class A Class B Class A Class B Basic and diluted net loss per common stock: Numerator: Allocation of net loss $ (14,979,628 ) $ (3,744,907 ) $ (14,980,500 ) $ (4,337,240 ) Denominator: Basic and diluted weighted average common stock outstanding 34,500,000 8,625,000 29,192,308 8,451,923 Basic and diluted net loss per common stock $ (0.43 ) $ (0.43 ) $ (0.51 ) $ (0.51 ) Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) 815-40): 2020-06”), e 2020-06 Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements. |
Initial Public Offering
Initial Public Offering | 2 Months Ended | 9 Months Ended |
Feb. 12, 2021 | Sep. 30, 2021 | |
Initial Public Offering Disclosure [Abstract] | ||
Initial Public Offering | Note 4 — Initial Public Offering On February 12, 2021, the Company consummated its Initial Public Offering of 34,500,000 Units, including the exercise of the underwriters’ option to purchase 4,500,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.2 million, of which approximately $12.1 million in deferred underwriting commissions. Of the 34,500,000 Units sold, an aggregate of 2,405,700 Units were purchased by the Anchor Investors . Each Unit consists of one share of Class A common stock, and one-fourth of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8). | Note 3 On February 12, 2021, the Company consummated its Initial Public Offering of 34,500,000 Units, including the exercise of the underwriters’ option to purchase 4,500,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.2 million, of which approximately $12.1 million in deferred underwriting commissions. Of the 34,500,000 Units sold, an aggregate of 2,405,700 Units were purchased by the Anchor Investors. Each Unit consists of one share of Class A common stock, and one-fourth of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8). |
Proposed Public Offering
Proposed Public Offering | Dec. 31, 2020 |
Proposed Public Offering [Abstract] | |
Proposed Public Offering | Note 3 — Proposed Public Offering Pursuant to the Proposed Public Offering, the Company offered for sale 30,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock, and one-fourth The Company has granted the underwriters a 45-day |
Related Party Transactions
Related Party Transactions | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Related Party Transactions [Abstract] | |||
Related Party Transactions | Note 4 — Related Party Transactions Founder Shares On December 31, 2020, the Sponsor paid $25,000 to cover for certain offering costs on behalf of the Company in exchange for issuance of 7,187,500 shares of the Company’s Class B common stock, par value $0.0001 per share, (the “Founder Shares”). On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares of Class B common stock outstanding (see Note 7). All shares and associated amounts have been retroactively restated to reflect the share capitalization. Up to 1,125,000 Founder Shares are subject to forfeiture to the extent that the over-allotment option is not exercised in full by the underwriters. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the underwriters so that the Founder Shares will represent 20.0% of the Company’s issued and outstanding shares after the Proposed Public Offering. In February 2021, the Sponsor agreed to sell to the Anchor Investors 1,350,000 Founder Shares (or 1,552,500 Founder Shares if the underwriters’ over-allotment option is exercised in full) and the Anchor Investors agreed to purchase from the Sponsor on the date of the initial business combination an aggregate of 1,350,000 Founder Shares (or 1,552,500 Founder Shares if the underwriters’ over-allotment option is exercised in full) for an aggregate purchase price of approximately $3,913 (or $4,500 if the underwriters’ over-allotment option is exercised in full), or approximately $0.003 per share. The initial stockholders and the Anchor Investors will agree, subject to limited exceptions, not to transfer, assign or sell any of the 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 last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading 30-trading Private Placement Warrants The Sponsor and the Anchor Investors will agree to purchase an aggregate of 5,666,667 Private Placement Warrants (or 6,266,667 Private Placement Warrants if the underwriters’ over-allotment option is exercised in full), at a price of $1.50 per Private Placement Warrant, or $8.5 million in the aggregate (or approximately $9.4 million if the underwriters’ over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. Each Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor will be added to the proceeds from the Proposed Public Offering to be 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 purchasers of the Private Placement Warrants will agree, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants (except to permitted transferees) until 30 days after the completion of the initial Business Combination. Related Party Loans On December 31, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Proposed Public Offering pursuant to a promissory note (the “Note”). This loan is non-interest In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of 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 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. To date, the Company had no borrowings under the Working Capital Loans. Administrative Services Agreement The Company has entered into an agreement that provides that, commencing on the date that the Company’s securities are first listed on the Nasdaq through the earlier of consummation of the initial Business Combination and the Company’s liquidation, the Company will pay affiliates of the Sponsor a total of $20,000 per month for office space, administrative and support services. The Sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made by us to the Sponsor, directors, officers or the Company’s or any of their affiliates. Business Combination Payments The Company may make a cash payment to XMS Capital or its affiliates for any financial advisory, placement agency or other similar investment banking services that XMS Capital or its affiliates may provide to the Company, in connection with its initial Business Combination, and reimburse XMS Capital or its affiliates for any out-of-pocket | Note 5 — Related Party Transactions Founder Shares On December 31, 2020, the Sponsor paid $25,000 to cover for certain offering costs on behalf of the Company in exchange for issuance of 7,187,500 shares of the Company’s Class B common stock, par value $0.0001 per share, (the “Founder Shares”). On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares of Class B common stock outstanding. Up to 1,125,000 Founder Shares were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering. On February 12, 2021, the underwriter fully exercised its option to purchase additional; thus, these 1,125,000 Founder Shares were no longer subject to forfeiture. In February 2021, the Sponsor agreed to sell to the Anchor Investors 1,552,500 Founder Shares and the Anchor Investors agreed to purchase from the Sponsor on the date of the initial business combination an aggregate of 1,552,500 Founder Shares for an aggregate purchase price of approximately $4,500, or approximately $0.003 per share. The initial stockholders and the Anchor Investors agreed, subject to limited exceptions, not to transfer, assign or sell any of the 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 last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, 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, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of the initial stockholders and the Anchor Investors with respect to any Founder Shares. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 6,266,667 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant, to the Sponsor and the Anchor Investors, generating proceeds of $9.4 million. Each Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The purchasers of the Private Placement Warrants agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants (except to permitted transferees) until 30 days after the completion of the initial Business Combination. Related Party Loans On December 31, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. As of February 12, 2021, the Company borrowed approximately $90,000 under the Note. On February 15, 2021, the Company repaid the Note in full. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of 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 or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. 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. As of February 12, 2021, the Company had no borrowings under the Working Capital Loans. Administrative Services Agreement Commencing on the date that the Company’s securities were first listed on the Nasdaq through the earlier of consummation of the initial Business Combination and the Company’s liquidation, the Company agreed to pay affiliates of the Sponsor a total of $20,000 per month for office space, administrative and support services. 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 Company’s audit committee will review on a quarterly basis all payments that were made by us to the Sponsor, directors, officers or the Company’s or any of their affiliates. Business Combination Payments The Company may make a cash payment to XMS Capital or its affiliates for any financial advisory, placement agency or other similar investment banking services that XMS Capital or its affiliates may provide to the Company, in connection with its initial Business Combination, and reimburse XMS Capital or its affiliates for any out-of-pocket expenses incurred by them in connection with the performance of such services. | Note 4 — Related Party Transactions Founder Shares On December 31, 2020, the Sponsor paid $25,000 to cover for certain offering costs on behalf of the Company in exchange for issuance of 7,187,500 shares of the Company’s Class B common stock, par value $0.0001 per share, (the “Founder Shares”). On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares of Class B common stock outstanding. Up to 1,125,000 Founder Shares were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering. On February 12, 2021, the underwriter fully exercised its option to purchase additional; thus, these 1,125,000 Founder Shares were no longer subject to forfeiture. In February 2021, the Sponsor agreed to sell to the Anchor Investors 1,552,500 Founder Shares and the Anchor Investors agreed to purchase from the Sponsor on the date of the initial business combination an aggregate of 1,552,500 Founder Shares for an aggregate purchase price of approximately $4,500, or approximately $0.003 per share. The Company estimated the aggregate fair value of the Sponsor’s agreement to sell Founder Shares to the Anchor Investors to be approximately $7.0 million using a Monte Carlo simulation. The fair value of the agreement to sell Founder Shares was determined to be an offering cost of the Company in accordance with Staff Accounting Bulletin Topic 5A. Accordingly, the offering cost was 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 related to the agreement to sell Founder Shares amounted to approximately $7.0 million, of which approximately $ million was charged to stockholder’s equity and approximately $ was expensed to the unaudited condensed consolidated statements of operations as offering costs associated with derivative warrant liabilities. The initial stockholders and the Anchor Investors agreed, subject to limited exceptions, not to transfer, assign or sell any of the 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 last reported sale price of the Class A common stock equals or exceeds $ per share (as adjusted for stock splits, stock dividends, 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, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of the initial stockholders and the Anchor Investors with respect to any Founder Shares. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 6,266,667 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant, to the Sponsor and the Anchor Investors, generating proceeds of $9.4 million. Each Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The purchasers of the Private Placement Warrants agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants (except to permitted transferees) until 30 days after the completion of the initial Business Combination. Related Party Loans On December 31, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest a total of approximately In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of 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 or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. 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. As of September 30, 2021, the Company had no borrowings under the Working Capital Loans. Administrative Services Agreement Commencing on the date that the Company’s securities were first listed on the Nasdaq through the earlier of consummation of the initial Business Combination and the Company’s liquidation, the Company agreed to pay affiliates of the Sponsor a total of $20,000 per month for office space, administrative and support services. During the three and nine months ended September 30, 2021 the Company incurred $60,000 and $160,000 of such fees, respectively, which are recognized in general and administrative expenses—related party, in the accompanying unaudited condensed consolidated statements of operations. As of September 30, 2021, the Company ha d $160,000 payable in connection with such agreement, included as accrued expenses in the accompanying unaudited condensed consolidated balance sheets. Payments to Insiders The Sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket Business Combination Payments The Company may make a cash payment to XMS Capital Partners, LLC (“XMS Capital”) or its affiliates for any financial advisory, placement agency or other similar investment banking services that XMS Capital or its affiliates may provide to the Company, in connection with its initial Business Combination, and reimburse XMS Capital or its affiliates for any out-of-pocket Advisory Services Agreements In September and October of 2021, the Company entered into advisory services agreements with four financial advisors, pursuant to which payments of up to $2.05 million in the aggregate will become due and payable upon the closing of the merger. |
Commitments and Contingencies
Commitments and Contingencies | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies | Note 5 — Commitments & Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares), will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to the consummation of the Proposed Public Offering. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that we will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up Underwriting Agreement The underwriters are entitled to an underwriting discount of $0.20 per Unit, or $6.0 million in the aggregate (or $6.9 million in the aggregate if the underwriters’ over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. An additional fee of $0.35 per Unit, or $10.5 million in the aggregate (or approximately $12.1 million in the aggregate if the underwriters’ over-allotment option is exercised in full) 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 is currently evaluating the impact of the COVID-19 | Note 6 — Commitments & Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares), were entitled to registration rights pursuant to a registration rights agreement signed upon the consummation of the Initial Public Offering. These holders were entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. 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 option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price, less underwriting discounts and commissions. On February 12, 2021, the underwriter fully exercised its option to purchase additional Units. The underwriters did not earn any upfront underwriting commission in connection with 2,760,000 Units, including the 2,405,700 Units sold to the Anchor Investors. Except for those Units, the underwriters were entitled to an underwriting discount of $0.20 per Unit on 31,740,000 Units, or approximately $6.3 million, paid upon the closing of the Initial Public Offering. An additional fee of $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. | Note 5 — Commitments and Contingencies Advisory Agreement In September 2021, the Company entered into advisory services agreements with two financial advisors, pursuant to which payments of $1.15 million in the aggregate will become due and payable upon the closing of the merger. Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares), were entitled to registration rights pursuant to a registration rights agreement signed upon the consummation of the Initial Public Offering. These holders were entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up Underwriting Agreement The Company granted the underwriters a 45-day The underwriters did not earn any upfront underwriting commission in connection with 2,760,000 Units, including the 2,405,700 Units sold to the Anchor Investors. Except for those Units, the underwriters were entitled to an underwriting discount of $0.20 per Unit on 31,740,000 Units, or approximately $6.3 million, paid upon the closing of the Initial Public Offering. An additional fee of $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, and the emergence of new variant strains of COVID-19, 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 condensed consolidated financial statements. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Class A Common Stock Subject to
Class A Common Stock Subject to Possible Redemption | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Class A Common Stock Subject to Possible Redemption | Note 6 — Class A Common Stock Subject to Possible Redemption The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of September 30, 2021, there were 34,500,000 shares of Class A common stock outstanding, all of which were subject to possible redemption and are therefore classified outside of permanent equity in the condensed consolidated balance sheets. The Class A common stock subject to possible redemption reflected on the condensed consolidated balance sheets is reconciled in the following table: Gross proceeds $ 345,000,000 Less: Fair value of Public Warrants at issuance (13,627,500 ) Offering costs allocated to Class A common stock subject to possible redemption (18,098,499 ) Plus: Accretion on Class A common stock subject to possible redemption amount 31,725,999 Class A common stock subject to possible redemption $ 345,000,000 |
Stockholders' Equity
Stockholders' Equity | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Stockholders' Equity Note [Abstract] | |||
Stockholders' Equity | Note 6 — Stockholder’s Equity Class A Common Stock Class B Common Stock Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders and vote together as a single class, except as required by law; provided, that, prior to the Company’s initial Business Combination, holders of the Class B common stock will have the right to appoint all of the Company’s directors and remove members of the board of directors for any reason, and holders of the Class A common stock will not be entitled to vote on the appointment of directors during such time. The Class B common stock will automatically convert into Class A common stock at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one as-converted Preferred Stock Warrants shares of Class A common stock issuable upon exercise of the warrants and will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Company’s initial Business Combination and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If the shares issuable upon exercise of the warrants are not registered under the Securities Act in accordance with the above requirements, the Company will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. Notwithstanding the above, if the Company’s shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it 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 its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the 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 prices described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the last reported sale price of Class A common stock for any 20 trading days within a 30-trading The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of Class A common stock; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments” ); and • if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of Class A common stock shall mean the volume weighted average price of Class A common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock 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. | Note 7 — Stockholders’ Equity Preferred Stock Class A Common Stock per share. As of February 12, 2021, there were Class B Common Stock Class B common stock to the Company by the Sponsor for an aggregate price of $25,000. On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares of Class B common stock outstanding. Up to an aggregate of 1,125,000 shares of Class B common stock were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the initial stockholders would collectively own 20% of the Company’s issued and outstanding common stock after the Initial Public Offering. On February 12, 2021, the underwriter fully exercised its option to purchase additional; thus, these 1,125,000 shares of Class B common stock were no longer subject to forfeiture. Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders and vote together as a single class, except as required by law; provided, that, prior to the Company’s initial Business Combination, holders of the Class B common stock will have the right to appoint all of the Company’s directors and remove members of the board of directors for any reason, and holders of the Class A common stock will not be entitled to vote on the appointment of directors during such time. The Class B common stock will automatically convert into Class A common stock at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which the shares of Class B common stock will convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the issued and outstanding shares of the Class B common stock agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of all shares of common stock issued and outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. | Note 7 — Stockholders’ Equity Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock, par value $ 0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021 and Class A Common Stock — The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of September 3 0 , 2021, there were 34,500,000 shares of Class A common stock issued and outstanding, all of which are subject to possible redemption and have been classified as temporary equity (see Note 6). As of December 31, 2020, there were no shares of Class A common stock issued or outstanding. Class B Common Stock — The Company is authorized to issue 50,000,000 shares of Class B common stock with a par value of $ 0.0001 per share. On December 31, 2020, the Company issued 7,187,500 shares of Class B common stock to the Sponsor for an aggregate price of $ 25,000 . On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares of Class B common stock outstanding. Up to an aggregate of 1,125,000 shares of Class B common stock were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the initial stockholders would collectively own 20 % of the Company’s issued and outstanding common stock after the Initial Public Offering. On February 12, 2021, the underwriter fully exercised its option to purchase additional; thus, these 1,125,000 shares of Class B common stock were no longer subject to forfeiture. In January 2021, our Sponsor transferred 30,000 shares of our Class B common stock to each of our independent directors. Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders and vote together as a single class, except as required by law; provided, that, prior to the Company’s initial Business Combination, holders of the Class B common stock will have the right to appoint all of the Company’s directors and remove members of the board of directors for any reason, and holders of the Class A common stock will not be entitled to vote on the appointment of directors during such time. The Class B common stock will automatically convert into Class A common stock at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one as-converted e |
Derivative Warrant Liabilities
Derivative Warrant Liabilities | 2 Months Ended | 9 Months Ended |
Feb. 12, 2021 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Warrant Liabilities | Note 8 — Warrant Liabilities Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC and have an effective registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Company’s initial Business Combination and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If the shares issuable upon exercise of the warrants are not registered under the Securities Act in accordance with the above requirements, the Company will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. Notwithstanding the above, if the Company’s shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it 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 its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the 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 prices described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable (except as described below in “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00”) so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor, the Anchor Investors or their respective permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the last reported sale price of Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted). The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00: • 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 shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of Class A common stock; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments” ); and • if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of Class A common stock shall mean the volume weighted average price of Class A common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock 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 . | Note 8 — Derivative Warrant Liabilities As of September 30, 2021, the Company had Public Warrants and the Private Placement Warrants outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC and have an effective registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Company’s initial Business Combination and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If the shares issuable upon exercise of the warrants are not registered under the Securities Act in accordance with the above requirements, the Company will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. Notwithstanding the above, if the Company’s shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it 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 its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available . The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the 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 prices described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: Once the warrants become exercisable, the Company may 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 last reported sale price of Class A common stock for any 20 trading days within a 30-trading The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $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 shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of Class A common stock; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”); and • if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of Class A common stock shall mean the volume weighted average price of Class A common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment). 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 | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 — Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Description Quoted Prices in Active Markets (Level 1) Significant Other Inputs Significant Other Unobservable (Level 3) Assets: Investments held in Trust Account — Money market fund $ 345,027,247 $ — $ — Liabilities: Derivative warrant liabilities — Public warrants $ 21,390,000 $ — $ — Derivative warrant liabilities — Private placement warrants $ — $ — $ 15,541,330 Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants was transferred from a Level 3 measurement to a Level 1 measurement in April 2021, when the Public Warrants were separately listed and traded in an active market. The initial estimated fair value of the Public Warrants was measured using a Monte Carlo simulation. The initial and subsequent fair value estimates of the Private Placement Warrants is measured using a Black-Scholes option pricing model . For the three and nine months ended September 30, 2021, the Company recognized a gain resulting from changes in the fair value of derivative warrant liabilities of approximately $ million and $ million, respectively, which is presented in the accompanying unaudited condensed consolidated statements of operations. The initial estimated fair value of the Public Warrants, using a Monte Carlo simulation, and the Private Placement Warrants, Black-Scholes model, was determined using Level 3 inputs. Inherent in a Monte Carlo simulation and a Black-Scholes model are assumptions related to expected stock-price volatility, expected term, risk-free interest rate and dividend yield. The Company estimates the volatility of its warrants based on historical and implied volatility of select peer companies. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: February 12, September 30, Exercise price $ 11.50 $ 11.50 Stock price $ 10.87 $ 10.11 Volatility 20.0 % 31.3 % Term 5.0 5.0 Risk-free rate 0.50 % 0.98 % The change in the fair value of derivative liabilities, measured using Level 3 inputs, for the period ended September 30, 2021 is summarized as follows: Derivative warrant liabilities at December 31, 2020 $ — Issuance of Public and Private Warrants 23,027,500 Change in fair value of derivative warrant liabilities (6,160,830 ) Derivative warrant liabilities at March 31, 2021 $ 16,866,670 Transfer of Public Warrants to Level 1 (9,660,000 ) Change in fair value of derivative warrant liabilities 1,504,000 Derivative warrant liabilities at June 30, 2021 $ 8,710,670 Change in fair value of derivative warrant liabilities 6,830,660 Derivative warrant liabilities at September 30, 2021 $ 15,541,330 |
Subsequent Events
Subsequent Events | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Subsequent Events [Abstract] | |||
Subsequent Events | Note 7 — Subsequent Events On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares of Class B common stock outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization. As of February 10, 2021, the Company had borrowed approximately $90,000 under the Note. The Company has evaluated subsequent events after the balance sheet date through the date the financial statements were issued. Based on this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. | Note 9 — Subsequent Events The Company fully repaid the Note payable - related party of approximately $90,000 on February 15, 2021. Management has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statement was available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statement other than noted above. | Note 10 Management has evaluated subsequent events and transactions that occurred after the balance sheet date through the date the condensed consolidated financial statements are available for issuance. Based upon this review, except as noted above, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | |||
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. | Basis of Presentation The accompanying financial statement is presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. | Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Current Report on Form 8-K |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements of the Company include its wholly-owned subsidiaries in connection with the Proposed Business Combination. All inter-company accounts and transactions are eliminated in consolidation. | ||
