Cover Page
Cover Page - USD ($) | 5 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Zanite Acquisition Corp. | |
Entity Central Index Key | 0001823652 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | ZNTE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-39704 | |
Entity Address, State or Province | OH | |
Entity Incorporation, State or Country Code | DE | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
ICFR Auditor Attestation Flag | false | |
Entity Public Float | $ 210,400,000 | |
Capital Units [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant | |
Trading Symbol | ZNTU | |
Security Exchange Name | NASDAQ | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | |
Trading Symbol | ZNTEW | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 23,000,000 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,750,000 |
Balance Sheet
Balance Sheet | Dec. 31, 2020USD ($) |
Current assets | |
Cash | $ 1,971,811 |
Prepaid expenses | 308,608 |
Total Current Assets | 2,280,419 |
Investments held in trust account | 232,302,673 |
TOTAL ASSETS | 234,583,092 |
Current liabilities | |
Accounts payable and accrued expenses | 352,051 |
Total Current Liabilities | 352,051 |
Deferred underwriting fee payable | 8,050,000 |
Total Liabilities | 8,402,051 |
Commitments and contingencies | |
Class A common stock subject to possible redemption, 21,899,112 shares at $10.10 per share redemption value | 221,181,032 |
Stockholder's Equity | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | |
Additional paid-in capital | 5,350,190 |
Accumulated deficit | (350,866) |
Total Stockholder's Equity | 5,000,009 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 234,583,092 |
Common Class A [Member] | |
Stockholder's Equity | |
Common stock value | 110 |
Common Class B [Member] | |
Stockholder's Equity | |
Common stock value | $ 575 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) | Dec. 31, 2020$ / sharesshares |
Preferred stock, par value | $ / shares | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 |
Preferred stock shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Common Class A [Member] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares issued | 1,100,888 |
Common stock, shares outstanding | 1,100,888 |
Shares subject to forfeiture | 21,899,112 |
Redemption of shares, par value | $ / shares | $ 10.10 |
Common Class B [Member] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 10,000,000 |
Common stock, shares issued | 5,750,000 |
Common stock, shares outstanding | 5,750,000 |
Statement of Operations
Statement of Operations | 5 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
General and administrative expenses | $ 353,539 |
Loss from operations | (353,539) |
Other income: | |
Interest earned on investments held in Trust Account | 2,673 |
Net Loss | (350,866) |
Common Class A [Member] | |
Other income: | |
Interest earned on investments held in Trust Account | 2,673 |
Net Loss | $ 0 |
Weighted average shares outstanding | shares | 23,000,000 |
Basic and diluted net income/loss per share | $ / shares | $ 0 |
Common Class B [Member] | |
Other income: | |
Net Loss | $ (350,866) |
Weighted average shares outstanding | shares | 5,214,286 |
Basic and diluted net income/loss per share | $ / shares | $ (0.07) |
Statement of Changes In Stockho
Statement of Changes In Stockholders' Equity - 5 months ended Dec. 31, 2020 - USD ($) | Total | Common Class A [Member] | Common Class B [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance at Aug. 06, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Beginning balance (Shares) at Aug. 06, 2020 | 0 | 0 | |||||
Issuance of Class B common stock to Sponsor | 25,000 | $ 575 | 24,425 | ||||
Issuance of Class B common stock to Sponsor (Shares) | 5,750,000 | ||||||
Sale of 23,000,000 Units, net of underwriting discounts and offering costs | 216,856,907 | $ 2,300 | 216,854,607 | ||||
Sale of 23,000,000 Units, net of underwriting discounts and offering costs (Shares) | 23,000,000 | 23,000,000 | |||||
Sale of 9,650,000 Private Placement Warrants | 9,650,000 | 9,650,000 | |||||
Class A common stock subject to possible redemption | (221,181,032) | $ (2,190) | (221,178,842) | ||||
Class A common stock subject to possible redemption (Shares) | (21,899,112) | ||||||
Net loss | (350,866) | $ 0 | $ (350,866) | (350,866) | |||
Ending balance at Dec. 31, 2020 | $ 5,000,009 | $ 110 | $ 575 | $ 5,350,190 | $ (350,866) | ||
Ending balance (Shares) at Dec. 31, 2020 | 1,100,888 | 5,750,000 |
Statement of Changes In Stock_2
Statement of Changes In Stockholders' Equity (Parenthetical) | 5 Months Ended |
Dec. 31, 2020shares | |
Common Class A [Member] | |
Issue of shares net of underwriting discounts and offering costs | 23,000,000 |
Private Placement [Member] | |
Warrants issued during the period | 9,650,000 |
Statement of Cash Flows
Statement of Cash Flows | 5 Months Ended |
Dec. 31, 2020USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ (350,866) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Interest earned on investments held in Trust Account | (2,673) |
Changes in operating assets and liabilities: | |
Prepaid expenses | (308,608) |
Accrued expenses | 352,051 |
