Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39439 | |
Entity Registrant Name | FORTRESS VALUE ACQUISITION CORP. II | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-1408039 | |
Entity Address, Address Line One | 1345 Avenue of the Americas | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10105 | |
City Area Code | 212 | |
Local Phone Number | 798-6100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001815849 | |
Current Fiscal Year End Date | --12-31 | |
Class A common stock, par value $0.0001 per share | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 34,500,000 | |
Class F common stock, par value $0.0001 per share | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,625,000 | |
New York Stock Exchange | Units, each consisting of one share of Class A common stock and one-fifth of one redeemable warrant | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one share of Class A common stock and one-fifth of one redeemable warrant | |
Trading Symbol | FAII.U | |
Security Exchange Name | NYSE | |
New York Stock Exchange | Class A common stock, par value $0.0001 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | FAII | |
Security Exchange Name | NYSE | |
New York Stock Exchange | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | |
Trading Symbol | FAII WS | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 162,532 | $ 1,313,454 |
Prepaid expenses | 347,635 | 345,938 |
Total current assets | 510,167 | 1,659,392 |
Investments held in Trust Account | 345,007,390 | 345,018,957 |
Total Assets | 345,517,557 | 346,678,349 |
Current liabilities: | ||
Accounts payable and accrued expenses | 5,507,767 | 1,573,061 |
Franchise tax payable | 49,315 | 112,022 |
Total current liabilities | 5,557,082 | 1,685,083 |
Deferred underwriting commissions payable | 12,075,000 | 12,075,000 |
Warrant liabilities | 20,798,345 | 33,634,340 |
Total Liabilities | 38,430,427 | 47,394,423 |
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 0 | 0 |
Additional paid-in capital | 10,807,553 | 18,610,675 |
Accumulated deficit | (5,808,835) | (13,612,039) |
Total Stockholders' Equity | 5,000,010 | 5,000,006 |
Total Liabilities and Stockholders' Equity | 345,517,557 | 346,678,349 |
Common Class A | ||
Commitments and Contingencies | ||
Class A common stock, $0.0001 par value; 30,342,751 and 30,412,577 (as corrected) shares subject to possible redemption as of March 31, 2021 and December 31, 2020, respectively | 302,087,120 | 294,283,920 |
Stockholders' Equity: | ||
Common stock | 429 | 507 |
Common Class F | ||
Stockholders' Equity: | ||
Common stock | $ 863 | $ 863 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares subject to possible redemption (in shares) | 30,208,712 | 29,428,392 |
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 4,291,288 | 5,071,608 |
Common stock, shares outstanding (in shares) | 4,291,288 | 5,071,608 |
Common Class F | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 8,625,000 | 8,625,000 |
Common stock, shares outstanding (in shares) | 8,625,000 | 8,625,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
General and administrative expenses | $ 4,999,809 |
Franchise tax expense | 49,315 |
Loss from operations | (5,049,124) |
Other income: | |
Interest income | 16,333 |
Decrease in fair value of warrant liabilities | 12,835,995 |
Total other income | 12,852,328 |
Net income | $ 7,803,204 |
Common Class A | |
Other income: | |
Weighted average shares outstanding (in shares) | shares | 34,500,000 |
Basic and diluted net income per share (in usd per share) | $ / shares | $ 0 |
Common Class F | |
Other income: | |
Weighted average shares outstanding (in shares) | shares | 8,625,000 |
Basic and diluted net income per share (in usd per share) | $ / shares | $ 0.90 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2021 - USD ($) | Total | Additional Paid-in Capital | Accumulated Deficit | Common Class A | Common Class ACommon Stock | Common Class F | Common Class FCommon Stock |
Beginning balance (in shares) at Dec. 31, 2020 | 5,071,608 | 5,071,608 | 8,625,000 | 8,625,000 | |||
Beginning balance at Dec. 31, 2020 | $ 5,000,006 | $ 18,610,675 | $ (13,612,039) | $ 507 | $ 863 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Increase in Class A common stock subject to possible redemption (in shares) | (780,320) | ||||||
Increase in Class A common stock subject to possible redemption | (7,803,200) | (7,803,122) | $ (78) | ||||
Net income | 7,803,204 | 7,803,204 | |||||
Ending balance (in shares) at Mar. 31, 2021 | 4,291,288 | 4,291,288 | 8,625,000 | 8,625,000 | |||
Ending balance at Mar. 31, 2021 | $ 5,000,010 | $ 10,807,553 | $ (5,808,835) | $ 429 | $ 863 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Cash Flows from Operating Activities: | |
Net income | $ 7,803,204 |
Adjustments to reconcile net income to net cash used in operating activities: | |
Interest income from investments held in Trust Account | (16,333) |
Decrease in fair value of warrant liabilities | (12,835,995) |
Changes in operating assets and liabilities: | |
Prepaid expenses | (1,697) |
Accounts payable and accrued expenses | 3,934,706 |
Franchise tax payable | (62,707) |
Net cash used in operating activities | (1,178,822) |
Cash Flows from Investing Activities: | |
Interest income received from Trust Account | 27,900 |
Net cash provided by investing activities | 27,900 |
Net change in cash | (1,150,922) |
Cash - beginning of the period | 1,313,454 |
Cash - end of the period | 162,532 |
Supplemental disclosure of non-cash financing activities: | |
Increase in Class A common stock subject to possible redemption | $ 7,803,200 |
Description of Organization and
Description of Organization and Business Operations | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | Description of Organization and Business Operations Fortress Value Acquisition Corp. II (the “Company”) is a blank check company incorporated in Delaware on June 10, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to capitalize on the ability of its management team to identify, acquire and operate a business that may provide opportunities for attractive risk-adjusted returns. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. All activity from June 10, 2020 (inception) through March 31, 2021 relates to the Company’s formation, completion of the initial public offering ("Initial Public Offering"), and since the closing of the Initial Public Offering, the search for a Business Combination candidate and activities in connection with the proposed merger. