Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | GORES GUGGENHEIM, INC. | |
Entity Central Index Key | 0001847127 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | true | |
Entity File Number | 001-40265 | |
Entity Address, Address Line One | 6260 Lookout Rd. | |
Entity Address, City or Town | Boulder | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80301 | |
Entity Tax Identification Number | 85-4385646 | |
City Area Code | 310 | |
Local Phone Number | 209-3010 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 80,000,000 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | GGPI | |
Security Exchange Name | NASDAQ | |
Class F Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20,000,000 | |
Warrants | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants | |
Trading Symbol | GGPIW | |
Security Exchange Name | NASDAQ | |
Units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units | |
Trading Symbol | GGPIU | |
Security Exchange Name | NASDAQ |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 350,209 | $ 302,504 |
Prepaid assets | 1,237,592 | 1,477,280 |
Total current assets | 1,587,801 | 1,779,784 |
Investments and cash held in Trust Account | 800,136,676 | 800,056,447 |
Total assets | 801,724,477 | 801,836,231 |
Current liabilities: | ||
Accrued expenses | 7,849,812 | 6,729,383 |
State franchise tax accrual | 50,000 | 200,000 |
Notes and advances payable - related party | 2,500,000 | 2,000,000 |
Total current liabilities | 89,649,812 | 104,929,383 |
Deferred underwriting compensation | 28,000,000 | 28,000,000 |
Total liabilities | 117,649,812 | 132,929,383 |
Commitments and contingencies | ||
Class A subject to possible redemption, 80,000,000 shares at March 31, 2022 and December 31, 2021 (at redemption value of $10 per share) | 800,000,000 | 800,000,000 |
Stockholders’ deficit: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding at March 31, 2022 and December 31, 2021, respectively | ||
Accumulated deficit | (115,927,335) | (131,095,152) |
Total stockholders’ deficit | (115,925,335) | (131,093,152) |
Total liabilities and stockholders’ deficit | 801,724,477 | 801,836,231 |
Public Warrants | ||
Current liabilities: | ||
Public warrants derivative liability | 50,720,000 | 61,440,000 |
Private Placement Warrants | ||
Current liabilities: | ||
Public warrants derivative liability | 28,530,000 | 34,560,000 |
Class F Common Stock | ||
Stockholders’ deficit: | ||
Common stock value | $ 2,000 | $ 2,000 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Class A subject to possible redemption, shares | 80,000,000 | 80,000,000 |
Class A subject to possible redemption, redemption value per share | $ 10 | $ 10 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 80,000,000 | 80,000,000 |
Common stock, shares outstanding | 80,000,000 | 80,000,000 |
Class F Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 20,000,000 | 20,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Professional fees and other expenses | $ (1,612,413) | $ (68,999) |
State franchise taxes, other than income tax | (50,000) | (50,000) |
Gain/(loss) from change in fair value of warrant liability | 16,750,000 | (470,000) |
Allocated expense for warrant issuance cost | (780,685) | |
Net income/(loss) from operations | 15,087,587 | (1,369,684) |
Other income - interest income | 80,230 | 1,548 |
Net income/(loss) before income taxes | 15,167,817 | (1,368,136) |
Net income/(loss) attributable to common shares | $ 15,167,817 | $ (1,368,136) |
Class A Common Stock | ||
Net income/(loss) per common share: | ||
Basic and diluted weighted average shares outstanding | $ 0.15 | $ (3.17) |
Class F Common Stock | ||
Net income/(loss) per common share: | ||
Basic and diluted weighted average shares outstanding | $ 0.15 | $ (3.17) |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Total | Common StockClass A Common Stock | Common StockClass F Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Beginning Balance at Dec. 31, 2020 | $ (1,782) | $ (1,782) | |||
Sale of Class F Common Stock to Sponsor on February 10, 2021 at $0.0001 par value | 25,000 | $ 2,156 | $ 22,844 | ||
Sale of Class F Common Stock to Sponsor on February 10, 2021 at $0.0001 par value (in shares) | 21,562,500 | ||||
Excess of fair value paid by founders for warrants | 9,095,000 | 9,095,000 | |||
Subsequent measurement of Class A Common Stock subject to redemption against additional paid-in capital | (9,117,844) | (9,117,844) | |||
Subsequent measurement of Class A Common Stock subject to redemption against accumulated deficit | (46,023,770) | (46,023,770) | |||
Net income (loss) | (1,368,136) | (1,368,136) | |||
Ending Balance at Mar. 31, 2021 | (47,391,532) | $ 2,156 | (47,393,688) | ||
Ending Balance (in shares) at Mar. 31, 2021 | 21,562,500 | ||||
Beginning Balance at Dec. 31, 2021 | (131,093,152) | $ 0 | $ 2,000 | $ 0 | (131,095,152) |
Beginning Balance (in shares) at Dec. 31, 2021 | 0 | 20,000,000 | |||
Net income (loss) | 15,167,817 | 15,167,817 | |||
Ending Balance at Mar. 31, 2022 | $ (115,925,335) | $ 2,000 | $ (115,927,335) | ||
Ending Balance (in shares) at Mar. 31, 2022 | 20,000,000 |
STATEMENTS OF CHANGES IN STOC_2
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Class F Common Stock | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income/(loss) | $ 15,167,817 | $ (1,368,136) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Issuance costs related to warrant liability | 780,685 | |
Gain/(loss) from change in fair value of warrant liability | (16,750,000) | 470,000 |
Changes in operating assets and liabilities: | ||
Changes in state franchise tax accrual | (150,000) | 49,550 |
Changes in prepaid assets | 239,688 | (11,459) |
Changes in accrued expenses, formation and offering costs | 1,120,429 | 509,372 |
Net cash provided/(used) in operating activities | (372,066) | 430,012 |
Cash flows from investing activities: | ||
Cash deposited in Trust Account | (750,000,000) | |
Interest reinvested in the Trust Account | (80,229) | (1,548) |
Net cash used in investing activities | (80,229) | (750,001,548) |
Cash flows from financing activities: | ||
Proceeds from sale of Units in initial public offering | 750,000,000 | |
Proceeds from sale of Private Placement Warrants to Sponsor | 17,000,000 | |
Proceeds from sale of Class F Common Stock to Sponsor | 25,000 | |
Proceeds from notes and advances payable – related party | 500,000 | 300,000 |
Repayment of notes and advances payable – related party | (300,000) | |
Payment of underwriters’ discounts and commissions | (15,000,000) | |
Payment of accrued offering costs | (722,299) | |
Net cash provided by financing activities | 500,000 | 751,302,701 |
Increase in cash | 47,705 | 1,731,165 |
Cash at beginning of period | 302,504 | |
Cash at end of period | 350,209 | 1,731,165 |
Supplemental disclosure of non-cash financing activities: | ||
Deferred underwriting compensation | 26,250,000 | |
Supplemental disclosure of income and franchise taxes paid: | ||
Cash paid for income and state franchise taxes | $ 200,000 | $ 450 |
Organization and Business Opera
Organization and Business Operations | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Business Operations | 1. Organization and Business Operations Organization and General Gores Guggenheim, Inc. (the “Company”) was incorporated in Delaware on December 21, 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 (the “Business Combination”). The Company has not engaged in any operations, other than to identify and consummate a Business Combination, and has not generated any operating revenue to date. The Company’s management has broad discretion with respect to the Business Combination. The Company’s sponsor is Gores Guggenheim Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). The Company has selected December 31 st The Company completed the Public Offering on March 25, 2021 (the “IPO Closing Date”). As of March 31, 2022, the Company had not commenced any operations. All activity during the three months ended March 31, 2022 relates to the Company's search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Subsequent to the Public Offering, the Company generates non-operating income in the form of interest income from the proceeds derived from the Public Offering and the sale of the Private Placement Warrants (as defined below) held in the Trust Account (as defined below). Proposed Business Combination On September 27, 2021, Gores Guggenheim, Inc. (the “ Company ”) entered into a Business Combination Agreement (as amended, the “ Business Combination Agreement ”), by and among the Company, Polestar Automotive Holding Limited, a Hong Kong incorporated company (“ Parent ”), Polestar Automotive (Singapore) Pte. Ltd., a private company limited by shares in Singapore (“ Polestar Singapore ”), Polestar Holding AB, a private limited liability company incorporated under the laws of Sweden (“ Polestar Sweden ”), Polestar Automotive Holding UK Limited, a limited company incorporated under the laws of England and Wales and a direct wholly owned subsidiary of Parent (“ ListCo ”), and PAH UK Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of ListCo (“ Merger Sub ”). The transactions contemplated by the Business Combination Agreement, including the Merger (as defined below), and the other transactions contemplated by the other transaction documents contemplated by the Business Combination Agreement (collectively, the “ Transactions ”) will constitute a “Business Combination” as contemplated by the Company’s Amended and Restated Certificate of Incorporation. The Business Combination and the transactions contemplated thereby were unanimously approved by the board of directors of the Company on September 25, 2021. The Business Combination Agreement Pre-Closing Reorganization In connection with the Merger, prior to the closing of the Transactions (the “ Closing ”), Parent will, and will cause ListCo, Polestar Singapore, Polestar Sweden and their respective subsidiaries to, complete a reorganization, pursuant to which, among other things, Polestar Singapore, Polestar Sweden and their respective subsidiaries will become, directly or indirectly, wholly owned subsidiaries of ListCo (the “ Pre-Closing Reorganization ”). As consideration for the Pre-Closing Reorganization, ListCo will issue to Parent a number of class A ordinary shares in the share capital of ListCo which class A ordinary shares shall entitle the holder to one vote per share (“ ListCo Class A Shares ”) and class B ordinary shares in the share capital of ListCo, which class B ordinary shares shall entitle the holder to ten votes per share (“ ListCo Class B Shares ,” and, together with the ListCo Class A Shares, the “ ListCo Shares ”), such that, following the Pre-Closing Reorganization, Parent will hold an aggregate number of ListCo Shares equal to approximately (a) $20,003,000,000 divided by $10.00, less (b) (i) the aggregate principal amount due in respect of certain convertible notes of Parent outstanding as of immediately prior to the Closing, divided by (ii) the applicable conversion price of such notes, less (c) 49,803,900, which represents the aggregate number of ListCo Preference Shares (as defined below) issued pursuant to the Volvo Cars Preference Subscription Agreement (as defined below). As additional consideration for Parent’s contribution to ListCo of all the issued and outstanding equity securities of Polestar Sweden, Parent will be entitled to receive, subject to the terms provided in the Business Combination Agreement, earn out shares from ListCo, issuable in ListCo Class A Shares and ListCo Class B Shares up to an aggregate number equal to approximately (a) 0.075 multiplied by (b) the number of issued and outstanding ListCo Shares as of immediately after the Closing (including ListCo Shares issued pursuant to the Subscription Agreements (as defined below)). The Merger Following the Pre-Closing Reorganization and pursuant to the Business Combination Agreement, at the Closing, Merger Sub will merge with and into the Company (the “ Merger ”), pursuant to which the separate corporate existence of Merger Sub will cease, with the Company being the surviving corporation and becoming a wholly owned subsidiary of ListCo. Each share of Class A Common Stock of the Company, par value $0.0001 per share (“ GG Class A Shares ”) issued and outstanding immediately prior to the effective time of the Merger (the “ Effective Time ”), other than those held in treasury, will be exchanged for one newly issued American depository share