Net cash used in operating activities | (310,096) |
Cash Flows from Investing Activities: | |
Investment of cash into Trust Account | (232,300,000) |
Net cash used in investing activities | (232,300,000) |
Cash Flows from Financing Activities: | |
Proceeds from sale of Units, net of underwriting discounts paid | 225,400,000 |
Proceeds from sale of Private Placement Warrants | 9,650,000 |
Repayment of promissory note – related party | (90,093) |
Payment of offering costs | (378,000) |
Net cash provided by financing activities | 234,581,907 |
Net Change in Cash | 1,971,811 |
Cash – Beginning of period | 0 |
Cash – End of period | 1,971,811 |
Supplemental disclosure of non-cash investing and financing activities: | |
Initial classification of Class A common stock subject to possible redemption | 221,530,900 |
Change in value of Class A common stock subject to possible redemption | (349,868) |
Deferred underwriting fee payable | 8,050,000 |
Offering costs paid directly by Sponsor in exchange for the issuance of Class B common stock | 25,000 |
Offering costs paid through promissory note – related party | $ 90,093 |
Description of Organization and
Description of Organization and Business Operations | 5 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Zanite Acquisition Corp. (the “Company”) was incorporated in Delaware on August 7, 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 (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from August 7, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating The registration statement for the Company’s Initial Public Offering was declared effective on November 16, 2020. On November 19, 2020, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units sold, the “Public Shares”), which included the full exercise by the underwriters of the over-allotment option to purchase an additional 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 9,650,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Zanite Sponsor LLC (the “Sponsor”), generating gross proceeds of $9,650,000, which is described in Note 4. Transaction costs amounted to $13,143,093, consisting of $4,600,000 of underwriting fees, $8,050,000 of deferred underwriting fees and $493,093 of other offering costs. Following the closing of the Initial Public Offering on November 19, 2020, an amount of $232,300,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), located in the United States and invested only in a money market fund selected by the Company meeting certain conditions of Rule 2a-7 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account). 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 business sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of the outstanding Public Shares (the “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. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.10 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 following any related redemptions and, if the Company seeks stockholder approval, 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 (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving 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. Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior consent of the Company. The Sponsor has agreed (a) to waive its redemption rights with respect to the Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to stockholders’ rights or pre-business The Company will have until May 19, 2021 to consummate a Business Combination. However, if the Company anticipates that it may not be able to consummate a Business Combination by May 19, 2021, the Company may, by resolution of its board of directors if requested by the Sponsor, extend the period of time the Company will have to consummate a Business Combination up to two times, each by an additional 6 months (until May 19, 2022), subject to the sponsor purchasing additional Private Placement Warrants. The Company’s stockholders will not be entitled to vote on or redeem their shares in connection with any such extension. Pursuant to the terms of the Certificate of Incorporation, in order to extend the period of time to consummate a Business Combination in such a manner, the Sponsor, upon no less than five days’ advance notice prior to the applicable deadline, must purchase an additional 2,300,000 Private Placement Warrants, at a price of $1.00 per warrant and deposit the $2,300,000 in proceeds into the Trust Account on or prior to the date of the applicable deadline, for each 6 month extension. In the event that the Company receives notice from the Sponsor five days prior to the applicable deadline of its wish for the Company to effect an extension, the Company intends to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition, the Company intends to issue a press release the day after the applicable deadline announcing whether or not the funds have been timely deposited. The S In addition to the Sponsor’s ability to extend the Company’s deadline to consummate a Business Combination in 6-month per-share 6-month 12- 18-month If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account 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 commission (see Note 6) 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 other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the amount initially deposited into the Trust Account ($10.10). 