Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
 7 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis
The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 
Description
  
Level
 
  
December 31,
2020
 
Assets:
  
      
  
      
Marketable securities held in Trust Account
(1)
    
            1
      $ 230,007,324  
Liabilities:
                  
Private Placement Warrants
(2)
     2      $ 8,646,000  
Public Warrants
(2)
     1     
$
 		   14,720,000  
 
(1)
 
The fair value of the marketable securities held in Trust account approximates the carrying amount primarily due to their short-term nature.
(2)
 
Measured at fair value on a recurring basis.
Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placemnets Warrnts And Public Warrants at Initial Measurement
 
The key inputs into the Monte Carlo simulation model for the Private Placement Warrants and Public Warrants were as follows at initial measurement:
 
Input
   
September 14,
2020 (Initial
Measurement)
  
Risk-free interest rate
      0.4 % 
Expected term (years)
      1  
Expected volatility
                  16.5 % 
Exercise price
    $ 11.50  
Fair value of Units
    $ 10.01  
Summary of Changes in Fair Value of Warrant Liabilities
The following table presents the changes in the fair value of warrant liabilities:
 
    
Private Placement
     
Public
     
Warrant Liabilities
  
Fair value as of May 29, 2020
    $ —        $ —        $ —    
Initial measurement on September 14, 2020
               5,899,000                 10,210,000                 16,109,000  
Change in valuation inputs or other assumptions
(1)(2)
     2,747,000        4,510,000        7,257,000  
    
 
 
     
 
 
     
 
 
  
Fair value as of December 31, 2020
    $ 8,646,000      $ 14,720,000      $ 23,366,000  
    
 
 
     
 
 
     
 
 
  
 
(1)
Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the Statement of Operations.
(2)
Due to the use of quoted prices in an active market (Level 1) and the use of observable inputs for similar assets or liabilities (Level 2) to measure the fair values of the Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $10.2 million during the period from September 14, 2020 through December 31, 2020.