of ListCo (“ ListCo Class A ADS ”) duly and validly issued against the deposit of an underlying ListCo Class A Share deposited with a bank (“ Depositary Bank ”) in which ListCo has established and sponsored American depository receipt facilities (each, an “ ADR Facility ”). Each share of Class F Common Stock of the Company, par value $0.0001 per share (“ GG Class F Shares ,” and together with the GG Class A Shares, the “ GG Shares ”) issued and outstanding immediately prior to the effective time of the Merger, other than those held in treasury, will be exchanged for one newly issued ListCo Class A ADS. All GG Shares held in treasury will be canceled and extinguished without consideration. Any units of the Company that are outstanding immediately prior to the Effective Time held by Company stockholders will be automatically separated and the holder thereof will be deemed to hold one GG Class A Share and one-fifth Public Warrant ”), which underlying securities will be converted as described below. In the event the Requisite GG Warrantholder Approval (as defined below) is obtained prior to the Effective Time, each Public Warrant shall be automatically cancelled and extinguished and converted into the right to receive one American depository share of ListCo (“ ListCo Class C-1 ADS ”) duly and validly issued against the deposit of an underlying class C-1 preferred share in the share capital of ListCo (“ ListCo Class C-1 Share ”) deposited with the Depositary Bank. Each ListCo Class C-1 Share will be exercisable to acquire a ListCo Class A Share at an exercise price of $11.50 per share. In addition, each private placement warrant of the Company (“ Private Placement Warrant ”) will be automatically cancelled and extinguished and converted into the right to receive one American depository share of ListCo (“ ListCo Class C-2 ADS ”) duly and validly issued against the deposit of an underlying class C-2 preferred share in the share capital of ListCo (“ ListCo Class C-2 Share ”) deposited with the Depositary Bank. Each ListCo Class C-2 Share will be exercisable to acquire a ListCo Class A Share at an exercise price of $11.50 per share. In the event that the Requisite GG Warrantholder Approval is not obtained prior to the Effective Time, each Public Warrant shall be automatically cancelled and extinguished and converted into the right to receive one American depository warrant of ListCo (“ ListCo AD Warrant ”) duly and validly issued against the deposit of an underlying warrant of ListCo representing the right to acquire one ListCo Class A Share deposited with the Depositary Bank and representing the right to acquire one ListCo Class A ADS (or one ListCo Class A Share if at the time of exercise ListCo no longer uses the ADR Facility) at an exercise price of $11.50 per ListCo Class A ADS. In addition, each Private Placement Warrant will be automatically cancelled and extinguished and converted into the right to receive one ListCo AD Warrant. Registration Statement/Proxy Statement; Warrantholder Solicitation In connection with the Transactions, the Company, ListCo, Polestar Singapore, Polestar Sweden and Parent will prepare, and ListCo will file with the SEC, a registration statement on Form F-4 (the “ Registration Statement/Proxy Statement ”), which will include a prospectus of ListCo and a proxy statement for the Company’s stockholder meeting to solicit the vote of the Company stockholders to, among other things, adopt the Business Combination Agreement and approve the Transactions. In addition, as promptly as reasonably practicable following the date of the Business Combination Agreement, the Company, ListCo, Polestar Singapore, Polestar Sweden and Parent will solicit the vote or consent of registered holders of at least 50% of the outstanding Public Warrants to amend the Warrant Agreement to permit the conversion or exchange of Public Warrants for ListCo Class C-1 ADSs and the Private Placement Warrants for ListCo Class C-2 ADSs (the “ Requisite GG Warantholder Approval ”). Representations, Warranties and Covenants The parties to the Business Combination Agreement have made representations, warranties and covenants that are customary for transactions of this nature. The representations and warranties of the respective parties to the Business Combination Agreement will not survive the Closing. The covenants of the respective parties to the Business Combination Agreement will also not survive the Closing, except for those covenants that by their terms expressly apply in whole or in part after the Closing. Conditions to Closing The obligations of the parties to the Business Combination Agreement to consummate the Transactions is conditioned upon (a) the expiration or termination of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, (b) the absence of any law or other legal restraint or prohibition issued by any court of competent jurisdiction or other governmental authority preventing the consummation of the Transactions, (c) the effectiveness under the Securities Act of 1933, as amended (the “ Securities Act ”), of the Registration Statement/Proxy Statement and that no stop order will have been issued by the SEC and remain in effect with respect to the Registration Statement/Proxy Statement, (d) obtaining, at the meeting of Company stockholders where a quorum is present, the vote of the holders of a majority of the outstanding GG Shares entitled to vote thereon to adopt and approve the Business Combination Agreement, other Transaction Documents (as defined in the Business Combination Agreement) to which the Company will be a party and the Transactions, (e) obtaining the requisite vote of the shareholders of Parent to approve the Business Combination Agreement and the other transaction documents to which Parent is party and the Transactions, (f) the Company having at least $5,000,001 of net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) following the completion of the redemptions in respect of GG Shares in connection with the Transactions (the “ Stockholder Redemptions ”), (g) the approval of ListCo Class A ADSs for listing on the Nasdaq Stock Market, (h) the approval of the ListCo AD Warrants or the ListCo Class C-1 ADSs, as applicable, for listing on the Nasdaq Stock Market and (i) the board of directors of ListCo shall have a number and composition of directors determined in accordance with the Business Combination Agreement (and shall include one director reasonably determined by Sponsor (as defined below) and consented to by Parent (such consent not to be unreasonably withheld, conditioned or delayed), with the remaining initial directors being reasonably determined by Parent) as of the Closing. In addition, the obligations of Parent, Polestar Singapore, Polestar Sweden, ListCo and Merger Sub to consummate the Transactions is subject to, among other things, the aggregate amount of cash held in the Company’s trust account (after giving effect to the Stockholder Redemptions, the Sponsor Investment Amount, the PIPE Investment Amount and the Volvo Cars PIPE Investment Amount (as defined below)) being no less than $950,000,000, prior to the payment of any unpaid or contingent liabilities and fees and expenses of the Company (including, as applicable, any Company Transaction Expenses (as defined in the Business Combination Agreement)) as of the Closing. The obligation of the Company to consummate the Transactions is also subject to the fulfillment of additional closing conditions, including, among other things, the completion of the Pre-Closing Reorganization. Termination On April 21, 2022, the parties to the Business Combination Agreement entered into Amendment No. 3 to the Business Combination Agreement (“BCA Amendment No. 3”) to extend the Termination Date (as defined in the Business Combination Agreement) from May 27, 2022 to June 24, 2022. The Business Combination Agreement may be terminated at any time prior to the Closing by mutual written consent of the Company and Parent and in certain other circumstances, including if the Closing has not occurred on or prior to June 24, 2022 and the primary cause of the failure for the Closing to have occurred on or prior to such date is not due to a breach of the Business Combination Agreement by the party seeking to terminate. Subscription Agreements PIPE Subscription Agreements Concurrently with the execution and delivery of the Business Combination Agreement, the Company and ListCo entered into subscription agreements (the “ PIPE Subscription Agreements ”) with certain investors (the “ PIPE Investors ”), pursuant to which the PIPE Investors have agreed to purchase, substantially concurrently with the Closing, an aggregate of 7.43 million ListCo Class A ADSs (the “ PIPE Shares ”) for a purchase price of $9.09 per share in a private placement, for an aggregate amount of $67,500,000 (the “ PIPE Investment Amount ”) . The issuance of the PIPE Shares pursuant to the PIPE Subscription Agreements is contingent upon, among other customary closing conditions, the substantially concurrent consummation of the Business Combination. Pursuant to the PIPE Subscription Agreements, ListCo agreed to file with the U.S. Securities and Exchange Commission (the “ SEC ”) (at ListCo’s sole cost and expense), within 30 calendar days after the date of Closing, a registration statement registering the resale of the PIPE Shares, and to use its commercially reasonable efforts to have the registration statement declared effective as soon as practicable after the filing thereof. New PIPE Subscription Agreements In connection with the PIPE Assignment, on December 17, 2021, the Company and ListCo entered into subscription agreements (the “New PIPE Subscription Agreements”) with the New PIPE Investors, which include certain affiliates and employees of Sponsor. Pursuant to the New PIPE Subscription Agreements, the New PIPE Investors have agreed to collectively subscribe for approximately 14.3 million ListCo Class A ADSs (the “New PIPE Shares”) for an average price of approximately $9.54 per ListCo Class A ADS, reflecting an aggregate investment amount of approximately $136.0 million. March PIPE Subscription Agreements In connection with the March PIPE Assignment (as defined below), on March 24, 2022, the Company and ListCo entered into subscription agreements (including, as applicable, amended and restated PIPE Subscription Agreements, the “March PIPE Subscription Agreements”) with the March PIPE Investors, which include certain affiliates and employees of Sponsor. Pursuant to the March PIPE Subscription Agreements, the March PIPE Investors have agreed to subscribe for approximately 2.8 million ListCo Class A ADSs (the “March PIPE Shares”) for an average price of approximately $9.57 per ListCo Class A ADS, reflecting an aggregate investment amount of approximately $27.2 million. The March PIPE Subscription Agreements are substantially similar to the PIPE Subscription Agreements. Sponsor Subscription Agreement Concurrently with the execution and delivery of the Business Combination Agreement, the Company and ListCo entered into a subscription agreement (the “ Sponsor Subscription Agreement ”) with Gores Guggenheim Sponsor LLC (the “ Sponsor ”). Pursuant to the Sponsor Subscription Agreement, the Sponsor agreed to subscribe for an additional 9.08 million ListCo Class A ADSs for a purchase price of $9.09 per share on the date of Closing, for an aggregate investment of $82,500,000 (the “ Sponsor Investment Amount ”). The Sponsor Subscription Agreement is substantially similar to the PIPE Subscription Agreement, except that the Sponsor has the right to syndicate its commitment to acquire the ListCo Class A ADSs to be purchased under the Sponsor Subscription Agreement in advance of the closing of the Business Combination. Amendment of Sponsor Subscription Agreement On December 17, 2021, (i) the Sponsor assigned a portion of its commitment to purchase ListCo Class A ADSs, in an aggregate investment amount equaling approximately $63.0 million (the “ Sponsor Assignment ”), to certain investors and (ii) the Company, ListCo and Sponsor amended the Sponsor Subscription Agreement to reflect the Sponsor Assignment. As a result, pursuant to the Sponsor Subscription Agreement, as amended, Sponsor has agreed to subscribe for approximately 2.15 million ListCo Class A ADSs for a purchase price of $9.09 per ListCo Class A ADS on the date of Closing, for an aggregate investment of approximately $19.5 million. The Sponsor Subscription Agreement, as amended, is