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 to below the lesser of (i) $10.10 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 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 vendors, service providers (except for the Company’s independent registered public accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern In connection with the Company’s assessment of going concern considerations in accordance with FASB’s Accounting Standards Update (“ASU”) 2014-15, ) subject to the Sponsor purchasing additional Private Placement Warrants. The uncertainty surrounding the date for mandatory liquidation and subsequent dissolution raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after May 19, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 5 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements 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 at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020. Marketable Securities Held in Trust Account At December 31, 2020, the assets held in the Trust Account were substantially held in money market funds which are invested primarily in U.S. Treasury Securities. Class A Common Stock Subject to Possible Redemption Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption, if any, are are are Offering Costs Offering costs consist of legal, accounting, underwriting, and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $13,143,093 were charged to stockholder’s equity upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as a long-term liability due to their encumbrance to the trust account. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company 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 December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company may be subject to potential examination by federal, state and city taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state and city tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is subject to income tax examinations by major taxing authorities since inception. Net Loss per Common Share Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, (ii) the exercise of the over-allotment option and (iii) Private Placement Warrants since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable to purchase 21,150,000 shares of Class A common stock in the aggregate. The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class non-redeemable non-redeemable non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): For the Period August 7, 2020 Redeemable Class A Common Stock Numerator: Earnings allocable to Redeemable Class A Common Stock Interest Income $ 2,673 Income and Franchise Tax (2,673 ) Net Earnings $ — Denominator: Weighted Average Redeemable Class A Common Stock Redeemable Class A Common Stock, Basic and Diluted 23,000,000 Earnings/Basic and Diluted Redeemable Class A Common Stock $ 0.00 Non-Redeemable Numerator: Net Loss minus Redeemable Net Earnings Net Loss $ (350,866 ) Redeemable Net Earnings — Non-Redeemable $ (350,866 ) Denominator: Weighted Average Non-Redeemable Non-Redeemable 5,214,286 Loss/Basic and Diluted Non-Redeemable $ (0.07 ) As of December 31, 2020, basic and diluted shares are the same as there are no non-redeemable Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations 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. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 5 Months Ended |
Dec. 31, 2020 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 23,000,000 Units, which includes the full exercise by the underwriters of their option to purchase an additional 3,000,000 Units, at a price of $10.00 per Unit. Each Unit consisted of one share of Class A common stock and one-half |
Private Placement
Private Placement | 5 Months Ended |
Dec. 31, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Private Placement | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 9,650,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant or $9,650,000. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants were added to the net 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 proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Placement Warrants. |
Related Party Transactions
Related Party Transactions | 5 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares The Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 5,750,000 shares of Class B common stock (the “Founder Shares”). The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Administrative Services Agreement The Company entered into an administrative services agreement, commencing on November 19, 2020, through the earlier of the Company’s consummation of a Business Combination or its liquidation, to pay to the Sponsor a total of $10,000 per month for office space, secretarial and administrative services provided to members of the Company’s management team. For the period from August 7, 2020 (inception) through December 31, 2020, the Company incurred $10,000 in fees for these services, of which such amount is included in accrued expenses in the accompanying balance sheet. Promissory Notes — Related Party On August 7, 2020, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest 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 would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. 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 $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. As of December 31, 2020, no amounts were outstanding under the Working Capital Loans. |