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on August 11, 2020. On August 14, 2020, the Company consummated its Initial Public Offering of 34,500,000 units (“Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), which included the issuance of 4,500,000 Units as a result of the underwriters’ exercise of their over-allotment option in full, at $10.00 per Unit, generating gross proceeds of $345.0 million and incurring offering costs of approximately $19.4 million, inclusive of approximately $12.1 million in deferred underwriting commissions (Note 4). Each Unit consists of one share of Class A common stock and one-fifth of one redeemable warrant ("Public Warrant"). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment (see Note 5). Substantially concurrently with the closing of the Initial Public Offering, the Company consummated a private placement (“Private Placement”) of 5,933,333 warrants (the “Private Placement Warrants” and together with the "Public Warrants", the "Warrants"), at a price of $1.50 per Private Placement Warrant, with the Company’s Sponsor, Fortress Acquisition Sponsor II LLC (the “Sponsor”), generating gross proceeds of $8.9 million (see Note 3). Upon the closing of the Initial Public Offering and Private Placement, $345.0 million ($10.00 per Unit) of the aggregate net cash proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in a U.S.-based trust account (“Trust Account”) at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee. The cash proceeds held in the Trust Account were subsequently invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account as described below. As of March 31, 2021, the Company had $162,532 in cash held outside of the Trust Account. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company's initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if any, and excluding the amount of any deferred underwriting discount held in trust) at the time of the Company signing a definitive agreement in connection with its initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act. On February 21, 2021, the Company and ATI Physical Therapy entered into an Agreement and Plan of Merger (the “Merger Agreement”), to effect a Business Combination between FVAC Merger Corp. II, a Delaware corporation and a direct, wholly-owned subsidiary of the Company (“Merger Sub”), and Wilco Holdco, Inc., a Delaware corporation (“ATI”). The proposed Business Combination with ATI pursuant to the Merger Agreement and the other transactions contemplated thereby (collectively, the "ATI Business Combination") will constitute a “Business Combination” as contemplated by the Company’s Amended and Restated Certificate of Incorporation. The Merger Agreement and the Business Combination were unanimously approved by the board of directors of the Company on February 21, 2021. For more information about the Merger Agreement and the proposed ATI Business Combination, please see the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on February 22, 2021 and the proxy materials filed with the SEC. Unless specifically stated, this Quarterly Report does not give effect to the proposed ATI Business Combination and does not contain the risks associated with the proposed ATI Business Combination. Such risks and effects relating to the proposed ATI Business Combination are included in the proxy materials filed with the SEC. The Company will provide its stockholders of Public Shares (“Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirement, or the Company decides to obtain stockholder approval for business or other reasons, it will: (i) conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and (ii) file proxy materials with the SEC. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount in the Trust Account (approximately $10.00 per share as of March 31, 2021), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay for the Company’s tax obligations, calculated as of two business days prior to the consummation of the Business Combination. The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 4). The Company's amended and restated certificate of incorporation provides that in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 upon consummation of the initial business combination and after payment of the deferred underwriting commissions. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with the ATI Business Combination, the initial stockholders (as defined below) have agreed in connection with the proposed ATI Business Combination to vote their Founder Shares (as defined in Note 3) and any Public Shares purchased during or after the Initial Public Offering in favor of certain proposals relating to the proposed ATI Business Combination, and any proposals reasonably requested by the Company in connection with the proposed Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the ATI Business Combination. Notwithstanding the foregoing, the Company’s amended and restated certificate of incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A common stock sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Company’s amended and restated certificate of incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their Class A common stock in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months (August 2022) from the closing of the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares which redemption will completely extinguish Public Stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholder and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. In connection with the redemption of 100% of the Company’s outstanding Public Shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses). The initial stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commissions (see Note 4) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account (or less than that in certain circumstances). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all third parties, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity As of March 31, 2021, the Company had $162,532 in its operating bank account, $7,390 of interest income available in the Trust Account to pay for taxes and working capital deficit of $5,046,915. In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”) (see Note 3). In connection with the Company’s assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” as of March 31, 2021 the Company does not have sufficient liquidity to meet its current obligations. However, management has determined that the Company has access to funds from the Sponsor, and the Sponsor has the financial wherewithal to fund the Company, that are sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Business Combination and a minimum one year from the date of issuance of these condensed consolidated financial statements. Over this time period, the Company will be using these funds for paying existing accounts payable and transaction expenses related to the Company's proposed Business Combination. Separate trading of Class A common shares and Public Warrants On September 29, 2020, the Company announced that, commencing October 2, 2020, the holders of the Company’s Units may elect to separately trade the Class A common stock and Public Warrants comprising the Units. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Those Units not separated will continue to trade on the New York Stock Exchange under the symbol “FAII.U,” and each of the shares of Class A common stock and Public Warrants that are separated will trade on the New York Stock Exchange under the symbols “FAII” and “FAII WS,” respectively. COVID-19 An outbreak of respiratory disease which caused a global pandemic continues to impact global markets. This coronavirus has resulted in enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to markets, supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus continues to evolve and is affecting the economies of many nations, individual companies and markets in general and may continue to last for an extended period of time. Management will continue to evaluate the impact of the COVID-19 pandemic and while the virus could have an adverse effect on the future financial results, cash flows and/or planned merger with ATI Physical Therapy, the specific impact is not readily determinable as of the date of these condensed consolidated financial statements. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company's financial statements for the period from June 10, 2020 through December 31, 2020 and footnotes thereto included in the Company's Annual Report on Form 10-K/A filed with the SEC on May 5, 2021. Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed as of March 31, 2021, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020, respectively. Investments held in trust account As of March 31, 2021 and December 31, 2020, respectively, all of the investments held in the Trust Account were held in a money market fund which holds U.S. Treasury Securities. During the three months ended March 31, 2021, the Company withdrew $27,900 of interest earned on the Trust Account to pay its franchise taxes. Income taxes The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the United States of America is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2021 and December 31, 2020, respectively. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Class A common stock subject to possible redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021 and December 31, 2020, respectively, 30,208,712 and 29,428,392 shares of Class A common stock subject to possible redemption at the redemption amount are presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed consolidated balance sheet. Net income (loss) per common share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company’s condensed consolidated statement of operations includes a presentation of net income (loss) per share for common stock subject to redemption in a manner similar to the two-class method of net income (loss) per common share. Net income (loss) per common share, basic and diluted for Class A common stock for the three months ended March 31, 2021 were calculated by dividing (i) the interest income earned on the Trust Account less funds available to be withdrawn from the Trust Account for taxes which resulted in no net income by (ii) the weighted average number of Class A common stock outstanding for the period. Net income (loss) per common share, basic and diluted for Class F common stock for the three months ended March 31, 2021 were calculated by dividing (i) the net income (loss) less net income attributable to Class A common stock by (ii) the weighted average number of Class F common stock outstanding for the period. The Company has not considered the effect of the Warrants sold in the Initial Public Offering (including the consummation of the over-allotment) and Private Placement to purchase an aggregate of 12,833,333 shares of Class A common stock in the calculation of diluted income per share, since the exercise of the Warrants into Class A common shares is contingent upon the occurrence of future events (see Note 5). For the three months ended March 31, 2021, the average market price of the Company's Class A common stock was below the Warrants' $11.50 exercise price. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which at times may exceed the Federal depository insurance coverage of $250,000. As of March 31, 2021 and December 31, 2020, respectively, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair value measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Warrant liabilities The Company accounts for its outstanding Public Warrants and Private Placement Warrants in accordance with the guidance contained in Accounting Standards Codification 815-40, "Derivatives and Hedging — Contracts on an Entity's Own Equity" ("ASC 815-40") and determined that the Warrants do not meet the criteria for equity treatment thereunder. As such, each warrant must be recorded as a liability and is subject to re-measurement at each balance sheet date and any change in fair value is recorded in the Company’s condensed consolidated statement of operations. Recent accounting pronouncements 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 condensed consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Founder shares In June 2020, the Company issued an aggregate of 8,625,000 shares of Class F common stock to the Sponsor (the “Founder Shares”) in exchange for an aggregate capital contribution of $25,000. The Founder Shares will automatically convert into Class A common stock upon the consummation of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment (see Note 5). The initial stockholders have agreed to (A) vote all of their Founder Shares in favor of the Business Combination and each of the other proposals set forth in the proxy statement for the Business Combination, (B) vote all of their Founder Shares against certain other actions, including any action expected to result in a breach of the Merger Agreement or any alternative business combination and (C) certain restrictions on their Founder Shares, including (x) to not redeem or tender any of their Class A common stock in connection with any such vote or in connection with any vote to amend the Company's current charter and (y) to not transfer any (1) Founder Shares (or shares of Class A common stock issuable upon conversion thereof) until the earliest to occur of: (i) if the closing of the Business Combination does not occur, (a) one year after the completion of the Company's initial business combination, (b) subsequent to the initial business combination if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted under certain conditions) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company's initial business combination, and (c) the date following the completion of the Company’s initial business combination on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company public stockholders having the right to exchange their shares of common stock for cash, securities or other property; (ii) if the closing of the Business Combination does occur, (a) 180 days after the closing, and (b) the date following the closing on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s public stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property , or (2) Private Placement Warrants (or shares of Class A common stock issuable upon conversion thereof) until 30 days after the completion of the Company’s initial business combination, in each case, upon the terms and subject to the conditions set forth in the that certain amended and restated letter agreement dated February 21, 2021, by and among the Company, ATI and the initial stockholders (the "Sponsor Letter Agreement"). In August 2020, the Sponsor transferred a total of 100,000 Founder Shares to four independent directors of the Company for the same per-share price initially paid for by the Sponsor. Subsequent to these transfers, the Sponsor held 8,525,000 Founder Shares. Private placement warrants Substantially concurrently with the closing of the Initial Public Offering, the Sponsor purchased an aggregate 5,933,333 Private Placement Warrants in the Private Placement. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Sponsor and the Company's officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the Business Combination. Pursuant to the Sponsor Letter Agreement, the Sponsor has agreed to transfer and surrender, for no consideration, 2,966,667 of its Private Placement Warrants subject to and immediately prior to the consummation of the Business Combination. Office space and related support services During August 2020, the Company entered into an agreement with an affiliate of the Sponsor to pay a monthly fee of $20,000 for office space and related support services. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. During the three months ended March 31, 2021, the Company incurred $60,000 in expenses for services provided by an affiliate of the Sponsor in connection with the aforementioned agreement. Related party loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of March 31, 2021 and December 31, 2020, respectively, no Working Capital Loans were outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Registration rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration rights pursuant to a registration rights agreement signed prior to the closing date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting agreement The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the price paid by the underwriters in the Initial Public Offering. The underwriters exercised this over-allotment in full concurrently with the closing of the Initial Public Offering. The underwriters were entitled to an underwriting discount of $0.20 per unit, or $6.9 million paid upon the closing of the Initial Public Offering. Additionally, a deferred underwriting discount of $0.35 per unit, or approximately $12.1 million will be payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Warrant Liabilities
Warrant Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Warrant Liabilities | Warrant Liabilities The Company has outstanding Public Warrants to purchase an aggregate of 6,900,000 shares of the Company’s common stock issued in connection with the Initial Public Offering and outstanding Private Placement Warrants to purchase an aggregate of 5,933,333 shares of the Company's common stock (including Warrants issued in connection with the consummation of the over-allotment). The decrease in fair value of the warrant liabilities is summarized as follows: Warrant liabilities as of December 31, 2020 $ 33,634,340 Decrease in fair value of warrant liabilities (12,835,995) Warrant liabilities as of March 31, 2021 $ 20,798,345 Warrants —Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. Each whole Public Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement covering the issuance of shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Public Warrants in accordance with the provisions of the warrant agreement. If the Class A common stock, at the time of any exercise of a Public Warrant, is not listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section (18)(b)(1) of the Securities Act, the Company may require warrant holders who exercise their Public Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that (i) the Private Placement Warrants and the Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (ii) the Private Placement Warrants will be non-redeemable (except under scenario 2 below) so long as they are held by the initial purchasers or such purchasers’ permitted transferees, (iii) the Private Placement Warrants may be exercised by the holders on a cashless basis, and (iv) the Private Placement Warrants and the Class A common stock issuable upon exercise of the Private Placement Warrants are entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial stockholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by such holders on the same basis as the Public Warrants. The Company may call the Public Warrants for redemption: 1. For cash: ▪ in whole and not in part; ▪ at a price of $0.01 per warrant; ▪ upon a minimum of 30 days' prior written notice of redemption; and ▪ if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 2. For Class A common stock (commencing 90 days after the warrants become exercisable): ▪ in whole and not in part; ▪ at $0.10 per warrant upon a minimum of 30 days' prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock to be determined by reference to a table included in the warrant agreement, based on the redemption date and the fair market value of Class A common stock; ▪ if, and only if, the last reported sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to warrant holders. ▪ if, and only if, the Private Placement Warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A common stock) as the outstanding Public Warrants; and ▪ if, and only if, there is an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. If the Company calls the Public Warrants for redemption, under scenario 1 above, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of Class A common stock issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger or consolidation. If the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at a newly issued price of less than $9.20 per share of common stock, the exercise price of the Warrants will be adjusted to be equal to 115% of the newly issued price. Additionally, in no event will the Company be required to net cash settle the Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Warrants will not receive any of such funds with respect to their Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such Warrants. In such a situation, the Warrants would expire worthless. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Class A common stock —The Company is authorized to issue 200,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share on each matter on which they are entitled to vote. As of March 31, 2021 and December 31, 2020, respectively, there were 34,500,000 shares of Class A common stock issued and outstanding, including 30,208,712 and 29,428,392 shares of Class A common stock subject to possible redemption. Class F common stock —The Company is authorized to issue 20,000,000 shares of Class F common stock with a par value of $0.0001 per share. Holders of the Company’s Class F common stock are entitled to one vote for each share on each matter on which they are entitled to vote. The Class F common stock will automatically convert into Class A common stock at the time of the consummation of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis. As of March 31, 2021 and December 31, 2020, respectively, there were 8,625,000 shares of Class F common stock issued and outstanding. Only holders of the Founder Shares will have the right to elect all of the Company’s directors prior to the initial Business Combination. Otherwise, holders of Class A common stock and Class F common stock will vote together as a single class on all matters submitted to a vote of stockholders except as required by law or the applicable rules of the New York Stock Exchange then in effect. In the case that additional Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which the Class F common stock shall convert into Class A common stock will be adjusted (unless the holders of a majority of the outstanding Class F common stock agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A common stock issuable upon conversion of all Class F common stock will equal, in the aggregate, 20% of the sum of the total number of all common stock outstanding upon the completion of the Initial Public Offering plus all Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. Preferred stock —The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of March 31, 2021 and December 31, 2020, respectively, there were no preferred stock issued and outstanding. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured on a recurring basis as of March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. There were no transfers between levels for the three months ended March 31, 2021. Fair Value March 31, 2021 December 31, 2020 Valuation Method Assets Investments held in Trust Account $ 345,007,390 $ 345,018,957 Level 1 - Quoted prices in active markets for identical assets Liabilities Public Warrant liability $ 10,902,000 $ 16,974,000 Level 1 - Quoted prices in active markets for identical liabilities Private Placement Warrant liability $ 9,896,345 $ 16,660,340 Level 3 - Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing liabilities As of March 31, 2021 and December 31, 2020, respectively, the recorded values of cash, accounts payable and accrued expenses and franchise tax payable approximate their fair values due to the short-term nature of these instruments. Investments held in Trust Account Investments held in Trust Account are invested in a U.S. Treasury Securities Money Market Fund as of March 31, 2021 and December 31, 2020, respectively. None of the balance in the Trust Account was held in cash as of March 31, 2021 and December 31, 2020, respectively. Warrant liabilities The following table presents the changes in the fair value of warrant liabilities: Private Placement Public Warrants Warrant Liabilities Fair value as of December 31, 2020 $ 16,660,340 $ 16,974,000 $ 33,634,340 Change in valuation (1) (6,763,995) (6,072,000) (12,835,995) Fair value as of March 31, 2021 (2) $ 9,896,345 $ 10,902,000 $ 20,798,345 ___________________________ (1) Changes in valuation are recognized as a change in fair value of warrant liabilities in the condensed consolidated statement of operations. (2) The key inputs into the modified Black-Scholes option pricing model for the Private Placement Warrants were as follows as of March 31, 2021: Input March 31, 2021 Risk-free interest rate 0.92 % Volatility 23.1 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Private Placement Warrants. Volatility is based on the implied volatility of the Company's Public Warrants as of the valuation date. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Private Placement Warrants. |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company’s net deferred tax assets are as follows: March 31, 2021 December 31, 2020 Deferred tax asset Organizational costs and net operating loss $ 1,390,500 $ 333,614 Total deferred tax asset 1,390,500 333,614 Valuation allowance (1,390,500) (333,614) Deferred tax asset, net of allowance $ — $ — The income tax provision consists of the following: March 31, 2021 December 31, 2020 Federal: Current $ — $ — Deferred (1,056,886) (333,614) State: Current $ — $ — Deferred — — Change in valuation allowance 1,056,886 333,614 Income tax provision $ — $ — In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. The Company files income tax returns in the U.S. federal jurisdiction and is subject to examination by the relevant taxing authority. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe notes to the condensed consolidated financial statements include a discussion of material events, which have occurred subsequent to March 31, 2021 (referred to as "subsequent events") through the date these condensed consolidated financial statements were issued. Management has evaluated the subsequent events through this date and has concluded that no material subsequent events have occurred that require additional adjustment or disclosure in the condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company's financial statements for the period from June 10, 2020 through December 31, 2020 and footnotes thereto included in the Company's Annual Report on Form 10-K/A filed with the SEC on May 5, 2021. |