Restatement to Previously Reported Financial Statements | Restatement to Previously Reported Financial Statements In preparation of the Company’s unaudited condensed consolidated financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it should restate its previously filed financial statements to classify all Class A common stock subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments in ASC 480, paragraph 10-S99, 8-K “Post-IPO 10-Qs Impact of the Restatement The change in the carrying value of the redeemable shares of Class A common stock at the Initial Public Offering resulted in a decrease of approximately $5.8 million in additional paid-in As of February 12, 2021 As Reported, As Restated Adjustment As Restated Total assets $ 348,644,865 $ 348,644,865 Total liabilities $ 36,448,520 $ 36,448,520 Class A common stock subject to possible redemption 307,196,340 37,803,660 345,000,000 Preferred stock — — — Class A common stock 378 (378 ) — Class B common stock 863 — 863 Additional paid-in 5,809,812 (5,809,812 ) — Retained earnings (accumulated deficit) (811,048 ) (31,993,470 ) (32,804,518 ) Total stockholders’ equity (deficit) $ 5,000,005 $ (37,803,660 ) $ (32,803,655 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 348,644,865 $ — $ 348,644,865 The impact of the restatement on the financial statements for the Affected Quarterly Periods is presented below. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of March 31, 2021: As of March 31, 2021 As Reported Adjustment As Restated Total assets $ 347,742,624 $ 347,742,624 Total liabilities $ 29,769,286 $ 29,769,286 Class A common stock subject to possible redemption 312,973,330 32,026,670 345,000,000 Preferred stock — — — Class A common stock 320 (320 ) — Class B common stock 863 — 863 Additional paid-in 46,352 (46,352 ) — Retained earnings (accumulated deficit) 4,952,473 (31,979,998 ) (27,027,525 ) Total stockholders’ equity (deficit) $ 5,000,008 $ (32,026,670 ) $ (27,026,662 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 347,742,624 $ — $ 347,742,624 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the three months ended March 31, 2021: Form 10-Q: As Reported Adjustment As Restated Cash Flow used in Operating Activities $ (798,200 ) $ — $ (798,200 ) Cash Flows used in Investing Activities $ (345,000,000 ) $ — $ (345,000,000 ) Cash Flows provided by Financing Activities $ 347,842,331 $ — $ 347,842,331 Supplemental Disclosure of Noncash Financing Activities: Offering costs included in accrued expenses $ 506,550 $ — $ 506,550 Offering costs paid by related party under promissory note $ 89,891 $ — $ 89,891 Deferred underwriting commissions in connection with the initial public offering $ 12,075,000 $ — $ 12,075,000 Initial value of Class A common stock subject to possible redemption $ 307,196,340 $ (307,196,340 ) $ — Change in value of Class A common stock subject to possible redemption $ 499,050 $ (499,050 ) $ — The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of June 30, 2021: As of June 30, 2021 As Reported Adjustment As Restated Total assets $ 347,606,096 $ 347,606,096 Total liabilities $ 34,910,699 $ 34,910,699 Class A common stock subject to possible redemption 307,695,390 37,304,610 345,000,000 Preferred stock — — — Class A common stock 373 (373 ) — Class B common stock 863 — 863 Additional paid-in 5,602,376 (5,602,376 ) — Retained earnings (accumulated deficit) (603,605 ) (31,701,861 ) (32,305,466 ) Total stockholders’ equity (deficit) $ 5,000,007 $ (37,304,610 ) $ (32,304,603 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 347,606,096 $ — $ 347,606,096 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the six months ended June 30, 2021: Form 10-Q: As Reported Adjustment As Restated Cash Flow used in Operating Activities $ (730,082 ) $ — $ (730,082 ) Cash Flows used in Investing Activities $ (345,000,000 ) $ — $ (345,000,000 ) Cash Flows provided by Financing Activities $ 347,784,164 $ — $ 347,784,164 Supplemental Disclosure of Noncash Financing Activities: Offering costs included in accrued expenses $ 448,383 $ — $ 448,383 Offering costs paid by related party under promissory note $ 89,891 $ — $ 89,891 Deferred underwriting commissions in connection with the initial public offering $ 12,075,000 $ — $ 12,075,000 Initial value of Class A common stock subject to possible redemption $ 307,196,340 $ (307,196,340 ) $ — Change in value of Class A common stock subject to possible redemption $ 5,776,990 $ (5,776,990 ) $ — In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company also revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share is presented below for the Affected Quarterly Periods: EPS for Class A common stock (redeemable) As Reported Adjustment As Adjusted Form 10-Q Net income $ 4,962,873 $ — $ 4,962,873 Weighted average shares outstanding 30,731,669 3,768,331 34,500,000 Basic and diluted earnings per share $ — $ 0.12 $ 0.12 Form 10-Q Net loss $ (5,556,078 ) $ — $ (5,556,078 ) Weighted average shares outstanding 31,291,533 3,208,467 34,500,000 Basic and diluted earnings per share $ — $ (0.13 ) $ (0.13 ) Form 10-Q Net loss $ (593,205 ) $ — $ (593,205 ) Weighted average shares outstanding 31,098,199 3,401,801 34,500,000 Basic and diluted earnings per share $ — $ (0.01 ) $ (0.01 ) EPS for Class B common stock (non-redeemable) As Reported Adjustment As Adjusted Form 10-Q Net income $ 4,962,873 $ — $ 4,962,873 Weighted average shares outstanding 10,109,776 (2,009,776 ) 8,100,000 Basic and diluted earnings per share $ 0.49 $ (0.37 ) $ 0.12 Form 10-Q Net loss $ (5,556,078 ) $ — $ (5,556,078 ) Weighted average shares outstanding 11,833,467 (3,208,467 ) 8,625,000 Basic and diluted earnings per share $ (0.47 ) $ 0.34 $ (0.13 ) Form 10-Q Net loss $ (593,205 ) $ — $ (593,205 ) Weighted average shares outstanding 10,976,383 (2,612,433 ) 8,363,950 Basic and diluted earnings per share $ (0.05 ) $ 0.04 $ (0.01 ) | ||
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 of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging | 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 of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging 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. | 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 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting period. Actual results could differ from those estimates. | Use of Estimates The preparation of the financial statement in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of February 12, 2021. | ||
Cash Held in Trust Account | Cash Held in Trust Account At February 12, 2021, the Company had $345.0 million in cash held in the Trust Account. | ||
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 inv e n 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 consolidated consolidated | ||
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. As of February 12, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000 and investments held in Trust Account. As of S e | |
Fair Value of Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 825, “Financial Instruments,” approximates the carrying amounts represented in the condensed consolidated balance sheets . |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. | ||
Derivative Warrant Liabilities | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815. The classification of derivative instruments, including whether such instruments should be classified 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 adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, with any change in fair value recognized in earnings and losses. The estimated fair value of the Public Warrants is measured at fair value using a Monte Carlo simulation. The estimated fair value of the Private Placement Warrants is measured at fair value using a Black-Scholes option pricing model. | Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815. The classification of derivative instruments, including whether such instruments should be classified as liabilities or as equity, is re-assessed The Company accounts for its warrants issued in connection with its Initial Public Offering (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 adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement | |
Deferred Offering Costs Associated with the Proposed Public Offering | Deferred Offering Costs Associated with the Proposed Public Offering Deferred offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to stockholders’ equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. | ||
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. Offering costs associated with the Class A common stock were charged to the carrying value of Class A common stock subject to possible redemption upon the completion of the Initial Public Offering. Deferred underwriting commissions 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. | 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, presented as non-operating non-current | |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at February 12, 2021, 34,500,000 shares of Class A common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) is classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, 34,500,000 shares of Class A common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed consolidated balance sheets. There was no Class A common stock issued or outstanding as of December 31, 2020. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in | |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed immaterial as of December 31, 2020. FASB 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. There were no unrecognized tax benefits as of December 31, 2020. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed immaterial as of February 12, 2021. FASB 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. There were no unrecognized tax benefits as of February 12, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of February 12, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. 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. There were no unrecognized tax benefits as of September 30, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. |
Net income per common shares | Net Loss Per Share of Common Stock The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period excluding shares of common stock subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 shares of Class B common stock that are subject to forfeiture if the over-allotment option is no | Net income per common shares The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per common share is calculated by dividing the net income (loss) by the weighted average shares of common stock outstanding for the respective period . The calculation of diluted net income (loss) does not consider the effect of the Public Warrants and the Private Placement Warrants to purchase an aggregate of 14,891,667 Class A common stock in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the three and nine months ended September 30, 2021. Accretion associated with the redeemable Class A common stock is excluded from earnings per share as the redemption value approximates fair value. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share for each class of common stock: For the Three Months Ended For the Nine Months Ended Class A Class B Class A Class B Basic and diluted net loss per common stock: Numerator: Allocation of net loss $ (14,979,628 ) $ (3,744,907 ) $ (14,980,500 ) $ (4,337,240 ) Denominator: Basic and diluted weighted average common stock outstanding 34,500,000 8,625,000 29,192,308 8,451,923 Basic and diluted net loss per common stock $ (0.43 ) $ (0.43 ) $ (0.51 ) $ (0.51 ) | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying financial statements. | Recent Accounting Standards The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statement. | Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) 815-40): 2020-06”), e 2020-06 Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements. |