Commitments and Contingencies
Commitments and Contingencies | 5 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6. COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 Registration and Stockholder Rights Pursuant to a registration rights agreement entered into on November 16, 2020, 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 and upon conversion of the Founder Shares) will be entitled to registration rights requiring the Company to register such securities for resale. 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 completion of a Business Combination. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $8,050,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Stockholder's Equity
Stockholder's Equity | 5 Months Ended |
Dec. 31, 2020 | |
Stockholder's Equity Note [Abstract] | |
Stockholder's Equity | NOTE 7. STOCKHOLDERS’ EQUITY Preferred Stock— The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2020, there were no shares of preferred stock issued or outstanding. Class A Common Stock— Class B Common Stock Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as otherwise required by law. The shares of Class B common stock will automatically convert into Class A common stock concurrently with or immediately following the consummation of a Business Combination on a one-for-one an as-converted basis, one-for-one Warrants The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon exercise of the warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the shares of C Once the warrants become exercisable, the Company may redeem for cash the outstanding Public Warrants: • in whole and not in part; • at a price of $0.01 per Public Warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the closing price of the 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 If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for redemption, 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 shares 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, or recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise 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 respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company completes a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, |
Income Tax
Income Tax | 5 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | NOTE 8. INCOME TAX The Company’s net deferred tax assets are as follows: December 31, Deferred tax assets Net operating loss carryforward $ 16,318 Organizational costs/Startup expenses 57,364 Total deferred tax assets 73,682 Valuation allowance (73,682 ) Deferred tax assets, net of allowance $ — The income tax provision consists of the following: As of Federal Current $ — Deferred (73,682 ) State Current $ — Deferred — Change in valuation allowance 73,682 Income tax provision $ — As of December 31, 2020, the Company had $77,704 of U.S. federal and state net operating loss carryovers available to offset future taxable income with no expiration date. In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion or A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows: December 31, Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Change in valuation allowance (21.0 )% Income tax provision 0.0 % The Company files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions and is subject to examination by the various taxing authorities. |
Fair Value Measurements
Fair Value Measurements | 5 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9. FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. At December 31, 2020, assets held in the Trust Account were comprised of $ in money market funds which are invested primarily in U.S. Treasury Securities. Through December 31, 2020, the Company did not withdraw any interest earned on the Trust Account. 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: Investments held in Trust Account – U.S. Treasury Securities Money Market Fund 1 $ 232,302,673 |
Subsequent Events
Subsequent Events | 5 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 5 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At December 31, 2020, the assets held in the Trust Account were substantially held in money market funds which are invested primarily in U.S. Treasury Securities. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption, if any, are are are |
Offering Costs | Offering Costs Offering costs consist of legal, accounting, underwriting, and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $13,143,093 were charged to stockholder’s equity upon the completion of the Initial Public Offering. Deferred underwriting commissions are classified as a long-term liability due to their encumbrance to the trust account. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company 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 December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company may be subject to potential examination by federal, state and city taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state and city tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is subject to income tax examinations by major taxing authorities since inception. |