Emerging growth company | The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. |
Use of estimates | The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed as of March 31, 2021, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and cash equivalents | The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020, respectively. |
Investments held in trust account | As of March 31, 2021 and December 31, 2020, respectively, all of the investments held in the Trust Account were held in a money market fund which holds U.S. Treasury Securities. During the three months ended March 31, 2021, the Company withdrew $27,900 of interest earned on the Trust Account to pay its franchise taxes. |
Income taxes | The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the United States of America is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2021 and December 31, 2020, respectively. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. |
Class A common stock subject to possible redemption | The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock is classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021 and December 31, 2020, respectively, 30,208,712 and 29,428,392 shares of Class A common stock subject to possible redemption at the redemption amount are presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed consolidated balance sheet. |
Net income (loss) per share | The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company’s condensed consolidated statement of operations includes a presentation of net income (loss) per share for common stock subject to redemption in a manner similar to the two-class method of net income (loss) per common share. Net income (loss) per common share, basic and diluted for Class A common stock for the three months ended March 31, 2021 were calculated by dividing (i) the interest income earned on the Trust Account less funds available to be withdrawn from the Trust Account for taxes which resulted in no net income by (ii) the weighted average number of Class A common stock outstanding for the period. Net income (loss) per common share, basic and diluted for Class F common stock for the three months ended March 31, 2021 were calculated by dividing (i) the net income (loss) less net income attributable to Class A common stock by (ii) the weighted average number of Class F common stock outstanding for the period. |
Concentration of credit risk | Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which at times may exceed the Federal depository insurance coverage of $250,000. As of March 31, 2021 and December 31, 2020, respectively, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair value measurements | Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. |
Warrant liabilities | The Company accounts for its outstanding Public Warrants and Private Placement Warrants in accordance with the guidance contained in Accounting Standards Codification 815-40, "Derivatives and Hedging — Contracts on an Entity's Own Equity" ("ASC 815-40") and determined that the Warrants do not meet the criteria for equity treatment thereunder. As such, each warrant must be recorded as a liability and is subject to re-measurement at each balance sheet date and any change in fair value is recorded in the Company’s condensed consolidated statement of operations. |
Recent accounting pronouncements | 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 condensed consolidated financial statements. |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule Of Warrant Liability | The decrease in fair value of the warrant liabilities is summarized as follows: Warrant liabilities as of December 31, 2020 $ 33,634,340 Decrease in fair value of warrant liabilities (12,835,995) Warrant liabilities as of March 31, 2021 $ 20,798,345 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured on a recurring basis as of March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. There were no transfers between levels for the three months ended March 31, 2021. Fair Value March 31, 2021 December 31, 2020 Valuation Method Assets Investments held in Trust Account $ 345,007,390 $ 345,018,957 Level 1 - Quoted prices in active markets for identical assets Liabilities Public Warrant liability $ 10,902,000 $ 16,974,000 Level 1 - Quoted prices in active markets for identical liabilities Private Placement Warrant liability $ 9,896,345 $ 16,660,340 Level 3 - Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing liabilities |
Schedule of Warrant Liabilities, Fair Value | The following table presents the changes in the fair value of warrant liabilities: Private Placement Public Warrants Warrant Liabilities Fair value as of December 31, 2020 $ 16,660,340 $ 16,974,000 $ 33,634,340 Change in valuation (1) (6,763,995) (6,072,000) (12,835,995) Fair value as of March 31, 2021 (2) $ 9,896,345 $ 10,902,000 $ 20,798,345 ___________________________ (1) Changes in valuation are recognized as a change in fair value of warrant liabilities in the condensed consolidated statement of operations. (2) The key inputs into the modified Black-Scholes option pricing model for the Private Placement Warrants were as follows as of March 31, 2021: Input March 31, 2021 Risk-free interest rate 0.92 % Volatility 23.1 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Private Placement Warrants. Volatility is based on the implied volatility of the Company's Public Warrants as of the valuation date. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Private Placement Warrants. |
Schedule of Warrant Liabilities, Valuation Assumptions | The key inputs into the modified Black-Scholes option pricing model for the Private Placement Warrants were as follows as of March 31, 2021: Input March 31, 2021 Risk-free interest rate 0.92 % Volatility 23.1 % Dividend yield 0.0 % Expected term (years) 6 years Exercise price $11.50 |
Income Tax (Tables)
Income Tax (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | The Company’s net deferred tax assets are as follows: March 31, 2021 December 31, 2020 Deferred tax asset Organizational costs and net operating loss $ 1,390,500 $ 333,614 Total deferred tax asset 1,390,500 333,614 Valuation allowance (1,390,500) (333,614) Deferred tax asset, net of allowance $ — $ — |
Schedule of Components of Income Tax Provision | The income tax provision consists of the following: March 31, 2021 December 31, 2020 Federal: Current $ — $ — Deferred (1,056,886) (333,614) State: Current $ — $ — Deferred — — Change in valuation allowance 1,056,886 333,614 Income tax provision $ — $ — |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | Aug. 14, 2022 | Aug. 14, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Proceeds from the initial public offering, gross | $ 345,000,000 | |||