Restatement of Previously Fil_2
Restatement of Previously Filed Balance Sheet (Tables) | 2 Months Ended | 9 Months Ended |
Feb. 12, 2021 | Sep. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | ||
Schedule of balance sheets | The following tables summarize the effect of the revision on each financial statement line item as of the date indicated: As of February 12, 2021 As Reported Adjustment As Restated Total assets $ 348,644,865 $ 348,644,865 Total current liabilities $ 1,346,020 — $ 1,346,020 Deferred underwriting commissions 12,075,000 — 12,075,000 Derivative warrant liabilities — 23,027,500 23,027,500 Total liabilities $ 13,421,020 $ 36,448,520 Class A common stock subject to possible redemption 330,223,840 14,776,160 345,000,000 Preferred stock — — — Class A common stock 148 (148 ) — Class B common stock 863 — 863 Additional paid-in capital 5,032,602 (5,032,602 ) — Retained earnings (accumulated deficit) (33,608 ) (32,770,910 ) (32,804,518 ) Total stockholders’ equity (deficit) $ 5,000,005 $ (37,803,660 ) $ (32,803,655 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 348,644,865 $ — $ 348,644,865 | The Class A common stock subject to possible redemption reflected on the condensed consolidated balance sheets is reconciled in the following table: Gross proceeds $ 345,000,000 Less: Fair value of Public Warrants at issuance (13,627,500 ) Offering costs allocated to Class A common stock subject to possible redemption (18,098,499 ) Plus: Accretion on Class A common stock subject to possible redemption amount 31,725,999 Class A common stock subject to possible redemption $ 345,000,000 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of financial statements | As of February 12, 2021 As Reported, As Restated Adjustment As Restated Total assets $ 348,644,865 $ 348,644,865 Total liabilities $ 36,448,520 $ 36,448,520 Class A common stock subject to possible redemption 307,196,340 37,803,660 345,000,000 Preferred stock — — — Class A common stock 378 (378 ) — Class B common stock 863 — 863 Additional paid-in 5,809,812 (5,809,812 ) — Retained earnings (accumulated deficit) (811,048 ) (31,993,470 ) (32,804,518 ) Total stockholders’ equity (deficit) $ 5,000,005 $ (37,803,660 ) $ (32,803,655 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 348,644,865 $ — $ 348,644,865 As of March 31, 2021 As Reported Adjustment As Restated Total assets $ 347,742,624 $ 347,742,624 Total liabilities $ 29,769,286 $ 29,769,286 Class A common stock subject to possible redemption 312,973,330 32,026,670 345,000,000 Preferred stock — — — Class A common stock 320 (320 ) — Class B common stock 863 — 863 Additional paid-in 46,352 (46,352 ) — Retained earnings (accumulated deficit) 4,952,473 (31,979,998 ) (27,027,525 ) Total stockholders’ equity (deficit) $ 5,000,008 $ (32,026,670 ) $ (27,026,662 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 347,742,624 $ — $ 347,742,624 Form 10-Q: As Reported Adjustment As Restated Cash Flow used in Operating Activities $ (798,200 ) $ — $ (798,200 ) Cash Flows used in Investing Activities $ (345,000,000 ) $ — $ (345,000,000 ) Cash Flows provided by Financing Activities $ 347,842,331 $ — $ 347,842,331 Supplemental Disclosure of Noncash Financing Activities: Offering costs included in accrued expenses $ 506,550 $ — $ 506,550 Offering costs paid by related party under promissory note $ 89,891 $ — $ 89,891 Deferred underwriting commissions in connection with the initial public offering $ 12,075,000 $ — $ 12,075,000 Initial value of Class A common stock subject to possible redemption $ 307,196,340 $ (307,196,340 ) $ — Change in value of Class A common stock subject to possible redemption $ 499,050 $ (499,050 ) $ — As of June 30, 2021 As Reported Adjustment As Restated Total assets $ 347,606,096 $ 347,606,096 Total liabilities $ 34,910,699 $ 34,910,699 Class A common stock subject to possible redemption 307,695,390 37,304,610 345,000,000 Preferred stock — — — Class A common stock 373 (373 ) — Class B common stock 863 — 863 Additional paid-in 5,602,376 (5,602,376 ) — Retained earnings (accumulated deficit) (603,605 ) (31,701,861 ) (32,305,466 ) Total stockholders’ equity (deficit) $ 5,000,007 $ (37,304,610 ) $ (32,304,603 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 347,606,096 $ — $ 347,606,096 Form 10-Q: As Reported Adjustment As Restated Cash Flow used in Operating Activities $ (730,082 ) $ — $ (730,082 ) Cash Flows used in Investing Activities $ (345,000,000 ) $ — $ (345,000,000 ) Cash Flows provided by Financing Activities $ 347,784,164 $ — $ 347,784,164 Supplemental Disclosure of Noncash Financing Activities: Offering costs included in accrued expenses $ 448,383 $ — $ 448,383 Offering costs paid by related party under promissory note $ 89,891 $ — $ 89,891 Deferred underwriting commissions in connection with the initial public offering $ 12,075,000 $ — $ 12,075,000 Initial value of Class A common stock subject to possible redemption $ 307,196,340 $ (307,196,340 ) $ — Change in value of Class A common stock subject to possible redemption $ 5,776,990 $ (5,776,990 ) $ — |
Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share | EPS for Class A common stock (redeemable) As Reported Adjustment As Adjusted Form 10-Q Net income $ 4,962,873 $ — $ 4,962,873 Weighted average shares outstanding 30,731,669 3,768,331 34,500,000 Basic and diluted earnings per share $ — $ 0.12 $ 0.12 Form 10-Q Net loss $ (5,556,078 ) $ — $ (5,556,078 ) Weighted average shares outstanding 31,291,533 3,208,467 34,500,000 Basic and diluted earnings per share $ — $ (0.13 ) $ (0.13 ) Form 10-Q Net loss $ (593,205 ) $ — $ (593,205 ) Weighted average shares outstanding 31,098,199 3,401,801 34,500,000 Basic and diluted earnings per share $ — $ (0.01 ) $ (0.01 ) EPS for Class B common stock (non-redeemable) As Reported Adjustment As Adjusted Form 10-Q Net income $ 4,962,873 $ — $ 4,962,873 Weighted average shares outstanding 10,109,776 (2,009,776 ) 8,100,000 Basic and diluted earnings per share $ 0.49 $ (0.37 ) $ 0.12 Form 10-Q Net loss $ (5,556,078 ) $ — $ (5,556,078 ) Weighted average shares outstanding 11,833,467 (3,208,467 ) 8,625,000 Basic and diluted earnings per share $ (0.47 ) $ 0.34 $ (0.13 ) Form 10-Q Net loss $ (593,205 ) $ — $ (593,205 ) Weighted average shares outstanding 10,976,383 (2,612,433 ) 8,363,950 Basic and diluted earnings per share $ (0.05 ) $ 0.04 $ (0.01 ) |
Schedule of basic and diluted net loss per share for each class of common stock | For the Three Months Ended For the Nine Months Ended Class A Class B Class A Class B Basic and diluted net loss per common stock: Numerator: Allocation of net loss $ (14,979,628 ) $ (3,744,907 ) $ (14,980,500 ) $ (4,337,240 ) Denominator: Basic and diluted weighted average common stock outstanding 34,500,000 8,625,000 29,192,308 8,451,923 Basic and diluted net loss per common stock $ (0.43 ) $ (0.43 ) $ (0.51 ) $ (0.51 ) |
Class A Common Stock Subject _2
Class A Common Stock Subject to Possible Redemption (Tables) | 2 Months Ended | 9 Months Ended |
Feb. 12, 2021 | Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Schedule of balance sheets | The following tables summarize the effect of the revision on each financial statement line item as of the date indicated: As of February 12, 2021 As Reported Adjustment As Restated Total assets $ 348,644,865 $ 348,644,865 Total current liabilities $ 1,346,020 — $ 1,346,020 Deferred underwriting commissions 12,075,000 — 12,075,000 Derivative warrant liabilities — 23,027,500 23,027,500 Total liabilities $ 13,421,020 $ 36,448,520 Class A common stock subject to possible redemption 330,223,840 14,776,160 345,000,000 Preferred stock — — — Class A common stock 148 (148 ) — Class B common stock 863 — 863 Additional paid-in capital 5,032,602 (5,032,602 ) — Retained earnings (accumulated deficit) (33,608 ) (32,770,910 ) (32,804,518 ) Total stockholders’ equity (deficit) $ 5,000,005 $ (37,803,660 ) $ (32,803,655 ) Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) $ 348,644,865 $ — $ 348,644,865 | The Class A common stock subject to possible redemption reflected on the condensed consolidated balance sheets is reconciled in the following table: Gross proceeds $ 345,000,000 Less: Fair value of Public Warrants at issuance (13,627,500 ) Offering costs allocated to Class A common stock subject to possible redemption (18,098,499 ) Plus: Accretion on Class A common stock subject to possible redemption amount 31,725,999 Class A common stock subject to possible redemption $ 345,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Company's assets and liabilities that are measured at fair value on a recurring basis | Description Quoted Prices in Active Markets (Level 1) Significant Other Inputs Significant Other Unobservable (Level 3) Assets: Investments held in Trust Account — Money market fund $ 345,027,247 $ — $ — Liabilities: Derivative warrant liabilities — Public warrants $ 21,390,000 $ — $ — Derivative warrant liabilities — Private placement warrants $ — $ — $ 15,541,330 |
Schedule of the key inputs measured at fair value | February 12, September 30, Exercise price $ 11.50 $ 11.50 Stock price $ 10.87 $ 10.11 Volatility 20.0 % 31.3 % Term 5.0 5.0 Risk-free rate 0.50 % 0.98 % |
Schedule of the change in the fair value of derivative liabilities | Derivative warrant liabilities at December 31, 2020 $ — Issuance of Public and Private Warrants 23,027,500 Change in fair value of derivative warrant liabilities (6,160,830 ) Derivative warrant liabilities at March 31, 2021 $ 16,866,670 Transfer of Public Warrants to Level 1 (9,660,000 ) Change in fair value of derivative warrant liabilities 1,504,000 Derivative warrant liabilities at June 30, 2021 $ 8,710,670 Change in fair value of derivative warrant liabilities 6,830,660 Derivative warrant liabilities at September 30, 2021 $ 15,541,330 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | Feb. 12, 2021 | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Description of Organization and Business Operations (Details) [Line Items] | ||||
Shares issued (in Shares) | 34,500,000 | |||
Offering costs | $ 19,200,000 | $ 19,200,000 | ||
Deferred underwriting commissions | 12,075,000 | 12,075,000 | ||
Generating proceeds | $ 345,000,000 | $ 345,000,000 | ||
Percentage of trust account required for business combination | 80.00% | 80.00% | 80.00% | |
Net tangible assets | $ 5,000,001 | $ 5,000,001 | $ 5,000,001 | $ 5,000,001 |
Aggregate public shares, percentage | 15.00% | 15.00% | 15.00% | |
Redeem public shares, percentage | 100.00% | 100.00% | 100.00% | |
Dissolution expenses | $ 100,000 | $ 100,000 | $ 100,000 | |
Initial held in the trust account (in Dollars per share) | $ 10 | $ 10 | $ 10 | $ 10 |
Public price per share (in Dollars per share) | $ 10 | $ 10 | $ 10 | $ 10 |
Balance at bank | $ 3,000,000 | $ 3,000,000 | $ 1.6 | |
Working capital deficit | $ 2,300,000 | $ 1.9 | ||
Cash | $ 0 | |||
Net working capital | $ 400 | |||
Common stock par or stated value per share | $ 12 | |||
Term of restricted investments | 185 days | |||