Net Loss per Common Share | Net Loss per Common Share Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, (ii) the exercise of the over-allotment option and (iii) Private Placement Warrants since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable to purchase 21,150,000 shares of Class A common stock in the aggregate. The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class non-redeemable non-redeemable non-redeemable The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): For the Period August 7, 2020 Redeemable Class A Common Stock Numerator: Earnings allocable to Redeemable Class A Common Stock Interest Income $ 2,673 Income and Franchise Tax (2,673 ) Net Earnings $ — Denominator: Weighted Average Redeemable Class A Common Stock Redeemable Class A Common Stock, Basic and Diluted 23,000,000 Earnings/Basic and Diluted Redeemable Class A Common Stock $ 0.00 Non-Redeemable Numerator: Net Loss minus Redeemable Net Earnings Net Loss $ (350,866 ) Redeemable Net Earnings — Non-Redeemable $ (350,866 ) Denominator: Weighted Average Non-Redeemable Non-Redeemable 5,214,286 Loss/Basic and Diluted Non-Redeemable $ (0.07 ) As of December 31, 2020, basic and diluted shares are the same as there are no non-redeemable |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations 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. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 5 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Earnings Per Share Basic and Diluted | The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): For the Period August 7, 2020 Redeemable Class A Common Stock Numerator: Earnings allocable to Redeemable Class A Common Stock Interest Income $ 2,673 Income and Franchise Tax (2,673 ) Net Earnings $ — Denominator: Weighted Average Redeemable Class A Common Stock Redeemable Class A Common Stock, Basic and Diluted 23,000,000 Earnings/Basic and Diluted Redeemable Class A Common Stock $ 0.00 Non-Redeemable Numerator: Net Loss minus Redeemable Net Earnings Net Loss $ (350,866 ) Redeemable Net Earnings — Non-Redeemable $ (350,866 ) Denominator: Weighted Average Non-Redeemable Non-Redeemable 5,214,286 Loss/Basic and Diluted Non-Redeemable $ (0.07 ) |
Income Tax (Tables)
Income Tax (Tables) | 5 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary Of Net Deferred Tax Assets | The Company’s net deferred tax assets are as follows: December 31, Deferred tax assets Net operating loss carryforward $ 16,318 Organizational costs/Startup expenses 57,364 Total deferred tax assets 73,682 Valuation allowance (73,682 ) Deferred tax assets, net of allowance $ — |
Summary Of Reconcilation Of Income Tax Provision | The income tax provision consists of the following: As of Federal Current $ — Deferred (73,682 ) State Current $ — Deferred — Change in valuation allowance 73,682 Income tax provision $ — |
Summary Of Reconciliation Of Income Tax Rates | A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows: December 31, Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 0.0 % Change in valuation allowance (21.0 )% Income tax provision 0.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 5 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary Of Fair Value Measurement Of Assets With The Fair Value Hierarchy | 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: Investments held in Trust Account – U.S. Treasury Securities Money Market Fund 1 $ 232,302,673 |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) | Nov. 19, 2020 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from initial public offer | $ 232,300,000 | |
Warrants issued price per warrant | $ 10.10 | |
Proceeds from warrants issued | $ 9,650,000 | |
Transaction costs | $ 13,143,093 | |
Underwriting fees Paid | $ 4,600,000 | |
Deferred underwriting fees | 8,050,000 | |
Other offering costs | $ 493,093 | |
Percentage of fair market value of target business to net assets held in the trust account | 80.00% | |
Percentage of redeeming shares of public shares without the company's prior written consent | 15.00% | |
Percentage of timing of the company's obligation to redeem public shares before business combination | 100.00% | |
Expenses payable on dissolution | $ 100,000 | |
Per share value of the assets remaining available for distribution | 10.10% | |
Per share amount in the trust account for distribution to the public shareholders | 10.10% | |
Per public share due to reductions in the value of the trust assets | $ 10.10 | |
Asset Held in Trust [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Redemption of share, price per share | $ 10.10 | |
Minimum [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Business combination issued and outstanding voting securities | 50.00% | |
Business combination, net tangible assets acquired | $ 5,000,001 | |