Offering costs incurred | 19,400,000 | |||
Deferred underwriting commissions | $ 12,100,000 | $ 12,075,000 | $ 12,075,000 | |
Number of shares in each unit (in shares) | 1 | |||
Number of redeemable warrants in each unit issued in public offering | 0.2 | |||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | |||
Proceeds received from private placement | $ 8,900,000 | |||
Investment securities maturity period | 185 days | |||
Cash | $ 162,532 | $ 1,313,454 | ||
Minimum percentage of fair market value of business acquisition to assets in trust account | 80.00% | |||
Minimum percentage of outstanding voting securities to be acquired for completion of business combination | 50.00% | |||
Minimum net tangible assets to complete business combination | $ 5,000,001 | |||
Percentage of public shares required to repurchase if business combination is not completed within specific period | 100.00% | |||
Investment income, interest available | $ 7,390 | |||
Working capital deficit | $ 5,046,915 | |||
Number of fractional warrants be issued (in warrants) | 0 | |||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Percentage of public shares required to repurchase if business combination is not completed within specific period | 100.00% | |||
Period from closing of public offering to complete business combination | 24 months | |||
Interest to pay dissolution expenses, maximum | $ 100,000 | |||
IPO | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, new issues (in shares) | 34,500,000 | |||
Shares issued (in usd per share) | $ 10 | |||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | $ 11.50 | ||
Class of warrant or right, number of securities called by warrants (per warrant) | 6,900,000 | |||
Initial redemption price per share (in usd per share) | $ 10 | |||
IPO | Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Initial redemption price per share (in usd per share) | $ 10 | |||
Over-Allotment Option | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, new issues (in shares) | 4,500,000 | |||
Private Placement | ||||
Class of Stock [Line Items] | ||||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | |||
Class of warrant or right, number of securities called by warrants (per warrant) | 5,933,333 | 5,933,333 | ||
Price paid per share (in usd per share) | $ 1.50 | |||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Percentage of aggregate common shares that may be redeemed without prior consent | 15.00% | |||
Common Class A | Private Placement | ||||
Class of Stock [Line Items] | ||||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Aug. 14, 2020 | |
Accounting Policies [Abstract] | |||
Cash equivalents | $ 0 | $ 0 | |
Interest income, payment for franchise tax purposes | 27,900 | ||
Unrecognized tax benefits | 0 | 0 | |
Unrecognized tax benefits, accrued for interest and penalties | $ 0 | $ 0 | |
Entity Information [Line Items] | |||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | ||
FDIC insured amount | $ 250,000 | ||
Private Placement | |||
Entity Information [Line Items] | |||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | ||
Common Class A | |||
Entity Information [Line Items] | |||
Common stock, shares subject to possible redemption (in shares) | 30,208,712 | 29,428,392 | |
Common Class A | Private Placement | |||
Entity Information [Line Items] | |||
Securities excluded from the calculation of basic loss per ordinary share (in shares) | 12,833,333 | ||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 |
Related Party Transactions (Det
Related Party Transactions (Details) | Aug. 14, 2020$ / sharesshares | Aug. 31, 2020USD ($)numberOfIndependentDirectorshares | Jun. 30, 2020USD ($)shares | Mar. 31, 2021USD ($)day$ / sharesshares | Dec. 31, 2020USD ($)shares | Sep. 01, 2020shares |
Related Party Transaction [Line Items] | ||||||
Stock issued during period, new issues | $ | $ 25,000 | |||||
Minimum number of trading days | day | 20 | |||||
Consecutive trading day threshold | day | 30 | |||||
Number of days after business combination closing | 180 days | |||||
Number of days after business combination completion | 30 days | |||||
Exercise price per share (in usd per share) | $ / shares | $ 11.50 | |||||
Blackout trading period after completion of business combination | 30 days | |||||
Working Capital Loan | ||||||
Related Party Transaction [Line Items] | ||||||
Working capital loans convertible to warrants, maximum | $ | $ 1,500,000 | |||||
Price paid per share (in usd per share) | $ / shares | $ 1.50 | |||||
Working capital loans | $ | $ 0 | $ 0 | ||||
Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Monthly related party fee for office space and related support services | $ | $ 20,000 | $ 60,000 | ||||
Common Class F | ||||||
Related Party Transaction [Line Items] | ||||||
Common stock, shares issued (in shares) | 8,625,000 | 8,625,000 | ||||
Common Class F | Sponsor | ||||||
Related Party Transaction [Line Items] | ||||||
Stock issued during period, new issues (in shares) | 8,625,000 | |||||
Number of shares transferred (in shares) | 100,000 | |||||
Number of independent directors | numberOfIndependentDirector | 4 | |||||
Common stock, shares issued (in shares) | 8,525,000 | |||||
Common Class A | ||||||
Related Party Transaction [Line Items] | ||||||
Common stock trigger price (in usd per share) | $ / shares | $ 12 | |||||
Common stock, shares issued (in shares) | 4,291,288 | 5,071,608 | ||||
Minimum | ||||||
Related Party Transaction [Line Items] | ||||||
Minimum number of days after initial business combination | day | 150 | |||||
Private Placement | ||||||
Related Party Transaction [Line Items] | ||||||
Class of warrant or right, number of securities called by warrants (per warrant) | 5,933,333 | 5,933,333 | ||||
Exercise price per share (in usd per share) | $ / shares | $ 11.50 | |||||
Number of securities subject to transfer and surrender before business combination (in shares) | 2,966,667 | |||||
Price paid per share (in usd per share) | $ / shares | $ 1.50 | |||||
Private Placement | Common Class A | ||||||
Related Party Transaction [Line Items] | ||||||
Exercise price per share (in usd per share) | $ / shares | $ 11.50 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Aug. 14, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)numberOfDemand | Dec. 31, 2020USD ($) |
Class of Stock [Line Items] | |||
Underwriting agreement, option period | 45 days | ||
Underwriting discount (in usd per share) | $ / shares | $ 0.20 | ||
Underwriting discount paid | $ | $ 6,900,000 | ||
Deferred underwriting discount (in usd per share) | $ / shares | $ 0.35 | ||