Proposed business combination, description | As a result of the Mergers, among other things, each outstanding share of common stock of Core Scientific (“Core Scientific Common Stock”) will be cancelled in exchange for the right to receive a number of shares of Class A common stock of the Company in an amount that is approximately equal to the quotient obtained by dividing (a) an amount equal to (x) $4.0 billion, divided by (y) the number of shares of Core Scientific Common Stock on a fully-diluted basis, by (b) $10.00. | |||
Vesting period | 5 years | |||
Business Combination [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Percentage of trust account required for business combination | 50.00% | |||
Percentage of issued and outstanding voting securities | 50.00% | 50.00% | ||
Private Placement Warrants [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Class of warrants or rights subscribed but not issued | 5,666,667 | |||
Class of warrants or rights issue price per unit | $ 1.50 | |||
IPO [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Net proceeds | $ 345,000,000 | $ 345,000,000 | ||
Units price per share (in Dollars per share) | $ 10 | $ 10 | $ 10 | |
Over-Allotment Option [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Shares issued (in Shares) | 4,500,000 | |||
Purchase an additional units (in Shares) | 4,500,000 | |||
Price per share (in Dollars per share) | $ 10 | 10 | ||
Generated gross proceeds | $ 345,000,000 | |||
Shares issued price per share | $ 10 | $ 10 | ||
Initial Public Offering [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Private placement warrants (in Shares) | 6,266,667 | 6,266,667 | 6,266,667 | |
Warrant price per share (in Dollars per share) | $ 1.50 | $ 1.50 | $ 1.50 | |
Founder Shares [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Sponsor payment | $ 25,000 | $ 25,000 | $ 25,000 | |
Loan amount | $ 90,000 | $ 90,000 | ||
Inclusive Of Overallotment Option [Member] | Private Placement Warrants [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Class of warrants or rights subscribed but not issued | 6,266,667 | |||
Class A Common Stock [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Weighted average price per share (in Dollars per share) | 12.50 | |||
Class A Common Stock [Member] | IPO [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Shares issued (in Shares) | 34,500,000 | |||
Price per share (in Dollars per share) | $ 10 | |||
Common stock shares subscribed but not issued | 30,000,000 | |||
Shares issued price per share | $ 10 | |||
Class A Common Stock [Member] | Over-Allotment Option [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Common stock shares subscribed but not issued | 4,500,000 | |||
Class A Common Stock [Member] | Initial Public Offering [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Common stock par or stated value per share | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 |
Class A Common Stock [Member] | Initial Public Offering Including Overallotement [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Common stock shares subscribed but not issued | 34,500,000 | |||
Sponsor [Member] | Private Placement Warrants [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Generating proceeds | $ 9,400,000 | |||
Sponsor [Member] | Initial Public Offering [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Generating proceeds | $ 9,400,000 | |||
Common Class B [Member] | ||||
Description of Organization and Business Operations (Details) [Line Items] | ||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Shares, percentage | 20.00% |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements (Details) - USD ($) | 2 Months Ended | |
Feb. 12, 2021 | Sep. 30, 2021 | |
Restatement Of Previously Filed Balance Sheet (Details) [Line Items] | ||
Net tangible assets | $ 5,000,001 | $ 5,000,001 |
Initial Public Offering [Member] | ||
Restatement Of Previously Filed Balance Sheet (Details) [Line Items] | ||
Redeemable warrants | 8,625,000 | |
Private Placement Warrants [Member] | ||
Restatement Of Previously Filed Balance Sheet (Details) [Line Items] | ||
Redeemable warrants | $ 6,266,667 |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Feb. 12, 2021 | Dec. 31, 2020 | |
Balance Sheet | ||||||
Total assets | $ 347,072,608 | $ 348,644,865 | $ 15,000 | |||
Liabilities and stockholders' equity | ||||||
Total current liabilities | 4,095,417 | 1,346,020 | 400 | |||
Deferred underwriting commissions | 12,075,000 | |||||
Derivative warrant liabilities | 36,931,330 | 23,027,500 | ||||
Total liabilities | 53,101,747 | 36,448,520 | 400 | |||
Class A common stock subject to possible redemption | 345,000,000 | 345,000,000 | ||||
Stockholders' equity | ||||||
Preferred stock | 0 | |||||
Class A common stock | 0 | |||||
Class B common stock | 863 | 863 | 863 | [1],[2] | ||
Additional paid-in capital | 0 | 24,137 | ||||
Retained earnings (accumulated deficit) | (51,030,002) | (32,804,518) | (10,400) | |||
Total stockholders' equity (deficit) | (51,029,139) | $ (32,304,604) | $ (26,748,526) | (32,803,655) | 14,600 | |
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit) | $ 347,072,608 | 348,644,865 | $ 15,000 | |||
As Reported [Member] | ||||||
Balance Sheet | ||||||
Total assets | 348,644,865 | |||||
Liabilities and stockholders' equity | ||||||
Total current liabilities | 1,346,020 | |||||
Deferred underwriting commissions | 12,075,000 | |||||
Derivative warrant liabilities | 0 | |||||
Total liabilities | 13,421,020 | |||||
Class A common stock subject to possible redemption | 330,223,840 | |||||
Stockholders' equity | ||||||
Preferred stock | 0 | |||||
Class A common stock | 148 | |||||
Class B common stock | 863 | |||||
Additional paid-in capital | 5,032,602 | |||||
Retained earnings (accumulated deficit) | (33,608) | |||||
Total stockholders' equity (deficit) | 5,000,005 | |||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit) | 348,644,865 | |||||
Adjustment [Member] | ||||||
Liabilities and stockholders' equity | ||||||
Total current liabilities | 0 | |||||
Deferred underwriting commissions | 0 | |||||
Derivative warrant liabilities | 23,027,500 | |||||
Class A common stock subject to possible redemption | 14,776,160 | |||||
Stockholders' equity | ||||||
Preferred stock | 0 | |||||
Class A common stock | (148) | |||||
Class B common stock | 0 | |||||
Additional paid-in capital | (5,032,602) | |||||
Retained earnings (accumulated deficit) | (32,770,910) | |||||
Total stockholders' equity (deficit) | (37,803,660) | |||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit) | $ 0 | |||||
[1] | On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares Class B common stock outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization. (see Note 4, 6 and 7) | |||||
[2] | This number includes up to 1,125,000 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. (see Note 4) |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Federal Deposit Insurance Corporation Premium Expense | $ 250,000 | $ 250,000 | |
Aggregate shares (in Shares) | 14,891,667 | ||
Weighted average diluted shares outstanding adjustment | 0 | ||
Net tangible assets | 5,000,001 | $ 5,000,001 | |
Additional paid-in capital | 5,800,000 | ||
Accumulated deficit | 32,000,000 | ||
Cash equivalents | 0 | ||
Assets Held In Trust | $ 345,000,000 | $ 345,027,247 | |
Class A Common Stock [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Shares subject to possible redemption (in Shares) | 34,500,000 | 34,500,000 | |
Reclassification of temporary equity (in Shares) | 3,780,366 | ||
Common Class B [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Common stock shares subject to forfeiture | 1,125,000 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of financial statements - USD ($) | Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Feb. 12, 2021 |
Condensed Financial Statements, Captions [Line Items] | |||||
Total Assets | $ 15,000 | $ 347,072,608 | $ 348,644,865 | ||
Total liabilities | 400 | 53,101,747 | 36,448,520 | ||
Class A common stock | 0 | ||||
Additional paid-in capital | 24,137 | 0 | |||
Retained earnings (accumulated deficit) | (10,400) | (51,030,002) | (32,804,518) | ||
Total stockholders' equity (deficit) | 14,600 | $ (26,748,526) | $ (32,304,604) | (51,029,139) | (32,803,655) |
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit) | 15,000 | 347,072,608 | 348,644,865 | ||
Cash Flow used in Operating Activities | (1,243,824) | ||||
Cash Flows used in Investing Activities | (345,000,000) | ||||
Cash Flows provided by Financing Activities | 347,842,330 | ||||
Supplemental Disclosure Of Non cash Financing Activities [Abstract] | |||||
Offering costs included in accrued expenses | 506,550 | ||||
Offering costs paid by related party under promissory note | 89,891 | ||||
Deferred underwriting commissions in connection with the initial public offering | $ 12,075,000 | ||||
As Reported | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total Assets | 347,742,624 | 347,606,096 | 348,644,865 | ||
Total liabilities | 29,769,286 | 34,910,699 | 36,448,520 | ||
Class A common stock subject to possible redemption | 312,973,330 | 307,695,390 | 307,196,340 | ||
Class A common stock | 320 | 373 | 378 | ||
Class B common stock | 863 | 863 | 863 | ||
Additional paid-in capital | 46,352 | 5,602,376 | 5,809,812 | ||
Retained earnings (accumulated deficit) | 4,952,473 | (603,605) | (811,048) | ||
Total stockholders' equity (deficit) | 5,000,008 | 5,000,007 | 5,000,005 | ||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit) | 347,742,624 | 347,606,096 | 348,644,865 | ||
Cash Flow used in Operating Activities | (798,200) | (730,082) | |||
Cash Flows used in Investing Activities | (345,000,000) | (345,000,000) | |||
Cash Flows provided by Financing Activities | 347,842,331 | 347,784,164 | |||
Supplemental Disclosure Of Non cash Financing Activities [Abstract] | |||||
Offering costs included in accrued expenses | 506,550 | 448,383 | |||
Offering costs paid by related party under promissory note | 89,891 | 89,891 | |||
Deferred underwriting commissions in connection with the initial public offering | 12,075,000 | 12,075,000 | |||
Initial value of Class A common stock subject to possible redemption | 307,196,340 | 307,196,340 | |||
Change in value of Class A common stock subject to possible redemption | 499,050 | 5,776,990 | |||
As Restated | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total Assets | 347,742,624 | 347,606,096 | 348,644,865 | ||
Total liabilities | 29,769,286 | 34,910,699 | 36,448,520 | ||
Class A common stock subject to possible redemption | 345,000,000 | 345,000,000 | 345,000,000 | ||
Class B common stock | 863 | 863 | 863 | ||
Retained earnings (accumulated deficit) | (27,027,525) | (32,305,466) | (32,804,518) | ||
Total stockholders' equity (deficit) | (27,026,662) | (32,304,603) | (32,803,655) | ||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit) | 347,742,624 | 347,606,096 | 348,644,865 | ||
Cash Flow used in Operating Activities | (798,200) | (730,082) | |||
Cash Flows used in Investing Activities | (345,000,000) | (345,000,000) | |||
Cash Flows provided by Financing Activities | 347,842,331 | 347,784,164 | |||