IPO [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issued during period shares new issues | 23,000,000 | |
Sale of stock issue price per share | $ 10 | |
Proceeds from initial public offer | $ 230,000,000 | |
Over-Allotment Option [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issued during period shares new issues | 3,000,000 | |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrants issued during the period | 9,650,000 | |
Warrants issued price per warrant | $ 1 | |
Proceeds from warrants issued | $ 9,650,000 | |
Private Placement [Member] | Sponsor [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrants issued during the period | 2,300,000 | |
Warrants issued price per warrant | $ 1 | |
Proceeds from warrants issued | $ 2,300,000 | |
Second Private Placement [Member] | Sponsor [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrants issued during the period | 4,600,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 5 Months Ended |
Dec. 31, 2020USD ($)shares | |
Transaction costs | $ 13,143,093 |
Unrecognized tax benefits | 0 |
Cash federal depository insurance coverage | $ 250,000 |
Common Class A [Member] | |
Warrants exercisable to purchase common stock | shares | 21,150,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Earnings Per Share Basic and Diluted (Detail) | 5 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Numerator: Earnings allocable to Redeemable Class A Common Stock | |
Interest Income | $ 2,673 |
Net Loss | 350,866 |
Numerator: Net Loss minus Redeemable Net Earnings | |
Net Loss | (350,866) |
Common Class A [Member] | |
Numerator: Earnings allocable to Redeemable Class A Common Stock | |
Interest Income | 2,673 |
Income and Franchise Tax | (2,673) |
Net Loss | $ 0 |
Denominator: Weighted Average Redeemable Class A Common Stock | |
Redeemable Class A Common Stock, Basic and Diluted | shares | 23,000,000 |
Earnings/Basic and Diluted Redeemable Class A Common Stock | $ / shares | $ 0 |
Numerator: Net Loss minus Redeemable Net Earnings | |
Net Loss | $ 0 |
Denominator: Weighted Average Non-Redeemable Class B Common Stock | |
Non-Redeemable Class B Common Stock, Basic and Diluted | shares | 23,000,000 |
Loss/Basic and Diluted Non-Redeemable Class B Common Stock | $ / shares | $ 0 |
Common Class B [Member] | |
Numerator: Earnings allocable to Redeemable Class A Common Stock | |
Net Loss | $ 350,866 |
Denominator: Weighted Average Redeemable Class A Common Stock | |
Redeemable Class A Common Stock, Basic and Diluted | shares | 5,214,286 |
Earnings/Basic and Diluted Redeemable Class A Common Stock | $ / shares | $ (0.07) |
Numerator: Net Loss minus Redeemable Net Earnings | |
Net Loss | $ (350,866) |
Redeemable Net Earnings | 0 |
Non-Redeemable Net Loss | $ (350,866) |
Denominator: Weighted Average Non-Redeemable Class B Common Stock | |
Non-Redeemable Class B Common Stock, Basic and Diluted | shares | 5,214,286 |
Loss/Basic and Diluted Non-Redeemable Class B Common Stock | $ / shares | $ (0.07) |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - $ / shares | Nov. 19, 2020 | Dec. 31, 2020 |
Sponsor [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Exercise price of warrants | $ 11.50 | |
IPO [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issued during period shares new issues | 23,000,000 | |
Sale of stock issue price per share | $ 10 | |
Over-Allotment Option [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issued during period shares new issues | 3,000,000 |
Private Placement - Additional
Private Placement - Additional Information (Detail) - USD ($) | Nov. 19, 2020 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||
Warrants issued price per warrant | $ 10.10 | |
Proceeds from warrants issued | $ 9,650,000 | |
Sponsor [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Exercise price of warrants | $ 11.50 | |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrants issued price per warrant | $ 1 | |
Proceeds from warrants issued | $ 9,650,000 | |
Warrants issued during the period | 9,650,000 | |
Private Placement [Member] | Sponsor [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrants issued price per warrant | $ 1 | |
Proceeds from warrants issued | $ 2,300,000 | |
Warrants issued during the period | 2,300,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Nov. 23, 2020 | Nov. 19, 2020 | Dec. 31, 2020 | Aug. 07, 2020 |
Related Party Transaction [Line Items] | ||||
Payment for administrative fee | $ 10,000 | |||
Related Party Loans [Member] | ||||
Related Party Transaction [Line Items] | ||||
Working Capital Loans | $ 1,500,000 | |||
Convertible price for warrants | $ 1 | |||
Long-term Debt, Gross | $ 0 | |||
Sponsor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction amounts of transaction | $ 25,000 | |||
Repayment of notes payable to related party current | $ 90,093 | |||
Sponsor [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt instrument face value | $ 300,000 | |||
Sponsor [Member] | Common Class B [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock shares issued during the period | 5,750,000 | |||
Sponsor [Member] | Founder Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Share transfer, trigger price per share | $ 12 | |||