substantially similar to the PIPE Subscription Agreements (as defined below), except with regards to purchase price and that the Sponsor has the right to assign its commitment to purchase the ListCo Class A ADSs under the Sponsor Subscription Agreement in advance of the closing of the Business Combination. On March 24, 2022, (i) Sponsor assigned a portion of its commitment to purchase ListCo Class A ADSs, in an aggregate investment amount equaling approximately $11.4 million (the “March Sponsor Assignment”), to certain investors and (ii) the Company, ListCo and Sponsor amended the Sponsor Subscription Agreement to reflect the March Sponsor Assignment. As a result, pursuant to the Sponsor Subscription Agreement, as amended, Sponsor has agreed to subscribe for approximately 891,000 ListCo Class A ADSs for a purchase price of $9.09 per ListCo Class A ADS on the date of Closing, for an aggregate investment of approximately $8.1 million. The Sponsor Subscription Agreement, as amended, is substantially similar to the PIPE Subscription Agreements (as defined below), except with regards to purchase price and that the Sponsor has the right to assign its commitment to purchase the ListCo Class A ADSs under the Sponsor Subscription Agreement in advance of the Closing. Volvo Cars Subscription Agreement Concurrently with the execution and delivery of the Business Combination Agreement, the Company and ListCo entered into a subscription agreement (the “ Volvo Cars Subscription Agreement ,” and, together with the PIPE Subscription Agreements and the Sponsor Subscription Agreement, the “ Subscription Agreements ”) with Snita Holding B.V., a corporation organized under the laws of Netherlands (“ Snita ”) and a wholly owned indirect subsidiary of Volvo Car AB (publ) (“ Volvo Cars ”). Pursuant to the Volvo Cars Subscription Agreement, Snita agreed to subscribe for an additional 10 million ListCo Class A ADSs for a purchase price of $10.00 per share on the date of Closing. The Volvo Cars Subscription Agreement is substantially similar to the PIPE Subscription Agreements, except with regards to purchase price. Snita may, in accordance with the terms of the Volvo Cars Subscription Agreement, syndicate its commitment to acquire the ListCo Class A ADSs to be purchased under the Volvo Cars Subscription Agreement in advance of the closing of the Business Combination. Amendment of Volvo Cars Subscription Agreement On December 17, 2021 (i) Snita assigned a portion of its commitment to purchase ListCo Class A ADSs, in an aggregate investment amount equaling approximately $73.0 million (the “Volvo Assignment,” and together with the Sponsor Assignment, the “PIPE Assignment”) to purchase the ListCo Class A ADSs to certain investors (the investors who were assigned commitments pursuant to the PIPE Assignment, collectively, the “New PIPE Investors”) and (ii) the Company, ListCo and Snita amended the Volvo Car Subscription Agreement to reflect the Volvo Assignment. As a result, pursuant to the Volvo Cars Subscription Agreement, as amended, Snita agreed to subscribe for approximately 2.70 million ListCo Class A ADSs for a purchase price of $10.00 per ListCo Class A ADS on the date of Closing, for an aggregate investment of approximately $27.0 million. Pursuant to the Volvo Cars Subscription Agreement, Snita had the right to assign its commitment to purchase the ListCo Class A ADSs under the Volvo Cars Subscription Agreement in advance of the Closing. On March 24, 2022 (i) Snita assigned to certain investors a portion of its commitment to purchase ListCo Class A ADSs, in an aggregate investment amount equaling approximately $15.8 million (the “March Volvo Assignment,” and together with the March Sponsor Assignment, the “March PIPE Assignment”) (the investors who collectively were assigned commitments in the March PIPE Assignment, the “March PIPE Investors”) and (ii) the Company, ListCo and Snita amended the Volvo Car Subscription Agreement to reflect the March Volvo Assignment. As a result, pursuant to the Volvo Cars Subscription Agreement, as amended, Snita has agreed to subscribe for approximately 1.1 million ListCo Class A ADSs for a purchase price of $10.00 per ListCo Class A ADS on the date of Closing for an aggregate investment of approximately $11.2 million. The Volvo Cars Subscription Agreement, as amended, is substantially similar to the PIPE Subscription Agreements, except with regards to purchase price and that Snita may, in accordance with the terms of the Volvo Cars Subscription Agreement, assign its commitment to purchase the ListCo Class A ADSs under the Volvo Cars Subscription Agreement in advance of the Closing. Volvo Cars Preference Subscription Agreement Concurrently with the execution and delivery of the Business Combination Agreement, ListCo entered into a subscription agreement (the “ Volvo Cars Preference Subscription Agreement ”) with Snita (the “ Volvo Cars Preference Subscriber ”). Pursuant to the Volvo Cars Preference Subscription Agreement, the Volvo Cars Preference Subscriber agreed to subscribe for mandatory convertible preference shares of ListCo (the “ ListCo Preference Shares ”) for an aggregate subscription price of $10.00 per share, for an aggregate investment amount equal to approximately $498,000,000 (the “ Volvo Cars PIPE Investment Amount ”). On March 24, 2022, ListCo and Snita entered into an amendment to the Volvo Cars Preference Subscription Agreement to increase the aggregate Volvo Cars Preference Investment Amount to $588,826,100. The proceeds of such subscription will be used to satisfy certain accounts payable that are or will be due and payable by certain subsidiaries of Parent to Volvo Cars. As of the date hereof, it is currently anticipated that all of the ListCo Preference Shares will convert into ListCo Class A Shares at Closing, in accordance with, and subject to, the terms of the ListCo Preference Shares. Parent Lock-Up Agreement Concurrently with the execution and delivery of the Business Combination Agreement, Parent, ListCo and the other Parent shareholders party thereto (the “ Parent Shareholders ”), have entered into that Parent Lock-Up Agreement (the “ Parent Lock-Up Agreement ”). Pursuant to the Parent Lock-Up Agreement, each Parent Shareholder has, subject to certain exceptions, among other things, agreed to not transfer any equity security of ListCo issued to them pursuant to the Business Combination Agreement or other transaction documents contemplated by the Business Combination Agreement during the period commencing the date of Closing and ending 180 days following the date of the Closing, in each case subject to the terms and conditions set forth therein. Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement Concurrently with the execution and delivery of the Business Combination Agreement, Sponsor, the Company, Parent, ListCo and certain of the Company’s directors, executive officers and affiliates (such individuals, the “ Supporting Sponsor Stockholders ”) have entered into a Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement (the “ Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement ”). Pursuant to the Sponsor and Supporting Stockholders Lock-Up Agreement, the Sponsor and each Supporting Sponsor Stockholders has, among other things, agreed to (i) support and vote in favor of all proposals included in the Registration Statement/Proxy Statement; (ii) waive all adjustments to the conversion ratio set forth in the Company’s amended and restated certificate of incorporation with respect to the GG Class F Shares; (iii) be bound by certain transfer restrictions with respect to their GG Shares, Public Warrants and Private Placement Warrants; and (iv) not to transfer any ListCo Class A ADSs issued pursuant to the Business Combination Agreement during the period beginning the date of Closing and ending 180 days following the date of the Closing, in each case subject to the terms and conditions set forth therein. In addition, the Sponsor has agreed to the forfeiture of up to 1,501,651 GG Class F Shares. Amendment to the Sponsor and Supporting Stockholders Lock-Up Agreement On December 17, 2021, the parties to the Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement entered into Amendment No. 1 to the Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement (the “Lock-Up Agreement Amendment No. 1”). The Lock-Up Agreement Amendment No. 1 provides for amendments to the Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement to increase the amount of the Company’s Class F Common Stock (“Company Class F Common Stock”) that will be cancelled by the Company in connection with the Closing from 1,501,651 shares of Company Class F Common Stock to 1,533,873 shares of Company Class F Common Stock. On March 24, 2022, the parties to the Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement entered into Amendment No. 2 to the Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement (“Lock-Up Agreement Amendment No. 2”). Lock-Up Agreement Amendment No. 2 provides for amendments to the Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement to increase the amount of Company Class F Common Stock (“Company Class F Common Stock”) that will be cancelled by the Company in connection with the Closing from 1,533,873 shares of Company Class F Common Stock to 1,540,835 shares of Company Class F Common Stock. Registration Rights Agreement Concurrently with the execution and delivery of the Business Combination Agreement, ListCo, Parent, the Parent Shareholders, Sponsor and the independent directors of the Company (such persons, together with Sponsor and the Parent Holders, the “ Holders ”), have entered into a registration rights agreement (the “ Registration Rights Agreement ”) which provides customary demand and piggyback registration rights. Pursuant to the Registration Rights Agreement, ListCo agreed that, as soon as practicable, and in any event within 30 days after the Closing, ListCo will file with the SEC a shelf registration statement. In addition, ListCo will use its reasonable best efforts to have the registration statement declared effective as soon as practicable after the filing thereof, but no later than the 60th day (or the 90th day if the registration statement is reviewed by, and received comments from, the SEC) following the filing deadline, in each case subject to the terms and conditions set forth therein. Amendment to the Registration Rights Agreement On December 17, 2021, the parties to the Registration Rights Agreement entered into Amendment No. 1 to the Registration Rights Agreement (the “Registration Rights Agreement Amendment No.1”), to provide for certain administrative changes to reflect the BCA Amendment and the New PIPE Subscription Agreements. On March 24, 2022, the parties to the Registration Rights Agreement entered into Amendment No. 2 to the Registration Rights Agreement (the “Registration Rights Agreement Amendment No.2”), to provide for certain administrative changes to reflect BCA Amendment No. 2 and the March PIPE Subscription Agreements. Warrant Assumption Agreement In the event that the Requisite GG Warrantholder Approval is not obtained prior to the Effective Time, the Company, ListCo and Computershare Trust Company, N.A. (the “ Warrant Agent ”) will enter into a Warrant Assignment, Assumption and Amendment Agreement (the “ Warrant Assumption Agreement ”) prior to the Closing. The Warrant Assumption Agreement will amend the Warrant Agreement, dated March 22, 2021, by and among the Company and the Warrant Agent (the “ Warrant Agreement ”) to provide that at the Effective Time, each Public Warrant and Private Placement Warrant will be assumed by ListCo and be converted into the right to receive a ListCo AD Warrant, subject to the terms and conditions set forth therein. In addition, under the Warrant Assumption Agreement, the Company will assign to ListCo all of its rights, interests, and obligations in and under the Warrant Agreement as of the effective time of the Merger, subject to the terms and conditions set forth therein. Financing Upon close of the Public Offering and the sale of the Private Placement Warrants, an aggregate of $800,000,000 was placed in a Trust Account with Computershare (the “Trust Account”) acting as Trustee. The Company intends to finance a Business Combination with the net proceeds from its $800,000,000 Public Offering and its sale of $18,000,000 of Private Placement Warrants. Trust Account Funds held in the Trust Account can be invested only in U.S. government treasury bills with a maturity of one hundred and eighty-five (185) days or less or in money market funds meeting certain conditions under Rule 2a‑7 under the Investment Company Act of 1940 (the “Investment Company Act”), as amended, that invest only in direct U.S. government obligations. As of March 31, 2022, the Trust Account consisted of money market funds. The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to fund regulatory compliance requirements and other costs related thereto, subject to an annual limit of $900,000 (a “Regulatory Withdrawal”) for a maximum 24 months and/or additional amounts necessary to pay franchise and income taxes, if any, none of the funds held in trust will be released until the earliest of: (i) the completion of the Business Combination; or (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination by March 25, 2023; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination by March 25, 2023, subject to the requirements of law and stock exchange rules. Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of March 31, 2022 and the results of operations and cash flows for the periods presented. Operating results for the three months ended March 31, 2022, are not necessarily indicative of results that may be expected for the full year or any other period. The accompanying unaudited, condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 4, 2022. Net Income/(Loss) Per Common Share The Company has two classes of shares, which are referred to as Class A Common Stock and Class F Common Stock (the “Founder Shares”). Earnings and losses are shared pro rata between the two classes of shares. outstanding warrants to purchase the Company’s stock were excluded from diluted earnings per share for the three months ended March 31, 2022 and 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income/( loss ) per common share is the same as basic net income/( loss ) per common share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income/( loss ) per share for each class of common stock: For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Class A Class F Class A Class F Basic and diluted net income/(loss) per share: Numerator: Allocation of net income/(loss) including accretion of temporary equity $ 12,134,254 $ 3,033,563 $ (18,506,117 ) $ (38,003,633 ) Denominator: Weighted-average shares outstanding 80,000,000 20,000,000 5,833,333 11,979,167 Basic and diluted net income/(loss) per share $ 0.15 $ 0.15 $ (3.17 ) $ (3.17 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution as well as the Trust Account, which at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” (“ASC 820”) approximates the carrying amounts represented in the balance sheets, except for the derivative warrant liabilities (see Note 7). Fair Value Measurement ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value. The three levels of the fair value hierarchy under ASC 820 are as follows: Level I—Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. Level II—Pricing inputs are other than quoted prices included within Level I that are observable for the investment, either directly or indirectly. Level II pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level III—Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. In some cases, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the investment is categorized in its entirety is determined based on the lowest level input that is significant to the investment. Assessing the significance of a particular input to the valuation of an investment in its entirety requires judgment and considers factors specific to the investment. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the perceived risk of that investment. Derivative Liabilities The Company evaluated the Warrants (as defined below in Note 3 – Public Offering) and Private Placement Warrants (as defined below in Note 4 – Related Party Transactions) (collectively, “Warrant Securities”), and any forward purchase agreements in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity , and concluded that the Warrant Securities and any forward purchase agreements could not be accounted for as components of equity. As the Warrant Securities and any forward purchase agreements meet the definition of a derivative in accordance with ASC 815, the Warrant Securities and any forward purchase agreements are recorded as derivative liabilities on the Balance Sheet and measured at fair value at inception (the Close Date) and remeasured at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Statement of Operations in the period of change. Offering Costs The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs – SEC Materials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin (SAB) Topic 5A – “Expenses of Offering”. Offering costs were $44,757,840 (including $44,000,000 in underwriters’ fees) consisting principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and are charged to equity upon the completion of the Public Offering. Since the Company is required to classify the warrants as derivative liabilities, offering costs totaling $832,496 are reflected as an expense in the statements of operations. Redeemable Common Stock As discussed in Note 3, all of the 80,000,000 shares of Class A Common Stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of common stock under the redemption and repurchase provisions of the Company’s amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Therefore, all Class A Common Stock has been classified outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “ Income Taxes For those liabilities or benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax liabilities as income tax expense. No amounts were accrued for the payment of interest and penalties at March 31, 2022 and December 31, 2021. The Company may be subject to potential examination by U.S. federal, states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income amounts in various tax jurisdictions and compliance with U.S. federal, states or foreign tax laws. The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents as of March 31, 2022 and December 31, 2021 Investments and Cash Held in Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. treasury securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. treasury securities, or a combination thereof. The Company’s investments held in the Trust Account are presented on the Balance Sheet at fair value at the end of each reporting period. Trading securities and investments in money market funds are presented on the condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in income from investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At March 31, 2022 and December 31, 2021, the Company had $800,136,676 and $800,056,447, respectively, in the Trust Account which may be utilized for Business Combinations. At March 31, 2022 and December 31, 2021, the Trust Account consisted of money market funds, which are presented at fair value. Warrant Liability The Company accounts for warrants for shares of the Company’s common stock that are not indexed to its own stock as liabilities at fair value on the balance sheet. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized in the Company’s statements of operations. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Recently Issued Accounting Pronouncements Not Yet Adopted Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements based on current operations of the Company. The impact of any recently issued accounting standards will be re-evaluated on a regular basis or if a Business Combination is completed where the impact could be material. Going Concern Consideration If the Company does not complete its Business Combination by March 25, 2023, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, 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. 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 less than the initial public offering price per unit in the Public Offering. In addition, if the Company fails to complete its Business Combination by March 25, 2023, there will be no redemption rights or liquidating distributions with respect to the warrants, which will expire worthless. In addition, at March 31, 2022 and December 31, 2021, the Company had current liabilities of $89,649,812 and $104,929,383, respectively, and a working capital deficit of ($88,062,011) and ($103,149,599), respectively, the balances of which are primarily related to warrants we have recorded as liabilities as described in Notes 2 and 3. Other amounts are related to accrued expenses owed to professionals, consultants, advisors and others who are working on seeking a Business Combination as described in Note 1. Such work is continuing after March 31, 2022 and amounts are continuing to accrue. In order to finance ongoing costs, the Sponsor or an affiliate of the Sponsor may, but are not obligated to, provide the Company with additional working capital via a Sponsor Loan (see Note 4). Additionally, the warrant liability will not impact the Company’s liquidity until a Business Combination has been consummated, as they do not require cash settlement until such event has occurred. Based on the foregoing, management believes that the Company will have sufficient borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its working capital needs through the earlier of the consummation of a Business Combination or one year from this filing. However, in connection with the company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition and mandatory liquidation and subsequent dissolution raises substantial doubt about the company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March 25, 2023. The financial statements do not include any adjustment that might be necessary if the company is unable to continue as a going concern. Management intends to complete the Business Combination prior to the liquidation date. |
Public Offering
Public Offering | 3 Months Ended |
Mar. 31, 2022 | |
Public Offering [Abstract] | |
Public Offering | 3. Public Offering Public Units On March 25, 2021, the Company sold 75,000,000 units at a price of $10.00 per unit (the “Units), generating gross proceeds of $750,000,000. Subsequently, the underwriters partially exercised their over-allotment option to purchase 5,000,000 newly issued units, and the closing of the sale of the additional Units pursuant to such exercise occurred on April 22, 2021. The issuance by the Company of 5,000,000 Over-Allotment Option Units at a price of $10.00 per unit resulted in gross proceeds of $50,000,000. The remainder of the over-allotment option expired on May 9, 2021. Each Unit consists of one share of the Company’s Class A Common Stock (the “public shares”), and one-fifth Under the terms of the warrant agreement, the Company has agreed to use its best efforts to file a registration statement under the Securities Act following the completion of the Business Combination covering the shares of Class A Common Stock issuable upon exercise of the Warrants. The Company has granted the underwriters a 45-day option to purchase additional Units to cover any over-allotment, at the initial public offering price less the underwriting discounts and commissions. At the time of the IPO, the underwriters were granted an option to purchase up to an additional 11,250,000 Units to cover overallotments, if any. Subsequently, the underwriters partially exercised their over-allotment option to purchase 5,000,000 newly issued units, and the closing of the sale of the additional Units pursuant to such Over-Allotment Option Units exercise occurred on April 22, 2021. The issuance by the Company of 5,000,000 Over-Allotment Option Units at a price of $10.00 per unit resulted in gross proceeds of $50,000,000. The remainder of the over-allotment option expired on May 9, 2021. The Company paid an upfront underwriting discount of 2.00% ($15,000,000) of the per Unit offering price to the underwriters at the closing of the Public Offering, with an additional fee (the “Deferred Discount”) of 3.50% ($26,250,000) of the gross offering proceeds payable upon the Company’s completion of a Business Combination. As a result of the purchase of the Over-Allotment Option Units by the underwriters on April 22, 2021, the upfront and Deferred Discount increased to $16,000,000 and $28,000,000, respectively. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its Business Combination. The underwriters are not entitled to any interest accrued on the Deferred Discount. The public warrants issued as part of the Units are accounted for as liabilities as there are terms and features do not qualify for equity classification in FASB ASC Topic 815-40 “ Derivatives and Hedging – Contracts in Entity’s Own Equity All of the 80,000,000 Class A Common Stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Given that the Class A Common Stock was issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A Common Stock classified as temporary equity is the allocated proceeds based on the guidance in FASB ASC Topic 470-20, “ Debt – Debt with Conversion and Other Options Our Class A Common Stock is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). As of March 31, 2022 and December 31, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table. The accretion of carrying value to redemption value was fully recognized by June 30, 2021. There has been no additional accretion since: As of March 31, 2022 As of December 31, 2021 Gross proceeds $ 800,000,000 $ 800,000,000 Less: Proceeds allocated to public warrants (14,880,000 ) (14,880,000 ) Class A shares issuance costs (43,925,343 ) (43,925,343 ) Plus: Accretion of carrying value to redemption value 58,805,343 58,805,343 Contingently redeemable Class A Common Stock $ 800,000,000 $ 800,000,000 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions Founder Shares On February 10, 2021, the Sponsor purchased 21,562,500 Founder Shares for $25,000, or approximately $0.001 per share. On March 22, 2021, the Sponsor transferred 25,000 Founder Shares to each of the Company’s three independent directors at their original purchase price. On May 9, 2021, the Sponsor forfeited 1,562,500 Founder Shares following the expiration of the unexercised portion of underwriters’ over-allotment option, so that the Founder Shares held by the Initial Stockholders would represent 20.0% of the outstanding shares of common stock following completion of the Public Offering. The Founder Shares are identical to the common stock included in the Units sold in the Public Offering except that the Founder Shares will automatically convert into shares of Class A common stock at the time of the Business Combination on a one -for-one basis, subject to adjustment as described in the Company’s amended and restated certificate of incorporation. The sale of the Founders Shares is in the scope of FASB ASC Topic 718, “ Compensation-Stock Compensation Private Placement Warrants The Sponsor has purchased from the Company an aggregate of 8,500,000 whole warrants at a price of $2.00 per warrant (a purchase price of approximately $17,000,000) in a private placement that occurred simultaneously with the completion of the Public Offering (the “Private Placement Warrants”). On April 22, 2021, substantially concurrently with the sale of the Over-allotment Option Units, the Company completed a private placement with the Sponsor for an additional 500,000 warrants at a price of $2.00 per warrant (the “Additional Private Placement Warrants”), generating gross proceeds of $1,000,000. Each Private Placement Warrant entitles the holder to purchase one share of Class A Common Stock at $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering to be held in the Trust Account pending completion of the Business Combination. The Private Placement Warrants have terms and provisions that are identical to those of the Warrants being sold as part of the Units in the Public Offering, except that the Private Placement Warrants may be physical (cash) or net share (cashless) settled and are not redeemable so long as they are held by our Sponsor or its permitted transferees. If the Company does not complete a Business Combination, then the Private Placement Warrants proceeds will be part of the liquidation distribution to the public stockholders and the Private Placement Warrants will expire worthless. Consistent with the public warrants, the private warrants are accounted for as liabilities under ASC Topic 814-40, due to their terms. Registration Rights The holders of Founder Shares, Private Placement Warrants and Warrants issued upon the conversion of working capital loans, if any, hold registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A Common Stock) pursuant to a registration rights agreement entered into by the Company, the Sponsor and the other security holders named therein on March 25, 2021. These holders will be entitled to certain demand and “piggyback” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Sponsor Loan Prior to the completion of the Public Offering, the Sponsor loaned the Company an aggregate of $300,000 by the issuance of an unsecured promissory note (the “Note”) issued by the Company in favor of the Sponsor to cover organization expenses and expenses related to the Public Offering. The Note was non-interest bearing and payable on the earlier of February 28, 2022 or the completion of the Public Offering. The Note was repaid upon completion of the Public Offering. This facility is no longer available. On April 20, 2021, the Sponsor made available to the Company a loan of up to $4,000,000 pursuant to a promissory note issued by the Company to the Sponsor. The proceeds from the note will be used for on-going operational expenses and certain other expenses in connection with the Business Combination. The note is unsecured, non-interest bearing and matures on the earlier of: (i) March 11, 2023 or (ii) the date on which the Company consummates the Business Combination. As of March 31, 2022, the net amount advanced by Sponsor to the Company was $2,500,000. Administrative Services Agreement The Company entered into an administrative services agreement pursuant to which it agreed to pay to an affiliate of the Sponsor $20,000 per month for office space, utilities and secretarial support. Services commenced on March 23, 2021 (the date the securities were first listed on the Nasdaq Capital Market) and will terminate upon the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. For the three months ended March 31, 2022 and March 31, 2021, the Company incurred and paid the affiliate $60,000 and $5,486, respectively. |
Deferred Underwriting Compensat
Deferred Underwriting Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Underwriting Compensation [Abstract] | |
Deferred Underwriting Compensation | 5. Deferred Underwriting Compensation The Company is committed to pay a deferred underwriting discount totaling $28,000,000 or 3.50% of the gross offering proceeds of the Public Offering, to the underwriters upon the Company’s consummation of a Business Combination. The underwriters are not entitled to any interest accrued on the Deferred Discount, and no Deferred Discount is payable to the underwriters if there is no Business Combination. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The Company’s effective tax rates differ from the federal statutory rate primarily due to the fair value on instruments treated as debt for U.S. GAAP and equity for tax purposes, which is not deductible for income tax purposes, for 2022. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. The Company has evaluated tax positions taken or expected to be taken in the course of preparing the financial statements to determine if the tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. The Company has concluded that there was no impact related to uncertain tax positions on the results of its operations for the period ended March 31, 2022. As of March 31, 2022, the Company has no accrued interest or penalties related to uncertain tax positions. 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’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations, and interpretations thereof. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 7 . Fair Value Measurement The Company complies with ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. ASC 820 determines fair value to be the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Warrants The Company has determined that warrants issued in connection with its initial public offering in March 2021 are subject to treatment as a liability. The Company utilized a Monte Carlo simulation methodology to value the warrants for periods prior to public warrant trading and observable transactions for subsequent periods, with changes in fair value recognized in the statements of operations. The estimated fair value of the warrant liability is determined using Level 1 and Level 2 inputs. The key assumptions in the option pricing model utilized are assumptions related to expected share-price volatility, expected term, risk-free interest rate and dividend yield. The expected volatility as of the IPO Closing Date and March 31, 2021 was derived from observable public warrant pricing on comparable ‘blank-check’ companies that recently went public. At March 31, 2022, there were observable transactions in the Company’s public warrants. The risk-free interest rate is based on the interpolated U.S. Constant Maturity Treasury yield. The expected term of the warrants is assumed to be six months until the close of a Business Combination, and the contractual five year term subsequently. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. At March 31, 2022, the Public Warrants had adequate trading volume to provide a reliable indication of value. The Public Warrants were valued at $3.17 at March 31, 2022. The fair value of the Private Placement Warrants was deemed to be equal to the fair value of the Public Warrants because the Private Placement Warrants have similar terms and are subject to substantially the same redemption features as the Public Warrants. The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public and Private Warrants as of March 31, 2022, is classified as Level 1 and Level 2, respectively, due to the use of both observable inputs in an active market as well as quoted prices in active markets for similar assets and liabilities. As of March 31, 2022, the aggregate values of the Private Placement Warrants and Public Warrants were approximately $28.5 million and approximately $50.7 As of December 31, 2021, the aggregate values of the Private Placement Warrants and Public Warrants were approximately $34.6 million and approximately $61.4 million, respectively, based on the closing price of GGPIW on that date of $3.84. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability: Significant Significant Other Other Quoted Prices in Observable Unobservable March 31, Active Markets Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) Investments Held in Trust Account $ 800,136,676 $ 800,136,676 $ — $ — Derivative warrant liabilities: Public warrants $ (50,720,000 ) $ (50,720,000 ) $ — $ — Private placement warrants $ (28,530,000 ) $ — $ (28,530,000 ) $ — Significant Significant Other Other Quoted Prices in Observable Unobservable December 31, Active Markets Inputs Inputs Description 2021 (Level 1) (Level 2) (Level 3) Investments Held in Trust Account $ 800,056,447 $ 800,056,447 $ — $ — Derivative warrant liabilities: Public warrants $ (61,440,000 ) $ (61,440,000 ) $ — $ — Private placement warrants $ (34,560,000 ) $ — $ (34,560,000 ) $ — Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Level 1, 2, and 3 in the periods ended March 31, 2022 and 2021. |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Deficit | 8. Stockholders’ Deficit Common Stock The Company is authorized to issue 400,000,000 shares of Class A Common Stock, par value $0.0001 per share, and 40,000,000 shares of Class F Common Stock, par value $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share of common stock. At March 31, 2022, and December 31, 2021 there were 80,000,000 shares of Class A Common Stock (all classified as temporary equity) and 20,000,000 shares of Class F Common Stock issued and outstanding. 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 Board of Directors. At March 31, 2022 and December 31, 2021, there were no shares of preferred stock issued or outstanding. |
Risk and Uncertainties
Risk and Uncertainties | 3 Months Ended |
Mar. 31, 2022 | |
Risks And Uncertainties [Abstract] | |