Supplemental Disclosure Of Non cash Financing Activities [Abstract] | |||||
Offering costs included in accrued expenses | 506,550 | 448,383 | |||
Offering costs paid by related party under promissory note | 89,891 | 89,891 | |||
Deferred underwriting commissions in connection with the initial public offering | 12,075,000 | 12,075,000 | |||
Adjustment | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Class A common stock subject to possible redemption | 32,026,670 | 37,304,610 | 37,803,660 | ||
Class A common stock | (320) | (373) | (378) | ||
Additional paid-in capital | (46,352) | (5,602,376) | (5,809,812) | ||
Retained earnings (accumulated deficit) | (31,979,998) | (31,701,861) | (31,993,470) | ||
Total stockholders' equity (deficit) | (32,026,670) | (37,304,610) | $ (37,803,660) | ||
Supplemental Disclosure Of Non cash Financing Activities [Abstract] | |||||
Initial value of Class A common stock subject to possible redemption | (307,196,340) | (307,196,340) | |||
Change in value of Class A common stock subject to possible redemption | $ (499,050) | $ (5,776,990) |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share - USD ($) | Dec. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 |
Basis of Presentation and Summary of Significant Accounting Policies Details Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share [Line Items] | |||||
Net income (loss) | $ (10,400) | $ (18,724,535) | $ (19,317,740) | ||
As Reported [Member] | Redeemable [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies Details Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share [Line Items] | |||||
Net income (loss) | $ (593,205) | $ (5,556,078) | $ 4,962,873 | ||
Weighted average shares outstanding | 31,098,199 | 31,291,533 | 30,731,669 | ||
Basic and diluted earnings per share | $ 0 | $ 0 | $ 0 | ||
As Reported [Member] | Non Redeemable [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies Details Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share [Line Items] | |||||
Net income (loss) | $ (593,205) | $ (5,556,078) | $ 4,962,873 | ||
Weighted average shares outstanding | 10,976,383 | 11,833,467 | 10,109,776 | ||
Basic and diluted earnings per share | $ (0.05) | $ (0.47) | $ 0.49 | ||
As Adjusted [Member] | Redeemable [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies Details Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share [Line Items] | |||||
Net income (loss) | $ (593,205) | $ (5,556,078) | $ 4,962,873 | ||
Weighted average shares outstanding | 34,500,000 | 34,500,000 | 34,500,000 | ||
Basic and diluted earnings per share | $ (0.01) | $ (0.13) | $ 0.12 | ||
As Adjusted [Member] | Non Redeemable [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies Details Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share [Line Items] | |||||
Net income (loss) | $ (593,205) | $ (5,556,078) | $ 4,962,873 | ||
Weighted average shares outstanding | 8,363,950 | 8,625,000 | 8,100,000 | ||
Basic and diluted earnings per share | $ (0.01) | $ (0.13) | $ 0.12 | ||
Restatement Adjustments [Member] | Redeemable [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies Details Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share [Line Items] | |||||
Net income (loss) | $ 0 | $ 0 | $ 0 | ||
Weighted average shares outstanding | 3,401,801 | 3,208,467 | 3,768,331 | ||
Basic and diluted earnings per share | $ (0.01) | $ (0.13) | $ 0.12 | ||
Restatement Adjustments [Member] | Non Redeemable [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies Details Schedule of impact the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share [Line Items] | |||||
Net income (loss) | $ 0 | $ 0 | $ 0 | ||
Weighted average shares outstanding | (2,612,433) | (3,208,467) | (2,009,776) | ||
Basic and diluted earnings per share | $ 0.04 | $ 0.34 | $ (0.37) |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net loss per share for each class of common stock - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Common Class A [Member] | ||
Numerator: | ||
Allocation of net loss | $ (14,979,628) | $ (14,980,500) |
Denominator: | ||
Basic and diluted weighted average common stock outstanding | $ 34,500,000 | $ 29,192,308 |
Basic and diluted net loss per common stock | (0.43) | (0.51) |
Common Class B [Member] | ||
Numerator: | ||
Allocation of net loss | $ (3,744,907) | $ (4,337,240) |
Denominator: | ||
Basic and diluted weighted average common stock outstanding | $ 8,625,000 | $ 8,451,923 |
Basic and diluted net loss per common stock | (0.43) | (0.51) |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | Feb. 12, 2021 | Feb. 12, 2021 | Sep. 30, 2021 |
Initial Public Offering (Details) [Line Items] | |||
Initial public offering shares | 34,500,000 | ||
Sale of stock | 34,500,000 | ||
Proceeds received from initial public offering, gross (in Dollars) | $ 345,000,000 | $ 345,000,000 | |
Incurring offering costs (in Dollars) | $ 19,200,000 | $ 19,200,000 | |
Deferred underwriting commissions (in Dollars) | $ 12,100,000 | ||
Aggregate units purchased | 2,405,700 | ||
Description of units per share | Each Unit consists of one share of Class A common stock, and one-fourth of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8). | Each Unit consists of one share of Class A common stock, and one-fourth of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8). | |
Over-Allotment Option [Member] | |||
Initial Public Offering (Details) [Line Items] | |||
Sale of stock | 4,500,000 | ||
Price per unit (in Dollars per share) | $ 10 | $ 10 |
Proposed Public Offering (Detai
Proposed Public Offering (Details) | Dec. 31, 2020$ / sharesshares |
Public Warrants [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Class of warrants or rights exercise price | $ / shares | $ 11.50 |
Class of warrants or rights number of shares called by each warrant or right | 1 |
IPO [Member] | Class A Common Stock [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Common stock shares subscribed but not issued | 30,000,000 |
Over-Allotment Option [Member] | Class A Common Stock [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Common stock shares subscribed but not issued | 4,500,000 |
Number of days granted for excercising of overallotement option | 45 days |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Feb. 12, 2021 | Feb. 09, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | Dec. 31, 2020 | Oct. 31, 2021 | Feb. 12, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Feb. 10, 2021 | |
Related Party Transactions (Details) [Line Items] | |||||||||||
Aggregate founder shares | [1],[2] | $ 25,000 | |||||||||
Common stock par value (in Dollars per share) | $ 12 | $ 12 | |||||||||
Initial public offering pursuant to promissory note | $ 300,000 | $ 300,000 | |||||||||
Company borrowing | $ 90,000 | $ 90,000 | $ 90,000 | ||||||||
Working capital loans | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||||
Warrant price per share (in Dollars per share) | $ 1.50 | $ 1.50 | $ 1.50 | ||||||||
Office space and administrative support expenses | $ 20,000 | $ 20,000 | $ 20,000 | ||||||||
Service fees | $ 60,000 | 160,000 | |||||||||
Charged stockholders equity | 6,800,000 | ||||||||||
Warrant liabilities | 278,000 | ||||||||||
Accrued expense | 160,000 | 160,000 | |||||||||
Business Acquisition [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Business combination, description | In February 2021, the Sponsor agreed to sell to the Anchor Investors 1,552,500 Founder Shares and the Anchor Investors agreed to purchase from the Sponsor on the date of the initial business combination an aggregate of 1,552,500 Founder Shares for an aggregate purchase price of approximately $4,500, or approximately $0.003 per share. | ||||||||||
Subsequent Event [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Interse transfer of shares to be made amongst the sponsor group shares | 1,350,000 | ||||||||||
Interse transfer of shares to be made amongst the sponsor group value | $ 3,913 | ||||||||||
Interse transfer of shares to be made amongst the sponsor group price per share | $ 0.003 | ||||||||||
Subsequent Event [Member] | Business Acquisition [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Business combination, description | the Sponsor agreed to sell to the Anchor Investors 1,350,000 Founder Shares (or 1,552,500 Founder Shares if the underwriters’ over-allotment option is exercised in full) and the Anchor Investors agreed to purchase from the Sponsor on the date of the initial business combination an aggregate of 1,350,000 Founder Shares (or 1,552,500 Founder Shares if the underwriters’ over-allotment option is exercised in full) for an aggregate purchase price of approximately $3,913 (or $4,500 if the underwriters’ over-allotment option is exercised in full), or approximately $0.003 per share. | ||||||||||
Subsequent Event [Member] | Advisory Services Agreements [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Services agreements payments | $ 2,050,000 | ||||||||||
Private Placement Warrants [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Gross proceeds | $ 8,500,000 | ||||||||||
Class of Warrants or Rights Subscribed but Not Issued | 5,666,667 | 5,666,667 | |||||||||
Class of Warrants or Rights Issue Price Per Unit | $ 1.50 | $ 1.50 | |||||||||
SponsorMember | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Aggregate founder shares | $ 25,000 | $ 25,000 | |||||||||
Founder Shares [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Capitalization of shares (in Shares) | 1,437,500 | ||||||||||
Forfeiture of founder shares (in Shares) | 1,125,000 | ||||||||||
Issued and outstanding shares percentage | 20.00% | ||||||||||
Founder Shares [Member] | SponsorMember | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Fair value | $ 7,000,000 | 7,000,000 | |||||||||
Offering Costs | $ 7,000,000 | ||||||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Interse transfer of shares to be made amongst the sponsor group shares | 1,552,500 | ||||||||||
Interse transfer of shares to be made amongst the sponsor group value | $ 4,500 | ||||||||||
Over-Allotment Option [Member] | Founder Shares [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Forfeiture of founder shares (in Shares) | 1,125,000 | ||||||||||
Private Placement [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Private placement warrants, shares (in Shares) | 6,266,667 | 6,266,667 | 6,266,667 | 6,266,667 | |||||||
Aggregate private placement per share (in Dollars per share) | $ 1.50 | $ 1.50 | $ 1.50 | $ 1.50 | |||||||
Gross proceeds | $ 9,400,000 | $ 9,400,000 | |||||||||
Inclusive Of Overallotment Option [Member] | Private Placement Warrants [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Gross proceeds | $ 9,400,000 | ||||||||||
Class of Warrants or Rights Subscribed but Not Issued | 6,266,667 | 6,266,667 | |||||||||
Class B Common Stock [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Capitalization of shares (in Shares) | 1,437,500 | ||||||||||
Common stock shares outstanding (in Shares) | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | ||||