Number of consecutive trading days for determining share price | 20 days | |||
Number of trading days for determining share price | 30 days | |||
Class of warrant or right, threshold trading days for exercise from date of business combination | 150 days | |||
Office Space Secretarial and Administrative Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction amounts of transaction | $ 10,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2020USD ($)$ / shares |
Commitments and Contingencies Disclosure [Abstract] | |
Deferred underwriting fee payable per share | $ / shares | $ 0.35 |
Deferred underwriting fee payable | $ | $ 8,050,000 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) | 5 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Class of Stock [Line Items] | |
Preferred stock, par value | $ / shares | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 |
Preferred stock shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Percentage of the common stock outstanding when common stock is converted from class to another | 20.00% |
Share price | $ / shares | $ 9.20 |
Common Class A [Member] | |
Class of Stock [Line Items] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares issued | 1,100,888 |
Common stock, shares outstanding | 1,100,888 |
Shares subject to forfeiture | 21,899,112 |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 10,000,000 |
Common stock, shares issued | 5,750,000 |
Common stock, shares outstanding | 5,750,000 |
Public Warrants [Member] | |
Class of Stock [Line Items] | |
Class of warrant or right redemption threshold consecutive trading days | 30 days |
Class of warrant or right, threshold period for exercise from date of closing public offering | 12 months |
Term of warrants | 5 years |
Share Trigger Price One [Member] | |
Class of Stock [Line Items] | |
Warrant instrument redemption threshold consecutive trading days | 20 days |
Warrant instrument redemption threshold trading days | 30 days |
Share Trigger Price One [Member] | Common Class A [Member] | |
Class of Stock [Line Items] | |
Share redemption trigger price per share | $ / shares | $ 18 |
Share Trigger Price One [Member] | Public Warrants [Member] | |
Class of Stock [Line Items] | |
Class of warrants redemption price per unit | $ / shares | $ 0.01 |
Class Of Warrants Redemption Notice Period | 30 days |
Event Triggering Warrant Redemption When The Share Issue Price Is Less Than The Threshold [Member] | |
Class of Stock [Line Items] | |
Share price | $ / shares | $ 9.20 |
Percentage of capital raised for business combination to total equity proceeds | 0.00% |
Number of trading days for determining volume weighted average share price | 20 days |
Share Redemption Trigger Price Two [Member] | |
Class of Stock [Line Items] | |
Share redemption trigger price per share | $ / shares | $ 18 |
Share Redemption Trigger Price Two [Member] | Minimum [Member] | |
Class of Stock [Line Items] | |
Class of warrants, exercise price adjustment percentage | 115.00% |
Share Redemption Trigger Price Two [Member] | Maximum [Member] | |
Class of Stock [Line Items] | |
Class of warrants, exercise price adjustment percentage | 180.00% |
Business Combination [Member] | Common Class A [Member] | |
Class of Stock [Line Items] | |
Class of warrant or right, threshold period for exercise from date of closing public offering | 15 days |
Income Tax - Summary Of Net Def
Income Tax - Summary Of Net Deferred Tax Assets (Detail) | Dec. 31, 2020USD ($) |
Deferred tax assets | |
Net operating loss carryforward | $ 16,318 |
Organizational costs/Startup expenses | 57,364 |
Total deferred tax assets | 73,682 |
Valuation allowance | (73,682) |
Deferred tax assets, net of allowance | $ 0 |
Income Tax - Summary Of Reconci
Income Tax - Summary Of Reconciliation Of Income Tax Provision (Detail) | 5 Months Ended |
Dec. 31, 2020USD ($) | |
Federal | |
Current | $ 0 |
Deferred | (73,682) |
State | |
Current | 0 |
Deferred | 0 |
Change in valuation allowance | 73,682 |
Income tax provision | $ 0 |
Income Tax - Summary Of Recon_2
Income Tax - Summary Of Reconciliation Of Income Tax Rates (Detail) | 5 Months Ended |
Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |
Statutory federal income tax rate | 21.00% |
State taxes, net of federal tax benefit | 0.00% |
Change in valuation allowance | (21.00%) |
Income tax provision | 0.00% |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) | 5 Months Ended |
Dec. 31, 2020USD ($) | |
Income Tax Contingency [Line Items] | |
Change in valuation allowance | $ 73,682 |
Domestic Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Deferred tax assets, net operating loss carryforwards | 77,704 |
State and Local Jurisdiction [Member] | |
Income Tax Contingency [Line Items] | |
Deferred tax assets, net operating loss carryforwards | $ 77,704 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2020USD ($) |
US Treasury Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets Held-in-trust, Current | $ 232,302,673 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Fair Value Measurement Of Assets With The Fair Value Hierarchy (Detail) | Dec. 31, 2020USD ($) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | $ 232,302,673 |