Risk and Uncertainties | 9. Risk and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. Additionally, various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Specifically, the rising conflict between Russia and Ukraine, and resulting market volatility could adversely affect the Company’s ability to complete a business combination. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on the Company’s ability to complete a business combination and the value of the Company’s securities. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited, interim, condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited, interim, condensed financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of March 31, 2022 and the results of operations and cash flows for the periods presented. Operating results for the three months ended March 31, 2022, are not necessarily indicative of results that may be expected for the full year or any other period. The accompanying unaudited, condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 4, 2022. |
Net Income (Loss) Per Common Share | Net Income/(Loss) Per Common Share The Company has two classes of shares, which are referred to as Class A Common Stock and Class F Common Stock (the “Founder Shares”). Earnings and losses are shared pro rata between the two classes of shares. outstanding warrants to purchase the Company’s stock were excluded from diluted earnings per share for the three months ended March 31, 2022 and 2021 because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income/( loss ) per common share is the same as basic net income/( loss ) per common share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income/( loss ) per share for each class of common stock: For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Class A Class F Class A Class F Basic and diluted net income/(loss) per share: Numerator: Allocation of net income/(loss) including accretion of temporary equity $ 12,134,254 $ 3,033,563 $ (18,506,117 ) $ (38,003,633 ) Denominator: Weighted-average shares outstanding 80,000,000 20,000,000 5,833,333 11,979,167 Basic and diluted net income/(loss) per share $ 0.15 $ 0.15 $ (3.17 ) $ (3.17 ) |
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 as well as the Trust Account, which at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts. |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” (“ASC 820”) approximates the carrying amounts represented in the balance sheets, except for the derivative warrant liabilities (see Note 7). |
Fair Value Measurement | Fair Value Measurement ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value. The three levels of the fair value hierarchy under ASC 820 are as follows: Level I—Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. Level II—Pricing inputs are other than quoted prices included within Level I that are observable for the investment, either directly or indirectly. Level II pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level III—Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. In some cases, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the investment is categorized in its entirety is determined based on the lowest level input that is significant to the investment. Assessing the significance of a particular input to the valuation of an investment in its entirety requires judgment and considers factors specific to the investment. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the perceived risk of that investment. |
Derivative Liabilities | Derivative Liabilities The Company evaluated the Warrants (as defined below in Note 3 – Public Offering) and Private Placement Warrants (as defined below in Note 4 – Related Party Transactions) (collectively, “Warrant Securities”), and any forward purchase agreements in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity , and concluded that the Warrant Securities and any forward purchase agreements could not be accounted for as components of equity. As the Warrant Securities and any forward purchase agreements meet the definition of a derivative in accordance with ASC 815, the Warrant Securities and any forward purchase agreements are recorded as derivative liabilities on the Balance Sheet and measured at fair value at inception (the Close Date) and remeasured at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Statement of Operations in the period of change. |
Offering Costs | Offering Costs The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs – SEC Materials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin (SAB) Topic 5A – “Expenses of Offering”. Offering costs were $44,757,840 (including $44,000,000 in underwriters’ fees) consisting principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and are charged to equity upon the completion of the Public Offering. Since the Company is required to classify the warrants as derivative liabilities, offering costs totaling $832,496 are reflected as an expense in the statements of operations. |
Redeemable Common Stock | Redeemable Common Stock As discussed in Note 3, all of the 80,000,000 shares of Class A Common Stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of common stock under the redemption and repurchase provisions of the Company’s amended and restated certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Therefore, all Class A Common Stock has been classified outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. |
Use of Estimates | Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “ Income Taxes For those liabilities or benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax liabilities as income tax expense. No amounts were accrued for the payment of interest and penalties at March 31, 2022 and December 31, 2021. The Company may be subject to potential examination by U.S. federal, states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income amounts in various tax jurisdictions and compliance with U.S. federal, states or foreign tax laws. The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents as of March 31, 2022 and December 31, 2021 |
Investments and Cash Held in Trust Account | Investments and Cash Held in Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. treasury securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. treasury securities, or a combination thereof. The Company’s investments held in the Trust Account are presented on the Balance Sheet at fair value at the end of each reporting period. Trading securities and investments in money market funds are presented on the condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in income from investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At March 31, 2022 and December 31, 2021, the Company had $800,136,676 and $800,056,447, respectively, in the Trust Account which may be utilized for Business Combinations. At March 31, 2022 and December 31, 2021, the Trust Account consisted of money market funds, which are presented at fair value. |
Warrant Liability | Warrant Liability The Company accounts for warrants for shares of the Company’s common stock that are not indexed to its own stock as liabilities at fair value on the balance sheet. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized in the Company’s statements of operations. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements based on current operations of the Company. The impact of any recently issued accounting standards will be re-evaluated on a regular basis or if a Business Combination is completed where the impact could be material. |
Going Concern Consideration | Going Concern Consideration If the Company does not complete its Business Combination by March 25, 2023, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, 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. 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 less than the initial public offering price per unit in the Public Offering. In addition, if the Company fails to complete its Business Combination by March 25, 2023, there will be no redemption rights or liquidating distributions with respect to the warrants, which will expire worthless. In addition, at March 31, 2022 and December 31, 2021, the Company had current liabilities of $89,649,812 and $104,929,383, respectively, and a working capital deficit of ($88,062,011) and ($103,149,599), respectively, the balances of which are primarily related to warrants we have recorded as liabilities as described in Notes 2 and 3. Other amounts are related to accrued expenses owed to professionals, consultants, advisors and others who are working on seeking a Business Combination as described in Note 1. Such work is continuing after March 31, 2022 and amounts are continuing to accrue. In order to finance ongoing costs, the Sponsor or an affiliate of the Sponsor may, but are not obligated to, provide the Company with additional working capital via a Sponsor Loan (see Note 4). Additionally, the warrant liability will not impact the Company’s liquidity until a Business Combination has been consummated, as they do not require cash settlement until such event has occurred. Based on the foregoing, management believes that the Company will have sufficient borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its working capital needs through the earlier of the consummation of a Business Combination or one year from this filing. However, in connection with the company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition and mandatory liquidation and subsequent dissolution raises substantial doubt about the company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March 25, 2023. The financial statements do not include any adjustment that might be necessary if the company is unable to continue as a going concern. Management intends to complete the Business Combination prior to the liquidation date. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Numerator and Denominator Used to Compute Basic and Diluted Net Income (Loss) Per Share for Each Class of Common Stock | The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income/( loss ) per share for each class of common stock: For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 Class A Class F Class A Class F Basic and diluted net income/(loss) per share: Numerator: Allocation of net income/(loss) including accretion of temporary equity $ 12,134,254 $ 3,033,563 $ (18,506,117 ) $ (38,003,633 ) Denominator: Weighted-average shares outstanding 80,000,000 20,000,000 5,833,333 11,979,167 Basic and diluted net income/(loss) per share $ 0.15 $ 0.15 $ (3.17 ) $ (3.17 ) |
Public Offering (Tables)
Public Offering (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Public Offering [Abstract] | |
Schedule of Class A Common Stock Reflected on Balance Sheet | As of March 31, 2022 and December 31, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table. The accretion of carrying value to redemption value was fully recognized by June 30, 2021. There has been no additional accretion since: As of March 31, 2022 As of December 31, 2021 Gross proceeds $ 800,000,000 $ 800,000,000 Less: Proceeds allocated to public warrants (14,880,000 ) (14,880,000 ) Class A shares issuance costs (43,925,343 ) (43,925,343 ) Plus: Accretion of carrying value to redemption value 58,805,343 58,805,343 Contingently redeemable Class A Common Stock $ 800,000,000 $ 800,000,000 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability: Significant Significant Other Other Quoted Prices in Observable Unobservable March 31, Active Markets Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) Investments Held in Trust Account $ 800,136,676 $ 800,136,676 $ — $ — Derivative warrant liabilities: Public warrants $ (50,720,000 ) $ (50,720,000 ) $ — $ — Private placement warrants $ (28,530,000 ) $ — $ (28,530,000 ) $ — Significant Significant Other Other Quoted Prices in Observable Unobservable December 31, Active Markets Inputs Inputs Description 2021 (Level 1) (Level 2) (Level 3) Investments Held in Trust Account $ 800,056,447 $ 800,056,447 $ — $ — Derivative warrant liabilities: Public warrants $ (61,440,000 ) $ (61,440,000 ) $ — $ — Private placement warrants $ (34,560,000 ) $ — $ (34,560,000 ) $ — |
Organization and Business Ope_2
Organization and Business Operations - Additional Information (Details) | Mar. 24, 2022USD ($)$ / sharesshares | Mar. 23, 2022shares | Dec. 17, 2021USD ($)$ / sharesshares | Dec. 16, 2021shares | Mar. 25, 2021USD ($) | Mar. 31, 2022USD ($)VoteDirector$ / sharesshares | Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2021$ / shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Date of incorporation | Dec. 21, 2020 | |||||||
Proceeds from initial public offering | $ 800,000,000 | $ 750,000,000 | ||||||
Proceeds from sale of warrants | $ 17,000,000 | |||||||
Maximum maturity period | 185 days | |||||||
Regulatory withdrawal of interest from trust account, maximum period | 24 months | |||||||