Class B Common Stock [Member] | Subsequent Event [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Common stock shares outstanding (in Shares) | 8,625,000 | ||||||||||
Class B Common Stock [Member] | Founder Shares [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Offering costs (in Shares) | 7,187,500 | 7,187,500 | |||||||||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||
Common stock shares outstanding (in Shares) | 8,625,000 | ||||||||||
Class A Common Stock [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock shares outstanding (in Shares) | 34,500,000 | 34,500,000 | |||||||||
Common stock equal or exceeds per share (in Dollars per share) | 12 | $ 12 | |||||||||
Class A Common Stock [Member] | Private Placement [Member] | |||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||
Common stock par value (in Dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 | |||||
[1] | On February 9, 2021, the Company effected a share capitalization of 1,437,500 shares of Class B common stock, resulting in an aggregate of 8,625,000 shares Class B common stock outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization. (see Note 4, 6 and 7) | ||||||||||
[2] | This number includes up to 1,125,000 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. (see Note 4) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2020 | Sep. 30, 2021 | Feb. 12, 2021 | Sep. 30, 2021 |
Commitments and Contingencies (Details) [Line Items] | ||||
Underwriting agreement, description | The underwriters are entitled to an underwriting discount of $0.20 per Unit, or $6.0 million in the aggregate (or $6.9 million in the aggregate if the underwriters’ over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. An additional fee of $0.35 per Unit, or $10.5 million in the aggregate (or approximately $12.1 million in the aggregate | the underwriters were entitled to an underwriting discount of $0.20 per Unit on 31,740,000 Units, or approximately $6.3 million, paid upon the closing of the Initial Public Offering. An additional fee of $0.35 per Unit, or approximately $12.1 million in the aggregate | the underwriters were entitled to an underwriting discount of $0.20 per Unit on 31,740,000 Units, or approximately $6.3 million, paid upon the closing of the Initial Public Offering. An additional fee of $0.35 per Unit, or approximately $12.1 million in the aggregate | |
Aggregate payable amount | $ 1,150,000 | |||
Over-Allotment Option [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Purchase additional units (in Shares) | 4,500,000 | 4,500,000 | ||
Anchor Investors [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Deferred underwriting commission (in Dollars) | $ 2,760,000 | $ 2,760,000 | ||
Units sold | 2,405,700 | 2,405,700 |
Class A Common Stock Subject _3
Class A Common Stock Subject to Possible Redemption (Details) - $ / shares | Sep. 30, 2021 | Feb. 12, 2021 | Dec. 31, 2020 |
Common stock par value (in Dollars per share) | $ 12 | ||
Common Class A [Member] | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares outstanding | 34,500,000 |
Class A Common Stock Subject _4
Class A Common Stock Subject to Possible Redemption (Details) - Schedule condensed consolidated balance sheets | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Share-based Payment Arrangement [Abstract] | |
Gross proceeds | $ 345,000,000 |
Fair value of Public Warrants at issuance | (13,627,500) |
Offering costs allocated to Class A common stock subject to possible redemption | (18,098,499) |
Accretion on Class A common stock subject to possible redemption amount | 31,725,999 |
Class A common stock subject to possible redemption | $ 345,000,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Dec. 31, 2020 | Feb. 12, 2021 | Sep. 30, 2021 | Feb. 09, 2021 | Jan. 31, 2021 |
Stockholders' Equity (Details) [Line Items] | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares issued | 0 | ||||
Preferred stock, shares outstanding | 0 | ||||
Common stock, par value (in Dollars per share) | $ 12 | ||||
Issued shares of common stock | 7,187,500 | 7,187,500 | |||
Shares subject to forfeiture (in Dollars) | $ 1,125,000 | $ 1,125,000 | |||
Sponsor shares | 30,000 | ||||
Percentage of number of shares | 20.00% | ||||
Class A Common Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 34,500,000 | ||||
Common stock, shares outstanding | 34,500,000 | ||||
Temporary Equity, Shares Outstanding | 34,500,000 | ||||
Class B Common Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | |
Common stock, shares outstanding | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | |
Issued shares of common stock | 7,187,500 | ||||
issued shares aggregate price (in Dollars) | $ 25,000 | $ 25,000 | |||
Capitalization of shares | 1,437,500 | ||||
Common stock shares subject to forfeiture | 1,125,000 | ||||
Percentage of shares issued and outstanding | 20.00% | 20.00% | 20.00% |
Derivative Warrant Liabilities
Derivative Warrant Liabilities (Details) - $ / shares | 2 Months Ended | 9 Months Ended |
Feb. 12, 2021 | Sep. 30, 2021 | |
Derivative Warrant Liabilities (Details) [Line Items] | ||
Business Combination , description | As a result of the Mergers, among other things, each outstanding share of common stock of Core Scientific (“Core Scientific Common Stock”) will be cancelled in exchange for the right to receive a number of shares of Class A common stock of the Company in an amount that is approximately equal to the quotient obtained by dividing (a) an amount equal to (x) $4.0 billion, divided by (y) the number of shares of Core Scientific Common Stock on a fully-diluted basis, by (b) $10.00. | |
Redemption of warrants, description | Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: Once the warrants become exercisable, the Company may 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 last reported sale price of Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted). | Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00: Once the warrants become exercisable, the Company may 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 last reported sale price of Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted). |
Redeemable outstanding warrants, description | Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $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 shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of Class A common stock; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments” ); and • if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. | Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $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 shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of Class A common stock; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”); and • if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described herein under the heading “Description of Securities — Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Business Combination [Member] | ||
Derivative Warrant Liabilities (Details) [Line Items] | ||
Business Combination , description | In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the 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 prices described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. | In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the 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 prices described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. |
Private Placement [Member] | ||
Derivative Warrant Liabilities (Details) [Line Items] | ||
Warrant issued | shares | 6,266,667 | |
Warrants exercise price | $ 1.50 | $ 1.50 |
Warrant [Member] | ||
Derivative Warrant Liabilities (Details) [Line Items] | ||
Warrants exercise price | 11.50 | $ 11.50 |
Public Warrants [Member] | ||
Derivative Warrant Liabilities (Details) [Line Items] | ||
Warrant issued | shares | 8,625,000 | |
Class A Common Stock [Member] | ||
Derivative Warrant Liabilities (Details) [Line Items] | ||
Price per share | 10 | $ 10 |
Common Stock Per Warrant | $ 0.361 | $ 0.361 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair value of derivative warrant liabilities | $ 16.2 | $ 13.9 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of the Company's assets and liabilities that are measured at fair value on a recurring basis - USD ($) | Sep. 30, 2021 | Feb. 12, 2021 | Dec. 31, 2020 |
Assets: | |||
Investments held in Trust Account — Money market fund | $ 345,027,247 | $ 345,000,000 | |
Liabilities: | |||
Derivative warrant liabilities - Private placement warrants | 15,541,330 | ||
Quoted Prices in Active Markets (Level 1) | |||
Assets: | |||
Investments held in Trust Account — Money market fund | 345,027,247 | ||
Liabilities: | |||
Derivative warrant liabilities - Public warrants | 21,390,000 | ||
Derivative warrant liabilities - Private placement warrants | |||
Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Investments held in Trust Account — Money market fund | |||
Liabilities: | |||
Derivative warrant liabilities - Public warrants | |||
Derivative warrant liabilities - Private placement warrants | |||
Significant Other Unobservable Inputs (Level 3) | |||
Assets: | |||
Investments held in Trust Account — Money market fund | |||
Liabilities: | |||
Derivative warrant liabilities - Public warrants | $ 0 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of the key inputs measured at fair value - $ / shares | Feb. 12, 2021 | Sep. 30, 2021 |
Schedule of the key inputs measured at fair value [Abstract] | ||
Exercise price | $ 11.50 | $ 11.50 |
Stock price | $ 10.87 | $ 10.11 |
Volatility | 20.00% | 31.30% |
Term | 5 years | 5 years |
Risk-free rate | 0.50% | 0.98% |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of the change in the fair value of derivative liabilities - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Schedule of the change in the fair value of derivative liabilities [Abstract] | |||
Derivative warrant liabilities at February 12, 2021 (inception) | $ 8,710,670 | $ 16,866,670 | |
Issuance of Public and Private Warrants | 23,027,500 | ||
Change in fair value of derivative warrant liabilities | 6,830,660 | (6,160,830) | |
Transfer of Public Warrants to Level 1 | (9,660,000) | ||
Change in fair value of derivative warrant liabilities | 1,504,000 | ||
Derivative warrant liabilities | $ 15,541,330 | $ 8,710,670 | $ 16,866,670 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 15, 2021 | Feb. 09, 2021 | Sep. 30, 2021 | Feb. 12, 2021 | Feb. 10, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||||
Company borrowing | $ 90,000 | $ 90,000 | ||||
Common Class B [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Shares, Outstanding | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of related party debt | $ 90,000 | |||||
Subsequent Event [Member] | Loan Borrowed Through Promissory Note [Member] | SponsorMember | ||||||
Subsequent Event [Line Items] | ||||||
Company borrowing | $ 90,000 | |||||
Subsequent Event [Member] | Common Class B [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock shares recapitalixzed during the period shares | 1,437,500 | |||||
Common Stock, Shares, Outstanding | 8,625,000 |