Deferred underwriting commissions | $ | $ 12,100,000 | $ 12,075,000 | $ 12,075,000 |
Maximum | |||
Class of Stock [Line Items] | |||
Number of demands | numberOfDemand | 3 | ||
Over-Allotment Option | |||
Class of Stock [Line Items] | |||
Stock issued during period, new issues (in shares) | shares | 4,500,000 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Aug. 14, 2020 | |
Class of Stock [Line Items] | ||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | |
Public warrants, exercise period following business combination | 30 days | |
Public warrants, exercise period following IPO | 12 months | |
Warrants, expiration period | 5 years | |
Restriction period for transfer, assignment or sale | 30 days | |
Redemption price per warrant (in usd per warrant) | $ 0.01 | |
Number of days for written notice of redemption | 30 days | |
Minimum threshold price of common stock specified to send notice of redemption to the warrant holders (in usd per share) | $ 18 | |
Price threshold of newly issued stock to cause adjustment of exercise warrant price (in usd per share) | $ 9.20 | |
Percentage of warrant exercise price adjusted to price received in new issuance | 115.00% | |
Common Class A | ||
Class of Stock [Line Items] | ||
Redemption price per warrant (in usd per warrant) | $ 0.10 | |
Number of days for written notice of redemption | 30 days | |
Minimum threshold price of common stock specified to send notice of redemption to the warrant holders (in usd per share) | $ 10 | |
Redemption of public warrants, waiting period after warrants become exercisable | 90 days | |
IPO | ||
Class of Stock [Line Items] | ||
Class of warrant or right, number of securities called by warrants (per warrant) | 6,900,000 | |
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | $ 11.50 |
Private Placement | ||
Class of Stock [Line Items] | ||
Class of warrant or right, number of securities called by warrants (per warrant) | 5,933,333 | 5,933,333 |
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 | |
Private Placement | Common Class A | ||
Class of Stock [Line Items] | ||
Public warrant, class a common stock exercise price per share (in usd per share) | $ 11.50 |
Warrant Liabilities - Changes i
Warrant Liabilities - Changes in fair value of warrant liabilities (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Adjustment of Warrants [Roll Forward] | |
Warrant liability, beginning of period | $ 33,634,340 |
Decrease in fair value of warrant liabilities | (12,835,995) |
Warrant liability, end of period | $ 20,798,345 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Class F, Percentage of total common stock outstanding upon completion of initial public offering | 20.00% | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock and temporary equity, shares, issued (in shares) | 34,500,000 | 34,500,000 |
Common stock and temporary equity, shares, outstanding (in shares) | 34,500,000 | 34,500,000 |
Common stock, shares subject to possible redemption (in shares) | 30,208,712 | 29,428,392 |
Common stock, shares outstanding (in shares) | 4,291,288 | 5,071,608 |
Common stock, shares issued (in shares) | 4,291,288 | 5,071,608 |
Common Class F | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares outstanding (in shares) | 8,625,000 | 8,625,000 |
Common stock, shares issued (in shares) | 8,625,000 | 8,625,000 |
Fair Value Measurements - Measu
Fair Value Measurements - Measured on a recurring basis (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Investments held in Trust Account | $ 345,007,390 | $ 345,018,957 |
Liabilities | ||
Warrant liabilities | 20,798,345 | 33,634,340 |
Recurring | ||
Liabilities | ||
Warrant liabilities | 20,798,345 | 33,634,340 |
Recurring | Level 1 | ||
Assets | ||
Investments held in Trust Account | 345,007,390 | 345,018,957 |
Recurring | Level 1 | Public Warrants | ||
Liabilities | ||
Warrant liabilities | 10,902,000 | 16,974,000 |
Recurring | Level 3 | Private Placement Warrants | ||
Liabilities | ||
Warrant liabilities | $ 9,896,345 | $ 16,660,340 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in fair value of warrant liabilities (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Warrant Liabilities [Roll Forward] | |
Warrant liability, beginning of period | $ 33,634,340 |
Change in valuation | (12,835,995) |
Warrant liability, end of period | 20,798,345 |
Recurring | |
Warrant Liabilities [Roll Forward] | |
Warrant liability, beginning of period | 33,634,340 |
Change in valuation | (12,835,995) |
Warrant liability, end of period | 20,798,345 |
Private Placement Warrants | Level 3 | Recurring | |
Warrant Liabilities [Roll Forward] | |
Warrant liability, beginning of period | 16,660,340 |
Change in valuation | (6,763,995) |
Warrant liability, end of period | 9,896,345 |
Public Warrants | Level 1 | Recurring | |
Warrant Liabilities [Roll Forward] | |
Warrant liability, beginning of period | 16,974,000 |
Change in valuation | (6,072,000) |
Warrant liability, end of period | $ 10,902,000 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information related to warrant liability (Details) | 3 Months Ended | |
Mar. 31, 2021$ / shares | Aug. 14, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price per share (in usd per share) | $ 11.50 | |
Private Placement Warrants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants and rights outstanding, measurement input, term | 6 years | |
Exercise price per share (in usd per share) | $ 11.50 | |
Risk-free interest rate | Private Placement Warrants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.0092 | |
Volatility | Private Placement Warrants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.231 | |
Dividend yield | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants and rights outstanding, measurement input | 0 | |
Dividend yield | Private Placement Warrants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants and rights outstanding, measurement input | 0 |
Income Tax - Deferred Income Ta
Income Tax - Deferred Income Tax Asset (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Organizational costs and net operating loss | $ 1,390,500 | $ 333,614 |
Total deferred tax asset | 1,390,500 | 333,614 |
Valuation allowance | (1,390,500) | (333,614) |
Deferred tax asset, net of allowance | $ 0 | $ 0 |
Income Tax - Income Tax Provisi
Income Tax - Income Tax Provision (Details) - USD ($) | 3 Months Ended | 7 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Federal: | ||
Current | $ 0 | $ 0 |
Deferred | (1,056,886) | (333,614) |
State: | ||
Current | 0 | 0 |
Deferred | 0 | 0 |
Change in valuation allowance | 1,056,886 | 333,614 |
Income tax provision | $ 0 | $ 0 |