Redemption percentage of public shares of common stock if business combination not completed | 100.00% | |||||||
Regulatory compliance requirements and other costs subject related to annual limit | $ 900,000 | |||||||
Number of days to seek shareholder approval for redemption of shares | 2 days | |||||||
Number of days to provide opportunity to shareholders to sell their shares | 2 days | |||||||
Dissolution expenses, maximum allowed | $ 100,000 | |||||||
Private Placement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Amount placed in trust account | 800,000,000 | |||||||
Proceeds from sale of warrants | $ 18,000,000 | |||||||
Warrant Assumption Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Warrant agreement date | Mar. 22, 2021 | |||||||
Minimum | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Percentage of fair market value | 80.00% | |||||||
Maximum | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Threshold net tangible assets | $ 5,000,001 | |||||||
Number of days to redeem public shares of common stock if business combination not completed | 10 days | |||||||
Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of directors to be reasonably determined by sponsor | Director | 1 | |||||||
Transaction closing date | Jun. 24, 2022 | |||||||
Transaction Closing Date | May 27, 2022 | |||||||
Termination Extend Date | Jun. 24, 2022 | |||||||
Business Combination Agreement | Registration Rights Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of days after closing date agreed to file shelf registration statement | 30 days | |||||||
Maximum period for registration statement declared effective after filing | 60 days | |||||||
Maximum period for registration statement declared effective after filing, if reviewed and received comments | 90 days | |||||||
Business Combination Agreement | Minimum | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Net tangible assets for stockholders redemptions | $ 5,000,001 | |||||||
Aggregate amount of cash held in trust account for obligations | $ 950,000,000 | |||||||
Business Combination Agreement | Warrantholder Approval Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Warrant conversion description | In the event the Requisite GG Warrantholder Approval (as defined below) is obtained prior to the Effective Time, each Public Warrant shall be automatically cancelled and extinguished and converted into the right to receive one American depository share of ListCo (“ListCo Class C-1 ADS”) duly and validly issued against the deposit of an underlying class C-1 preferred share in the share capital of ListCo (“ListCo Class C-1 Share”) deposited with the Depositary Bank. Each ListCo Class C-1 Share will be exercisable to acquire a ListCo Class A Share at an exercise price of $11.50 per share. In addition, each private placement warrant of the Company (“Private Placement Warrant”) will be automatically cancelled and extinguished and converted into the right to receive one American depository share of ListCo (“ListCo Class C-2 ADS”) duly and validly issued against the deposit of an underlying class C-2 preferred share in the share capital of ListCo (“ListCo Class C-2 Share”) deposited with the Depositary Bank. Each ListCo Class C-2 Share will be exercisable to acquire a ListCo Class A Share at an exercise price of $11.50 per share. | |||||||
Business Combination Agreement | Warrantholder Approval Not Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Warrant conversion description | In the event that the Requisite GG Warrantholder Approval is not obtained prior to the Effective Time, each Public Warrant shall be automatically cancelled and extinguished and converted into the right to receive one American depository warrant of ListCo (“ListCo AD Warrant”) duly and validly issued against the deposit of an underlying warrant of ListCo representing the right to acquire one ListCo Class A Share deposited with the Depositary Bank and representing the right to acquire one ListCo Class A ADS (or one ListCo Class A Share if at the time of exercise ListCo no longer uses the ADR Facility) at an exercise price of $11.50 per ListCo Class A ADS. In addition, each Private Placement Warrant will be automatically cancelled and extinguished and converted into the right to receive one ListCo AD Warrant. | |||||||
Business Combination Agreement | Public Warrants | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of warrants issued for unit | shares | 0.2 | |||||||
Minimum requisite percentage of warrant holder approval | 50.00% | |||||||
Business Combination Agreement | Public Warrants | Warrantholder Approval Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Share exercise price | $ / shares | $ 11.50 | |||||||
Business Combination Agreement | Public Warrants | Warrantholder Approval Not Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Share exercise price | $ / shares | 11.50 | |||||||
Business Combination Agreement | Private Placement Warrants | Warrantholder Approval Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Share exercise price | $ / shares | $ 11.50 | |||||||
ListCo Class A Shares | Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of vote per Share | Vote | 1 | |||||||
ListCo Class A Shares | Business Combination Agreement | Public Warrants | Warrantholder Approval Not Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of shares issued for warrant | shares | 1 | |||||||
ListCo Class B Shares | Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of vote per Share | Vote | 10 | |||||||
ListCo Shares | Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Pre-closing reorganization terms | (a) $20,003,000,000 divided by $10.00, less (b) (i) the aggregate principal amount due in respect of certain convertible notes of Parent outstanding as of immediately prior to the Closing, divided by (ii) the applicable conversion price of such notes, less (c) 49,803,900, which represents the aggregate number of ListCo Preference Shares (as defined below) issued pursuant to the Volvo Cars Preference Subscription Agreement (as defined below). | |||||||
Aggregate number shares value | $ 20,003,000,000 | |||||||
Purchase price | $ / shares | $ 10 | |||||||
Business combination additional consideration terms | As additional consideration for Parent’s contribution to ListCo of all the issued and outstanding equity securities of Polestar Sweden, Parent will be entitled to receive, subject to the terms provided in the Business Combination Agreement, earn out shares from ListCo, issuable in ListCo Class A Shares and ListCo Class B Shares up to an aggregate number equal to approximately (a) 0.075 multiplied by (b) the number of issued and outstanding ListCo Shares as of immediately after the Closing (including ListCo Shares issued pursuant to the Subscription Agreements (as defined below)). | |||||||
ListCo Shares | Business Combination Agreement | Parent Lock-Up Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of days after closing date for not to transfer shares by holders | 180 days | |||||||
ListCo Preference Shares | Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Aggregate number shares | shares | 49,803,900 | |||||||
ListCo Preference Shares | Business Combination Agreement | Volvo Cars Preference Subscription Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 10 | |||||||
Aggregate number of shares to purchase, value | $ 498,000,000 | |||||||
Aggregate number of shares to purchase, shares | shares | 588,826,100 | |||||||
Class A Common Stock | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Class A Common Stock | Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||
Number of shares issued for unit | shares | 1 | |||||||
Class F Common Stock | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Class F Common Stock | Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||
ListCo Class A ADS | Business Combination Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 10 | |||||||
Units sold | shares | 1 | |||||||
Aggregate number of shares to purchase, shares | shares | 27,000,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | PIPE Subscription Agreements | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 9.09 | |||||||
Aggregate number of shares to purchase, value | $ 67,500,000 | |||||||
Aggregate number of shares to purchase, shares | shares | 7,430,000 | |||||||
Number of days after closing date to file registration statement for resale of shares | 30 days | |||||||
ListCo Class A ADS | Business Combination Agreement | New PIPE Subscription Agreements | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 9.54 | |||||||
Aggregate number of shares to purchase, value | $ 136,000,000 | |||||||
Aggregate number of shares to purchase, shares | shares | 14,300,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | March PIPE Subscription Agreements | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 9.57 | |||||||
Aggregate number of shares to purchase, value | $ 27,200,000 | |||||||
Aggregate number of shares to purchase, shares | shares | 2,800,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | Sponsor Subscription Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 9.09 | $ 9.09 | ||||||
Aggregate number of shares to purchase, value | $ 19,500,000 | $ 82,500,000 | ||||||
Aggregate number of shares to purchase, shares | shares | 2,150,000 | 9,080,000 | ||||||
ListCo Class A ADS | Business Combination Agreement | Sponsor Assignment | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Aggregate number of shares to purchase, value | $ 63,000,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | March Sponsor Assignment | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Aggregate number of shares to purchase, value | $ 11,400,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | March Sponsor Subscription Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 9.09 | |||||||
Aggregate number of shares to purchase, value | $ 8,100,000 | |||||||
Aggregate number of shares to purchase, shares | shares | 891,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | Volvo Cars Subscription Agreement | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Purchase price | $ / shares | $ 10 | $ 10 | ||||||
Aggregate number of shares to purchase, value | $ 1,100,000 | 2,700,000 | ||||||
Aggregate number of shares to purchase, shares | shares | 11,200,000 | 10,000,000 | ||||||
ListCo Class A ADS | Business Combination Agreement | Volvo Assignment and Sponsor Assignment, PIPE Assignment | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Aggregate number of shares to purchase, value | $ 73,000,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | March Volvo Assignment and Sponsor Assignment, PIPE Assignment | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Aggregate number of shares to purchase, value | $ 15,800,000 | |||||||
ListCo Class A ADS | Business Combination Agreement | Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement 1 | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of days after closing date for not to transfer shares by holders | 180 days | |||||||
ListCo Class A ADS | Business Combination Agreement | Public Warrants | Warrantholder Approval Not Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of shares issued for warrant | shares | 1 | |||||||
ListCo Class C-1 ADS | Business Combination Agreement | Public Warrants | Warrantholder Approval Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of shares issued for warrant | shares | 1 | |||||||
ListCo Class C-2 ADS | Business Combination Agreement | Private Placement Warrants | Warrantholder Approval Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of shares issued for warrant | shares | 1 | |||||||
ListCo AD Warrant | Business Combination Agreement | Public Warrants | Warrantholder Approval Not Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of shares issued for warrant | shares | 1 | |||||||
ListCo AD Warrant | Business Combination Agreement | Private Placement Warrants | Warrantholder Approval Not Obtained | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of shares issued for warrant | shares | 1 | |||||||
GG Class F Shares | Business Combination Agreement | Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement 1 | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Maximum number of shares agreed to be forfeited by sponsor | shares | 1,540,835 | 1,533,873 | 1,501,651 | |||||
GG Class F Shares | Business Combination Agreement | Sponsor and Supporting Sponsor Stockholders Lock-Up Agreement 2 | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Maximum number of shares agreed to be forfeited by sponsor | shares | 1,533,873 | 1,501,651 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) - USD ($) | Mar. 25, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Significant Accounting Policies [Line Items] | ||||
Federal depository insurance Corporation coverage amount | $ 250,000 | |||
Issuance costs related to warrant liability | $ 780,685 | |||
Accrued interest and penalties related to unrecognized tax liabilities | 0 | $ 0 | ||
Cash equivalents | 0 | 0 | ||
Investments and cash held in Trust Account | $ 800,136,676 | 800,056,447 | ||
Redemption percentage of public shares of common stock if business combination not completed | 100.00% | |||
Dissolution expenses, maximum allowed | $ 100,000 | |||
Going concern description | If the Company does not complete its Business Combination by March 25, 2023, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, 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. | |||
Current liabilities | $ 89,649,812 | 104,929,383 | ||
Working capital | $ (88,062,011) | $ (103,149,599) | ||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Number of days to redeem public shares of common stock if business combination not completed | 10 days | |||
IPO | ||||
Significant Accounting Policies [Line Items] | ||||
Offering costs | 44,757,840 | |||
Underwriters fee | 44,000,000 | |||
Issuance costs related to warrant liability | $ 832,496 | |||
Units sold | 75,000,000 | |||
IPO | Class A Common Stock | ||||
Significant Accounting Policies [Line Items] | ||||
Units sold | 80,000,000 | 80,000,000 | ||
Common Stock | ||||
Significant Accounting Policies [Line Items] | ||||
Private and public warrants to purchase shares | 25,000,000 | |||
Share price | $ 11.50 | |||
Warrants | ||||
Significant Accounting Policies [Line Items] | ||||
Number of warrants exercised | 0 | |||
Potential common shares for outstanding warrants to purchase stock were excluded from diluted earnings | 25,000,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Reconciliation of Numerator and Denominator Used to Compute Basic and Diluted Net Income (Loss) Per Share for Each Class of Common Stock (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class A Common Stock | ||
Numerator: | ||
Allocation of net income/(loss) including accretion of temporary equity | $ 12,134,254 | $ (18,506,117) |
Denominator: | ||
Weighted-average shares outstanding | 80,000,000 | 5,833,333 |
Basic and diluted net income/(loss) per share | $ 0.15 | $ (3.17) |
Class F Common Stock | ||
Numerator: | ||
Allocation of net income/(loss) including accretion of temporary equity | $ 3,033,563 | $ (38,003,633) |
Denominator: | ||
Weighted-average shares outstanding | 20,000,000 | 11,979,167 |
Basic and diluted net income/(loss) per share | $ 0.15 | $ (3.17) |
Public Offering - Additional In
Public Offering - Additional Information (Details) - USD ($) | Apr. 22, 2021 | Mar. 25, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Class Of Stock [Line Items] | |||||
Gross proceeds | $ 800,000,000 | $ 750,000,000 | |||
Percentage of deferred underwriting discount | 3.50% | ||||
Change in fair value of warrants | $ (16,750,000) | $ 470,000 | |||
Public Warrants | |||||
Class Of Stock [Line Items] | |||||
Warrants derivative liability | 50,720,000 | $ 61,440,000 | |||
Change in fair value of warrants | 10,720,000 | ||||
IPO | |||||
Class Of Stock [Line Items] | |||||
Units sold | 75,000,000 | ||||
Share price | $ 10 | ||||
Gross proceeds | $ 750,000,000 | ||||
Upfront underwriting discount (as a percent) | 2.00% | ||||
Upfront underwriting discount | $ 15,000,000 | ||||
Percentage of deferred underwriting discount | 3.50% | ||||
Deferred underwriting discount | $ 26,250,000 | ||||
Warrants derivative liability | $ 14,880,000 | $ 14,880,000 | |||
Over-Allotment Option | |||||
Class Of Stock [Line Items] | |||||
Units sold | 5,000,000 | 11,250,000 | |||
Share price | $ 10 | ||||
Gross proceeds | $ 50,000,000 | ||||
Over-allotment option expiration date | May 9, 2021 | ||||
Upfront underwriting discount | 16,000,000 | ||||
Deferred underwriting discount | $ 28,000,000 | ||||
Warrants | |||||
Class Of Stock [Line Items] | |||||
Number of shares that contribute each unit | 0.20 | ||||
Warrant exercisable term if business combination is completed | 30 days | ||||
Warrant exercisable term from closing of public offer | 12 months | ||||
Warrant expiration term | 5 years | ||||
Number of months to complete business combination | 24 months | ||||
Class A Common Stock | |||||
Class Of Stock [Line Items] | |||||
Number of shares that contribute each unit | 1 | ||||
Number of shares warrant may be converted | 1 | ||||
Class A Common Stock | IPO | |||||
Class Of Stock [Line Items] | |||||
Units sold | 80,000,000 | 80,000,000 | |||
Accretion of carrying value to redemption value | $ 0 |
Public Offering - Schedule of C
Public Offering - Schedule of Class A Common Stock Reflected on Balance Sheet (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Contingently redeemable Class A Common Stock | $ 800,000,000 | $ 800,000,000 |
IPO | ||
Class Of Stock [Line Items] | ||
Gross proceeds | 800,000,000 | 800,000,000 |
Proceeds allocated to public warrants | (14,880,000) | (14,880,000) |
Class A shares issuance costs | (43,925,343) | (43,925,343) |
Accretion of carrying value to redemption value | 58,805,343 | 58,805,343 |
Contingently redeemable Class A Common Stock | $ 800,000,000 | $ 800,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | May 09, 2021shares | Apr. 22, 2021USD ($)$ / sharesshares | Apr. 20, 2021USD ($) | Mar. 22, 2021shares | Feb. 10, 2021USD ($)Director$ / sharesshares | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Mar. 25, 2021shares | Mar. 14, 2021USD ($) |
Related Party Transaction [Line Items] | ||||||||||
Proceeds from sale of warrants | $ 17,000,000 | |||||||||
Amount advanced by Sponsor | $ 2,500,000 | $ 2,000,000 | ||||||||
Class A Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares warrant may be converted | shares | 1 | |||||||||
Sponsor | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Aggregate issuance of unsecured promissory note | $ 300,000 | |||||||||
Debt instrument, maturity date | Mar. 11, 2023 | |||||||||
Amount advanced by Sponsor | 2,500,000 | |||||||||
Sponsor | Maximum | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | $ 4,000,000 | |||||||||
Founder Shares | Class F Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Founder shares transferred to independent directors | shares | 25,000 | |||||||||
Number of shares forfeited | shares | 1,562,500 | |||||||||
Outstanding shares of common stock held by the initial stockholders (as a percent) | 20.00% | |||||||||
Founder Shares | Class A Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Conversion ratio | 1 | |||||||||
Founder Shares | Sponsor | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of independent director nominees | Director | 3 | |||||||||
Founder Shares | Sponsor | Class F Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Units sold | shares | 21,562,500 | |||||||||
Sale of common stock, value | $ 25,000 | |||||||||
Share price | $ / shares | $ 0.001 | |||||||||
Private Placement Warrants | Class A Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares warrant may be converted | shares | 1 | |||||||||
Warrants exercise price (in dollars per share) | $ / shares | $ 11.50 | |||||||||
Private Placement Warrants | Sponsor | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of warrants sold | shares | 8,500,000 | |||||||||
Warrants sold, price per warrant | $ / shares | $ 2 | |||||||||
Proceeds from sale of warrants | $ 17,000,000 | |||||||||
Additional Private Placement Warrants | Sponsor | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of warrants sold | shares | 500,000 | |||||||||
Warrants sold, price per warrant | $ / shares | $ 2 | |||||||||
Proceeds from sale of warrants | $ 1,000,000 | |||||||||
Administrative Services Agreement | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to affiliate, monthly for office space, utilities and secretarial support | 20,000 | |||||||||
Administrative Services Agreement | Affiliate of the Sponsor | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to affiliate | $ 60,000 | $ 5,486 |
Deferred Underwriting Compens_2
Deferred Underwriting Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Deferred Underwriting Compensation [Abstract] | ||
Deferred underwriting discount payable | $ 28,000,000 | $ 28,000,000 |
Percentage of deferred underwriting discount | 3.50% | |
Deferred underwriting discount if business combination not completed | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Income Tax Disclosure [Abstract] | |
Impact related to uncertain tax positions | $ 0 |
Accrued interest related to uncertain tax positions | 0 |
Accrued penalties related to uncertain tax positions | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | 3 Months Ended | |||
Mar. 31, 2022USD ($)$ / shares | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)$ / shares | Mar. 25, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 | ||
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 | ||
Fair value, liability, level 1 to level 2 transfers, amount | 0 | 0 | ||
Fair value, liability, level 2 to level 1 transfers, amount | 0 | 0 | ||
Fair value, liability, transfers into level 3, amount | 0 | 0 | ||
Fair value, liability, transfers out of level 3, amount | $ 0 | $ 0 | ||
Warrants | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Warrant expiration term | 5 years | |||
Share price | $ / shares | $ 3.17 | $ 3.84 | ||
Until Close of Business Combination | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Warrant expiration term | 6 months | |||
Subsequent to Business Combination | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Warrant expiration term | 5 years | |||
Expected Dividend Rate | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Private placement warrants and public warrants, measurement input | 0 | |||
Public Warrants | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Share price | $ / shares | $ 3.17 | |||
Aggregate values of Warrants | $ 50,720,000 | $ 61,440,000 | ||
Private Placement Warrants | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Aggregate values of Warrants | $ 28,530,000 | $ 34,560,000 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments Held in Trust Account | $ 801,724,477 | $ 801,836,231 |
Public Warrants | ||
Derivative warrant liabilities: | ||
Derivative liabilities | 50,720,000 | 61,440,000 |
Private Placement Warrants | ||
Derivative warrant liabilities: | ||
Derivative liabilities | 28,530,000 | 34,560,000 |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments Held in Trust Account | 800,136,676 | 800,056,447 |
Fair Value, Measurements, Recurring | Public Warrants | ||
Derivative warrant liabilities: | ||
Derivative liabilities | (50,720,000) | (61,440,000) |
Fair Value, Measurements, Recurring | Private Placement Warrants | ||
Derivative warrant liabilities: | ||
Derivative liabilities | (28,530,000) | (34,560,000) |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments Held in Trust Account | 800,136,676 | 800,056,447 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Public Warrants | ||
Derivative warrant liabilities: | ||
Derivative liabilities | (50,720,000) | (61,440,000) |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Private Placement Warrants | ||
Derivative warrant liabilities: | ||
Derivative liabilities | $ (28,530,000) | $ (34,560,000) |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) | Mar. 31, 2022Vote$ / sharesshares | Dec. 31, 2021Vote$ / sharesshares | Mar. 31, 2021$ / shares |
Class Of Stock [Line Items] | |||
Number of votes for each share | Vote | 1 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Class A Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock, shares authorized | 400,000,000 | 400,000,000 | |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |
Common stock, shares issued | 80,000,000 | 80,000,000 | |
Common stock, shares outstanding | 80,000,000 | 80,000,000 | |
Class F Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock, shares authorized | 40,000,000 | 40,000,000 | |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of votes for each share | Vote | 1 | ||
Common stock, shares issued | 20,000,000 | 20,000,000 | |
Common stock, shares outstanding | 20,000,000 | 20,000,000 |